Seaspan Accepts Delivery of Forty-Sixth Containership

HONG KONG, CHINA, Apr 6, 2010 (Marketwire via COMTEX News Network) -- Seaspan Corporation (NYSE:SSW) announced today that it accepted delivery of an 8500 TEU containership named the COSCO Korea from Hyundai Heavy Industries Co., Ltd. on April 5, 2010. This is Seaspan's fourth delivery in 2010, expanding the Company's operating fleet to 46 vessels.

The COSCO Korea is on charter to COSCO Container Lines Co., Ltd. ("COSCON") of China under a twelve-year, fixed-rate time charter. The COSCO Korea is the second of eight 8500 TEU sister ships and the fourth of a total of eighteen vessels to be chartered by Seaspan to COSCON.

About Seaspan

Seaspan owns containerships and charters them pursuant to long-term fixed-rate charters. Seaspan's contracted fleet of 68 containerships consists of 46 containerships in operation and 22 containerships to be delivered over approximately the next 25 months. Seaspan's operating fleet of 46 vessels has an average age of approximately five years and an average remaining charter period of approximately seven years. All of the 22 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