Seaspan Signs Newbuilding Contracts for Fuel Efficient SAVER

Seaspan Signs Newbuilding Contracts for Fuel Efficient SAVER Design
14,000 TEU Class Vessels at HHI 
Secures 10+2 Year Time Charters with Yang Ming 
HONG KONG, CHINA -- (Marketwire) -- 01/16/13 -- Seaspan Corporation
(NYSE:SSW) announced today that it has signed contracts for the
construction of five 14,000 TEU class newbuilding containerships at
Hyundai Heavy Industries Co., Ltd. The vessels are scheduled for
delivery in 2015 and will be constructed using Seaspan's fuel
efficient SAVER design. Concurrently with executing the newbuilding
contracts, Seaspan signed 10-year, fixed-rate time charters for the
vessels with Yang Ming Marine Transport Corporation. After the
initial 10-year charter periods, Yang Ming may extend the charter for
each vessel up to an additional two years.   
These five 14,000 TEU class containerships remain subject to
allocation in relation to the right of first refusal agreement with
Greater China Intermodal Investments LLC, an investment vehicle
established by an affiliate of global alternative asset manager The
Carlyle Group, and Blue Water Commerce LLC. Seaspan intends to fund
construction of its portion of these five containerships initially
with a portion of the proceeds of its previous Series C and D
preferred share offerings and, subsequently over the next few
quarters, with debt financing. Seaspan is considering various sources
of debt financing to which it has access. 
About Seaspan  
Seaspan provides the world's major shipping lines with an attractive
outsourced alternative to vessel ownership by offering long-term
leases on large, modern containerships combined with industry leading
ship management and a reputation for safety, quality and innovation.
Seaspan's managed fleet of its own and third party vessels consists
of 81 containerships representing a total capacity of approximately
545,000 TEU, including 12 ships scheduled for delivery by the end of
2015, up to eight of which will be owned by Seaspan. Seaspan's
current operating fleet of 69 vessels has an average age of
approximately five years and an average remaining lease period of
approximately seven years.  
Seaspan's common shares, Series C Preferred Shares and Series D
Preferred Shares are listed on The New York Stock Exchange under the
symbols "SSW", "SS
W PR C" and "SSW PR D", respectively.  
This release contains certain forward-looking statements (as such
term is defined in Section 21E of the Securities Exchange Act of
1934, as amended), which reflect management's current views with
respect to certain future events and performance, including, in
particular, statements regarding: expansion of Seaspan's fleet,
including the delivery of newbuilding vessels pursuant to
construction contracts; the allocation of newbuilding vessels;
financing for vessels; and vessel deliveries. Although these
statements are based upon assumptions Seaspan believes to be
reasonable, they are subject to risks and uncertainties. These risks
and uncertainties include, but are not limited to: the availability
and cost to Seaspan of financing its fleet expansion; the financial
condition of shipyards, charterers, lenders, refund guarantors and
other counterparties and their ability to perform their obligations
under their agreements with Seaspan; shipyard construction delays;
and other factors detailed from time to time in Seaspan's periodic
reports and filings with the Securities and Exchange Commission,
including Seaspan's Report on Form 20-F for the year ended December
31, 2011. Seaspan expressly disclaims any obligation to update or
revise any of these forward-looking statements, whether because of
future events, new information, a change in Seaspan's views or
expectations, or otherwise. 
Seaspan Corporation - Investor Relations Inquiries
Mr. Sai W. Chu
Chief Financial Officer
The IGB Group - Media Inquiries
Mr. Leon Berman
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