Seaspan takes delivery of fourth new containership

  Seaspan Corporation announced that it accepted delivery of the CSAV Lumaco from Jiangsu New Yangzi Shipbuilding Co., Ltd. on May 11, 2009. The 4250 TEU containership is Seaspan's fourth newbuilding in 2009 and expands the Company's fleet to 39 vessels. The CSAV Lumaco is chartered to Compania Sud Americana de Vapores (CSAV) under a six-year, fixed-rate time charter that requires CSAV to pay all fuel, cargo-operating and related costs.

  The CSAV Lumaco is the second of four 4250 TEU vessels to be built by Jiangsu New Yangzi and chartered to CSAV, said Gerry Wang, Chief Executive Officer of Seaspan. With this delivery, we continue to execute our strategy of generating a stable, long-term revenue stream in these challenging economic times. Our modern fleet is committed on long-term, fixed-rate time charters that are designed to provide stable cash flow and high utilization rates. All of our time charters are with major liner companies such as China Shipping Container Lines, COSCO Container Lines, Mitsui O.S.K. Lines, K-Line and CSAV.  

Source: Transportweekly