Benzinga | Oct 4, 2021 08:28AM EDT

Atlas Corp's Seaspan Announces Delivery Of First Of 5 12,200 TEU Newbuild Containerships, First Of 70 Newbuilds Announced

Seaspan Corporation ("Seaspan"), a wholly owned subsidiary of Atlas Corp. ("Atlas") (NYSE:ATCO), today announced that it has accepted delivery of one 12,200 TEU containership, which will immediately begin an 18-year charter with a major liner customer. This vessel is the first of five newbuild containerships in this class.

Bing Chen, Chairman, President and CEO of Seaspan, commented, "This delivery marks a major milestone in Seaspan's continuing quality growth and unmatched ability to best serve our customers. About two months ahead of the scheduled delivery during a global pandemic is testament to how Seaspan creates value for our customers in a current vessel shortage market. I'm proud of our team's supreme execution working with the logistical restrictions and our shipyard's prioritizing of their limited resources to facilitate early delivery of this best-in-class vessel. This further demonstrates the capabilities of our fully integrated platform and resilient business model within the global logistics market."

Since November 2020, Seaspan has announced investments for 70 newbuild containerships, representing the addition of 839,000 TEU, which will add over $11 billion of gross contracted cash flows and bring the fully delivered fleet to 1,959,200 TEU. The chart below summarizes newbuild vessels which Seaspan has announced but has not yet received delivery of:

Vessel Class Newbuilds Total TEU

7,000 TEU 10 70,000

7,000 TEU LNG 15 105,000

12,000 TEU 6 72,000

12,200 TEU 4 48,800

15,000 TEU 16 240,000

15,000 TEU LNG 10 150,000

15,500 TEU 6 93,000

24,000 TEU 2 48,000

Total 69 826,800

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 Ltd. are unique, industry-leading operating platforms in the global maritime and energy spaces, respectively. For more information visit atlascorporation.com.