Seaspan Corporation 7.125% NT DUE 27
SSWA
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- Seaspan Corporation is the world's largest independent owner and charter operator of containerships, providing long-term fixed-rate leases of large, modern, fuel-efficient vessels to major liner companies worldwide, complemented by comprehensive ship management services including technical management, crew provision, and lifecycle fleet operations. The company offers an integrated maritime asset platform encompassing containership chartering in capacities ranging from 9,000 TEU to 17,000 TEU; dual-fuel and alternative-fuel vessel designs such as LNG, methanol, and ammonia-ready ships including the SAVER series (e.g., 10,000 TEU and 14,000 TEU models); innovative solutions for energy efficiency, cargo loadability, and decarbonization; and emerging segments like 10,800 CEU LNG dual-fuel PCTCs (pure car/truck carriers) that are methanol and ammonia ready. Seaspan operates a global fleet exceeding 180 vessels with over 40 under construction, supported by shore-based teams across Copenhagen, Hamburg, Hong Kong, Marseille, Mumbai, Singapore, Shanghai, Taiwan, and Vancouver. Founded in 2000 and headquartered in Hong Kong, Seaspan conducts business globally, serving leading container shipping liners through long-term charters and maintaining a dominant presence in Asia-Pacific shipbuilding partnerships, particularly with Chinese yards like CSSC Hudong-Zhonghua Shipbuilding. In recent developments, Seaspan placed a major order in August 2025 for 12 x 9,000 TEU methanol-ready containerships from China's CSSC Hudong-Zhonghua Shipbuilding valued at over $1.2 billion, with deliveries starting in 2028, bringing its China-sourced newbuilds to 67 vessels ranging 9,000-17,000 TEU through 2029; entered charter agreements with OOCL for six 13,000 TEU vessels delivering 2026-2028; partnered to retrofit five 10,000 TEU ships to dual-fuel methanol; added 30 newbuilds including 24 dual-fuel vessels to its orderbook in 2024; commenced deliveries of LNG dual-fuel vessels like the 15,000 TEU ZIM Sammy Ofer; and won the GREEN4SEA Sustainability Award for its ESG program while advancing its 70-vessel newbuild program fully financed at approximately $7.6 billion. Seaspan operates as a wholly-owned subsidiary of Atlas Corp., with a focus on the containership leasing segment of the maritime transportation industry and strategic expansions into green technologies and PCTCs to meet decarbonization demands of global liner operators.