HONG KONG, April 3, 2019 /CNW/ - Seaspan Corporation ("Seaspan") (NYSE:SSW) today announced a framework agreement (the "Agreement") for strategic cooperation with COSCO SHIPPING Energy Transportation Co., Ltd. ("COSCO SHIPPING Energy"). COSCO SHIPPING Energy specializes in LNG, oil products, and other energy transportation under China COSCO Shipping Corporation Ltd., ("COSCO Shipping"), and has the largest LNG fleet in China.
Pursuant to the Agreement, both parties are committed to strengthening their exchange of and collaboration on opportunities relating to LNG investments, LNG projects, LNG transportation, ethane transportation, or other related and mutually beneficial projects. The strategic partnership will leverage the strengths and networks of both companies, taking advantage of COSCO SHIPPING Energy's experience in the building, operation, and management of LNG vessels, and Seaspan's global experience in the operation and management of containerships, as well as the networks and experience of its board members in the energy sector.
Bing Chen, Seaspan's President and Chief Executive Officer commented, "Seaspan has long standing integrated services with COSCO Shipping in container shipping, and we are proud to carry this partnership forward to opportunities in LNG. We are confident that the combined strengths of both companies will generate significant value in the future."
About COSCO SHIPPING Energy Transportation Co., Ltd.
COSCO SHIPPING Energy is a company specialising in LNG, oil products, and other energy transportation under COSCO Shipping and it has the largest LNG vessel fleet in China. At present, it has 29 LNG vessels in operation and 9 LNG vessels in order book.
Seaspan is a leading independent charter owner and operator of containerships with industry leading ship management services. We charter our vessels primarily pursuant to long-term, fixed-rate, time charters to the world's largest container shipping liners. Seaspan's operating fleet consists of 112 containerships with a total capacity of more than 900,000 TEU, an average age of approximately 6 years and an average remaining lease period of approximately 4 years, on a TEU-weighted basis.
Seaspan has the following securities listed on The New York Stock Exchange:
Class A Common Shares
SSW PR D
Series D Preferred Shares
SSW PR E
Series E Preferred Shares
SSW PR G
Series G Preferred Shares
SSW PR H
Series H Preferred Shares
SSW PR I
Series I Preferred Shares
6.375% Senior Unsecured Notes due 2019
7.125% Senior Unsecured Notes due 2027
5.500% Senior Notes due 2025
Cautionary Note Regarding Forward-Looking Statements
This release contains certain forward-looking statements (as such term is defined in Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and our operations, performance and financial condition. Statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "expects", "anticipates", "intends", "plans", "believes", "estimates", "projects", "forecasts", "will", "may", "potential", "should", and similar expressions are forward looking statements. These forward-looking statements reflect management's current views only as of the date of this release and are not intended to give any assurance as to future results. As a result, you are cautioned not to rely on any forward-looking statements. Forward-looking statements appear in a number of places in this release. Although these statements are based upon assumptions we believe to be reasonable based upon available information, they are subject to risks and uncertainties. These risks and uncertainties include, but are not limited to: availability of and/or inability to execute on potential LNG investments and/or projects; continuation of a strategic partnership with COSCO Shipping; and other factors detailed from time to time in our periodic reports and filings with the Securities and Exchange Commission, including Seaspan's Annual Report on Form 20-F for the year ended December 31, 2018. We expressly disclaim any obligation to update or revise any of these forward-looking statements, whether because of future events, new information, a change in our views or expectations, or otherwise. We make no prediction or statement about the performance of any of our securities.
Mr. Matt Borys
SOURCE Seaspan Corporation