Seaspan signs $1b agreement with CEXIM

The independent containership owner and manager signed a Framework Cooperation Agreement with the Export-Import Bank of China for up to $1 billion in export credit facilities.    Seaspan Corporation, a large owner of containerships that charters vessels to liner companies, announced it signed a Framework Cooperation Agreement with the Export-Import Bank of China (CEXIM) for up to $1 billion in export credit facilities.
   The CEXIM credit facilities, which would be available to Seaspan for the purchase and construction of vessels from Chinese shipyards within the next three years, are subject to approvals by the Chinese bank, standard closing conditions and the execution of definitive documentation.
   “We are pleased at the prospect of further strengthening our long-standing relationship with CEXIM, which began in the early 2000’s and led to our first loan agreement in 2007,” Seaspan CEO Gerry Wang said in a statement. “With the signing of this Framework Cooperation Agreement, we expect to be able to enhance our financial flexibility and increase our access to growth capital. Consistent with our disciplined strategy, we intend to continue to pursue attractive opportunities to grow our fleet and contracted revenue stream, which currently exceeds $6 billion.”
   Seaspan manages a fleet of 118 containerships, which includes 20 ships on order scheduled for delivery to Seaspan and third parties by the end of 2017. The company’s current operating fleet consists of 83 vessels.