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Seaspan Breaks One Million TEU Threshold with Quartet Purchase

Hong Kong-based containership operator Seaspan Corporation is splashing approximately USD 367 million in cash to buy a fleet of four containerships.

The ships include four 12,000 TEU vessels, with three built in 2018 and one built in 2017.

The vessels*, once delivered, will operate under long-term time charters with an undisclosed global liner, Seaspan said.

The vessel acquisitions are slated for delivery during March and April 2020, subject to customary closing conditions.

The purchase is expected to be financed from additional borrowings as well as cash on hand.

With the latest purchase, Seaspan’s global fleet will exceed one million TEU at 123 vessels and 1,023,000 TEU, bringing the total contracted revenue to USD 4.6 billion with a weighted average remaining lease period of approximately 4.2 years.

Seaspan has a pro forma market share of approximately 7.9 percent of the global fleet.

Update: Although Seaspan did not disclose the seller of the ships, the company in question is Singapore’s Pacific International Lines (PIL). On March 6, shipping company PIL confirmed it has sold four 12,000 TEU vessels to Seaspan and two to Taiwanese Wan Hai Lines.