Seaspan Signs Contracts to Build 5 New 4,520 TEU Vessels, Secures 12-Year Charters With K-Line and Completes More Than $900 Million in Debt Financing Under Attractive Terms

Seaspan Corporation announced today that it has signed contracts to build five new 4,520 TEU container vessels with Samsung Heavy Industries. Concurrent with the signing of the newbuilding contracts, the Company has signed 12-year time charters with Kawasaki Kisen Kaisha, Ltd. (‘K-Line’), Japan’s third-largest liner operator and ranked 13th in the world by TEU capacity. The 12-year contracts are secured at strong rates. The Company also announced debt financing for these newbuildings will be provided from a portion of its more than $900 million of new debt financings that were completed today.