Major tonnage provider Seaspan has revealed the sale of five newbuilding container ships to shareholder Ocean Network Express (ONE).
The 13,000-teu vessels were ordered in August as part of a six-ship deal, believed to be with China’s Shanghai-based Hudong-Zhonghua Shipbuilding.
Seaspan said in a US securities filing on Wednesday that five contracts were novated to Japanese-controlled line ONE in September.
TradeWinds had reported that talks had been ongoing over a charter of the full series of six units to ONE, which has a 27.8% stake in Seaspan.
But sources said these discussions came to nothing.
Instead, Cosco-owned Orient Overseas Container Line (OOCL) announced a charter for these vessels, which TradeWinds reported as 13,580 teu, and fitted with scrubbers and energy-saving devices.
The deal stretches for 15 years and is valued at CNY 11.2bn ($1.57bn).
Two ships will be delivered around the fourth quarter of 2026, two in early 2027 and the last two in early 2028.
One broker assessed the vessels as costing $150m earlier this year.
Chinese leasing house ICBC Financial Leasing was said to be financing the sextet.
36 ships remain to be delivered
ONE is owned by Japan’s three largest shipowners, NYK, K Line and Mitsui OSK Lines.
As at 30 September, Seaspan had 36 vessels under construction, down from 40 at the end of 2023.
During the first nine months of the year, the owner took delivery of 23 newbuildings at a cost of $2.4bn.
Seaspan said net profit in the third quarter was $130.6m, down from $142.9m in the same period of last year.
Revenue was up at $601.4m, versus $446.6m, but financial costs rose, notably interest to $174.6m from $93.6m, and depreciation and amortisation to $110.5m from $82.7m.
Seaspan also said it has exercised an option under existing lease financing arrangements to purchase one 10,000-teu boxship, which it did not name.
The deal is expected to complete next September at a price of $42m.
The August order followed a series of deals for a total of 27 newbuildings in June.
Four were resold immediately to another operator, and another 13 were later novated to other unnamed interests, for bareboat charters back to Seaspan.
