“Upon completion and delivery, all five vessels will commence long-term charters with a leading global liner company and are subject to vessel purchase obligations at the conclusion of the charters,” the company announced.

The yard, charterer or a timeframe for delivery of the vessels were not disclosed by Seaspan.

As well as cash on hand, the vessels will be funded through additional loans.

“Combining our disciplined capital allocation, creative customer partnerships and quality growth strategies, we are excited to announce agreements for five newbuild 12,200 teu vessels backed by long-term charter with a long-standing customer. Executing a discreet newbuild opportunity to fulfil customer needs and achieve targeted returns is a win-win result," said Bing Chen, chairman, president and CEO of Seaspan.

Seaspan currently has a fleet of 127 vessels with a total size of 1,073 m TEU.

Maritime Business World