Seaspan Corporation
SSW announced today that it has signed contracts for the
construction of four 10,000 TEU class newbuilding containerships at
Jiangsu New Yangzi Shipbuilding Co., Ltd. and Jiangsu Yangzi Xinfu
Shipbuilding Co., Ltd. The vessels are scheduled for delivery in 2014
and will be constructed using Seaspan's fuel efficient SAVER design.
Concurrently with executing the newbuilding contracts, Seaspan signed
long term, fixed-rate time charters for these vessels with Mitsui
O.S.K. Lines, Ltd. ("MOL"). In connection with this transaction,
Seaspan has also agreed to purchase from MOL four 2003-built 4,600
TEU cla
ss second hand vessels, for delivery in the second half of 2013 and first quarter of 2014, and has signed short-term fixed-rate
time charters for these vessels with MOL.
These four 10,000 TEU class newbuilding containerships and four 4,600
TEU class second hand containerships remain subject to allocation in
relation to the right of first refusal agreement with Greater China
Intermodal Investments LLC, an investment vehicle established by
Seaspan, an affiliate of global alternative asset manager The Carlyle
Group, and Blue Water Commerce LLC. Seaspan intends to fund
construction of its portion of these eight containerships initially
with a portion of the proceeds of its previous Series C and D
preferred share offerings and, subsequently over the next few
quarters, with debt financing. Seaspan is considering various sources
of debt financing to which it has access.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Posted In: News
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in