SOURCE: Seaspan Corporation

Seaspan Corporation

April 01, 2015 08:00 ET

Seaspan Accepts Delivery of First 14000 TEU SAVER Containership

HONG KONG, CHINA--(Marketwired - April 01, 2015) - Seaspan Corporation (NYSE: SSW) announced today that it accepted delivery of a 14000 TEU containership, the Yang Ming Wish. The new containership, which was constructed at Hyundai Heavy Industries Co., Ltd., is Seaspan's first 14000 TEU SAVER design containership and second delivery in 2015.

The Yang Ming Wish will commence a ten-year, fixed-rate time charter with Yang Ming Marine Transport Corp. ("Yang Ming"). Yang Ming may extend the charter for up to an additional two years. The ship is the first of a total of eight 14000 TEU SAVER design vessels to be chartered by Seaspan to Yang Ming. The delivery of the Yang Ming Wish expands the Company's operating fleet to 79 vessels.

Gerry Wang, Chief Executive Officer, Co-Chairman and Co-Founder of Seaspan, commented, "With the addition of the Yang Ming Wish to our fleet, we have achieved another significant milestone in Seaspan's growth, as we continue to meet our customers' demand for large, state-of-the-art containerships. We are pleased to have taken delivery of our first 14000 TEU SAVER design vessel and to have commenced an important commercial relationship with Yang Ming, a leading liner company. We look forward to adding a total of six 14000 TEU SAVER design vessels to Seaspan's fleet in 2015, all of which are chartered to Yang Ming on attractive ten-year fixed-rate time charters." 

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 111 containerships representing a total capacity of over 860,000 TEU, including 25 newbuilding containerships on order scheduled for delivery to Seaspan and third parties by the end of 2017. Seaspan's current operating fleet of 79 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

  • For Investor Relations Inquiries:

    Mr. Sai W. Chu
    Chief Financial Officer
    Seaspan Corporation
    Tel. 604-638-2575

    For Media Inquiries:

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