[080113.EN.SEA] Seaspan Wins Hotly Contested Yang Ming 10-year Charter For 14,100-TEUers

HONG KONG-based Seaspan, independent charter owner and container lessor, has acquired a new customer in Taiwan's Yang Ming line which will charter a series of 14,100 TEU on a 10-year fixed rate charter with delivery 2015.

The details of the deal are to be finalised within the first two months of 2012, late January earliest, said an official from Taiwan carrier which is to take five vessels and options for an additional five.

The vessels are the carrier's first ULCS and will help to boost its position within the CKYH alliance alongside other Asian container lines.

Three containership owners were short-listed with the offer reasonable charter rates following a buy from the containership owner Seaspan at a very low price. The price touted is in the region of US$114 million, considerably lower than list price and when ship prices peaked in 2008 at $170 million.

The deal was won by Seaspan CEO Gerry Wang due to his close links within Chinese lenders and his part in campaigning for lower ship prices from shipyards while still creating cutting-edge ship designs.

Said Mr Wang: "Financing is our bread and butter. We cannot wait until the market has recovered and everyone can borrow money. Then you are too late. We need to position ourselves to do things others cannot do."

Source : HKSG.