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Tuesday, April 23, 2019

Seaspan Corporation News

Photo: Seaspan Corporation

Fairfax Financial Invests Additional USD 500mln in Seaspan

Containership owner operator Seaspan Corporation has announced that Fairfax Financial Holdings Limited, through certain subsidiaries, has entered into a definitive agreement to invest an additional $500 million of equity in Seaspan through the exercise of two tranches of warrants, increasing Fairfax’s total investment in Seaspan to $1 billion. "Building on our acquisition of Greater China Intermodal Investments and existing partnership with Prem Watsa and Fairfax, the cumulative investment of $1 billion from Fairfax will also significantly strengthen Seaspan’s balance sheet…

10,000 TEU Vessel Delivered to Seaspan

Seaspan Corporation said it has accepted delivery of the CMA CGM Cochin, a 10,000 TEU containership that will commence a fixed rate time charter with CMA CGM S.A. for a three year term with an option to extend for an additional three years.The new containership, which was constructed at Jiangsu Yangzi Xinfu Shipbuilding Co., Ltd. and Jiangsu New Yangzi Shipbuilding Co., Ltd., is the second in a series of four 10,000 TEU vessels under time charter to CMA CGM that are scheduled to deliver in the first half of 2018.

Photo: Seaspan Corporation

GCI Acquisition Fetches Extra Money for Seaspan

The Hong Kong-based containership lessor Seaspan Corporation reported a net profit of $67 million for the quarter ended March 31, 2018 as revenues rose 11.7 percent to $244 million compared with the same 2017 period. The addition of operating vessels from the buyout of Greater China Intermodal Investments (GCI) led to higher revenues. The company has informed that it has completed accretive acquisition with an implied enterprise value of $1.6 billion of the remaining 89% that Seaspan did not own of GCI.

Mark Chu. Photo: Seaspan Corporation

Mark Chu Steps Down as COO of Seaspan

Seaspan Corporation, the world's largest independent containership owner operator, has announced that Mark Chu has notified the company that he plans to step down from his roles as General Counsel and Chief Operating Officer to pursue other opportunities. Chu will remain in his current roles through August 31st, 2018 to help facilitate a seamless transition. Bing Chen, President and Chief Executive Officer of Seaspan said, "I would like to thank Mark for his many contributions to Seaspan over the years.

Courson to Replace Spivak as Seaspan CFO

Ship owner Seaspan Corporation announced that Ryan Courson will take over as the company’s chief financial officer following David Spivak’s decision to leave the post in early May. Spivak will continue as CFO until May 5 and will stay on as special advisor to the president and chief executive officer through the end of June. Courson joined Seaspan in March 2018 as senior vice president of corporate development. Prior to joining Seaspan, he spent three years at Falcon Edge Capital…

Seaspan Buys GCI from Carlyle

Containership owner and operator Seaspan Corporation announced it has acquired Greater China Intermodal Investments LLC (GCI) from affiliates of The Carlyle Group and other minority owners. Seaspan, which previously held 11 percent of GCI and operated the company’s container vessel fleet, will take over GCI’s 16 on the water 10,000-14,000 TEU containerships plus two newbuilds scheduled for delivery during Q2 2018. All 18 vessels sister ships to Seaspan’s current fleet. “With GCI’s fleet now under our ownership…

Seaspan Charters Newly Bought Vessels to Maersk

Seaspan Corporation said it has purchased two 2006-built 2,500 TEU containerships and entered into fixed rate time charter agreements for the vessels with Maersk Line A/S. The time charters will be for a term of four years with options for up to an additional two years at increasing charter rates. One of the vessels was delivered to Seaspan today, and the other is expected to be delivered by the end of the month. Upon delivery of the second vessel, Seaspan’s operating and managed fleet will consist of 112 containerships representing a total capacity of approximately 900…

Seaspan to Raise $250m to Invest

Seaspan Corporation announced that it entered into a letter of intent (LoI) pursuant to which Fairfax Financial Holdings Limited, through certain subsidiaries, will make an investment of US$250 million in Seaspan in exchange for the issuance by Seaspan of 5.5% interest bearing unsecured debentures and Class A Common Share purchase warrants. Seaspan intends to use the proceeds from this US$250 million investment to fund future growth initiatives, debt repayment and for general corporate purposes.

