Seaspan secures $1.4 billion for LNG-powered containerships

Seaspan, a unit of Atlas Corp, has secured a $1.4 billion financing deal to fund its ten LNG dual-fuel newbuild containerships.

The Hong Kong-based container vessel owner said in a statement that on December 23, it had secured the last of its financings for its full 70 vessel newbuild program.

Moreover, the proceeds from these financings total some $6.9 billion. Seaspan said it would draw the cash throughout construction of the newbuild program to fund a total investment of about $7.6 billion.

The proceeds from the last financing total some $1.4 billion and will go towards financing of ten 15,000 TEU LNG-powered vessels.

Last year, Seaspan and Israel’s ZIM signed a charter deal for ten 15,000 TEU vessels that will serve the latter’s Asia-US East Coast trade.

Seaspan placed the order for these dual-fuel ships at South Korea’s Samsung Heavy Industries. The Korean yard held a steel-cutting ceremony for the first vessel in this series, ZIM Sammy Offer, on December 16.

After this agreement, Seaspan and ZIM also signed charter deals for 15 7,000 TEU LNG-powered container vessels. China’s Jiangsu New Yangzi will build these ships.

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