Tagged: Seaspan Marine Corporation

Week 41 at a glance

2013, Week 41 – from October 6 to October 13

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Seaspan firms up five more 10,000 teu class ships

The Seaspan Corporation announced on Monday that it exercised options for the construction of five 10,000 teu containerships of its ‘Saver’ class, a design marketed by Seaspan for its high fuel efficiency. Scheduled for delivery in 2015, the vessels are to be built at China’s Jiangsu New Yangzi Shipbuilding and at Jiangsu Yangzi Xinfu Shipbuilding.

While the five ships have been ordered without the backing of firm charters, Seaspan does appear to be in negotiations with a carrier: The company stated that it expects to sign long-term charter deals with ‘one of the liner majors’ in the near term.

To be managed by Seaspan, the five ships will be owned by Greater China Intermodal Investments, a joint investment vehicle established by Seaspan, the Carlyle Group, and Blue Water Commerce.

Yesterday’s committment will bring the number of firm orders for ‘Saver 10000’ type vessels to 15 units, with at least six more options for sister ships in Seaspan’s books. Nine of these units will be financed through Greater China Intermodal. Units one to ten of the series have been chartered by Hanjin (six ships) and MOL (four ships).

The ‘Saver 10000’ class vessels are 337.00m long and 48.20m (19 rows) wide. They will be powered by an MAN B&W 10 S90-ME-C9 – CMD engine with an MCR of 58,100 KW. Unlike many of the recent twin-island designs, the ‘Saver’ 10,000 teu class features a conventional arrangement with the deck house in the three-quarters aft position, above the engine room.

Construction work is well underway and the lead vessel of the series has recently floated out at Jiangsu New Yangzi Shipbuilding for delivery in early 2014.

Week 34 at a glance

Seaspan firms up five 14,000 teu charters with Yang Ming

One week after entering into a ‘commitment’ with the Taiwanese container line Yang Ming, Seaspan has now concluded firm long-term fixed-rate charters for five 14,000 teu container vessels with the carrier.

At the same time, Seaspan entered into firm shipbuilding contracts with the CSBC Corporation of Taiwan. The contracts are worth some USD 110 million per vessel and the five ships are scheduled for delivery in 2016. All five units will be chartered to Yang Ming for a minimum period of six years.

The deal increases Seaspan’s orderbook for ships of the 14,000 teu class to 15 units: Ten from Hyundai Heavy Industries of South Korea and five from CSBC Taiwan. All 15 units of the type will be chartered to Yang Ming.

While the orders for the five ships are essentially ‘firm’, they remain subject to allocation in relation to the right of a first refusal agreement with Greater China Intermodal Investments LLC, an investment vehicle jointly established by Seaspan, an affiliate of global alternative asset manager The Carlyle Group, and Blue Water Commerce, LLC.

Seaspan said it intended to fund construction of its portion of these newbuilding containerships initially with a portion of the proceeds of a previous share offering and, subsequently over the next few quarters, with debt financing.

The 14,000 teu Seaspan vessels will be Yang Ming’s first ultra-large container ships. So far, the carrier’s largest ships are Korean- and Japanese built VLCS of about 8,500 teu.