LONDON, UK, Sept. 1, 2021 /PRNewswire/ - Seaspan
Corporation ("Seaspan"), a wholly owned subsidiary of Atlas Corp.
("Atlas") (NYSE: ATCO), today announced that ZIM Integrated
Shipping Services Ltd. ("ZIM") (NYSE: ZIM) has exercised its option
to enter into long-term charters of five ultra-modern 7,000 TEU
dual-fuel liquefied natural gas ("LNG") containership newbuilds
(the "LNG Containerships"). ZIM was granted this option in
connection with the agreement to charter ten vessels of the same
class announced on July
6th, 2021. Seaspan will enter into
agreements with a major shipyard to construct the LNG
Containerships, which are anticipated to be delivered during the
fourth quarter of 2024. The LNG Containerships are anticipated to
be financed from existing liquidity, cash flow from operations, and
additional borrowings.
Transaction Highlights
- Five modern 7,000 TEU dual-fuel LNG vessels
- Aggregate purchase price of approximately $530
million
- 12-year minimum charters totaling approximately $900
million of gross contracted cash flow
Management Commentary
Bing Chen, Chairman, President and CEO of Seaspan, commented,
"We continue to create value for our customers through
differentiated services, operational excellence, and the ability to
implement solutions tailored to our customers' changing
requirements. The exercise of this option, with valuable vessel
deliveries at competitive pricing, highlights the continued quality
growth for both companies. The advanced design of these vessels
demonstrates Seaspan and ZIM's leadership in ESG initiatives and a
more sustainable industry. With strong customer interest in this
vessel size, we consider this category to be the natural successor
to the aging global fleet of conventional vessels between 4,000 and
9,000 TEU."
Since December 2020, and including this announcement,
Seaspan has announced 60 newbuild vessel orders and the acquisition
of four second-hand vessels, all four of which have since been
delivered.
The chart below summarizes newbuild vessels which Seaspan has
announced but has not yet received delivery of:
Vessel
Class
|
Newbuilds
|
Total
TEU
|
7,000 TEU
LNG
|
15
|
105,000
|
12,000 TEU
|
6
|
72,000
|
12,200 TEU
|
5
|
61,000
|
15,000 TEU
|
16
|
240,000
|
15,000 TEU
LNG
|
10
|
150,000
|
15,500 TEU
|
6
|
93,000
|
24,000 TEU
|
2
|
48,000
|
Total
|
60
|
769,000
|
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 Ltd. 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. Seaspan's operational fleet consists of
131 vessels with a total capacity of 1,120,200 TEU. We also have 60
vessels under construction, including the five announced herein,
increasing total capacity to 1,889,200 TEU, on a fully delivered
basis. For more information visit 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
expected benefits of the newbuild orders to Atlas's financial
condition and results from operations. 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 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.