Seaspan To Acquire Fleet Of Six Container Ships For $380 Million

Seaspan Corp. (SSW), an independent charter owner and operator of containerships, said Thursday that it has agreed to acquire a fleet of six containerships for about $380 million in cash.

The acquired vessels are comprised of three 10,700 TEU vessels built-in 2012, two 9,200 TEU vessels built-in 2013, and one 9,200 TEU vessel built-in 2014. This adds a total of approximately 59,700 TEUs.

The company expects delivery of the six vessels in December 2019. Currently, the acquired vessels currently operate under a long-term charter with a leading global liner.

Credits: seaspancorp.com

Seaspan expects the purchase of the acquired vessels to be financed from additional borrowings as well as cash on hand. The closing of the acquisition is expected to occur in December 2019.

Upon closing, Seaspan expects the transaction to be immediately accretive to its earnings per share.

Seaspan noted that with this acquisition, its global fleet approaches one million TEU, with a total pro forma fleet size of about 975,000 TEU.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Reference: nasdaq.com

Source: Maritime Shipping News