Hong Kong - March 27, 2019
Seaspan Corporation ("Seaspan") (NYSE: SSW) announced that it has partially prepaid two credit facilities. Upon completion of all collateral release documentation, this will expand Seaspan's pool of unencumbered vessels to 371, from 32 as reported in its press release dated January 16, 2019.
Ryan Courson, Chief Financial Officer of Seaspan, commented, "We continue to execute on our near-term capital strategy to strengthen our balance sheet by deleveraging, increasing our unencumbered fleet, and consolidating our secured credit facilities."
(1) Includes vessels securing debt prepaid on March 25, 2019, and for which collateral release documentation is pending.
Seaspan is a leading independent charter 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 operating fleet consists of 112 containerships with a total capacity of more than 900,000 TEU, an average age of approximately 6 years and an average remaining lease period of approximately 4 years, on a TEU-weighted basis.
Seaspan Corporation press release