Hong Kong, China - January 24, 2020
Seaspan Corporation ("Seaspan") (NYSE:SSW) announced today the closing of its previously announced purchase of a fleet of six containerships (the "Acquired Vessels").
Bing Chen, President and Chief Executive Officer of Seaspan, commented, "With the acquisition of the six high-quality containerships and approaching 1 million TEU, Seaspan has continued executing on its growth strategy through disciplined capital allocation. Leveraging our strong balance sheet and trusted customer partnerships, we are well positioned to grow our market leading position to capture the increasingly attractive opportunities in the containership sector. As this acquisition demonstrates, Seaspan continues to be well regarded by our customers and financing partners as their reliable solution provider. We remain committed to execute on our top five priorities and strengthen our unique integrated platform."
Seaspan's global fleet now approaches one million TEU, with a total fleet size of approximately 975,000 TEU. Seaspan continues to be the market leading independent charter owner and operator of containerships, with a market share of approximately 7.7% of the global fleet, measured by TEU.1
Top 10 Independent Containership Charter Owner/Operator by Fleet (TEU; in thousands)(1) (CNW Group/Seaspan Corporation)
Seaspan is a leading independent charter owner and operator of containerships with industry leading ship management services. We charter our vessels primarily pursuant to long-term, fixed-rate, time charters to the world's largest container shipping liners. Seaspan's fleet consists of 119 containerships, including one vessel Seaspan has agreed to purchase, which has not yet been delivered, representing total capacity of more than 975,000 TEU. Seaspan's current operating fleet of 118 vessels has an average age of approximately seven years and an average remaining lease period of approximately four years, on a TEU-weighted basis.
(1) Alphaliner Monthly Monitor, December 2019
Seaspan Corporation press release