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Seaspan spends US$146m in cash for a pair of secondhand 13,000-TEUers

SEASPAN Corporation, a subsidiary of Atlas, has acquired two secondhand containerships for approximately US$146 million in cash in a deal backed by long term charters

26 July 2020 - 19:00

SEASPAN Corporation, a subsidiary of Atlas, has acquired two secondhand containerships for approximately US$146 million in cash in a deal backed by long term charters.

Seaspan said that the transaction was expected to be 'immediately accretive to Atlas' earnings per diluted share and increase long-term contracted revenue by over $150 million while maintaining a strong net debt to equity ratio of approximately 1.2x1.'



The 2010-built and 2011-built ships are 13,000-TEU in capacity and they will operate under long term charters with a 'leading global liner', according to Seaspan.



The company did not say who it was buying the vessels from, nor who the client for the charter was, according to media reports.



Bing Chen, chairman, president and CEO of Seaspan, commented: 'Despite the extreme market conditions, we will have successfully acquired a total of 13 high-quality vessels backed by long-term charters with three different leading global liners over the past year and during the height of Covid-19.'



Seaspan expects to take delivery of the containerships in the third quarter of 2020.



Seaspan's global fleet will consist of 125 vessels and approximately 1.05 million TEU, with total contracted revenue of approximately $4.5 billion and a weighted average remaining lease period of approximately four years.


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