Seaspan Corporation
Seaspan Corporation is one of the leading independent owners and operators of containerships. It was founded in 1999 and is headquartered in Hong Kong, although its operational offices are located in Vancouver, Canada. The company provides vessels on long-term charters to major container shipping lines around the world.
Primary Business Model
Seaspan's business model revolves around the acquisition, management, and chartering of containerships. The company typically charters its vessels on a long-term basis (often 5 to 12 years) to shipping lines, providing stable and predictable cash flows.
Fleet
As of my knowledge cutoff date in 2021, Seaspan has a diversified and modern fleet, which includes a range of container ship sizes from smaller feeder vessels to some of the largest ultra-large container ships (ULCVs). The company has been focusing on expanding its fleet through new builds as well as acquisitions of existing vessels.
Key Customers
Seaspan's customer base includes some of the world's largest shipping lines, such as Maersk, MSC, COSCO, CMA CGM, and Hapag-Lloyd. These long-term relationships are a testament to Seaspan's reliability and quality of service.
Financials & Ownership
Seaspan Corporation was publicly traded, listed on the New York Stock Exchange (NYSE) under the ticker symbol "SSW." However, it is essential to note that financial conditions and ownership structures can change, and it might not be reflective of the current status.
Parent Company
In 2018, Seaspan Corporation became a part of the Atlas Corp. (NYSE: ATCO), which aims to be a global asset manager and operator focused on the maritime, energy, and infrastructure sectors. This merger allowed Seaspan to leverage Atlas Corp's broader financial capabilities and strategic vision.
Sustainable Practices
In recent years, Seaspan has been increasingly focused on sustainability and environmentally friendly practices, including the adoption of more fuel-efficient ships and compliance with international maritime regulations concerning emissions.
Recent Developments
As of my last update, there might have been new developments, acquisitions, or strategic decisions taken by Seaspan Corporation, so it would be prudent to consult the latest news releases, financial statements, and industry reports for the most current information.
Overall, Seaspan Corporation plays a crucial role in the global shipping industry, delivering reliable and cost-effective solutions to many of the world's foremost container shipping lines.
Locations
Seaspan News
Seaspan Energy Completes First STS LNG transfer
Seaspan Energy (Seaspan) has successfully completed its first LNG ship-to-ship transfer to a containership in the Port of Long Beach.This operation marks the beginning of Seaspan’s service offering on the West Coast of North America with two LNG bunkering vessels to soon serve both the Long Beach and Vancouver markets. “Our first ship-to-ship LNG bunkering has been five years in the making and our…
OOCL to Charter Six New Containerships from Seaspan
Orient Overseas Container Lines (OOCL) announced it has entered into charter agreements with Seaspan, to charter six brand new 13,000 TEU container vessels for a maximum aggregate amount of RMB 11.2 billion. The expected delivery of these vessels is from the fourth quarter of 2026 to the first quarter of 2028 and is to be chartered for 15 years from delivery."OOCL has been continuously assessing the global economic situation…
Seaspan Completes Life Extension of Canadian Coast Guard Icebreaker
Seaspan on Thursday announced its Vancouver Drydock has completed a Vessel Life Extension (VLE) program for the 38-year-old Canadian Coast Guard icebreaker vessel CCGS Sir Wilfrid Laurier. After undocking at the end of April 2024, the vessel completed an in-water work period in preparation for ship commissioning and sea trials, finally departing Seaspan on August 17, 2024.According to Seaspan, the…
Seaspan Launches Second LNG Bunkering Vessel
This week, Seaspan Energy launched the second of its three 7600m3 liquefied natural gas (LNG) bunkering vessels, the Seaspan Lions, named after the twin peaks of the North Shore, or known as Ch'ich'iyúy Elxwíkn (“Twin Sisters” or “Two Sisters”) to the Squamish Nation.This series of vessels is named after iconic West Coast mountains and the first two vessels, the Seaspan Garibaldi ("Nch'kay") and the Seaspan Lions (Ch'ich'iyúy Elxwíkn)…
HaiSea Unveils New Operations Facility for Its Green Tug Fleet
HaiSea Marine, majority owned by Haisla Nation in partnership with Seaspan ULC, is celebrating the official naming and blessing of its new floating operations facility – which will be the home base for its fleet of three full-electric and two liquefied natural gas (LNG)-fueled tugboats.The new facility, named Zewén, is a floating operations and maintenance building purpose-built and designed to withstand the extreme tidal range in the Kitimat region.
Seaspan LNG Bunkering Vessel Launched
Seaspan Energy announced the launch of Seaspan Garibaldi, the first of three 7,600m3 liquefied natural gas (LNG) bunkering vessels being built by CIMC Sinopacific Offshore & Engineering (CIMC SOE) in China.The newbuild is named after Mount Garibaldi, or “Nch’ḵay̓” as the Squamish Nation has known it for thousands of years. This series of vessels will be named after iconic West Coast mountains and…
Seaspan and AES to Partner on LNG Bunkering in Panama
Seaspan has signed a memorandum of understanding (MoU) with global energy company AES in collaboration mainly aimed at providing liquefied natural gas (LNG) bunkering services to shipping vessels crossing the Panama Canal, as well as exploring options to provide this and similar services in regional markets within the area of influence of the Costa Norte LNG terminal, owned by AES, located in Colón, Panama.
