HONG Kong's containership charterer and Vancouver-based company, Seaspan Corporation announced that it has agreed to acquire a fleet of six containerships for about US$380 million in cash.
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 world's largest charter owner and manager of container ships expects
delivery of the six vessels in December 2019. Currently, the acquired
vessels operate under a long-term charter with a leading global liner,
according to media reports.
Seaspan expects the purchase of the acquired vessels to be financed from
additional borrowings as well as cash on hand. The closing of the
acquisition is expected to occur in December 2019.
Upon closing, Seaspan expects the transaction to be immediately accretive to its earnings per share.
The acquisition will increase Seaspan's container cargo fleet to 119
ships. Its capacity will be approximately one million TEU and give it a
7.7 per cent share in a global container cargo fleet that shipping data
company Alphaliner estimates now has a capacity exceeding 23 million
TEU.
Bing Chen, Seaspan's president and CEO, described the deal a "win-win
outcome for one of our key financing partners, a key customer and for
Seaspan ?and [will] further cement Seaspan's position as the leading
global independent charter owner and operator of containerships."
Seaspan's executive vice-president and chief commercial and technical
officer, Peter Curtis, said the current marketplace, with its pockets of
decreased asset values, provided Seaspan with acquisition
opportunities.
Seaspan's fleet has grown consistently from the 10 ships it had at its
initial public offering on the New York Stock Exchange in August 2005.
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