Seaspan’s Fleet Expansion Continues with New 9,000 TEU Vessels from China

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Seaspan Corporation, a leading container ship lessor, has confirmed a new order for twelve 9,000 TEU container ships from China’s Hudong-Zhonghua Shipbuilding, a unit of China State Shipbuilding Corporation (CSSC). Valued at over $1.2 billion, the vessels are set to be delivered starting in 2028. This deal marks another significant step in Seaspan’s ongoing fleet expansion program and its strong partnership with Chinese shipyards.

RMB Financing and Vessel Design

A notable feature of this contract is the use of Chinese renminbi (RMB) for settlement, rather than US dollars. This financing, backed by ICBC Financial Leasing, highlights the growing role of RMB transactions in the global shipbuilding industry and aligns with China’s strategy to internationalize its currency. The new ships will be conventionally fueled but are designed with dual-fuel-ready capability, providing the option to adapt to alternative fuels as environmental regulations evolve. They also feature more efficient propulsion systems and optimized designs for cargo space.

Strategic Partnership and Market Positioning

This order is the latest in a series of newbuild contracts for Seaspan at Chinese yards, building on previous orders for 15,500 TEU and 13,600 TEU vessels. With a fleet of over 180 ships and more than 40 under construction, Seaspan is the world’s largest container ship lessor. This new order further solidifies its relationship with CSSC, with 67 of its confirmed newbuilds now contracted to Chinese shipyards. For CSSC, the partnership reinforces its central role in China’s maritime industry ambitions and supports the broader national goal of using RMB for international trade.

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Source: Break Bulk