Benzinga | Aug 5, 2021 08:57AM EDT

Seaspan Enters Forward Fixed Contracts For 10 Containerships; Says These Forward Fixed Charters Will Generate Approximately $670M Of Additional Gross Contracted Cash Flow

Seaspan Corporation ("Seaspan"), a wholly owned subsidiary of Atlas Corp. ("Atlas") (NYSE:ATCO), today announced that it has forward fixed contracts for 10 containerships with a major liner customer. The vessels, representing approximately 100,000 TEU in aggregate, were previously scheduled to have four charters expire in 2022, four charters expire in 2023, and two charters expire in 2024. All 10 vessels have now been fixed through new five-year charter agreements, beginning at the end of their current charter periods. These forward fixed charters will generate approximately $670 million of additional gross contracted cash flow.1 Seaspan noted that it has secured forward fixing contracts for 58 vessels since the start of 2021, representing approximately 50% of its time chartered fleet. Forward fixing is entering into new charter agreements with customers well in advance of the expiry of the current charter agreements. These new fixtures commence upon expiry of the existing charter agreements.