Shipping & Shipbuilding News -  11 December 2008- The Brightest Maritime Daily

Bullish Seaspan takes delivery of new boxship
With more to come, Gerry Wang sees healthy growth in long term...

Seaspan Corporation recently announced delivery of the CSCL San Jose, a 2500 TEU newbuilding.

The new containership, which was constructed by Jiangsu Yangzijiang Shipbuilding Co., Ltd., expands Seaspan's current operating fleet to 35 vessels with 33 remaining newbuildings to be delivered over approximately the next three years.

The CSCL San Jose was delivered on November 28, 2008.

The CSCL San Jose is subject to a time charter with China Shipping Container Lines (Asia) Co., Ltd. for a twelve-year period at a fixed rate. CSCL Asia is a subsidiary of China Shipping Container Lines Co., Ltd., the world's eighth largest liner company in terms of shipping capacity.

Under the terms of the fixed-rate time charter, CSCL Asia is responsible for fuel costs and all cargo operating and related expenses.

Gerry Wang, Chief Executive Officer of Seaspan, commented,

"Seaspan continues to grow its revenue stream with the delivery of the CSCL San Jose. Nearly 90% of our total revenues are generated from major state-controlled Chinese liner companies and leading Japanese operators and we continue to receive charter payments on schedule.

"In addition, we have no revenue contract renewals until 2011 at the earliest.

"Container shipping still remains the most efficient means to transport goods on the ocean highways from areas of manufacturing to areas of consumption and over the longer term we believe that demand in the industry will continue to grow at a healthy rate to support globalization. We also believe that Seaspan's business model is well-positioned to take advantage of this growing demand in the industry over the long term."


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