Boxship giant Seaspan Corp has bought two 12,000-teu containerships that are both on long-term charters for about $176m in total.
Including the two latest buys, TradeWinds estimates that Seaspan has spent $1.1bn to purchase 15 ships since September 2019.
The specific vessels that have been acquired were both built in 2018 but were not identified by Seaspan, which is part of New York-listed asset manager Atlas Corp.
The pair will operate under long-term charters with unnamed "leading global liner" companies, Atlas said on Wednesday.
The Vancouver-based tonnage provider will fund the acquisition using cash on hand and by taking out extra loans, according to its parent.
It expects to take delivery of the acquired vessels in October, subject to closing conditions.
Atlas expects the vessel buys to increase Seaspan's long-term contracted revenue by more than $165m and contribute about $20m of annualised adjusted Ebitda this year.
Seaspan's long-term contract backlog was valued at $4.6bn as of August this year.
Its revenue forecast for the full year 2020 was estimated at between $1.19bn and $1.22bn, despite obtaining lower rates on charter renewals as a result of Covid-19.
Growth by acquisition
Bing Chen, Seaspan's chairman, president and chief executive, said the tonnage provider's fleet growth was made possible by its parent Atlas, of which he is also boss.
"Our team continues to execute on growth through this acquisition bringing the total to 15 high-quality vessels added to our fleet since December of 2019," he commented.
"Atlas' robust liquidity position, disciplined capital allocation and consistent operational excellence has enabled our strategic expansion despite the unprecedented pandemic."
In late July, Seaspan spent $146m in buying a boxship duo from German owner Peter Dohle Schiffahrts, comprising the 12,552-teu Paris Express (built 2011) and 12,552-teu Madrid Express (built 2010).
Both vessels were built at Samsung Heavy Industries in South Korea and are on lengthy charters to German operator Hapag-Lloyd.
Once the two latest vessels are delivered, Seaspan's global fleet will consist of 129 vessels with a combined capacity of just over 1m teu.
