The MOL Emerald is subject to a fixed-rate time charter with Mitsui O.S.K. Lines, Ltd., a Japanese liner company, for a twelve-year period. The MOL Emerald is the first of four vessels to be chartered to MOL. Under the terms of the time charters, MOL is responsible for fuel costs and all cargo operating and related expenses.

Gerry Wang, Chief Executive Officer of Seaspan, commented, "We are pleased to take delivery of the MOL Emerald, the first of four Seaspan vessels to be chartered to MOL, and the first ship to a Japanese liner company. While we are a major independent containership supplier to China, this marks a significant and strategic decision to diversify our customer relationships into Japan."

Mr. Wang added, "Currently, a large portion of Seaspan's fixed revenue streams are derived from liner companies based in Asia such as MOL. As we continue to generate sizeable revenues during this challenging economic environment, we remain focused on managing the business in a prudent manner that best serves shareholders over the long term."

About Seaspan

Seaspan owns containerships and charters them pursuant to long-term fixed-rate charters. Seaspan's contracted fleet of 68 containerships consists of 38 containerships in operation and 30 containerships to be delivered over approximately the next three years. Seaspan's operating fleet of 38 vessels has an average age of approximately five years and an average remaining charter period of approximately eight years. All of the 30 vessels to be delivered to Seaspan are already committed to long-term time charters averaging approximately 11 years in duration from delivery. Seaspan's customer base consists of seven of the world's largest liner companies, including China Shipping Container Lines, A.P. Moller-Maersk, Mitsui O.S.K. Lines, Hapag-Lloyd, COSCO Container Lines, K-Line and CSAV.

Seaspan's common shares are listed on the New York Stock Exchange under the symbol "SSW".

STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This release contains certain forward-looking statements (as such term is defined in Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and our operations, performance and financial condition, including, in particular, the likelihood of our success in developing and expanding our business.