Seaspan Corporation (NYSE:SSW) announced that it accepted delivery of the MOL Eminence from Hyundai Heavy Industries Co., Ltd. on August 31, 2009. The 5100 TEU containership is Seaspan's fifth newbuilding in 2009 and expands the Company's fleet to 40 vessels. The MOL Eminence is chartered to Mitsui O.S.K. Lines, Ltd. under a twelve-year, fixed-rate time charter that requires MOL to pay all fuel, cargo-operating and related costs.
Gerry Wang, Chief Executive Officer of Seaspan, said, "The MOL Eminence represents the fifth vessel we have taken delivery of in 2009 and fortieth overall. We continue to execute our business model and have further expanded our sizeable contracted revenue stream derived from major liner companies primarily based in Asia. Upon delivery of our full fleet of 68 vessels, Seaspan's contracted revenue stream is expected to grow by about 218% to approximately $7 billion and its annual revenue is anticipated to rise about 145% to approximately $700 million."
(www.seaspancorp.com)