Seaspan Accepts Delivery of Forty-Second Containership

HONG KONG, CHINA, Nov 23, 2009 (Marketwire via COMTEX News Network) -- Seaspan Corporation (NYSE:SSW) announced today that it accepted delivery of a 5100 TEU containership named the MOL Emissary from Hyundai Heavy Industries Co., Ltd. on November 20, 2009. This is Seaspan's seventh delivery in 2009 and expands the Company's fleet to 42 vessels. The MOL Emissary is on charter to Mitsui O.S.K. Lines, Ltd. ("MOL") of Japan under a twelve-year, fixed-rate time charter.

Gerry Wang, Chief Executive Officer of Seaspan, said, "The MOL Emissary is the third of four Seaspan vessels to be on a twelve-year charter to MOL, one of the leading Asian liner companies. We are very pleased with the continued growth of our modern fleet and our contracted revenue stream in these challenging economic times. We look forward to the delivery of our fourth 5100 TEU vessel to MOL in the coming months and the remaining 25 vessels thereafter."

About Seaspan

Seaspan owns containerships and charters them pursuant to long-term fixed-rate charters. Seaspan's contracted fleet of 68 containerships consists of 42 containerships in operation and 26 containerships to be delivered over approximately the next 30 months. Seaspan's operating fleet of 42 vessels has an average age of approximately five years and an average remaining charter period of approximately seven years. All of the 26 vessels to be delivered to Seaspan are already committed to long-term time charters averaging approximately 11 years in duration from delivery. Seaspan's customer base consists of seven of the world's largest liner companies, including China Shipping Container Lines, A.P. Moller-Maersk, Mitsui O.S.K. Lines, Hapag-Lloyd, COSCO Container Lines, K-Line and CSAV.

Seaspan's common shares are listed on the New York Stock Exchange under the symbol "SSW".

Source: Seaspan Corporation