• 2019 November 16 12:32

    Seaspan to purchase a fleet of six containerships on long-term charter for $380 million

    Seaspan Corporation ("Seaspan") (NYSE:SSW) says that it has agreed to purchase a fleet of six containerships (the "Acquired Vessels") for approximately $380 million in cash. The purchase of the Acquired Vessels is expected to be financed from additional borrowings as well as cash on hand. The closing of the acquisition is expected to occur in December 2019, and is subject to customary closing conditions. Upon closing, the transaction is expected to be immediately accretive to Seaspan's earnings per diluted share.

    Subsequent to this acquisition, Seaspan's global fleet approaches one million TEU, with a total pro forma fleet size of approximately 975,000 TEU1. Seaspan continues to be the market leading independent charter owner and operator of containerships, with pro forma market share of approximately 7.7% of the global fleet2, as measured by TEU.

    The Acquired Vessels are comprised of three 10,700 TEU vessels built in 2012, two 9,200 TEU vessels built in 2013, and one 9,200 TEU vessel built in 2014. This adds a total of approximately 59,700 TEU. The Acquired Vessels currently operate under long-term charter with a leading global liner. Delivery of the six vessels is expected in December 2019. Upon delivery of the Acquired Vessels, and one vessel previously announced, Seaspan's total fleet will grow to 119 vessels (approximately 975,000 TEU).

    Bing Chen, President and Chief Executive Officer of Seaspan, commented, "This strategic transaction further demonstrates our core competency of allocating capital in a disciplined manner. Connecting this discipline with creative customer partnerships and proven operational excellence generates sustainable long-term value. This acquisition delivers a win-win outcome for one of our key financing partners, a key customer, and for Seaspan. Upon delivery of all vessels, we will grow our fleet to 119 vessels, and further cement Seaspan's position as the leading global independent charter owner and operator of containerships. I'm proud of the Seaspan team for consistently leveraging our core competency in creating quality growth in container shipping and beyond. As consolidation continues to play out in the containership space, we're well positioned to capture great opportunities in the second hand market and to pursue attractive new build programs."

    Ryan Courson, Chief Financial Officer, added, "Over the last two years, we have demonstrated discipline through our capital allocation process. By focusing first on improving our balance sheet strength, liquidity and financing flexibility, we have positioned ourselves to execute on large scale, accretive transactions. This fleet acquisition of six high-quality vessels contributes substantial long-term value to our asset portfolio through significant incremental contracted cash flows, increasing Seaspan's minimum future contracted revenue to approximately $4.2 billion. We will continue to remain disciplined in achieving our return objectives while maintaining the strength and flexibility of our balance sheet."

    About Seaspan

    Seaspan is a leading independent charter owner and operator of containerships with industry leading ship management services. We charter our vessels primarily pursuant to long-term, fixed-rate, time charters to the world's largest container shipping liners. Seaspan's fleet consists of 119 containerships, including seven vessels the Company has agreed to purchase, which have not yet been delivered, representing total capacity of more than 975,000 TEU. Seaspan's current operating fleet of 112 vessels has an average age of approximately seven years and an average remaining lease period of approximately four years, on a TEU-weighted basis.




2019 December 10

13:56 Gazprom Neft expands lubricants production abroad
13:30 Bunker prices are almost flat at the Far East ports of Russia (graph)
13:03 DFDS has acquired 100% of the Dutch logistics company Huisman Group
12:45 Throughput of Russian seaports in 11M’19 grew by 2.7% to 766.83 million tonnes
12:24 Research vessel Admiral Vladimirsky of RF Navy's Baltic Fleet reaches the Atlantic Ocean
12:03 APM Terminals Gothenburg takes another major step in their jour-ney towards climate neutrality
11:30 Ships powered by electricity can prove to be more economically efficient than ships running on LNG – Aleksey Rakhmanov
11:26 MABUX: Bunker market this morning, Dec 10
11:02 New low-sulphur bunker oil popular in the port of Rotterdam
10:25 Pella Sietas secures construction of icebreaker of ice class "Icebreaker7" and largest single order in company history
10:21 Igor Belousov, rescue vessel of RF Navy's Pacific Fleet, concluded its visit to Vietnam
09:59 Baltiysky Zavod concerned about possible delay in construction of Ural icebreaker amid slow delivery of turbines
09:32 Brent Crude futures price is down 0.17% to $64.14, Light Sweet Crude – down 0.22% to $58.90
09:16 Baltic Dry Index is down to 1,551 points
09:08 CSSC and DNV GL sign new strategic cooperation agreement
08:07 Alewijnse delivers complete portfolio on AMELS 60
07:54 Tramarsa purchases Damen Cutter Suction Dredger for 30-year strategy of expansion

