News / ONE boosts its shareholding in box ship charterer Seaspan

Photo: VesselFinder

ONE and Yangzijiang Shipbuilding have bought into Poseidon Corp, the parent of Canadian tonnage provider Seaspan, the world’s largest non-operating shipowner.

Yesterday, Singapore-based ONE said it had purchased additional stakes in Poseidon and, once the transactions are approved by regulatory authorities, the carrier would own 48.9% of the firm.

ONE CEO Jeremy Nixon said: “Since our initial investment in 2023, Seaspan has achieved remarkable growth as the world’s leading tonnage platform.”

Mr Nixon, who will step down as CEO on 1 July, said ONE’s increased investment in Poseidon aligned with its 2030 strategic growth plan, which involves investing up to $25bn in ships and terminals by 2030, in an effort to grow its fleet to 3m teu.

Seaspan is a major tonnage supplier to ONE, with 24 ships, 238,000 teu, on long-term charter to the shipping line, which is owned by Japan’s three largest shipping groups – MOL, NYK and K Line. It also has 15 newbuildings under construction, amounting to 152,000 teu, committed for charter to ONE.

While ONE did not disclose from which owners it acquired the latest Poseidon shares, Chinese shipbuilder Yangzijiang said yesterday it was acquiring a 10% stake in Poseidon from affiliates of Fairfax Financial Holdings and of the family of US industrialist Dennis Washington. It expects to pay $825.7m for the stake.

Separately, Yangzijiang’s executive chairman, Ren Letian, is acquiring 5% of Poseidon in a personal capacity, through his investment vehicle Hengyuan.

The sale of the Poseidon shares is part of a wider transaction involving the divestment of up to 34% of the group’s stock.

Seaspan is a long-standing customer of China’s largest non-state-owned shipbuilder, Yangzijiang, which has built it more than 40 containerships.

“The investment also supports vertical integration along the value chain and enhances alignment between vessel demand and Yangzijiang’s production planning and yard development strategy,” said Mr Ren.