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Seaspan secures full financing for 70-vessel newbuild programme

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The Canadian vessel owner and operator, Seaspan has sealed the last of its financings for its 70-vessel newbuild programme.

The company said the proceeds from these financings, totalling approximately US$6.9 billion, will be drawn throughout the construction of the “Newbuild Program” to fund a total investment of approximately US$7.6 billion.

“We have now concluded binding financing arrangements for our full ‘Newbuild Program’, solidifying our long-term liquidity,” stated Graham Talbot, the chief financial officer of Seaspan and its mother company, Atlas Corporation.

The financing, which was completed on 23 December 2021, represents the last arrangement underway to secure financing for the full newbuild programme, while proceeds from this financing total approximately US$1.4 billion and will be used to finance ten new 15,000 TEU LNG dual-fuel container vessels.

“We have demonstrated consistent success in executing on attractive growth opportunities, while diligently managing associated risk, by ensuring we enter into newbuild contracts only once a long-term lease, and that we have a clear line of sight to financing the project,” claimed Talbot.

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