Seaspan pours $653m into fleet additions

Hong Kong-based container liner, Seaspan Corporation orders seven containerships during the course of April
Seaspan pours $653m into fleet additions

Seaspan Corporation has entered into seven contracts in April for container ships worth a total of $653 million. 

On April 13th 2015 the container liner ordered five 11,000 teu containerships from Hanjin Heavy Industries Corporation Philippines for a total purchase price of $467.5 million. 

The new builds are scheduled for delivery during 2017, with each vessel on 17-year charter terms. 

In addition, Season ordered the construction of two 10,000 teu containerships for a total price of $186 million. These ships are going to built using the company’s Saver design.

Gerry Wang, chief executive officer, co-chairman and co-founder of Seaspan said: "These transactions increase our owned and managed fleet to 118 vessels. With a strong and flexible capital structure, we remain well positioned to capitalise on growth opportunities, as we continue to provide leading liner companies with large, efficient container ships."

The first quarter financials reveal that Seaspan has had a strong few months. Revenue went up by 12.2 percent to $188.5 million and net profit increased 18 percent for the quarter ending March 31, 2015. 
 

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by Laura Stackhouse

readmt.com Editor

Laura Stackhouse is the Web Editor of readmt.com, an official publication of the International Marine Purchasing Association (IMPA). To discuss news, features or contributing to readmt.com please get in touch.

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