Seaspan chooses Hyundai newbuilds

17 Jan 2013

Canada’s Seaspan Corporation has awarded a contract for the construction of five 14,000 teu class newbuild containerships to Korea's Hyundai Heavy Industries Co., Ltd (HHI).

The vessels are scheduled for delivery in 2015 and will be constructed using Seaspan's fuel efficient SAVER design.

At the same time, Seaspan has signed 10-year, fixed-rate time charters for the vessels with Yang Ming Marine Transport Corporation, the Taiwan-based shipping company. After this time period, Yang Ming may extend the charter for each vessel up to an additional two years.

The new containerships remain subject to allocation in relation to the right of first refusal agreement with Greater China Intermodal Investments LLC.

Seaspan intends to fund construction of its portion of these five containerships initially with a portion of the proceeds of its previous Series C and D preferred share offerings and, subsequently over the next few quarters, with debt financing.

These five new containerships will expand the company's operating fleet to nearly 70 vessels.

The last vessel that Seaspan commissioned HHI to build was the 13,100 teu containership, the Cosco Development.

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