Seaspan Continues to Execute on Growth Strategies

Rhea-AI Summary

Seaspan Corporation, a subsidiary of Atlas Corp. (NYSE: ATCO), announced the delivery of two 13,000 TEU containerships, built in 2010 and 2011, on September 10, 2020. These vessels have started long-term charters with a major global liner, reinforcing Seaspan's growth strategy. Since December 2019, Seaspan has acquired 13 high-quality vessels, demonstrating commitment to expanding its operations and strengthening customer partnerships. The company continues to focus on generating attractive risk-adjusted returns while maintaining a strong liquidity position.

Positive

• Delivery of two 13,000 TEU vessels strengthens fleet capacity.
• Both vessels secured long-term charters with a leading global liner.
• Total of 13 vessels acquired since December 2019, enhancing growth strategy.

Negative

• None.

Announcing Delivery of Two 13,000 TEU Vessels  

LONDON, Sept. 10, 2020 /PRNewswire/ - Seaspan Corporation ("Seaspan"), a wholly owned subsidiary of Atlas Corp. ("Atlas") (NYSE: ATCO), today announced that it has taken delivery of two high-quality 13,000 TEU containerships built in 2010 and 2011. Both vessels have commenced long-term time charters with a leading global liner. The acquisitions were previously announced in July 2020.

Bing Chen, Chairman, President and Chief Executive Officer of Seaspan, commented, "Despite the unprecedented pandemic, we have now completed the acquisition of 13 high-quality vessels since December of 2019. We continue to execute on one of our key growth strategies through our strong pipeline of quality growth opportunities with a disciplined focus on assets that further strengthen long-term partnership with our customers and generate attractive risk-adjusted returns.

We are excited about the opportunities ahead, and remain focused on continuing to expand the scope of our businesses while leveraging operational excellence and a strong liquidity position."

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 with industry leading ship management services. We charter our vessels primarily pursuant to long-term, fixed-rate, time charters to the world's largest container shipping liners. Seaspan's fleet consists of 125 containerships, representing total capacity of approximately 1,049,000 TEU. Seaspan's operating fleet of vessels has an average age of approximately 7 years and an average remaining lease period of approximately 4 years, on a TEU-weighted 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 possible future redemption of the Notes. 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 possibility that we will not be able to execute on our growth strategy, the possibility that we will not redeem the Notes prior to maturity; and other factors detailed from time to time in our periodic reports and filings with the Securities and Exchange Commission, including Atlas' Annual Report on Form 20-F for the year ended December 31, 2019. 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.

FAQ

What recent delivery did Atlas Corp announce for its subsidiary Seaspan?

Atlas Corp's subsidiary Seaspan announced the delivery of two 13,000 TEU containerships.

When were the new vessels delivered by Seaspan?

The vessels were delivered on September 10, 2020.

How many vessels has Seaspan acquired since December 2019?

Seaspan has acquired a total of 13 vessels since December 2019.

What is the capacity of the newly delivered vessels?

The newly delivered vessels are each 13,000 TEU in capacity.

Who are the long-term charters for the new vessels with?

The new vessels have commenced long-term charters with a leading global liner.