Canadian tonnage provider Seaspan Corp has ordered two more of the world’s largest pure car/truck carriers.
Seaspan has ordered the 10,800-ceu brace after novating contracts for four of eight ships that it held, according to a filing with the US Securities and Exchange Commission.
The two dual-fuel LNG vessels have been ordered on the back of long-term charters with a leading logistics company, the company said.
Seaspan and its parent company, Atlas, are the world’s largest owners of container ships destined for the charter market.
The company entered the PCTC segment in October with its debut order. Four of the eight carriers the company signed were novated to an unspecified customer in February.
The remaining four will be delivered to Seaspan in the final quarter of 2026 and in 2027 when they will begin long-term charters, according to the filing.
Details of this month’s orders for two additional vessels were not given, but they are likely costing about $120m each.
New area
TradeWinds reported that Seaspan entered the PCTC market last year in partnership with South Korean operator Hyundai Glovis.
Seaspan will own the ships, with long-term charters back to the operator, which is the logistics and shipping division of Hyundai Motor Group. The orders were placed at CSSC’s Shanghai Waigaoqiao Shipbuilding (SWS) in China.
However, Hyundai Glovis is seeking to grow its portfolio and is investing almost $500m in newbuildings.
TradeWinds reported in February that the South Korean company split a new contract for four 10,800-ceu PCTCs between two shipyards in China.
China State Shipbuilding Corp-controlled Guangzhou Shipyard International (GSI) and SWS will build two LNG dual-fuelled vessels each. Delivery of all four is slated for 2027.
Seaspan continues to grow its boxship fleet, but earnings from that sector are declining.
Atlas’ net earnings slumped to $429m in 2023 from $610m in the previous year, according to SEC filings.
Revenues were up to $1.71bn from $1.5bn over the same period.
Seaspan continues to grow and this month exercised an option under an existing lease financing arrangement to buy an unnamed 14,000-teu vessel.
The purchase is expected to be completed in February 2025 at the predetermined price of $61.6m.
