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Seaspan Signs Newbuilding Contracts for Fuel Efficient SAVER

Seaspan Signs Newbuilding Contracts for Fuel Efficient SAVER Design
10,000 TEU Class Vessels and Agrees to Purchase 4,600 TEU Class
Second Hand Vessels 
Secures Time Charters with MOL 
HONG KONG, CHINA -- (Marketwire) -- 01/23/13 -- Seaspan Corporation
(NYSE:SSW) announced today that it has signed contracts for the
construction of four 10,000 TEU class newbuilding containerships at
Jiangsu New Yangzi Shipbuilding Co., Ltd. and Jiangsu Yangzi Xinfu
Shipbuilding Co., Ltd. The vessels are scheduled for delivery in 2014
and will be constructed using Seaspan's fuel efficient SAVER design.
Concurrently with executing the newbuilding contracts, Seaspan signed
long term, fixed-rate time charters for these vessels with Mitsui
O.S.K. Lines, Ltd. ("MOL"). In connection with this transaction,
Seaspan has also agreed to purchase from MOL four 2003-built 4,600
TEU cla
ss second hand vessels, for delivery in the second half of
2013 and first quarter of 2014, and has signed short-term fixed-rate
time charters for these vessels with MOL.  
These four 10,000 TEU class newbuilding containerships and four 4,600
TEU class second hand 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
Seaspan, 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 eight 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 creative
outsourcing alternatives 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 89 containerships representing a total capacity of over 600,000
TEU, including 16 newbuild containerships on order scheduled for
delivery by the end of 2015. Seaspan's current operating f
leet 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", "SSW
PR C" and "SSW PR D", respectively.  
STATEMENT REGARDING FORWARD-LOOKING STATEMENTS  
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 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. 
Contacts:
Seaspan Corporation - Investor Relations Inquiries
Mr. Sai W. Chu
Chief Financial Officer
604-638-2575
www.seaspancorp.com 
The IGB Group - Media Inquiries
Mr. Leon Berman
212-477-8438
 
 
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