Seaspan spent 210 million US dollars to purchase two dual-fuel car carriers
Seaspan, the world's largest independent container shipowner headquartered in Canada, recently spent 210 million US dollars to purchase two 7,000 CEU liquefied natural gas (LNG) dual-fuel vehicle carriers (PCTC).
This transaction further consolidated the cooperative relationship between Seaspan and ONE. At present, this Japanese shipping company has been long-term leasing 27 vessels from ONE.
Since Seaspan and its parent company Atlas Group entered the car carrier market in collaboration with Hyundai Glovis of South Korea in 2023, they placed their first order for 6+4 10,800 CEU class large PCTCS in October 2024, which will be constructed by Guangzhou Shipyard International and Waigaoqiao Shipbuilding. It is expected to be delivered successively between the fourth quarter of 2026 and 2027.
Recent transactions have shown that reselling car carriers can bring huge profits. In April this year, European Maritime Finance (EMF) and Atlas sold two 7,000 CEU car carriers, "Electric Star" and "Green Star", which were to be built in 2025, at a price of 115 million US dollars each. This selling price represents a significant premium over the order price of 84.3 million US dollars during the market trough of the pandemic.
Seaspan's revenue in the first quarter of 2022 reached 622 million US dollars, representing a year-on-year growth of 20% compared to 518 million US dollars in the same period last year. However, the net profit for the current quarter was 159.7 million US dollars, a decline compared with 175.2 million US dollars in the same period last year. The company signed a construction contract for six large container ships of Class 11400 last month. The company has reached an agreement with Waigaoqiao Shipbuilding (SWS), and these vessels will be put into long-term lease operation immediately after delivery.
In March 2023, ONE acquired a 28.7% stake in Seaspan for a transaction price of 10.9 billion US dollars and became a co-owner of Seaspan.
Last November, ONE and Seaspan announced the establishment of a joint venture, OneSea Solutions (ONESEA), headquartered in Singapore, which will provide ship technical management services for the container ships owned and leased by ONE.
This transaction further consolidated the cooperative relationship between Seaspan and ONE. At present, this Japanese shipping company has been long-term leasing 27 vessels from ONE.
Since Seaspan and its parent company Atlas Group entered the car carrier market in collaboration with Hyundai Glovis of South Korea in 2023, they placed their first order for 6+4 10,800 CEU class large PCTCS in October 2024, which will be constructed by Guangzhou Shipyard International and Waigaoqiao Shipbuilding. It is expected to be delivered successively between the fourth quarter of 2026 and 2027.
Recent transactions have shown that reselling car carriers can bring huge profits. In April this year, European Maritime Finance (EMF) and Atlas sold two 7,000 CEU car carriers, "Electric Star" and "Green Star", which were to be built in 2025, at a price of 115 million US dollars each. This selling price represents a significant premium over the order price of 84.3 million US dollars during the market trough of the pandemic.
Seaspan's revenue in the first quarter of 2022 reached 622 million US dollars, representing a year-on-year growth of 20% compared to 518 million US dollars in the same period last year. However, the net profit for the current quarter was 159.7 million US dollars, a decline compared with 175.2 million US dollars in the same period last year. The company signed a construction contract for six large container ships of Class 11400 last month. The company has reached an agreement with Waigaoqiao Shipbuilding (SWS), and these vessels will be put into long-term lease operation immediately after delivery.
In March 2023, ONE acquired a 28.7% stake in Seaspan for a transaction price of 10.9 billion US dollars and became a co-owner of Seaspan.
Last November, ONE and Seaspan announced the establishment of a joint venture, OneSea Solutions (ONESEA), headquartered in Singapore, which will provide ship technical management services for the container ships owned and leased by ONE.
