Seaspan Corporation (Seaspan) (NYSE: SSW) announced that it has prepaid a credit facility which was secured by eight of its vessels.

Seaspan to Increase its Pool of Unencumbered Assets to 32 Vessels

Upon completion of the collateral release documentation in respect of this facility and the facility prepaid in November 2018, this will expand Seaspan's pool of unencumbered vessels to 321, from 241 as reported in its press release dated November 26, 2018, and 18 as reported in its Q3 2018 earnings press release.

Ryan Courson, Chief Financial Officer of Seaspan, commented, "In line with our corporate goals, Seaspancontinues to reduce leverage and streamline its capital structure, which will enhance our balance sheet flexibility going forward."

Pro forma Unencumbered Asset Pool*1
 TEU Class  Vessel Count
 2500  10
 3500  2
 4250  14
 8500  2
 9600  2 
 10000  2 
 Total  32

*1 Includes vessels securing debt which has been repaid in November 2018 and January 2019, pending completion of collateral release documentation.

Seaspan is a leading independent charter owner and operator of containerships with industry leading ship management services. We charter our vessels primarily pursuant to long-term, fixed-rate, time charters to the world's largest container shipping liners. Seaspan's operating fleet consists of 112 containerships with a total capacity of more than 900,000 TEU, an average age of approximately 6 years and an average remaining lease period of approximately 4 years, on a TEU-weighted basis.

Related news: Seaspan to Increase its Pool of Unencumbered Assets to 24 Vessels

Source: Seaspan