The COSCO Development is on charter to COSCO Container Lines Co., Ltd. ("COSCON") under a twelve-year, fixed-rate time charter. The ship is the third of eight 13100 TEU sister ships and the 13th of a total of 18 vessels to be chartered by Seaspan to COSCON.
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 72 containerships consists of 64 containerships in operation and eight containerships scheduled for delivery through 2014. Seaspan's operating fleet of 64 vessels has an average age of approximately five years and an average remaining charter period of approximately seven years. All of the eight vessels to be delivered to Seaspan are already committed to fixed-rate time charters between 10 and 12 years in duration from delivery. Seaspan's customer base consists of nine 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., Hanjin Shipping 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". Seaspan's Series C Preferred Shares are listed on The New York Stock Exchange under the symbol "SSW PR C".
Source: Seaspan Corporation