Seaspan Announces Extension Of Time Charter Terms By Yang Ming

(RTTNews) - Containerships company Seaspan Corp (SSW) said Friday that Yang Ming Marine Transport Corp has confirmed the term of the fixed-rate time charters for the five 14000 TEU SAVER design containerships currently being constructed at CSBC Corp will be extended to ten years with one two-year option. Two of these vessels previously have been allocated to Seaspan and three have been allocated to Greater China Intermodal Investments LLC ("GCI") under the right of first refusal agreement among Seaspan, GCI and Blue Water Commerce LLC.

The option that Yang Ming held to purchase up to five 14000 TEU newbuilding vessels currently being constructed at Hyundai Heavy Industries has expired, and therefore all five of these 14000 TEU newbuilding vessels will also be time chartered to Yang Ming for ten years with one two-year option. Three of these vessels previously have been allocated to Seaspan and two have been allocated to GCI under the right of first refusal agreement.