Profile: Seaspan Corp (SSW.N)
20 Dec 2013
Seaspan Corporation, incorporated on May 3, 2005, is an independent charter owner of containerships, which the Company charters pursuant to long-term, fixed-rate time charters agreement. As of March 15, 2012, the Company operated a fleet of 67 vessels (including seven leased vessels) and had entered into contracts to purchase an additional five containerships. The average age of the 67 vessels in its fleet was approximately five years as of March 15, 2012. Customers for its operating fleet are China Shipping Container Lines (Asia) Co., Ltd. (CSCL Asia), Hapag-Lloyd USA, LLC (HL USA), COSCO Container Lines Co., Ltd. (COSCON), Compania Sud Americana De Vapores S.A. (CSAV), Mitsui O.S.K. Lines, Ltd (MOL), Kawasaki Kisen Kaisha Ltd. (K-Line), United Arab Shipping Company (UASC) and Mediterranean Shipping Company S.A. (MSC). Customers for the additional five newbuilding vessels will include Hanjin and COSCON. In January 2012, the Company acquired Seaspan Management Services Limited.
As of December 31, 2011, 22 of the 72 vessels in its current or contracted fleet are chartered to CSCL Asia, and 18 vessels are or will be chartered to COSCON. In March 2012, the Company accepted delivery of the COSCO Excellence and COSCO Faith. Both 13100 twenty-foot equivalent unit vessels are on charter to COSCON under 12-year, fixed-rate time charter contracts. A time charter is a contract for the use of a vessel for a fixed period of time at a specified daily rate.
Unit 2, 7th Floor, Bupa Centre
141 Connaught Road West