Seaspan accepted delivery of the MSC Shuba B, an 11000 TEU containership that will commence a 17-year fixed-rate bareboat charter with Mediterranean Shipping Company. Upon completion of the bareboat charter period, MSC is obligated to purchase the vessel for a pre-determined amount. The MSC Shuba B is Seaspan’s first 11000 TEU SAVER design containership in a series of five ships, all of which are signed to bareboat agreements with MSC.

Seaspan also entered into fixed-rate time charter contracts with a liner for two 10000 TEU newbuilding containerships currently under construction at Yangzijiang’s shipyards. The two vessels are currently scheduled to deliver in 2018 and, upon delivery, will commence three-year fixed-rate time charters with options to extend for up to an additional three years. Seaspan has entered into advanced discussions on financing these two newbuildings with an Asian financial institution.

Seaspan also entered into agreements to sell four 4250 TEU class vessels: the Seaspan Alps, Seaspan Grouse, Seaspan Kenya and Seaspan Mourne, for gross proceeds of approximately $37 million. Seaspan entered into agreements to purchase the vessels during Q4/16 and, after taking into account closing costs and vessel improvements, expects to record a gain on sale of the vessels of approximately $14 million. The individual vessel sales are expected to close during Q3/17 and Q4/17.

Seaspan is a containership lessor and management provider.