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Each of the 4500 TEU Brevik Bridge and Bilbao Bridge vessels was constructed by Samsung Heavy Industries Co., Ltd. The Brevik Bridge and the Bilbao Bridge delivered on January 25 and 28, 2011, respectively. Both vessels are on charter to Kawasaki Kisen Kaisha Ltd. ("K-Line") of Japan under 12-year, fixed-rate time charter contracts, with options to K-Line to extend the contract terms up to an additional six years. Including two additional vessels currently under construction, the Brevik Bridge and the Bilbao Bridge are the second and third of five 4500 TEU sister ships and the fourth and fifth of a total of seven vessels to be chartered by Seaspan to K-Line. About Seaspan Seaspan is a leading independent charter owner of containerships, which it charters primarily pursuant to long-term fixed-rate time charters to major container liner companies. Seaspan's contracted fleet of 69 containerships consists of 57 containerships in operation and 12 containerships scheduled for delivery through March 2012. Seaspan's operating fleet of 57 vessels has an average age of approximately five years and an average remaining charter period of approximately seven years. All of the 12 vessels to be delivered to Seaspan are already committed to fixed-rate time charters of 12 years in duration from delivery. Seaspan's customer base consists of eight of the world's largest liner companies, including A.P. Moller-Maersk A/S, China Shipping Container Lines (Asia) Co., Ltd., Compania Sud Americana de Vapores S.A., COSCO Container Lines Co., Ltd., Hapag-Lloyd USA, LLC, Kawasaki Kisen Kaisha Ltd., Mitsui O.S.K. Lines, Ltd., and United Arab Shipping Company (S.A.G.) Seaspan's common shares are listed on the New York Stock Exchange under the symbol "SSW". Source: Seaspan Corporation |
