Seaspan's Fleet Continues to Grow with the Delivery of Two 15,000 TEU Containerships on Long-Term Charters

Rhea-AI Summary

Atlas Corp. (NYSE: ATCO) announced that its subsidiary, Seaspan Corporation, has taken delivery of two 15,000 TEU scrubber-fitted containerships. Built in 2019, these vessels are on long-term charter with a major global liner customer. This acquisition supports Seaspan's growth strategy and enhances its competitiveness in the maritime sector.

Bing Chen, CEO of Seaspan, highlighted that this move emphasizes their resilient business model and ability to generate quality growth. With this delivery, Seaspan's operational fleet expands to 131 vessels with a total capacity of 1,120,200 TEU.

Positive

• Delivery of two high-quality 15,000 TEU containerships enhances fleet capacity.
• Vessels are on long-term charters, providing predictable revenue streams.
• Seaspan's fleet now consists of 131 vessels, total capacity increased to 1,120,200 TEU.

Negative

• None.

LONDON, July 6, 2021 /PRNewswire/ - Atlas Corp. ("Atlas") (NYSE: ATCO)  today announced that its wholly owned subsidiary, Seaspan Corporation ("Seaspan"), has received delivery of two high-quality 15,000 TEU scrubber-fitted containerships (the "Vessels"). The Vessels were built in 2019 and are on a long-term charter with a long-standing global liner customer.

Bing Chen, Chairman, President and CEO of Seaspan, commented, "This acquisition, together with our previously announced newbuilds, proves our resilient business model in delivering consistent quality growth in all market conditions. Seaspan's market leading position brings us attractive proprietary opportunities from all industry participants. Our quality growth further enhances our scale, flexibility, and reliability while extending our competitive lead and advantages in the market."

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 primarily charter our vessels on 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. 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 the delivery of the two vessels announced today Seaspan's operational fleet consists of 131 vessels with a total capacity of 1,120,200 TEU. We also have 45 vessels under construction, 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.

FAQ

What vessels did Atlas Corp. recently acquire?

Atlas Corp. announced the delivery of two 15,000 TEU scrubber-fitted containerships.

What is the charter status of the newly delivered vessels?

The newly delivered vessels are on long-term charters with a major global liner customer.

How many vessels does Seaspan have in its fleet after this delivery?

After this delivery, Seaspan's operational fleet consists of 131 vessels.

What is the total capacity of Seaspan's fleet now?

Seaspan's total fleet capacity is now approximately 1,120,200 TEU.

When was the delivery of the new vessels announced?

The delivery of the vessels was announced on July 6, 2021.