Seaspan locks in $2.78bn in leasebacks across 19 ships
Seaspan Secures $2.8 Billion in Vessel Financing
Seaspan, a leading player in the containership leasing industry, has successfully finalized a series of sale and leaseback agreements for 19 vessels, generating nearly $2.8 billion in financing. The transactions, announced by parent company Atlas Corp, include a diverse fleet of containerships and car carriers, with a significant portion of the funds raised in Chinese yuan. This strategic move underscores Seaspan’s robust position in the global shipping market.
Details of the Financing Agreements
The recent agreements encompass 15 containerships, each with capacities ranging from 11,400 to 17,000 twenty-foot equivalent units (teu), alongside four car carriers with capacities between 7,000 and 10,800 car equivalent units (ceu). The financing terms vary from 9 to 17 years, providing Seaspan with flexibility and stability in its operations. Notably, the company has secured fixed-rate purchase options for all 19 vessels, with five ships subject to purchase obligations.
Lease payments for these vessels will be structured based on either fixed rates or floating rates linked to benchmark indices, allowing for margin adjustments as noted by Atlas Corp. As of June 30, Seaspan had already established a substantial portfolio, with 96 vessels under sale-leaseback financing arrangements, amounting to approximately $7.8 billion in borrowings. This latest financing initiative further solidifies Seaspan’s status as the world’s largest boxship lessor.
Future Growth and Fleet Expansion
Under the leadership of Bing Chen, Seaspan continues to expand its fleet, which currently includes over 180 operational ships and more than 40 confirmed newbuildings. The company has recently placed orders with Hudong-Zhonghua Shipbuilding in China for a series of 8,300 teu vessels, with deliveries anticipated to commence in 2028. This proactive approach to fleet expansion positions Seaspan to meet the growing demands of the global shipping industry, ensuring its competitive edge in a rapidly evolving market.
