Seaspan increases its container shipping capacity and extends cooperation with COSCO

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Seaspan Corporation, a Hong Kong based container shipping company, actively expands its fleet and extends the vessel charters. At the end of June it became known that the company plans to extend the current lease terms for 17 containerships with COSCO Shipping.

Company representatives claimed, that the new contracts can generate about USD 700m of gross contracted cash flow.

All these ships charters with COSCO were supposed to end in 2021 (for two vessels), in 2022 (for 13 vessels) and in 2023 (for two vessels). Nowadays vessels charters extends for a three-year term from the end of their current charter period.

It should also be noted, Seaspan Corporation has ordered six new 15 000 TEU vessels. The total number of orders is 45 since December 2020. Six ships will be scrubber-fitted. The orders will increase Seaspan’s total capacity to 1,784,200 TEU.

On Monday, the company announced that it has entered into an agreement with an major shipyard for the construction of the new vessels with deliveries planned for the first half of 2024.