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            october 15, 2019

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Seaspan takes delivery of new containership


Seaspan Corporation announced that it accepted delivery of the MOL Emerald, a 5100 TEU newbuilding. The new containership, which was built by Hyundai Heavy Industries Co., Ltd., expands the Company's operating fleet to 38 vessels with 30 remaining newbuildings to be delivered over approximately the next three years. The MOL Emerald was delivered to Seaspan on April 30, 2009.
The MOL Emerald is subject to a fixed-rate time charter with Mitsui O.S.K. Lines, Ltd., a Japanese liner company, for a twelve-year period. The MOL Emerald is the first of four vessels to be chartered to MOL. Under the terms of the time charters, MOL is responsible for fuel costs and all cargo operating and related expenses.
Gerry Wang, Chief Executive Officer of Seaspan, commented, "We are pleased to take delivery of the MOL Emerald, the first of four Seaspan vessels to be chartered to MOL, and the first ship to a Japanese liner company. While we are a major independent containership supplier to China, this marks a significant and strategic decision to diversify our customer relationships into Japan."
Mr. Wang added, "Currently, a large portion of Seaspan's fixed revenue streams are derived from liner companies based in Asia such as MOL. As we continue to generate sizeable revenues during this challenging economic environment, we remain focused on managing the business in a prudent manner that best serves shareholders over the long term."

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