Seaspan Corporation (NYSE:SSW) announced today that it has accepted delivery of the YM Wind, a 14000 TEU containership that will commence a fixed rate charter with Yang Ming Marine Transport Corp. for a ten-year term with an option to extend for an additional two years. The new containership, which was constructed at CSBC Corporation, Taiwan (“CSBC”), is the ninth 14000 TEU SAVER design containership to join Seaspan’s fleet, and expands the company’s operating fleet to 89 vessels.

Seaspan takes delivery of 14000 TEU SAVER containership

Seaspan has entered into a sale-leaseback transaction for the YM Wind which provides gross proceeds of approximately $144 million. The proceeds will be used to pay for the final YM Wind delivery instalment of approximately $75 million, with the remainder used for general corporate purposes including debt repayment. The lease has a term of 12 years, and Seaspan has an option to purchase the vessel at a pre-determined fair value after 9.5 years.

About Seaspan:

Seaspan provides many of the world’s major shipping lines with creative outsourcing alternatives to vessel ownership by offering long-term leases on large, modern containerships combined with industry leading ship management services.

Seaspan’s managed fleet consists of 114 containerships representing a total capacity of over 915,000 TEU, including 10 newbuilding containerships on order scheduled for delivery to Seaspan and third parties by the end of 2018. Seaspan’s current operating fleet of 89 vessels has an average age of approximately six years and average remaining lease period of approximately five years, on a TEU weighted basis.

Source: Seaspan