Two new ships for Seaspan Corp
Containerships from Chinese and Korean shipyards delivered the same day

Seaspan Corporation announced yesterday the delivery of its 28th and 29th vessels, the COSCO Yingkou and the CSCL Long Beach.

The 3500 TEU COSCO Yingkou was constructed by Zhejiang Shipbuilding Co. Ltd. in China and was delivered on July 5, 2007, approximately three and a half weeks ahead of its contractual delivery date. The COSCO Yingkou is the second of ten Seaspan vessels to be chartered to COSCO Container Lines Co., Ltd. ("Coscon"), a subsidiary of China COSCO Holdings Company Limited ("China Cosco"). China Cosco is a publicly traded container transport company and is the world's seventh-largest liner shipping company in terms of capacity. The COSCO Yingkou is on charter to Coscon for 12 years.

The 9600 TEU CSCL Long Beach, which was built by Samsung Heavy Industries Co. Ltd. in Korea, was also delivered on July 5, 2007, approximately eight weeks ahead of its contractual delivery date. The CSCL Long Beach is chartered to China Shipping Container Lines (Asia) Co., Ltd. ("CSCL"), a subsidiary of China Shipping Container Lines Co., Ltd., for 12 years. This is the 14th vessel of 22 vessels to be chartered by Seaspan to CSCL.

"We are pleased to have once again taken delivery of our new buildings ahead of schedule and, consistent with our strategy of providing shareholders with stable and growing cash flow, each of these new vessels has a 12-year time charter," said Gerry Wang, Chief Executive Officer of Seaspan. "With significant cash flow secured under long-term contracts of over $4.8 billion and an average time charter duration of about 8 years for our operating fleet and about 11 years for vessels contracted to purchase, Seaspan will grow distributable cash as we take delivery of each new container vessel on our modern fleet of 55 vessels."