Seaspan Announces Delivery of an Additional Two 12,200 TEU Newbuild Containerships Ahead of Schedule
Seaspan Corporation, a subsidiary of Atlas Corp. (NYSE: ATCO), announced the delivery of two 12,200 TEU containerships, set to begin 18-year charters with a major liner customer. These deliveries mark the second and third of five newbuilds in this class and were completed approximately two months ahead of schedule. Since November 2020, Seaspan has ordered 70 newbuilds, adding 839,000 TEU and generating over $11 billion in gross contracted cash flows, bringing its total fleet capacity to 1,959,200 TEU.
- Delivery of two 12,200 TEU containerships ahead of schedule.
- Secured 18-year charters with a major liner customer.
- Total of 70 newbuild containerships ordered since November 2020 adding 839,000 TEU.
- Newbuild program expected to generate over $11 billion in gross contracted cash flows.
- None.
LONDON, Nov. 30, 2021 /PRNewswire/ - Seaspan Corporation ("Seaspan"), a wholly owned subsidiary of Atlas Corp. ("Atlas") (NYSE: ATCO), today announced that it has accepted delivery of an additional two 12,200 TEU containerships. The containerships will immediately begin 18-year charters with a major liner customer. This marks the second and third of five newbuild containerships in this class, the first having been delivered in October, each of which have been delivered approximately two months ahead of schedule.
Bing Chen, Chairman, President and CEO of Seaspan, commented, "These ahead of schedule deliveries further demonstrate Seaspan's operational excellence in containership design and construction under all market conidtions. Seaspan continues to overdeliver in servicing our customer needs against a backdrop of global undersupply of containerships. I am proud of our team for their consistent performance, and we remain steadfast in executing our quality growth."
Since November 2020, Seaspan has announced orders for 70 newbuild containerships, representing the addition of 839,000 TEU, which will add over
Newbuilds | |||
Vessel Class | In-Construction | Delivered | Total TEU |
7,000 TEU | 10 | - | 70,000 |
7,000 TEU LNG | 15 | - | 105,000 |
12,000 TEU | 6 | - | 72,000 |
12,200 TEU | 2 | 3 | 61,000 |
15,000 TEU | 16 | - | 240,000 |
15,000 TEU LNG | 10 | - | 150,000 |
15,500 TEU | 6 | - | 93,000 |
24,000 TEU | 2 | - | 48,000 |
Total | 67 | 3 | 839,000 |
About Atlas
Atlas is a leading global asset management company, differentiated by its position as a best-in-class owner and operator with a focus on deploying capital to create sustainable shareholder value. Atlas brings together an experienced asset management team with deep operational and capital allocation experience. We target long-term, risk adjusted returns across high-quality infrastructure assets in the maritime sector, energy sector and other infrastructure verticals. Our two portfolio companies, Seaspan Corporation and APR Energy Ltd. are unique, industry-leading operating platforms in the global maritime and energy spaces, respectively. For more information visit atlascorporation.com.
About Seaspan
Seaspan is a leading independent owner and operator of containerships. We charter our vessels primarily pursuant to long-term, fixed-rate time charters to the world's largest container shipping liners. Seaspan's operational fleet consists of 134 vessels with a total capacity of 1,156,800 TEU. We also have 67 vessels under construction, increasing total capacity of our operational fleet to 1,959,200 TEU, on a fully delivered basis. For more information visit seaspancorp.com.
Cautionary Note Regarding Forward-Looking Statements
This release contains certain forward-looking statements (as such term is defined in Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events, including the expected benefits of the newbuild vessels to Atlas's financial condition and results from operations. Statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "expects", "anticipates", "intends", "plans", "believes", "estimates", "projects", "forecasts", "will", "may", "potential", "should", and similar expressions are forward-looking statements. These forward-looking statements, reflect management's current expectations only as of the date of this release. As a result, you are cautioned not to rely on any forward-looking statements. Although these statements are based upon assumptions that we believe to be reasonable based upon available information, they are subject to risks and uncertainties. These risks and uncertainties include but are not limited to the factors detailed from time to time in our periodic reports and filings with the SEC, including Atlas's Annual Report on Form 20-F for the year ended December 31, 2020, filed with the SEC on March 19, 2021. We expressly disclaim any obligation to update or revise any of these forward-looking statements, whether because of future events, new information, a change in our views or expectations, or otherwise. We make no prediction or statement about the performance of any of our securities.
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SOURCE Atlas Corp.
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