Seaspan Corporation

NYSE : SSW


Seaspan Corporation

May 30, 2014 09:00 ET

Seaspan Accepts Delivery of Second 10000 TEU SAVER Containership

HONG KONG, CHINA--(Marketwired - May 30, 2014) - Seaspan Corporation (NYSE:SSW) announced today that it accepted delivery of a 10000 TEU containership, the Hanjin Namu. The new containership, which was constructed at Jiangsu New Yangzi Shipbuilding Co., Ltd. using Seaspan's fuel-efficient SAVER design, is Seaspan's second of five 10000 TEU SAVER design containerships scheduled for delivery in 2014.

The Hanjin Namu will commence a ten-year, fixed-rate time charter with Hanjin Shipping Co. Ltd. ("Hanjin"). The ship is the second of a total of three vessels to be chartered by Seaspan to Hanjin, and expands the Company's operating fleet to 73 vessels.

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 109 containerships representing a total capacity of over 840,000 TEU, including 33 newbuilding containerships on order scheduled for delivery to Seaspan and third parties by the end of 2016. Seaspan's current operating fleet of 73 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 2019 senior unsecured notes

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
    604-638-2575
    www.seaspancorp.com

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