Seaspan Adds First 11,000 TEU SAVER

MSC Yashi

Hong Kong-based containership manager and owner Seaspan Corporation has taken delivery of MSC Shuba B, an 11,000 TEU containership, from Hanjin Subic shipyard in the Phillippines.

As informed, the Neopanamax will commence a seventeen-year fixed-rate bareboat charter with Swiss-based Mediterranean Shipping Company (MSC). Upon completion of the bareboat charter period, MSC is obligated to purchase the vessel for a predetermined amount.

The MSC Shuba B is Seaspan’s first 11,000 TEU SAVER design containership in a series of five ships, all of which will be chartered out to MSC.

The Madeira-flagged vessel, which has a length of 330 meters and a width of 48.2 meters, is currently worth USD 80.9 million, VesselsValue’s data shows.

Furthermore, the company said it has entered into fixed-rate time charter contracts with an unnamed liner for two 10,000 TEU newbuilding containerships currently under construction at Yangzijiang’s shipyards.

The two vessels are currently scheduled to be handed over to the company in 2018 and, upon delivery, will commence three-year fixed-rate time charters with options for up to three additional years. Seaspan has entered into “advanced discussions” on financing these two newbuildings with an undisclosed Asian financial institution.

In addition,  Seaspan has inked deals to sell four 4,250 TEU vessels – the Seaspan Alps, Seaspan Grouse, Seaspan Kenya, and Seaspan Mourne. The ships will be sold for USD 37 million, according to the company.

Seaspan signed deals to buy the vessels during the fourth quarter of 2016 and, after taking into account closing costs and vessel improvements, expects to record a gain on sale of the vessels of approximately USD 14 million. The individual vessel sales are expected to close during the third and fourth quarters of 2017, the company added.

Excluding the four 4250 TEU class vessels which are being sold, Seaspan’s managed fleet consists of 110 containerships representing a total capacity of approximately 900,000 TEU, including 8 newbuilding containerships on order. Seaspan’s current operating fleet of 86 vessels has an average age of approximately six years and average remaining lease period of approximately five years, on a TEU weighted basis.

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