Seaspan orders four 4,250-TEU ships to charter to new customer CSAV

Seaspan orders four 4,250-TEU ships to charter to new customer CSAV New York-listed Seaspan Corp. has ordered four 4,250-TEU vessels from Jiangsu New Yangzi Shipbuilding Co. Ltd. in China that will be chartered out to Chilean carrier CSAV.
   The new orders are in addition to the 10 2,500-TEU vessels Seaspan previously ordered from an affiliate of Jiangsu, Jiangsu Yangzijiang Shipbuilding Co. Ltd.
   The four newbuildings are scheduled to be delivered between March and September 2009, with a total delivered cost of about $66.1 million per vessel.
   CSAV will charter the ships over a period of six years at a rate of $25,925 per day, netting Seaspan from $7.5 million to $7.9 million in incremental EBITDA per annum upon delivery.
   Seaspan has a fleet of 26 containerships with an average age of about five years and average remaining charter period of about eight years. The vessels are chartered out to some of the world’s largest liner carriers, including A.P. Moller-Maersk, Hapag-Lloyd, Mitsui O.S.K. Lines, “K” Line, COSCO Container Lines, and China Shipping Container Lines. Seaspan’s order book will see 21 more ships delivered over the next three years.
   “Adding the premier South American shipping line to our customer portfolio is another significant step in the geographic diversification of our customer portfolio,” said Gerry Wang, Seaspan’s chief executive officer. “While these time charters are shorter in duration than our typical charter parties for new vessels, the expiry dates in 2015 fit well into the balanced charter maturity profile of our fleet.”