Seaspan Appoints Bing Chen As Chief Executive Officer

Seaspan Corporation announced that Bing Chen will be joining the Company as its Chief Executive Officer (CEO), and appointed to the Board of Directors in January, 2018. Gerry Wang will be retiring as CEO and Director of Seaspan effective November 3. Upon Wang’s retirement, Peter Curtis, executive vice president and chief operating officer, will also serve as Seaspan’s interim chief executive officer until Chen’s arrival, after which he will continue in his current role. David Sokol…

Seaspan Takes Delivery of 11,000 TEU Containership

Seaspan Corporation said it has accepted delivery of the MSC Shuba B, an 11,000 TEU containership that will commence a 17-year fixed-rate bareboat charter with Mediterranean Shipping Company S.A. (MSC). Upon completion of the bareboat charter period, MSC is obligated to purchase the vessel for a pre-determined amount. The MSC Shuba B, which was constructed at HHIC-PHIL INC., is Seaspan’s first 11,000 TEU SAVER design containership in a series of five ships, all of which are signed to bareboat agreements with MSC.

Gerry Wang. Photo: Seaspan Corporation

Seaspan CEO Gerry Wang to Retire

Seaspan Corporation announced that Gerry Wang, its Chief Executive Officer, Co-Chairman and Co-Founder, will retire from Seaspan effective December 31, 2017 to focus on family business investments and his ongoing charitable efforts. In order to facilitate an orderly transition, Wang will continue in his current role as CEO until the earlier of when a permanent CEO is identified or December 31, 2017, and will continue to serve on Seaspan's Board until the end of the year. Seaspan has commenced a search process to identify a new Chief Executive Officer.

Photo: Port of New Orleans

Full Ahead: New Generation of Carrier Alliances

Full ahead: new generation of carrier alliances and slot/vessel sharing arrangements; SM’s (Bullet) Line; FWE for Hanjin. On April 1, 2017, the new generation of carrier alliances became reality. In the run up to April 1 there was a flurry of activity with ocean carriers entering into arrangements with other carriers in competing alliances and with other carriers not signatory to any of the alliances. The 2M Alliance is an existing alliance made up of Maersk Line and Mediterranean Shipping Company (MSC).

(Photo: SCPA)

Happy Holidays from Hanjin

Barry Parker dissects one the most disruptive events ever to impact the intermodal supply chain. There is more pain to come, lessons to be learned – and corrections applied. The Hanjin Shipping debacle, brewing over time and seeing a full blown eruption in late August, is still ongoing. The company voluntarily opted to enter ‘receivership,’ followed by a Chapter 15 bankruptcy filing in the States, shortly after the initial bombshell. The move provided a template for Hanjin vessels to dock, and cargo to be discharged.

Seaspan Spanning the Ocean Highways Photo Seaspan

Seaspan Acquires Eighth 14000 TEU Vessel

Seaspan Corporation (NYSE:SSW) announced today that it accepted delivery of a 14000 TEU containership, the YM Width. The new containership, which was constructed at CSBC Corporation, Taiwan ("CSBC") is Seaspan's eighth 14000 TEU SAVER design containership and fourth delivery in 2016. This is the second 14000 TEU vessel using Seaspan's fuel-efficient SAVER design constructed at CSBC. The YM Width will commence a ten-year, fixed-rate time charter with Yang Ming Marine Transport Corp. ("Yang Ming"). Yang Ming may extend the charter for up to an additional two years.

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Seaspan Secures $540 Mi Financing

HONG KONG, CHINA--(Marketwired - May 18, 2016) - Seaspan Corporation ("Seaspan") (NYSE:SSW) announced today that it has entered into over $540 million of debt and equity financings. Gerry Wang, Chief Executive Officer, Co-Chairman, and Co-Founder of Seaspan, commented, "We are pleased to announce that we have accessed over $540 million in attractively priced capital, which further strengthens our financial position and enhances our financial flexibility. Seaspan's consistent ability to access diverse and innovative sources of capital reflects our leadership position in the market…

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Spivak Appointed CFO, Seaspan

Seaspan Corporation announced today that David Spivak is joining the Company as its Chief Financial Officer, starting May 2, 2016. Mark Chu will continue to serve as interim CFO until David's arrival, whereupon Mark will continue in his current roles as Vice President, Corporate Development and General Counsel. David has over 20 years of corporate finance and global capital markets experience. From 1995 to 2012, he worked at Citigroup, serving in various roles, including as a…

Courtesy Seaspan

Seaspan Acquires 9th 10K TEU Boxship

Seaspan Corporation (NYSE:SSW) announced today that it accepted delivery of a 10000 TEU containership, the MOL Benefactor. The new containership, which was constructed at Jiangsu Yangzi Xinfu Shipbuilding Co., Ltd., is Seaspan's ninth 10000 TEU SAVER design containership and first delivery in 2016. This is the 18th 10000 TEU vessel using Seaspan's fuel-efficient SAVER design constructed at Yangzijiang. The MOL Benefactor will commence an eight-year, fixed-rate time charter with Mitsui O.S.K. Lines Ltd. ("MOL").

