SOURCE: MC-Seamax Management Limited

June 27, 2016 14:17 ET

MC-Seamax Vessel Completes Inaugural Panama Canal Crossing

STAMFORD, CT--(Marketwired - Jun 27, 2016) - MC-Seamax Management Limited ("MC-Seamax") today announced that one of its vessels the COSCO Shipping Panama, a 2016 built 9,400 TEU neo panamax containership completed the inaugural voyage through the newly-expanded Panama Canal. The COSCO Shipping Panama had been selected by its charterer COSCO Shipping to be the first vessel to transit the newly expanded canal.

"We are honored that COSCO chose our vessel to play a central role in such a historic event," said Cao Deambrosio and Ron Petrunoff, Managing Partners of MC-Seamax in a jointly issued statement. "Their decision speaks to COSCO's confidence in our team as well as the high quality of the vessels in our fleet."

About the Panama Canal Expansion Project
The Panama Canal opened in 1914 and revolutionized the shipping industry by connecting the Atlantic and Pacific, short-cutting long voyages around Cape Horn and the tip of South America. The eagerly anticipated $5.25 billion expansion project is expected to double the canal's capacity, cut global maritime costs by an estimated $8 billion annually according to the IMF and once again transform global shipping. The expanded Panama Canal will be big enough to accommodate so-called neo-Panamax class vessels like the COSCO Shipping Panama. These vessels can be up to approximately 1,200 feet, or greater than three football fields, in length and almost as long as the Empire State building is high. They are capable of carrying up to 14,000 cargo containers, about 2.5 to 3 times more than the Panama Canal was able to accommodate prior to the expansion project.

About MC-Seamax Management Limited
Based in Stamford, CT, MC-Seamax Management Limited ("MC-Seamax") is an alternative investment manager founded in 2012 through a joint venture between Seamax Partners LLC and MC Asset Management Holdings, LLC, a subsidiary of Mitsubishi Corporation. MC-Seamax is focused on investing in container shipping, providing creative outsourcing alternatives to vessel ownership by offering term leases on large, modern container vessels. MC-Seamax's growing fleet is deployed in the main global trade lanes with the world's top shipping lines and secured by multi-year charter contracts, generating stable earnings. MC Seamax currently has a fleet of eight post-Panamax container vessels with a total carrying capacity of over 65,000 TEU which operate under medium term time leases to the worlds' leading liner companies.

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