Hong Kong-based container ship lessor Seaspan has signed contracts for the construction of five 14,000-TEU container ships at Hyundai Heavy Industries.
The vessels are scheduled for delivery in 2015. Seaspan signed 10-year, fixed-rate time charters for the vessels with Yang Ming Marine Transport. After the initial 10-year charter periods, Yang Ming may extend the charter for each vessel up to an additional two years.
The vessels remain subject to allocation in relation to the right of first refusal agreement with Greater China Intermodal Investments and Blue Water Commerce. Seaspan plans to fund construction of its share with a portion of the proceeds of its previous share offerings and debt financing.