Seaspan Announces Senior Management Changes

Seaspan Corporation announced that Sai Chu, Chief Financial Officer, has informed of his resignation and retirement from Seaspan effective November 6, 2015, after more than 10 years' of service with Seaspan and related entities. Gerry Wang, Chief Executive Officer, Co-Chairman and Co-Founder of Seaspan stated, "Sai Chu has been a dynamic contributor to Seaspan's growth over the past decade. We appreciate all the work he has done to lead the financial function of Seaspan. Mr. Chu joined Seaspan in 2005 and held positions in finance before being appointed Chief Financial Officer in 2007.

Photo: Seaspan Corporation

Seaspan Reports Strong Revenue Growth

Seaspan Corporation, a large owner of containerships that charters vessels to liner companies, improved its revenue as well as net result in the first nine months of 2015, a development mainly attributed to new ships delivered this year, notes management. It has reported net earnings of $20.5 million for the third quarter ending Sept. 30, 2015, a year-over-year decrease of 68.7 percent. In August 2015, Seaspan entered into a lease financing arrangement with special purpose companies, for one 14000 TEU newbuilding vessel, the YM Wellness, which delivered on August 17, 2015.

Image: Seaspan Corporation

China Exim Bank Backs Seaspan

Seaspan Corporation has lined-up a $1bn worth of export credit facilities with the Export-Import Bank of China (CEXIM). Seaspan has signed a Framework Cooperation Agreement with the Export-Import Bank of China (CEXIM) for a total of up to $1 billion in export credit facilities. The credit facilities would be made available to Seaspan for the purchase and construction of vessels from shipyards in China within the next three years. Gerry Wang, Chief Executive Officer, Co-Chairman and Co-Founder of Seaspan commented…

CSCL Brisbane (Photo: Seaspan Corporation)

Shippers Prosecuted for Garbage Dumping

Two shipping companies and their masters have been prosecuted by the Australian Maritime Safety Authority (AMSA) for two separate marine pollution incidents within the Great Barrier Reef. Tokyo based Perses Maritima Ltd and the master of its Japan registered vehicle carrier Asteria Leader were found guilty on May 18 in the Brisbane Magistrates Court on one charge each of illegally discharging garbage under the Protection of the Sea (Prevention of Pollution from Ships) Act 1983.

Marine pollution within Great Barrier Reef

AMSA Prosecutes Shipping Cos, Masters for Pollution

The Australian Maritime Safety Authority (AMSA) has prosecuted two shipping companies and their masters for two separate marine pollution incidents within the Great Barrier Reef. Tokyo based Perses Maritima Ltd and the master of its Japan registered vehicle carrier Asteria Leader were found guilty on May 18 in the Brisbane Magistrates Court on one charge each of illegally discharging garbage under the Protection of the Sea (Prevention of Pollution from Ships) Act 1983. A routine…

Image: Seaspan Corporation

Third 14,000 TEU Container Joins Seaspan

Hong Kong-based owner and operator of containerships Seaspan Corporation has taken delivery of a 14,000 TEU containership, the YM Winner. The new ship, which was constructed at Hyundai Heavy Industries Co., Ltd., is Seaspan’s third 14,000 TEU SAVER design containership and fourth delivery in 2015. The YM Winner will commence a ten-year, fixed-rate time charter with Yang Ming Marine Transport Corp. The ship is the third of a total of eight 14000 TEU SAVER design vessels to be chartered by Seaspan to Yang Ming. The delivery of the YM Winner expands the Company's operating fleet to 81 vessels.

Image: Seaspan Corporation

Seaspan Takes Delivery of New Containership

Seaspan Corporation (SSW) has accepted delivery of a 14000 TEU containership, the YM Wellhead. The new containership, which was constructed at Hyundai Heavy Industries Co., Ltd., is Seaspan's second 14000 TEU SAVER design containership and third delivery in 2015. The YM Wellhead will commence a ten-year, fixed-rate time charter with Yang Ming Marine Transport Corp. (Yang Ming). Yang Ming may extend the charter for up to an additional two years. The ship is the second of a total of eight 14000 TEU SAVER design vessels to be chartered by Seaspan to Yang Ming.

MOL Express

MOL Express Refloated

The MOL Express, a 4,600 TEU container vessel which went aground in Tateyama Harbor, Japan on January 11, was successfully refloated, Seaspan Corporation reports. No crew injuries and no environmental consequences from this incident have been reported. An investigation into the cause of the grounding is underway. The vessel is currently on charter to MOL, is managed by Seaspan Corporation, and is owned by MOL affiliate GCI.

Grounded MOL Express being Salvaged

Seaspan Corporation reports the MOL Express, a 4,600 TEU container vessel went aground in Tateyama Harbour, Japan on January 11, 2015. There were no reported crew injuries and all preliminary reports indicate the hull is in a stable condition, and no environmental damage has occurred. Seaspan and MOL, with the assistance of salvage experts, are working on refloating the vessel and restoring it to its original condition. All parties involved are working closely with the appropriate authorities.