UK Insurers Join Cargo Safety Initiative
Safetytech Accelerator, a non-profit established by Lloyd’s Register, has confirmed that UK maritime insurers, the UK P&I Club and TT Club, have signed up for its Cargo Fire & Loss Innovation Initiative (CFLII).The Initiative, launched in February 2023, is a multi-year collaborative technology acceleration program focused on reducing cargo fires and loss in maritime and its impact. It is already supported by anchor partners COSCO Shipping Lines…
ABS Grants AiP for 15,000 TEU Ammonia-powered Container Ship
Classification society American Bureau of Shipping (ABS) has awarded Seaspan Corporation and the Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping (MMMCZCS) in collaboration with Foreship an Approval in Principle (AiP) for the design of a 15,000 TEU ammonia-powered container vessel.Ammonia is seen a promising alternative marine fuel. However, there are currently no ships capable of sailing on ammonia…
Zim Sammy Ofer: The First LNG-powered Vessel in ZIM's Fleet
South Korea's Samsung Heavy Industries shipyard hosted a naming ceremony for the 15,000 TEU LNG dual-fuel vessel Zim Sammy Ofer.The Zim Sammy Ofer is the first of 10 vessel ordered in a long-term chartering agreement between ZIM and Seaspan Corporation. The vessel was named after the late shipping magnate Sammy Ofer, who passed away in 2011. The Neo-Panamax vessel is 366-meters long with a 51-meter beam.
GTT to Design Fuel Tanks for Seaspan's LNG-powered Containership Quintet
French firm GTT has secured an order from the South Korean shipbuilder Samsung Heavy Industries (SHI) to design fuel tanks for five very large LNG-fuelled container vessels, to be built by SHI for the containership giant Seaspan.The vessels, to be chartered by Israeli firm ZIM, will be able to carry 15,000 containers each. The fuel tank of each vessel will offer a capacity of 12,000 m3 and will be fitted with the Mark III membrane containment system.
Sanmar Delivers Second of Sister Tugs to Seaspan
Sanmar delivered the second of two flagship twin sister tugboats to Seaspan.Built in 2016 at Sanmar Shipyards Altinova, Bogacay XI was renamed Seaspan Harrier by its new owners and left Turkey for its new home on Canada’s west coast on 15 April. Seaspan acquired the tug’s sister vessel Bogacay Vlll, which it renamed Seaspan Raptor, towards the end of 2020. Seaspan Raptor which was built in 2015, was initially operated by Sanmar in its own fleet.
Seaspan Orders 10 Dual-fuel LNG Containerships
Seaspan Corporation announced Friday that it has entered into an agreement to order up to 10 dual-fuel liquefied natural gas (LNG) containerships from South Korean shipbuilder Samsung Heavy Industries.Seaspan, a wholly owned subsidiary of Atlas Corp., said the deal is for five ultra-modern 15,000 TEU newbuilds, with an option for an additional five. The containerships are scheduled for delivery from first half of 2023 onward…
Seaspan Buys Two 13,000 TEU Containerships
Seaspan has agreed to buy two containerships on long-term charter for around $146 million in cash, with delivery expected in the third quarter of 2020.The company, a subsidiary of Atlas, said Thursday that the transaction was expected to be "immediately accretive to Atlas' earnings per diluted share and increase long-term contracted revenue by over $150 million while maintaining a strong net debt to equity ratio of approximately 1.2x1."Seaspan said that the two 13…
Seaspan Names Hargreaves VP, Strategy & Business Development
Seaspan Shipyards, Canada’s non-combat shipbuilding partner for the National Shipbuilding Strategy, is pleased to announce the appointment of David Hargreaves as Vice President, Strategy & Business Development.David brings to Seaspan over 25 years of experience in complex system engineering and a track record of growth-oriented industrial development, building long-lasting customer relationships and establishing strategic partnerships.Leveraging Seapan’s world class modern infrastructure…
Haisla Nation, Seaspan ink LNG Canada Tug Deal
HaiSea Marine, a joint venture partnership between the Haisla First Nation and Seaspan ULC, today announced the signing of a contract award with LNG Canada to design, build and operate escort tugs and harbor tugs required for LNG Canada’s LNG export facility in Kitimat, British Columbia.The value of the contract award is approximately $500 million over 12 years and will result in employment for approximately 70 mariners and six onshore staff…
Seaspan to Begin Building Canada’s Joint Support Ships
Canadian shipbuilder Seaspan Shipyards together with the Government of Canada announced that work will begin soon on the Joint Support Ships (JSS) for the Royal Canadian Navy (RCN).These purpose-built vessels are being constructed as part of a strategic partnership between the Government of Canada and Seaspan under Canada’s National Shipbuilding Strategy (NSS). The vessels will meet the nation’s domestic…
David Spivak Leaves Seaspan Corporation as CFO
Seaspan Corporation announced that David Spivak, Chief Financial Officer of Seaspan, has given notice that he is exercising his right to terminate his employment with Seaspan effective June 29…
Courson to Replace Spivak as Seaspan CFO
Ship owner Seaspan Corporation announced that Ryan Courson will take over as the company’s chief financial officer following David Spivak’s decision to leave the post in early May.
Seaspan Charters Newly Bought Vessels to Maersk
Seaspan Corporation said it has purchased two 2006-built 2,500 TEU containerships and entered into fixed rate time charter agreements for the vessels with Maersk Line A/S.
