LONDON, April 30, 2020 /CNW/ - Seaspan Corporation
("Seaspan"), a wholly owned subsidiary of Atlas Corp. ("Atlas")
(NYSE: ATCO), today announced it has taken delivery of the last of
four high-quality, eco-modern vessels (the "Acquired Vessels"),
which have each commenced five-year time charters with a leading
global liner.
The Acquired Vessels are comprised of four 12,000 TEU vessels,
with three built in 2018 and one built in 2017. Seaspan's global
fleet now consists of 123 vessels representing total capacity of
1,023,000 TEU. Seaspan continues to be the market leading
independent owner and operator of containerships, with market share
of approximately 7.8% of the global fleet1.
In connection with the delivery of the Acquired Vessels, Seaspan
previously announced the closing of four innovative, flexible
finance lease transactions with total proceeds of approximately
$340 million, in partnership with a
leading financial institution. At the conclusion of the initial
10-year term, Seaspan is obligated to purchase the vessels at a
predetermined price.
Bing Chen, President and Chief Executive Officer of Atlas,
commented, "This fleet acquisition, innovative financing, and
long-term charters continue to demonstrate Seaspan's unique and
resilient business model of consistently delivering long-term
shareholder value despite the unprecedented COVID-19 environment. I
am proud of the Seaspan team's seamless execution on taking the
delivery of these four high-quality, eco-modern vessels and
immediate deployment on five-year time charters to service our
global leading liner. With our best-in-class standards and track
record, we remain focused on facilitating our global liners'
success through our consistent operational excellence and creative
long-term partnership. Seaspan, in turn, has grown its total
contracted revenue by approximately $300
million while further optimizing our fleet, strengthening
customer partnerships, enhancing portfolio diversification, as well
as expanding innovative financing of $340
million for these vessels amidst the current tightening of
the capital markets."
1
Alphaliner Monthly Monitor April 2020
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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 and APR, 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 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 fleet consists of 123 containerships, representing total
capacity of approximately 1,023,000 TEU. Seaspan's current
operating fleet has an average age of approximately seven years and
an average remaining lease period of approximately four years, on a
TEU-weighted 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
forward-looking statements regarding Seaspan's ability to continue
to grow and lead the industry. 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, to those
factors detailed from time to time in our periodic reports and
filings with the Securities and Exchange Commission, including
Atlas' Annual Report on Form 20-F for the year ended December 31, 2019. 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.
Investor Inquiries:
Bill Stormont
Investor Relations
Atlas Corp.
Tel. +1-604-638-7240
Email: IR@atlascorporation.com
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SOURCE Atlas Corp.