Shanghai International Shipping Institute

HONG Kong-based containership owner Seaspan has signed a secured term loan facility for up to US$120 million to finance two 10,000 TEU vessels, which are expected to be delivered in the second quarter of this year.

Following delivery, the ships will be part of Greater China Intermodal Investments (GCI), which was acquired by Seaspan in March this year. GCI currently operates a fleet of 16 vessels, which were added to Seaspan's fleet after the acquisition.

The acquisition of GCI, along with other purchases, has enabled Seaspan to increase its operating fleet from 89 at the beginning of this year to a total of 108 vessels at the end of March this year.

Seaspan's current vessel fleet comprises 112 containerships representing a total capacity of over 900,000 TEU, including four newbuildings on order and are scheduled for delivery within this year, reports London's Port Technology.

Seaspan president and CEO Bing Chen said: "The completion of the GCI acquisition during the first quarter solidified our industry-leading position and achieved a number of important strategic objectives for the company while being accretive to earnings per share.

"On the strategic side, the acquisition of GCI improved our fleet composition as we increased our exposure to larger, more modern containerships that are in demand by our customers.

"In addition, we expanded our relationships with our customers, significantly increasing our contracted future revenue and EBITDA.

"Finally, the GCI acquisition provided an opportunity for Seaspan to expand its partnership with Fairfax and other financing partners, reinforcing the strength of our integrated platform."
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