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Seaspan acquires six box ships for US$380m as fleet capacity nears 1m TEU

HONG Kong's containership charterer and Vancouver-based company, Seaspan Corporation announced that it has agreed to acquire a fleet of six containerships for about US$380 million in cash

Seaspan acquires six box ships for US$380m as fleet capacity nears 1m TEU

HONG Kong's containership charterer and Vancouver-based company, Seaspan Corporation announced that it has agreed to acquire a fleet of six containerships for about US$380 million in cash

18 November 2019 - 19:00

HONG Kong's containership charterer and Vancouver-based company, Seaspan Corporation announced that it has agreed to acquire a fleet of six containerships for about US$380 million in cash.

The acquired vessels are comprised of three 10,700 TEU vessels built-in 2012, two 9,200 TEU vessels built-in 2013, and one 9,200 TEU vessel built-in 2014. This adds a total of approximately 59,700 TEU.



The world's largest charter owner and manager of container ships expects delivery of the six vessels in December 2019. Currently, the acquired vessels operate under a long-term charter with a leading global liner, according to media reports.



Seaspan expects the purchase of the acquired vessels to be financed from additional borrowings as well as cash on hand. The closing of the acquisition is expected to occur in December 2019.



Upon closing, Seaspan expects the transaction to be immediately accretive to its earnings per share.



The acquisition will increase Seaspan's container cargo fleet to 119 ships. Its capacity will be approximately one million TEU and give it a 7.7 per cent share in a global container cargo fleet that shipping data company Alphaliner estimates now has a capacity exceeding 23 million TEU.



Bing Chen, Seaspan's president and CEO, described the deal a 'win-win outcome for one of our key financing partners, a key customer and for Seaspan ?and [will] further cement Seaspan's position as the leading global independent charter owner and operator of containerships.'



Seaspan's executive vice-president and chief commercial and technical officer, Peter Curtis, said the current marketplace, with its pockets of decreased asset values, provided Seaspan with acquisition opportunities.



Seaspan's fleet has grown consistently from the 10 ships it had at its initial public offering on the New York Stock Exchange in August 2005.


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