Seaspan stock sale raises $200 million
Seaspan Corp. said last week that it reached an agreement to issue and sell $200 million in preferred stock to a group of investors who helped found the company.
Dennis R. Washington will invest $160 million. Kevin L. Washington, Kyle R. Washington (the company’s chairman), and Graham Porter will invest an aggregate $40 million.
Urs Dur, a shipping analyst at Lazard Capital Markets, said the deal “indicates strong support from founding shareholders” and “appears to be a good deal.”
He said the company, which owns and charters containerships to liner companies “did not need to do this at this time, but it alleviates any need to raise equity in the public markets for some time, in our estimation.”
Seaspan has a contracted fleet of 68 containerships comprising 35 containerships in operation and 33 to be delivered over the next three years. Customers include China Shipping Container Lines, A.P. Moller-Maersk, MOL, Hapag-Lloyd, COSCO Container Lines, 'K' Line and CSAV.
Seaspan stock sale raises $200 million
