This Brings The Total 2021 Forward Fixtures To
58 Vessels, Representing Approximately 50% Of Seaspan's Time
Chartered Fleet
LONDON, Aug. 5, 2021 /PRNewswire/ - Seaspan Corporation
("Seaspan"), a wholly owned subsidiary of Atlas Corp. ("Atlas")
(NYSE: ATCO), today announced that it has forward fixed contracts
for 10 containerships with a major liner customer. The vessels,
representing approximately 100,000 TEU in aggregate, were
previously scheduled to have four charters expire in 2022, four
charters expire in 2023, and two charters expire in 2024. All 10
vessels have now been fixed through new five-year charter
agreements, beginning at the end of their current charter periods.
These forward fixed charters will generate approximately
$670 million of additional gross
contracted cash flow.1 Seaspan noted that it has secured
forward fixing contracts for 58 vessels since the start of 2021,
representing approximately 50% of its time chartered fleet. Forward
fixing is entering into new charter agreements with customers well
in advance of the expiry of the current charter agreements. These
new fixtures commence upon expiry of the existing charter
agreements.
Bing Chen, Chairman, President and CEO of Seaspan, commented,
"We are pleased to facilitate our customer's requirements by
forward fixing another ten 10,000 TEU vessels, bringing the total
forward fixed vessels to 58 in 2021. We continue to leverage our
differentiated business model to provide creative customer
solutions by forward fixing operating vessels and building new
vessels. Seaspan now has no fleet roll-offs in 2021, and a limited
number in 2022, 2023, and 2024, which insulates us from future
market volatility while continuing to grow long-term quality cash
flow through all market cycles."
"I am proud of our collaborative customer partnerships that
consistently create win-win solutions. Our customers continue to
benefit from our excellent operational execution, quality fleet,
unmatched scale, and flexibility. In addition, Seaspan continues to
strengthen its differentiated business model by committing material
future capacity in the current market. This mutually beneficial
approach, built upon our long-term commitment and creative
partnerships, facilitates our strategic customers' success,
contributes to market stabilization, and solidifies our market
leadership position."
1. The charters have a fixed rate for the first
three years and the remaining term is based on a market rate within
a certain floor and ceiling. The calculation is based on the
minimum term of the charter and the floor rate for the period
subject to market rates.
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
www.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. With
the delivery of four second-hand vessels subsequently announced,
Seaspan's operational fleet consists of 131 vessels with a total
capacity of 1,120,200 TEU. We also have 55 vessels under
construction, increasing total capacity to 1,854,200 TEU, on a
fully delivered basis. For more information visit
www.seaspancorp.com.
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, including the future
employment of ten containerships. 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 that 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 SEC, 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.