Seaspan Announces Delivery of First of Five 12,200 TEU Newbuild Containerships, First of Seventy Newbuilds Announced
On October 4, 2021, Seaspan Corporation, a wholly owned subsidiary of Atlas Corp. (NYSE: ATCO), announced the delivery of a 12,200 TEU containership. This vessel will begin an 18-year charter with a major liner customer, marking a key milestone in Seaspan's growth strategy. Since November 2020, Seaspan has ordered 70 newbuild containerships, projecting over $11 billion in gross cash flows. The fleet will expand to a total capacity of 1,959,200 TEU. CEO Bing Chen highlighted this early delivery as a testament to Seaspan's operational capabilities amidst global supply chain challenges.
- Delivery of a 12,200 TEU containership begins an 18-year charter.
- Seaspan has ordered 70 newbuild containerships, enhancing fleet capacity by 839,000 TEU.
- Projected over $11 billion in gross contracted cash flows from newbuild orders.
- Capacity expansion to a total of 1,959,200 TEU upon full delivery.
- None.
LONDON, Oct. 4, 2021 /PRNewswire/ - Seaspan Corporation ("Seaspan"), a wholly owned subsidiary of Atlas Corp. ("Atlas") (NYSE: ATCO), today announced that it has accepted delivery of one 12,200 TEU containership, which will immediately begin an 18-year charter with a major liner customer. This vessel is the first of five newbuild containerships in this class.
Bing Chen, Chairman, President and CEO of Seaspan, commented, "This delivery marks a major milestone in Seaspan's continuing quality growth and unmatched ability to best serve our customers. About two months ahead of the scheduled delivery during a global pandemic is testament to how Seaspan creates value for our customers in a current vessel shortage market. I'm proud of our team's supreme execution working with the logistical restrictions and our shipyard's prioritizing of their limited resources to facilitate early delivery of this best-in-class vessel. This further demonstrates the capabilities of our fully integrated platform and resilient business model within the global logistics market."
Since November 2020, Seaspan has announced investments for 70 newbuild containerships, representing the addition of 839,000 TEU, which will add over
Vessel Class | Newbuilds | Total TEU |
7,000 TEU | 10 | 70,000 |
7,000 TEU LNG | 15 | 105,000 |
12,000 TEU | 6 | 72,000 |
12,200 TEU | 4 | 48,800 |
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 | 69 | 826,800 |
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 132 vessels with a total capacity of 1,132,400 TEU. We also have 69 vessels under construction, increasing total capacity 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 newbuild orders and the ability to charter newbuild vessels at favorable rates 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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