Seaspan strikes deal with 'leading European liner' forward fixing contracts for 18 containerships

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PRESS RELEASE 

Seaspan Strengthens its Customer Partnership with a Leading European Liner Forward Fixing Contracts for 18 Containerships

LONDON, UK, March 16, 2022 /PRNewswire/ – Seaspan Corporation (“Seaspan”), a wholly-owned subsidiary of Atlas Corp. (“Atlas”) (NYSE: ATCO), today announced that it has entered into an agreement with a major European liner customer to forward fix contracts, extending current charter terms for 18 containerships. The vessels, approximately 83,750 TEU in aggregate, were previously scheduled to roll-off charters in 2023 and 2024, respectively. These charters have now been extended into 2025. Over the course of 2023 through 2025, these contract extensions are expected to generate approximately $0.2 billion of incremental gross contracted cash flow¹. 

Bing Chen, President and CEO of Atlas, commented, “The forward fixing of these 18 vessels is another demonstration of Seaspan delivering creative customer solutions through our long-term partnership model with industry-leading customers. The immediate result of forward fixing these vessels further contributes to minimizing our roll-off profile through 2025 and underlines Seaspan’s strength in generating quality and predictable cash flows. Our customers truly value our consistent operational excellence, scale, and flexibility. Through this mutually beneficial approach, we continue to provide strong support in addressing our customers’ needs while strengthening both of our businesses.”

Note:

1. The current charters and related forward fixtures have various durations, each with a stated minimum and maximum term or periods for re-delivery. The charter rate is based on a market rate within a certain floor and ceiling. The calculation is based on the midpoint of the floor and ceiling of the current charter and forward fixture.

About Atlas

Atlas is a leading global asset management company, differentiated by its position as a best-in-class owner and operator with a focus on disciplined capital deployment to create sustainable shareholder value. We target long-term, risk-adjusted returns across high-quality infrastructure assets in the maritime sector, energy sector and other infrastructure verticals. For more information, visit atlascorporation.com.

About Seaspan

Seaspan is the largest global containership lessor, primarily focused on long-term, fixed-rate leases with the world’s largest container shipping liners. As of December 31, 2021, Seaspan’s operating fleet consisted of 133 vessels with a total capacity of 1,152,550 TEU and an additional 67 under construction, increasing total fleet capacity to 1,963,950 TEU on a fully delivered basis. For more information, visit seaspancorp.com.