Seaspan acquires another ship
Seaspan Corp. said Friday it purchased and accepted delivery of a new 4,250-TEU vessel for about $43 million, constructed by Zhejiang Shipbuilding Co. Ltd. of China.
The company said it is finalizing the terms of a two-year time charter for the vessel with United Arab Shipping Co. The charter would begin between July 1-15, at a rate of more than $20,000 per day.
Seaspan funded the purchase of the vessel with existing credit facilities and with equity raised from the sale of $26 million of preferred shares issued to an investor related to Zhejiang. The preferred shares are redeemable by the company at any time and carry an annual dividend rate of 5 percent of the liquidation value until June 30, 2012, 8 percent from July 1, 2012 to June 30, 2013, and 10 percent from July 1, 2013 thereafter.
The deal is Seaspan’s first new vessel since late 2007, and gives the company 69 vessels, 51 operating and 18 under construction or to be delivered over the next 23 months.
Seaspan acquires another ship
