Seaspan Corporation Secures Credit Facility for Six Vessels

The  charter owner and manager of containerships Seaspan Corporation has prepaid a credit facility which was secured by six of its vessels.

Hong Kong-based shipping company said in a press release that upon completion of the collateral release documentation, this will expand Seaspan's pool of unencumbered vessels from 18, as reported in its Q3 2018 earnings press release, to 24 vessels.

The release quoted Ryan Courson, Chief Financial Officer of Seaspan, as saying:"Seaspan continues to add flexibility to the Company's capital structure by de-leveraging and unencumbering vessels. We are firmly committed to strengthening the balance sheet as one of the Company's strategic priorities."

Seaspan is a leading independent charter owner and operator of containerships with industry leading ship management services. We charter our vessels primarily pursuant to long-term, fixed-rate, time charters to the world's largest container shipping liners.

Seaspan's operating fleet consists of 112 containerships with a total capacity of more than 900,000 TEU, an average age of approximately 6 years and an average remaining lease period of approximately 5 years, on a TEU-weighted basis.