Seaspan Announces Newbuild Order for Six 15,000 TEU Containerships
On June 28, 2021, Seaspan Corporation, a subsidiary of Atlas Corp (NYSE: ATCO), announced an order for six 15,000 TEU modern containerships, with deliveries slated from late Q1 to Q2 2024. The vessels will be equipped with scrubbers and are set to enter long-term charters with a major global liner customer. This order is part of a larger strategy, as Seaspan has announced 45 newbuild orders since December 2020. The vessels will be financed through additional borrowings and cash reserves, strengthening Seaspan's operational capacity.
- Secured long-term charters for six new containerships, enhancing revenue predictability.
- Total of 45 newbuild orders announced since December 2020, indicating strong growth trajectory.
- Vessels equipped with scrubbers, aligning with environmental regulations and customer preferences.
- None.
Expands Market Leadership with Execution of Strategic Opportunities
LONDON, June 28, 2021 /PRNewswire/ - Seaspan Corporation ("Seaspan"), a wholly owned subsidiary of Atlas Corp. ("Atlas") (NYSE: ATCO), today announced that it has entered into an agreement with a major shipyard for six 15,000 TEU modern newbuild containerships (the "Vessels") with anticipated deliveries beginning late in the first quarter and extending through the end of the second quarter of 2024. The six high-quality 15,000 TEU containerships will be scrubber-fitted. Upon completion, the Vessels will enter long-term charters with a leading global liner customer.
Bing Chen, Chairman, President and CEO of Seaspan, commented, "Our customers continue to recognize the added value of our fully-integrated platform. This order further highlights of our differentiated services, operational excellence, and ability to implement solutions tailored to our customer's changing requirements."
The Vessels are anticipated to be financed from additional borrowings as well as cash on hand. With these vessels Seaspan will continue to expand its fleet within core strategic size segments. Since December 2020 and including this announcement, Seaspan has announced 45 newbuild orders and the acquisition of four second-hand vessels, two of which have since been delivered.
Newbuilds | Secondary Market | Total Vessels | Total TEU | |
12,000 TEU | 6 | - | 6 | 72,000 |
12,200 TEU | 5 | - | 5 | 61,000 |
15,000 TEU | 16 | 2 | 18 | 270,000 |
15,000 TEU LNG | 10 | - | 10 | 150,000 |
15,500 TEU | 6 | - | 6 | 93,000 |
24,000 TEU | 2 | - | 2 | 48,000 |
Total | 45 | 2 | 47 | 694,000 |
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 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. At March 31, 2021, Seaspan's fleet consists of 127 containerships representing total capacity of approximately 1,073,200 TEU. On May 19, 2021, we announced the delivery of two second-hand vessels, increasing Seaspan's operating fleet to 129 vessels and 1,090,200 TEU. With this announcement, we also have 45 vessels under construction, and have agreed to purchase two additional second-hand vessels, increasing total capacity to 1,784,200 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 forward-looking statements regarding the expected benefits of the vessel transactions 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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