Seaspan Takes Delivery of New Containership

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

17 May 2008

Seaspan Corporation yesterday announced that it has accepted delivery of its 30th vessel, the CSCL Panama. The 2,500 TEU newbuilding, which was constructed by Jiangsu Yangzijiang Shipbuilding Co., Ltd. and is the first of its size in Seaspan's fleet, was delivered on May 12, 2008, approximately sixteen weeks ahead of its original contractual delivery date. The CSCL Panama is subject to a time charter with China Shipping Container Lines (Asia) Co., Ltd. for a twelve year period. CSCL Asia is a subsidiary of China Shipping Container Lines Co., Ltd., the world's seventh-largest liner company in terms of shipping capacity.
Gerry Wang, Chief Executive Officer of Seaspan, commented, "We are pleased to take delivery of the CSCL Panama nearly four months ahead of schedule. This vessel is the first in a series of eight 2,500 TEU vessels to be built by Jiangsu and chartered to CSCL Asia, a major liner company with a strong credit history. With the delivery of the CSCL Panama, we have further diversified our high-quality vessel portfolio and strengthened our fixed revenue and cash flow streams. We are continuing to execute our growth strategy and we remain on track to take delivery of 38 remaining newbuildings over the next three years, including five additional vessels in 2008."

Source: Seaspan Corporation