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Seaspan announces order for 10 LNG dual fuel 15,000 TEU containership newbuilds

18 Feb 2021

Seaspan Corporation (Seaspan), containership owner and operator, on Friday (12 February) announced it has entered into agreements with a major shipyard for 10 – 15,000 TEU dual-fuel liquefied natural gas (LNG) containership newbuilds.

The ultra-modern containerships are anticipated to begin deliveries in the first half of 2023, and upon completion will enter 12-year charters with a global liner.

“We are extremely honoured to facilitate our customers industry leading environmental initiative. Our commitment to ESG principles, carbon reduction, and developing our fleet through increasingly environmental-friendly technologies is signified by our first LNG-powered investment,” said Bing Chen, Chairman, President and CEO of Seaspan.

“We are expanding the scope of our customer solutions by elevating our focus on lowering the impact of emissions, which will result from the adoption and addition of LNG-powered vessels to our fleet.

“As we have executed sustainability-linked financing which parallels this fleet expansion, we are resolved to contribute to a greener business community in the future.

“These transactions clearly demonstrate our ability to seize opportunities to develop industry-leading customer solutions and our commitment for quality growth backed by long-term committed partnerships.”

The containerships are anticipated to be financed from additional borrowings as well as cash on hand, said the company.

As of September 30, 2020, Seaspan’s global fleet consisted of 127 vessels and approximately 1,073,000 TEU, with total contracted revenue of approximately USD 4.1 billion, and a weighted average remaining lease period of approximately 4 years.

Since December 2020, and including the LNG Containerships announced today, Seaspan has announced 17 newbuild vessels, including five 12,200 TEU, two 24,000 TEU, and this announcement of ten LNG dual-fuel 15,000 TEU, which will add significant new capacity of 259,000 TEU to the fleet.

Photo credit: Seaspan Corporation
Published: 18 February, 2021

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