Seaspan Corp’s appetite for containership newbuildings continues unabated on its return to the market late last year after almost a decade away.
The tonnage supplier is said to have inked a deal for up to 10 ships worth about $900m, lifting its order tally in the past three months to 27 vessels and its total potential spend to more than $3bn.
Shipbuilding sources said the liner giant had signed up for the 11,800-teu newbuildings at China's Yangzijiang Shipbuilding. The deal covers six firm ships to be delivered between the end of 2022 and 2023, and options on four additional vessels.
Shipbuilding sources said they will be conventionally fuelled and are costing about $90m apiece. They added that Seaspan has booked the vessels against long-term charters to Singapore-based Ocean Network Express (ONE).
Details of the charter have not been disclosed but containership experts believe Seaspan has fixed out the vessels for at least 10 to 12 years.
Seaspan and ONE did not respond to a request for comment, while Yangzijiang said no deal had been done.
'Back with a vengeance'
One shipbuilding observer described Seaspan’s newbuilding order spree as “back with a vengeance”, as the company had not contracted new vessels for nearly a decade.
Seaspan returned to the shipbuilding market in December when it splashed out almost $450m on five 12,200-teu newbuildings at Yangzijiang for delivery next year. It has booked the neo-panamaxes on the back of an 18-year time charter to Mediterranean Shipping Co (MSC).
The charter rate was not disclosed. But Seaspan said the charter will bring about $910m of contracted cash flows over the period. The charterer has purchase obligations on the ships at the end of their contracts.
Last month, the company signed two newbuildings deals worth about $1.7bn.
It booked two ultra-large containerships with Yangzijiang for delivery in the first half of 2023. The 24,000-teu vessels will be conventionally fuelled.
Shipbuilding brokers said the vessels would cost Seaspan about $150m each. MSC was said to have chartered the duo.
The second newbuilding contract it stamped was a 10-ship order of dual-fuelled 15,000-teu boxships at Samsung Heavy Industries, estimated to be worth $1.4bn. The deal was for five firm vessels for delivery from 2023, plus options for five additional ships.
The dual-fuelled newbuildings have been fixed out to Israeli container line Zim for 12 years. The charter rate was not disclosed.
Analysts Espen Landmark Fjermestad, Peder Nicolai Jarlsby and Ulrik Mannhart pegged the price of the neo-panamax newbuildings at between $135m and $140m each.
Sale-and-purchase spree
Seaspan has also been on a buying spree for secondhand tonnage.
Earlier this week, the company revealed it had bought two 15,000-teu scrubber-fitted containerships to be delivered in the second quarter of the year.
It did not disclose the name of the vessels or the purchase price. It bought the boxships on the back of long-term charters with a “long-standing global liner customer”.
The acquisition of the two neo-panamaxes brings its tally in a three-month buying spree to 19 ships of between 12,200 teu and 24,000 teu.
Seaspan currently owns a fleet of 127 vessels on the water with a combined total capacity of more than 1m teu and contracted revenue of $4.1bn.
