HONG KONG, CHINA -- (Marketwire) -- 05/15/09 -- Seaspan Corporation (NYSE: SSW) announced today that it accepted delivery of the CSAV Lumaco from Jiangsu New Yangzi Shipbuilding Co., Ltd. on May 11, 2009. The 4250 TEU containership is Seaspan's fourth newbuilding in 2009 and expands the Company's fleet to 39 vessels. The CSAV Lumaco is chartered to Compania Sud Americana de Vapores (CSAV) under a six-year, fixed-rate time charter that requires CSAV to pay all fuel, cargo-operating and related costs.
"The CSAV Lumaco is the second of four 4250 TEU vessels to be built by Jiangsu New Yangzi and chartered to CSAV," said Gerry Wang, Chief Executive Officer of Seaspan. "With this delivery, we continue to execute our strategy of generating a stable, long-term revenue stream in these challenging economic times. Our modern fleet is committed on long-term, fixed-rate time charters that are designed to provide stable cash flow and high utilization rates. All of our time charters are with major liner companies such as China Shipping Container Lines, COSCO Container Lines, Mitsui O.S.K. Lines, K-Line and CSAV."
About Seaspan
Seaspan owns containerships and charters them pursuant to long-term fixed-rate charters. Seaspan's contracted fleet of 68 containerships consists of 39 containerships in operation and 29 containerships to be delivered over approximately the next three years. Seaspan's operating fleet of 39 vessels has an average age of approximately five years and an average remaining charter period of approximately seven years. All of the 29 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. Statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "expects", "anticipates", "intends", "plans", "believes", "estimates", "projects", "forecasts", "will", "may", "potential", "should", and similar expressions are forward-looking statements.
