Seaspan Prepays Credit Facility on Six Vessels

MoneyIllustration. Image Courtesy: Pixabay under CC0 Creative Commons license

Hong Kong-based Seaspan Corporation has prepaid a credit facility which was secured by six of its vessels.

The company said that, upon completion of the collateral release documentation, this will expand Seaspan’s pool of unencumbered vessels from 18, as reported in its third quarter of 2018 earnings report, to 24 vessels.

“Seaspan continues to add flexibility to the company’s capital structure by de-leveraging and unencumbering vessels. We are firmly committed to strengthening the balance sheet as one of the company’s strategic priorities,” Ryan Courson, Chief Financial Officer of Seaspan, said.

Seaspan’s operating fleet consists of 112 containerships with a total capacity of more than 900,000 TEU, an average age of around 6 years and an average remaining lease period of 5 years, on a TEU-weighted basis.

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