LONDON, Feb. 12, 2021 /CNW/ - Seaspan Corporation
("Seaspan"), a wholly owned subsidiary of Atlas Corp. ("Atlas")
(NYSE: ATCO), today announced that it has entered into agreements
with a major shipyard for 10 - 15,000 TEU dual-fuel liquefied
natural gas (LNG) containership newbuilds (the "LNG
Containerships"). The ultra-modern containerships are anticipated
to begin deliveries in the first half of 2023, and upon completion
will enter 12-year charters with a global liner.
Bing Chen, Chairman, President and CEO of Seaspan,
commented, "We are extremely honoured to facilitate our customers
industry leading environmental initiative. Our commitment to ESG
principles, carbon reduction, and developing our fleet through
increasingly environmental-friendly technologies is signified by
our first LNG-powered investment. We are expanding the scope of our
customer solutions by elevating our focus on lowering the impact of
emissions, which will result from the adoption and addition of
LNG-powered vessels to our fleet. As we have executed
sustainability-linked financing which parallels this fleet
expansion, we are resolved to contribute to a greener business
community in the future. These transactions clearly demonstrate our
ability to seize opportunities to develop industry-leading customer
solutions and our commitment for quality growth backed by long-term
committed partnerships. Seaspan will continue to lead the
industry by offering our liner customers best-in-class service and
creative solutions through exceptional fleet scale, an integrated
platform and operational excellence."
The containerships are anticipated to be financed from
additional borrowings as well as cash on hand. As of September 30, 2020, Seaspan's global fleet
consisted of 127 vessels and approximately 1,073,000 TEU, with
total contracted revenue of approximately $4.1 billion, and a weighted average remaining
lease period of approximately 4 years. Since December 2020, and including the LNG
Containerships announced today, Seaspan has announced 17 newbuild
vessels, including five 12,200 TEU, two 24,000 TEU, and this
announcement of ten LNG dual-fuel 15,000 TEU, which will add
significant new capacity of 259,000 TEU to the fleet. Seaspan
continues to enhance its fleet makeup with continued focus on its
core 9,000 to 15,000 TEU size category.
About Atlas
Atlas is a leading global asset management company,
differentiated by its position as a best-in-class owner and
operator with a focus on deploying capital to create sustainable
shareholder value. Atlas brings together an experienced asset
management team with deep operational and capital allocation
experience. We target long-term, risk adjusted returns across
high-quality infrastructure assets in the maritime sector, energy
sector and other infrastructure verticals. Our two portfolio
companies, Seaspan Corporation and APR Energy are unique,
industry-leading operating platforms in the global maritime and
energy spaces, respectively. For more information visit
atlascorporation.com
About Seaspan
Seaspan is a leading independent 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. As
of September 30, 2020, Seaspan's
fleet consists of 127 containerships, representing total capacity
of approximately 1,073,000 TEU. Seaspan's operating fleet of
vessels has an average age of approximately 7 years and an average
remaining lease period of approximately 4 years, on a TEU-weighted
basis. For more information visit seaspancorp.com
Cautionary Note Regarding Forward-Looking Statements
This release contains certain forward-looking statements (as
such term is defined in Section 21E of the Securities Exchange Act
of 1934, as amended) concerning future events, including
forward-looking statements regarding the expected benefits of the
newbuild orders to Atlas's financial condition and results from
operations. Statements that are predictive in nature, that depend
upon or refer to future events or conditions, or that include words
such as "expects", "anticipates", "intends", "plans", "believes",
"estimates", "projects", "forecasts", "will", "may", "potential",
"should", and similar expressions are forward-looking statements.
These forward-looking statements reflect management's current
expectations only as of the date of this release. As a result, you
are cautioned not to rely on any forward-looking statements.
Although these statements are based upon assumptions we believe to
be reasonable based upon available information, they are subject to
risks and uncertainties. These risks and uncertainties include, but
are not limited to: the potential for early termination of
the charters and Seaspan's inability to replace them; the
possibility that we will not be able to continue to execute on our
growth strategy; and other factors detailed from time to time in
our periodic reports and filings with the Securities and Exchange
Commission, including Atlas's Annual Report on Form 20-F for the
year ended December 31, 2019. We
expressly disclaim any obligation to update or revise any of these
forward-looking statements, whether because of future events, new
information, a change in our views or expectations, or otherwise.
We make no prediction or statement about the performance of any of
our securities.
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SOURCE Atlas Corp.