Seaspan delays newbuildings

The New York-listed company will pay $19m to a variety of Asian shipyards for the right to delay deliveries of 11 of the 23 ships it has on order. It will pay between $1.3m and $1.8m per vessel in order to defer deliveries from two to 15 months.

The boxship owner has also confirmed an agreement with another two yards to delay delivery of an additional five vessels. Seaspan does not say how much it will cost to amend these further five contracts but says the deferrals are for a period of nine months.

The owner has 45 containerships in service and a further 23 on order after taking delivery of three vessels this year. Earlier this month, Seaspan took delivery of the 8,495 teu Cosco Japan, the first of eight ships it ordered in May 2007 at Hyundai Heavy Industries on the back of long-term charters to Cosco Container Lines (Coscon). It also received the 2,544 teu Guayaquil Bridge, the first of two ships ordered at Jiangsu Yangzijiang Shipbuilding for long-term charter to K Line and the 5,100 teu Hyundai built MOL Empire on charter to MOL.

A further seven in the 8,500 teu series are on charter to China Shipping Container Lines (CSCL), to whom Seaspan charters around half its fleet. Other vessels for delivery to Seaspan over the coming 30 months include two of 4,250 teu, five of 4,500 teu and eight of 13,100 teu.