Seaspan Corporation Signs Contract to Build Four New 2500 TEU Vessels for Yangzijiang Shipbuilding

Seaspan Corporation of Vancouver announced that it has signed a contract to build four 2500 TEU vessels with Jiangsu Yangzijiang Shipbuilding in China. These new orders are incremental to Seaspan’s original contracted fleet and will increase the company’s total fleet to 29 vessels. The four newbuilding vessels will be delivered between September 2008 and March 2009. The total delivered cost is expected to be approximately $44.5 million per vessel, subject to certain pre-delivery expenses remaining at budgeted levels. Seaspan also announced that it has arranged simultaneous 12-year charter agreements for these four vessels with China Shipping Container Lines (Asia) Co. Ltd. at an initial rate of $16,750 per day, increasing to $16,900 per day after six years. CSCL Asia is a subsidiary of China Shipping Container Lines Co. Ltd., the world’s sixth largest liner company. Seaspan currently owns a fleet of 15 containerships consisting of 13 4250 TEU vessels and two 8500 TEU vessels.