Seaspan Accepts Delivery of Fifty-Second Containership

HONG KONG, CHINA, Jun 7, 2010 (Marketwire via COMTEX News Network) -- Seaspan Corporation (NYSE:SSW) announced today that it accepted delivery of a 4250 TEU containership named the CSAV Lebu from Jiangsu Yangzijiang Shipbuilding Co., Ltd. ("YZJ") on June 4, 2010. This is Seaspan's tenth delivery in 2010, expanding the Company's operating fleet to 52 vessels.

Compania Sud Americana de Vapores ("CSAV") of Chile accepted delivery of the CSAV Lebu on June 7, 2010. The vessel is on charter to CSAV under a six-year, fixed-rate time charter. It is the last of four 4250 TEU sister ships to be chartered by Seaspan to CSAV, and is the last of fourteen vessels delivered from YZJ to Seaspan.

About Seaspan

Seaspan owns containerships and charters them pursuant to primarily long-term fixed-rate charters. Seaspan's contracted fleet of 69 containerships consists of 52 containerships in operation and 17 containerships to be delivered over approximately the next 23 months. Seaspan's operating fleet of 52 vessels has an average age of approximately four years and an average remaining charter period of approximately seven years. All of the 17 vessels to be delivered to Seaspan are already committed to long-term time charters averaging approximately 12 years in duration from delivery. Seaspan's customer base consists of eight 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, CSAV, and UASC.

Source: Seaspan Corporation