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| Seaspan takes delivery of second 2,500-TEU ship |
| Source：schednet Author： Date：2008-08-18 |
SEASPAN Corporation says it has taken delivery of its 31st vessel, the CSCL Sao Paulo. The 2500-TEU newbuilding, built by Jiangsu Yangzijiang Shipbuilding Company, is the second ship of this size in the Seaspan fleet.
The CSCL Sao Paulo was delivered 16 weeks ahead of schedule, a company statement said. The vessel is subject to a time charter with China Shipping Container Lines (Asia) for a 12-year period. Under the terms of the fixed-rate time charter, CSCL Asia is responsible for fuel costs and all cargo operating and related expenses.
"This vessel is the second in a series of eight 2,500 TEU vessels to be built by Jiangsu and chartered to CSCL Asia," said Seaspan CEO Gerry Wang.
"With the delivery of the CSCL Sao Paulo, we have further diversified our high-quality vessel portfolio and strengthened our fixed revenue and cash flow streams. We remain on track to take delivery of 37 remaining newbuildings over the next three years, including four additional 2,500-TEU vessels in 2008. In the meantime, we are continuing to look for opportunities to execute our growth strategy and take advantage of the US$850 million available to us in immediate liquidity."
Seaspan owns containerships and charters them pursuant to long-term fixed-rate charters. Seaspan's contracted fleet of 68 containerships consists of 31 containerships in operation and 37 containerships to be delivered over the next three years.
All of the 37 vessels to be delivered to Seaspan are already committed to long-term time charters averaging 11 years from delivery. Seaspan's customer base consists of seven of the world's largest, publicly traded liner companies, the release added.
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