Seaspan Corporation
NYSE : SSW

Seaspan Corporation

April 21, 2011 19:55 ET

Seaspan Accepts Delivery of Fifty-Ninth Containership

HONG KONG, CHINA--(Marketwire - April 21, 2011) - Seaspan Corporation (NYSE:SSW) announced today that it accepted delivery of the COSCO Vietnam, an 8500 TEU containership, from Hyundai Heavy Industries Co., Ltd. The new containership is Seaspan's fourth delivery in 2011 and expands the Company's operating fleet to 59 vessels.

The COSCO Vietnam is on charter to COSCO Container Lines Co., Ltd. ("COSCON") under a twelve-year, fixed-rate time charter with options to COSCON to extend the charter term up to an additional three years. The vessel is the last of eight 8500 TEU sister ships and the tenth of a total of eighteen vessels to be chartered by Seaspan to COSCON.

About Seaspan

Seaspan is a leading independent charter owner of containerships, which it charters primarily pursuant to long-term fixed-rate time charters to major container liner companies. Seaspan's contracted fleet of 69 containerships consists of 59 containerships in operation and 10 containerships scheduled for delivery through March 2012. Seaspan's operating fleet of 59 vessels has an average age of approximately five years and an average remaining charter period of approximately seven years. All of the 10 vessels to be delivered to Seaspan are already committed to fixed-rate time charters of 12 years in duration from delivery. Seaspan's customer base consists of eight of the world's largest liner companies, including A.P. Moller-Maersk A/S, China Shipping Container Lines (Asia) Co., Ltd., Compania Sud Americana de Vapores S.A., COSCO Container Lines Co., Ltd., Hapag-Lloyd USA, LLC, Kawasaki Kisen Kaisha Ltd., Mitsui O.S.K. Lines, Ltd., and United Arab Shipping Company (S.A.G.).

Seaspan's common shares are listed on the New York Stock Exchange under the symbol "SSW".

Seaspan's Series C preferred shares are listed on the New York Stock Exchange under the symbol "SSW PR C".

STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

The statements in this press release that are not historical facts may be forward-looking statements. 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

  • For Investor Relations Inquiries:
    Seaspan Corporation
    Mr. Sai W. Chu
    Chief Financial Officer
    604-638-2575
    www.seaspancorp.com

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