Seaspan Corporation (NYSE:SSW) announced that it accepted delivery of another 8500 TEU containership named the COSCO Malaysia from Hyundai Heavy Industries Co., Ltd. on May 19, 2010. This is Seaspan's seventh delivery in 2010, expanding the Company's operating fleet to 49 vessels.
The COSCO Malaysia is on charter to COSCO Container Lines Co., Ltd. ("COSCON") of China under a twelve-year, fixed-rate time charter. The COSCO Malaysia is the fourth of eight 8500 TEU sister ships and the sixth of a total of eighteen vessels to be chartered by Seaspan to COSCON.
About Seaspan
Seaspan owns containerships and charters them pursuant to primarily long-term fixed-rate charters. Seaspan's contracted fleet of 68 containerships consists of 49 containerships in operation and 19 containerships to be delivered over approximately the next 23 months. Seaspan's operating fleet of 49 vessels has an average age of approximately five years and an average remaining charter period of approximately seven years. All of the 19 vessels to be delivered to Seaspan are already committed to long-term time charters averaging approximately 12 years in duration from delivery. Seaspan's customer base consists of seven of the world's largest liner companies.
Seaspan's common shares are listed on the New York Stock Exchange under the symbol "SSW".