Seaspan Continues Market-Leading Growth Announces Delivery of Two 8,500 TEU Containerships Backed by Liner Charters
On May 19, 2021, Seaspan Corporation, a subsidiary of Atlas Corp (NYSE: ATCO), announced the delivery of two 8,500 TEU scrubber-fitted containerships on a long-term charter with a global liner. The company continues to focus on quality growth and expanding its fleet, which stood at 127 vessels totaling approximately 1,073,200 TEU as of March 31, 2021. With 37 vessels under construction and two recent deliveries, the total capacity will reach approximately 1,670,200 TEU. Seaspan emphasizes operational excellence and reliability in its partnerships with global liners.
- Delivery of two 8,500 TEU scrubber-fitted vessels enhances fleet capacity.
- Long-term charters indicate stable revenue streams.
- Total fleet capacity projected to reach approximately 1,670,200 TEU.
- Seaspan's focus on operational excellence strengthens market position.
- Risks of early charter termination could impact revenue.
- Future performance remains uncertain due to market conditions.
LONDON, May 19, 2021 /PRNewswire/ - Seaspan Corporation ("Seaspan"), a wholly owned subsidiary of Atlas Corp. ("Atlas") (NYSE: ATCO), today announced that it has accepted delivery of two quality 8,500 TEU scrubber-fitted containerships ("the Vessels") on long-term charter with a global liner.
Bing Chen, Chairman, President and CEO of Seaspan, commented, "Our creative customer partnership, executional expertise and operational excellence continue to drive quality growth as we provide market leading solutions to our customers. Global liners increasingly prefer Seaspan as the partner of choice through our reliable and scalable platform and consistent delivery of best-in-class services. We are well positioned to continue quality growth and value creation for our shareholders through all market cycles."
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 www.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 consisted of 127 containerships representing total capacity of approximately 1,073,200 TEU. We also have 37 vessels under construction and four second-hand vessels, including the two vessel deliveries announced today, with aggregate TEU of 597,000, increasing total capacity to 1,670,200 TEU, on a fully delivered basis. For more information, visit www.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, 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 potential for early termination of the charters and Seaspan's inability to replace them; the possibility that we will not be able to continue to execute on our growth strategy; and other factors detailed from time to time in our periodic reports and filings with the Securities and Exchange Commission, including Atlas's Annual Report on Form 20-F for the year ended December 31, 2020. 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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