Seaspan finalises finance for its 70 vessel newbuild program

Approximately $6.9 billion will be drawn throughout construction of the newbuild program to fund a total investment of approximately $7.6 billion. $1.4 billion will be used to finance 10 15,000 TEU LNG dual-fuel containerships.

Seaspan’s operating fleet consists of 134 vessels with a total capacity of 1,156,800 TEU. The company also has 67 vessels under construction, increasing total capacity to 1,959,200 TEU, on a fully delivered basis.

In November 2021, Seaspan accepted delivery of two 12,200 TEU containerships that immediately began 18-year charters with a major liner. This marked the second and third of five newbuild container ships in this class, the first having been delivered in October.

Since November 2020, Seaspan has announced orders for 70 newbuild containerships, representing the addition of 839,000 TEU, which will add over $11 billion of gross contracted cash flows. The newbuild program includes 10 7,000-teu vessels, 10 LNG-fuelled 7,000-teu vessels, six 12,000-teu vessels, five 12,200-teu vessels (three already delivered), 16 15,000-teu vessels, 10 LNG-fuelled 15,000-teu vessels, six 15,500-teu vessels, and two 24,000-teu vessels.

Samsung Heavy Industries has confirmed the order of 10 MAN Energy Solutions 8G95ME-GI10.5 engines in connection with the building of the 10 LNG-fuelled 15,000-teu containerships. The vessels are scheduled for delivery in the first half of 2023.

The 10 LNG-fuelled 7,000-teu containerships will be powered by MAN B&W G80ME-GI Mk10.5 main engines. The vessels are expected to be delivered from Yangzijang Shipbuilding Group in the second half of 2023.

In line with Seaspan’s policies, the financing incorporates all requirements set by the Poseidon Principles. Last year, the company signed a Partnership Agreement with the Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping, joining with other partners to develop carbon neutral solutions and new alternative fuels.