Seaspan Corporation
NYSE : SSW

Seaspan Corporation

September 18, 2015 08:00 ET

Seaspan Accepts Delivery of Eighth 10000 TEU SAVER Containership and Commences Fixed-Rate Time Charter with Maersk Line

HONG KONG, CHINA--(Marketwired - Sept. 18, 2015) - Seaspan Corporation (NYSE:SSW) announced today that it accepted delivery of a 10000 TEU containership, the Maersk Guayaquil. The new containership, which was constructed at Jiangsu Yangzi Xinfu Shipbuilding Co., Ltd., is Seaspan's eighth 10000 TEU SAVER design containership and seventh delivery in 2015.

The Maersk Guayaquil will commence a five-year, fixed-rate time charter with Maersk Line A/S ("Maersk"). Maersk may extend the charter with two consecutive one-year options. The ship is the first of a total of two 10000 TEU SAVER design vessels to be chartered by Seaspan to Maersk. The delivery of the Maersk Guayaquil expands the Company's operating fleet to 84 vessels.

Gerry Wang, Chief Executive Officer, Co-Chairman and Co-Founder of Seaspan, commented, "We are pleased to continue to grow Seaspan's operating fleet, as we further execute our stable and predictable business model. With the delivery of the Maersk Guayaquil and the commencement of the vessel's fixed rate time charter, we have further positioned the Company to generate sustainable and visible cash flows for shareholders. We intend to continue pursuing attractive opportunities to grow our fleet and provide leading liner companies with large, state-of-the-art SAVER design containerships, as we build upon our contracted revenue stream of over $6 billion."

About Seaspan

Seaspan provides many of the world's major shipping lines with creative outsourcing alternatives to vessel ownership by offering long-term leases on large, modern containerships combined with industry leading ship management services. Seaspan's managed fleet consists of 118 containerships representing a total capacity of over 935,000 TEU, including 19 newbuilding containerships on order scheduled for delivery to Seaspan and third parties by the end of 2017. Seaspan's current operating fleet of 84 vessels has an average age of approximately seven years and an average remaining lease period of approximately five years.

Seaspan has the following securities listed on The New York Stock Exchange:

Symbol: Description:
SSW Class A common shares
SSW PR C Series C preferred shares
SSW PR D Series D preferred shares
SSW PR E Series E preferred shares
SSWN 6.375% senior unsecured notes due 2019

Forward- Looking Statements

The statements in this press release that are not historical facts may be forward-looking statements, including statements about future vessel deliveries. These forward-looking statements involve risks and uncertainties that could cause the outcome to be materially different. These risks and uncertainties include, among others, those discussed in Seaspan's public filings with the U.S. Securities and Exchange Commission. Seaspan undertakes no obligation to revise or update any forward-looking statements unless required to do so under the securities laws.

Contact Information

  • Seaspan Corporation - Investor Relations Inquiries:
    Mr. Sai W. Chu
    Chief Financial Officer
    Tel. 604-638-2575

    The IGB Group - Media Inquiries:
    Mr. Leon Berman
    Tel. 212-477-8438