Seaspan Corporation (NYS announced today that it has accepted delivery of its 31st vessel, the CSCL Sao Paulo.
The 2500 TEU newbuilding, which was constructed by Jiangsu Yangzijiang Shipbuilding Co., Ltd., is the second of its size in Seaspan's fleet. The CSCL Sao Paulo was delivered August 7, 2008, approximately sixteen weeks ahead of the original delivery schedule. The CSCL Sao Paulo is subject to a time charter with China Shipping Container Lines (Asia) Co., Ltd. for a twelve year period. CSCL Asia is a subsidiary of China Shipping Container Lines Co., Ltd., the world's seventh largest liner company in terms of shipping capacity. Under the terms of the fixed-rate time charter, CSCL Asia is responsible for fuel costs and all cargo operating and related expenses. Seaspan owns containerships and charters them pursuant to long-term fixed-rate charters. Seaspan's contracted fleet of 68 containerships consists of 31 containerships in operation and 37 containerships to be delivered over approximately the next three years. Seaspan's operating fleet of 31 vessels has an average age of approximately five years and an average remaining charter period of approximately seven years. All of the 37 vessels to be delivered to Seaspan are already committed to long-term time charters averaging approximately 11 years in duration from delivery. Seaspan's customer base consists of seven of the world's largest, publicly traded liner companies, including China Shipping Container Lines, A.P. Moller-Maersk, Mitsui O.S.K. Lines, Hapag-Lloyd, COSCO Container Lines, K-Line and CSAV.
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