Seaspan orders US$550 million worth of container ships

2013-07-31 09:38

Seaspan, a Canadian shipowner listed on the New York Stock Exchange, announced its second-quarter results on July 29th and stated that it recently ordered fuel-efficient container ships.

Seaspan announced that it signed a US$550 million contract for new container ships at an Asian shipyard on July 19th. Delivery of the new ships is scheduled for 2015, and the number of ships built was not disclosed.

Regarding this new construction project, Seaspan stated that it will soon sign a long-term charter contract with a major shipping company.

Seaspan CEO Gerry Wang stated, "We are working towards continued growth and are pleased to sign a large new construction contract as we head into the third quarter."

On April 25th, Seaspan secured up to US$174 million in financing from Asian banks to fund the construction of two 14,000 TEU container ships.

Also on April 25th, a ship finance contract equivalent to US$83 million was signed with major European banks, which will be used to fund the construction of one 14,000 TEU container ship. Charter contracts have already been signed with Yang Ming Marine Transport for these three newbuilds.

In addition, Seaspan's net profit in the second quarter of 2013 reached US$127 million, compared to a net loss of US$6.7 million in the same period last year, marking a turnaround. The company's fleet utilization rate during the same period reached 99.0%.

Furthermore, in January of this year, Hyundai Heavy Industries in South Korea received an order from Seaspan for the world's first ultra-large container ship newbuilding project in 2013.

In January, Hyundai Heavy Industries announced that it signed a contract with Seaspan in Hong Kong for the construction of five 14,000 TEU container ships totaling US$600 million, which also includes options for five similar vessels.

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