CSCL Zeebrugge Delivered on March 15, 2007
HONG KONG, CHINA – March 15, 2007 /CNW/ – Seaspan Corporation ("Seaspan") (NYSE:SSW) today announced the delivery of its 24th vessel, the CSCL Zeebrugge. This 9600 TEU vessel, which was built by Samsung Heavy Industries Co. Ltd. ("Samsung"), was delivered approximately eleven weeks ahead of its contractual delivery date.
The CSCL Zeebrugge is chartered to China Shipping Container Lines (Asia) Co. Ltd., ("CSCL Asia"), a subsidiary of China Shipping Container Lines Co. Ltd., ("CSCL") for twelve years. This is the 13th vessel of 22 vessels to be chartered to CSCL Asia by Seaspan.
"We are pleased to take delivery of the CSCL Zeebrugge, the largest vessel in our fleet and one of the largest containerships in the world," said Gerry Wang, Chief Executive Officer of Seaspan. "Once again, Samsung has exceeded our expectations by delivering the vessel well in advance of its contractual delivery date."
Seaspan owns containerships and charters them pursuant to long-term fixed-rate charters. Seaspan's fleet of 41 containerships consists of 24 existing containerships and 17 to be delivered over approximately the next three years. The 17 vessels that Seaspan has contracted to purchase are already committed to long-term time charters ranging from 10 to 12 years. Seaspan's operating fleet of 24 vessels has an average age of about five years with an average remaining charter period of about eight years. Seaspan's customer base consists of five of the largest liner companies, including China Shipping Container Lines, A.P. Moller-Maersk, Mitsui O.S.K. Lines, Hapag-Lloyd and COSCO Container Lines.
Seaspan's common shares are listed on the New York Stock Exchange under the symbol "SSW".
STATEMENT 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, including, in particular, the likelihood of our success in developing and expanding our business. 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 presentation 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.
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