LONDON, UK,
March 16, 2022
/PRNewswire/ - Seaspan Corporation ("Seaspan"), a
wholly-owned subsidiary of Atlas Corp. ("Atlas") (NYSE: ATCO),
today announced that it has entered into an agreement with a major
European liner customer to forward fix contracts, extending current
charter terms for 18 containerships. The vessels, approximately
83,750 TEU in aggregate, were previously scheduled to roll-off
charters in 2023 and 2024, respectively. These charters have now
been extended into 2025. Over the course of 2023 through
2025, these contract extensions are expected to generate
approximately $0.2 billion of
incremental gross contracted cash flow1.
Bing Chen, President and CEO of Atlas, commented,
"The forward fixing of these 18 vessels is another
demonstration of Seaspan delivering creative customer solutions
through our long-term partnership model with industry-leading
customers. The immediate result of forward fixing these vessels
further contributes to minimizing our roll-off profile through 2025
and underlines Seaspan's strength in generating quality and
predictable cash flows. Our customers truly value our consistent
operational excellence, scale, and flexibility. Through this
mutually beneficial approach, we continue to provide strong support
in addressing our customers' needs while strengthening both of our
businesses."
Note:
- The current charters and related forward fixtures have
various durations, each with a stated minimum and maximum term or
periods for re-delivery. The charter rate is based on a market rate
within a certain floor and ceiling. The calculation is based on the
midpoint of the floor and ceiling of the current charter and
forward fixture.
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 disciplined capital deployment to create
sustainable shareholder value. We target long-term, risk-adjusted
returns across high-quality infrastructure assets in the maritime
sector, energy sector and other infrastructure verticals. For more
information, visit atlascorporation.com.
About Seaspan
Seaspan is the largest global containership lessor,
primarily focused on long-term, fixed-rate leases with the world's
largest container shipping liners. As of December 31, 2021, Seaspan's operating fleet
consisted of 133 vessels with a total capacity of 1,152,550 TEU and
an additional 67 under construction, increasing total fleet
capacity to 1,963,950 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. 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.