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            november 17, 2019

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Seaspan takes delivery of containership on twelve-year time charter


Photo: flickrSeaspan Corporation announced that it accepted delivery of the CSCL Manzanillo from Jiangsu Yangzijiang Shipbuilding Co., Ltd., on September 18, 2009. The 2500 TEU containership is Seaspan's sixth newbuilding in 2009 and expands the Company's fleet to 41 vessels. The CSCL Manzanillo is chartered to China Shipping Container Lines (Asia) Co., Ltd., under a twelve-year, fixed-rate time charter that requires CSCL Asia to pay all fuel, cargo-operating and related costs. Upon delivery of Seaspan's full fleet of 68 vessels, the Company's contracted revenue stream is expected to grow to approximately $7 billion and its annual revenue is anticipated to rise to approximately $700 million.
Gerry Wang, Chief Executive Officer of Seaspan, said, "With the delivery of the CSCL Manzanillo, we have successfully completed the construction and delivery of the series of eight 2500 TEU vessels. We are pleased to have partnered with both Jiangsu Yangzijiang Shipbuilding and CSCL to provide this leading Chinese liner with modern, state-of-the-art vessels that continue to meet high performance standards. We look forward to continuing to grow our fleet and contracted revenue stream as we take delivery of 27 remaining newbuildings."

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