Seaspan Extends Charters for Newbuilds

Seaspan Extends Newbuild Charters

Yang Ming Marine Transport Corp. has confirmed the term of the fixed-rate time charters for the five 14000 TEU SAVER design container ships currently being constructed at CSBC Corporation will be extended to ten years with one two-year option, Seaspan Corporation announced in a release.


Two of these vessels previously have been allocated to Seaspan and three have been allocated to Greater China Intermodal Investments LLC (GCI) under the right of first refusal agreement among Seaspan, GCI and Blue Water Commerce LLC.

The option that Yang Ming held to purchase up to five 14000 TEU newbuilding vessels currently being constructed at Hyundai Heavy Industries has expired, and therefore all five of these 14000 TEU newbuilding vessels will also be time chartered to Yang Ming for ten years with one two-year option.

Three of these vessels previously have been allocated to Seaspan and two have been allocated to GCI under the right of first refusal agreement.

Gerry Wang, Chief Executive Officer, Co-Chairman and Co-Founder of Seaspan, said: “With today’s agreement, Yang Ming confirmed Seaspan will build and manage a total of 15 SAVER design vessels for Yang Ming under 10+2-year fixed-rate time charters.

This will further increase Seaspan’s contracted revenue stream, enhance its earnings power, and strengthen Seaspan’s relationship with one of the premier liner companies.”

Press Release, September 14, 2014



Share this article

Follow World Maritime News

In Depth>

Events>

<< Nov 2019 >>
MTWTFSS
28 29 30 31 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 1

Maritime Reconnaissance and Surveillance Technology

As varied threats in the Mediterranean Sea continue to proliferate, the need to advance…

read more >

CrewConnect Global 2019

CrewConnect Global is the leading forum for collaboration to advance new industry approaches to seafarer recruitment and training.

read more >

CruiseConnect Global 2019

Attend CrewConnect Global and stay on for the CruiseConnect Summit to take part in an industry-wide conversation focused…

read more >

CWC World LNG Summit & Awards Evening

The CWC World LNG Summit & Awards Evening will be returning to Rome in 2019 to celebrate it’s 20th year.

read more >