LONDON, June 24, 2021 /CNW/ - Seaspan Corporation
("Seaspan"), a wholly owned subsidiary of Atlas Corp. ("Atlas")
(NYSE: ATCO), today announced that it has forward fixed contracts,
extending current lease terms for 17 containerships with COSCO
SHIPPING Lines ("COSCO"). The vessels, representing approximately
117,700 TEU, in aggregate, were previously scheduled to conclude
current charters with COSCO for two vessels in 2021, 13 vessels in
2022, and two vessels in 2023, which have now all been extended for
a three-year term beginning at the end of their current charter
period. Over the course of the charter terms between 2023 and 2027,
these contracts will generate approximately $0.7 billion of gross contracted cash
flow.1
"The forward fixing of these 17 vessels is another milestone of
mutual commitment to our long-term partnership throughout the
market cycles. The immediate result of forward fixing is that we
have a very limited number of vessel redeliveries in 2022 and 2023.
I would like to thank both teams for their seamless teamwork in
creating a win-win solution. COSCO will continue to enjoy Seaspan's
excellent operational quality, scale, and flexibility, while, at
the same time, allowing Seaspan to forward fix material tonnage
based on current market conditions to further strengthen our
long-term charter business model. The mutually beneficial approach
implemented to meet COSCO and other strategic customers' strong
demand has contributed to the stabilization of the market and
facilitated our customers' competitiveness and successes in serving
their end customers," commented, Bing Chen, Chairman, President and
CEO of Seaspan.
1. For charter rates that are subject to
market variability, MSI forecast rates as of May 31, 2021, were used based on the age and the
size of the vessels.
About Atlas
Atlas is a leading global asset management company,
differentiated by its position as a best-in-class owner and
operator with a focus on deploying capital to create sustainable
shareholder value. Atlas brings together an experienced asset
management team with deep operational and capital allocation
experience. We target long-term, risk adjusted returns across
high-quality infrastructure assets in the maritime sector, energy
sector and other infrastructure verticals. Our two portfolio
companies, Seaspan Corporation and APR Energy are unique,
industry-leading operating platforms in the global maritime and
energy spaces, respectively. For more information visit
atlascorporation.com
About Seaspan
Seaspan is a leading independent owner and operator of
containerships. We charter our vessels primarily pursuant to
long-term, fixed-rate time charters to the world's largest
container shipping liners. At March 31,
2021, Seaspan's fleet consisted of 127 containerships
representing total capacity of approximately 1,073,200 TEU. On
May 19, 2021, we announced the
delivery of two second-hand vessels, increasing Seaspan's operating
fleet to 129 vessels and 1,090,200 TEU. We also have 39 vessels
under construction and have agreed to purchase two additional
second-hand vessels, increasing total capacity to 1,694,200 TEU, on
a fully delivered basis. For more information visit
seaspancorp.com
About Cosco Shipping Lines
COSCO SHIPPING Lines is a fully-owned subsidiary of COSCO
SHIPPING Holdings Co., Ltd. (hereinafter referred to as COSCO
SHIPPING Holdings),registered in Hongkou District (Shanghai) with a registered capital of
23.664 billion Yuan. Company is
mainly engaged in domestic and international maritime container
transport services and related businesses, as the group's core
business sector.
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. 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 expectations only as of the
date of this release. As a result, you are cautioned not to rely on
any forward-looking statements. 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: the
potential for early termination of the charters and Seaspan's
inability to replace them; and other factors detailed from time to
time in our periodic reports and filings with the Securities and
Exchange Commission, including Atlas's Annual Report on Form 20-F
for the year ended December 31, 2020,
filed with the SEC on March 19, 2021.
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.
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SOURCE Atlas Corp.