News / Seaspan orders 12 new box ships, all to be built in China

Canadian tonnage provider Seaspan on Friday announced an order for a dozen newbuild 9,000 teu ships from China State Shipbuilding (CSSC).

Two CSSC shipyards, Hudong-Zhonghua and Shanghai Waigaoqiao, will build eight and four vessels, respectively.

CSSC chairman Xu Peng announced the order and said: “Seaspan is the world’s largest independent lessor of containerships and has built up a good relationship with CSSC. Since 2021, we have collaborated on the technical and industrial fronts.”

To be delivered by 2029, each ship will cost more than $100m, but will be financed in Chinese yuan through a leasing agreement with ICBC Financial Leasing, a subsidiary of Industrial and Commercial Bank of China.

It is the world’s second CNY-denominated ship leasing project, following Seaspan’s October commission for six 13,600 teu ships from Hudong-Zhonghua, for long-term charter to Cosco subsidiary OOCL.

The charterer of the 9,000 teu ships has not been disclosed, but is likely to be Cosco or OOCL, the deal being described as “all-Chinese”.

The announcement follows Seaspan signing a letter of intent in May with Hudong-Zhonghua tfor six 8,300 teu ships for charter to Cosco. The newbuilding contract suggests Cosco has upsized the vessel size and numbers.

The size of the ships makes them suitable for the Far East-Middle East trade. They will be conventionally fuelled, with dual-fuel as an option.

In the face of growing US protectionism against Chinese shipbuilders and ship operators, CSSC and ICBC Financial Leasing described the transaction as a “Made in China plus Chinese finance” model.