2019 December 9

18:24 Lead chemical carrier of Project 00216М, PortNews, to be delivered as scheduled – USC President
18:06 Vard Marine supports New York’s Gowanus repowering project through design package for two power barges
17:53 Navigation season of 2019 closed in Volga Basin of Russia’s IWW
17:36 Oldendorff Carriers announces its membership in the Getting to Zero Coalition
17:19 Average wholesale prices for М-100 HFO down to RUB 7,795 in RF spot market
17:06 Bahri joins Maritime Anti-Corruption Network to promote collective anti-bribery efforts in maritime sector
16:48 Delo Group and ROSATOM defined procedure for acquisition of 30-pct stake of MC “Delo”
16:30 Puerto Aguadulce services largest vessel to dock in Colombia
16:14 GT Morstroy expands its fleet with jack-up platform of Project RCP 250, Varzina
16:01 His Majesty the King to open Johan Sverdrup
15:57 Risk Intelligence signs agreement for the Risk Intelligence System with Hafnia
15:50 Port of Liepaja (Latvia) handled 6.67 million tonnes of cargo in 11M'2019, down 3.2% Y-o-Y
15:27 Lead hydrographic survey vessel of Project 23370G completed state trials
15:03 Maritime and Port Authority of Singapore revokes Inter-Pacific Petroleum bunker supplier licence
14:35 MSC becomes first major shipping line to use 30% biofuel blends
14:32 Teachers of Marine College upgraded their skills at Marine Recruiting Agency
14:03 ABS grants AIP to Deltamarin and GTT for dual-fuel Newcastlemax design
13:11 Martin Ackermann steps down as CEO of BW LPG
12:28 Oboronlogistics provides stability of the ferry line Ust-Luga — Baltiysk
12:04 Rotterdam to host 4th European Environmental Ports Conference on 24-25 June 2020
11:40 BIMCO to publish new shortened law and arbitration clause
11:16 BIMCO submits biofouling survey results to IMO
11:09 MABUX: Bunker market this morning, Dec 09
10:53 Industry roundtable meeting feeling more positive on IMO 2020
10:31 New and largest DFDS ro-ro ship 'Hollandia Seaways' sails between Gothenburg and Ghent in North Sea Port
10:09 REMPEC hosts a three-day training in Tekirdağ, Turkey
09:29 Brent Crude futures price is down 0.39% to $62.14, Light Sweet Crude – down 0.52% to $58.89
09:15 Baltic Dry Index is down to 1,558 points

2019 December 8

16:47 ABS and CINS facilitate development of risk-based approach to minimize risk of container fires
15:32 Sea Machines & HamiltonJet collaborate to merge capabilities of autonomous control and jet propulsion systems
14:46 GWS installing turbines at Northwester 2 Offshore Wind Farm
13:22 Norsepower collaborates with SWS for cost and energy efficient VLCC designs
12:14 Grieg Star adds 64000dwt bulk cargo carrier to its fleet
11:05 ABS grants AIP for first Jones ACT SOV

2019 December 7

16:55 USCG Cutter Steadfast returns to port after 60-day counter drug patrol
15:42 TEN announces charter extension for an LNG carrier
13:08 FMT and Indian Register of Shipping sign MOU on strategic cooperation
11:34 AET secures long-term DPST charter contracts with Shell
10:37 Titan LNG tenders for 8000 cbm LNG bunker barge

2019 December 6

18:11 Lithuania aims to ensure state management of „Rail Baltica“ infrastructure
17:55 More operative services of towboats in the Port of Klaipėda
17:28 Acceptance/delivery certificate for Kalas, first rescue tugboat of Project MPSV12
17:06 APM Terminals Gothenburg takes another major step in their journey towards climate neutrality