News Content

Seaspan time-charters newbuilds to 2 separate carriers and sells four boxships

SEASPAN Corporation has taken delivery of the 11,000 TEU MSC Shuba B and the company's first 11,000 TEU SAVER design containership that is part of a series of five ships. All of the vessels will be chartered to Mediterranean Shipping Co (MSC) on bareboat agreements.

The MSC Shuba B will commence a 17-year fixed-rate bareboat charter with MSC. At the end of the charter period, MSC is required to purchase the containership for an unstated amount. The vessel was built at Hanjin Heavy Industries and Construction Philippines, Inc (HHIC-Phil Inc).

Seaspan has also entered into fixed-rate time charter contracts with a leading liner for two 10,000 TEU newbuilding containerships currently under construction at Yangzijiang's shipyards, reported MarineLink.

These two vessels are slated for delivery in 2018. Thereafter, they will begin three-year fixed-rate time charters with options to extend for up to three years. Seaspan has entered into advanced discussions on financing these two newbuildings with a leading Asian financial institution.

In another development, Seaspan has signed agreements to sell four 4,250 TEU vessels: the Seaspan Alps, Seaspan Grouse, Seaspan Kenya and Seaspan Mourne, for a total of US$37 million. Seaspan entered into agreements to purchase the vessels during the fourth quarter of 2016. The company expects to record a gain on the sale of the vessels of $14 million.