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US-owned Seaspan buys two 2,000-TEUers for $176 million

HONG KONG'S Seaspan Corporation, a unit of New York listed and US based Atlas Corp, has announced it has taken delivery of two 12,000-TEU ships as part of a cash transaction worth $176 million

06 October 2020 - 19:00

HONG KONG'S Seaspan Corporation, a unit of New York listed and US based Atlas Corp, has announced it has taken delivery of two 12,000-TEU ships as part of a cash transaction worth $176 million.

The company plans to finance the acquisition with additional borrowings and cash on hand. The vessel delivery is expected in November, subject to customary closing conditions, London's Ship Technology.



Both vessels have been built in 2018 and will enter long-term time charters with a global liner. With the acquisition, Seaspan's total fleet has increased to 127 vessels with 1,073,000 TEU capacity.



'Our team continues to execute on growth through this acquisition, bringing the total to 15 high-quality vessels added to our fleet since December of 2019,' said Seaspan CEO Bing Chen.



'Atlas' robust liquidity position, disciplined capital allocation and consistent operational excellence have enabled our strategic expansion despite the unprecedented pandemic.



'We continue to create attractive opportunities to grow our businesses through long-term partnerships with our customers while providing best-in-class fully integrated services and creative solutions. We remain committed to delivering sustainable value to our stakeholders,' he said



In August, Seaspan took the delivery of two containerships of 13,000 TEU.


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