Seaspan says it will have to find new charters for ships redelivered from collapsed containership operator Hanjin or it may be forced into early repayment of debt on the ships.
The disclosure came in a prospectus for a $150m offering of preferred shares led by investment bank FBR.
Seaspan said the three 10,000-teu vessels returned from Hanjin accounted for contracted future revenue of $361.8m out of total contracted revenue of $5.8bn.
Seaspan said it has $209.2m in outstanding indebtedness under its credit facility secured by the three ships. Seaspan says the loans on the vessel may become due and payable if replacement charters are not obtained with three to fourth months after terminating the charter with Hanjin.
Seaspan says it’s in discussions with lenders to extend the time to “obtain an acceptable replacement charter.” Seaspan had chartered the ships at $43,000 per day to Hanjin.
Hanjin also returned another four 10,000-teu vessels to Greater China Intermodal Investments, the Seaspan-Carlyle Group joint venture. Hanjin also returned the 4,600-teu Seaspan Efficiency (built 2003), which is being sent to scrap. The company did not outline any additional financial exposure on these vessels.
