Seaspan Corporation Signs Contract for Two New 2500 TEU Vessels to be Built in China

Vancouver-based Seaspan Corp. signed contracts for the construction of two 2500 TEU vessels at Jiangsu Yangzijiang Shipbuilding Co. Ltd. in China. These new orders are in addition to the eight 2500 TEU vessels Seaspan ordered from Jiangsu in 2006 and will be delivered in 2010. The total delivered cost is expected to be approximately $46.4 million per vessel. Seaspan also announced that it has arranged simultaneous ten-year charter agreements for these two vessels with Kawasaki Kisen Kaisha, Ltd. of Japan at a rate of $17,880 per day. Seaspan owns containerships and charters them pursuant to long-term fixed-rate charters. Seaspan’s fleet consists of 26 existing containerships and 17 to be delivered over the next three years.