Containership leasing giant Seaspan has signed a string of sale and leaseback agreements covering 19 vessels, raising nearly $2.8bn in total financing.
The deals, disclosed by parent company Atlas Corp, cover 15 containerships ranging from 11,400 to 17,000 teu and four car carriers between 7,000 and 10,800 ceu. A portion of the proceeds —$775.4m —is denominated in Chinese yuan.
The agreements span terms of 9 to 17 years, and Seaspan has fixed-rate purchase options on all 19 vessels. Five of the ships come with purchase obligations. Lease payments are based on either fixed rates or floating rates tied to benchmark indices with margin adjustments, Atlas noted.
As of June 30, Seaspan had 96 vessels under sale-leaseback financing structures, totalling about $7.8bn in borrowings.
The Bing Chen-led company is the world’s largest boxship lessor, with a fleet of over 180 ships in operation and more than 40 newbuildings confirmed. The most recent orders were placed with China’s Hudong-Zhonghua Shipbuilding for a series of 8,300 teu vessels, with deliveries expected to begin in 2028.
