Seaspan’s Fleet Nears 1 Million TEU after Newest Acquisition

containershipIllustration; Source: Pxhere under CC0 Creative Commons license

The fleet of Hong Kong-based containership operator Seaspan Corporation is approaching one million TEU as the company closed the purchase of six vessels.

In November 2019, Seaspan signed an agreement to buy six boxships for USD 380 million.

The vessels comprise three 10,700 TEU and three 9,200 TEU units, adding a total of about 59,700 TEU to the company’s global fleet.

“With the acquisition of the six high-quality containerships and approaching 1 million TEU, Seaspan has continued executing on its growth strategy through disciplined capital allocation,” Bing Chen, President and Chief Executive Officer of Seaspan, commented.

“We are well positioned to … to capture the increasingly attractive opportunities in the containership sector,” he added.

Recently, Seaspan Corporation decided to reorganize and create a new holding company, Atlas Corp., which will become the new parent company of Seaspan. With this move, the company aims to advance strategic capital allocation initiatives and provide operational transparency.

With a total fleet size of approximately 975,000 TEU, Seaspan’s fleet consists of 119 containerships, including one yet-to-be delivered ship.

Seaspan’s current operating fleet of 118 vessels has an average age of approximately seven years and an average remaining lease period of approximately four years, on a TEU-weighted basis.

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