Seaspan orders three ships for Hanjin

8/8/2011 9:50:32 AM

Containership charterer Seaspan Corp. had a second quarter net loss of $34.9 million compared to a loss of $121.8 million in the same 2010 period. Revenue was $133.7 million in the second quarter compared to $97.5 million in the same 2010 period. Gerry Wang, chief executive officer and co-chairman, said the company re-entered the newbuilding market by signing contracts for the construction of three 10,000-TEU newbuildings with Jiangsu New Yangzi Shipbuilding Co., Ltd. and Jiangsu Yangzi Xinfu Shipbuilding Co. Ltd.   The ships will use the Seaspan "SAVER" which Wang said will provide significantly improved fuel efficiency and operational savings to customers. The ships will be chartered under 10-year, fixed-rate time charters with Hanjin. After the initial 10-year charter periods, Hanjin will have options to recharter each ship for an additional two years. The three vessels acquired by Seaspan are scheduled for delivery in 2014. Seaspan has options to purchase an additional 18 similar newbuilding vessels.   American Shipper

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