Seaspan Corporation (Seaspan), a wholly-owned subsidiary of Atlas Corp. (Atlas) (NYSE: ATCO), on Thursday (Apr30) announced it has taken delivery of the last of four high-quality, eco-modern vessels, which have each commenced five-year time charters with a leading global liner.
The Acquired Vessels are comprised of four 12,000 TEU vessels, with three built in 2018 and one built in 2017. Seaspan's global fleet now consists of 123 vessels representing total capacity of 1,023,000 TEU. Seaspan continues to be the market leading independent owner and operator of containerships, with market share of approximately 7.8% of the global fleet1.
In connection with the delivery of the Acquired Vessels, Seaspan previously announced the closing of four innovative, flexible finance lease transactions with total proceeds of approximately $340 million, in partnership with a leading financial institution. At the conclusion of the initial 10-year term, Seaspan is obligated to purchase the vessels at a predetermined price.
Bing Chen, President and Chief Executive Officer of Atlas, commented, "This fleet acquisition, innovative financing, and long-term charters continue to demonstrate Seaspan's unique and resilient business model of consistently delivering long-term shareholder value despite the unprecedented COVID-19 environment. I am proud of the Seaspan team's seamless execution on taking the delivery of these four high-quality, eco-modern vessels and immediate deployment on five-year time charters to service our global leading liner. With our best-in-class standards and track record, we remain focused on facilitating our global liners' success through our consistent operational excellence and creative long-term partnership. Seaspan, in turn, has grown its total contracted revenue by approximately $300 million while further optimizing our fleet, strengthening customer partnerships, enhancing portfolio diversification, as well as expanding innovative financing of $340 million for these vessels amidst the current tightening of the capital markets."
Source: Atlas Corporation