Seaspan to Enter into Long-term, Fixed-Rate Time Charter Agreements with Yang Ming for 10 Fuel Efficient SAVER Design 14000 TEU

Seaspan to Enter into Long-term, Fixed-Rate Time Charter Agreements with Yang 
Ming for 10 Fuel Efficient SAVER Design 14000 TEU Class
Vessels 
Total number of 14000 TEU Newbuildings to be Managed by Seaspan and
Chartered to Yang Ming to Increase up to 15 Vessels, and Managed
Fleet Closing in on 100 Ships 
HONG KONG, CHINA -- (Marketwired) -- 08/13/13 -- Seaspan Corporation
(NYSE:SSW) announced today that it has signed long-term, fixed-rate
time charter contracts with Yang Ming Marine Transport Corp. ("Yang
Ming") for the five 14000 TEU class newbuilding containerships
Seaspan previously announced are to be built at Hyundai Heavy
Industries Co., Ltd. pursuant to shipbuilding contracts entered into
during July 2013. The vessels are scheduled for delivery in 2015.  
Seaspan also announced that it has entered into commitments with CSBC
Corporation Taiwan ("CSBC") to have constructed and to acquire five
additional 14000 TEU class containerships for an aggregate purchase
price of approximately $550 million. Concurrently with this
newbuilding commitment, Seaspan signed a binding letter of intent
with Yang Ming to enter into long-term, fixed-rate time charter
contracts for these five vessels. Seaspan expects to complete
definitive time charter contracts with Yang Ming and definitive
shipbuilding contracts with CSBC shortly. These vessels are scheduled
for delivery in 2016.  
Gerry Wang, Chief Executive Officer, Co-Chairman, and Co-Founder of
Seaspan, commented, "We are pleased to partner with Yang Ming, one of
the premiere liners in the industry, to place one of the largest
recent newbuilding orders and to entrust our technical teams with
building and managing their flagships as they modernize their fleet.
This order demonstrates our ability to draw upon our financial
strength and deep technical and operational expertise to place large
scale orders that realize economies of scale for our customers and
deliver accretive growth to our shareholders. With this order, our
managed fleet including both Seaspan and GCI newbuilds on order, is
closing in on 100 ships."   
These latest ten 14000 TEU class newbuilding containerships, which
will be constructed using Seaspan's fuel efficient SAVER design,
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
newbuilding containerships initially with a portion of the proceeds
of its previous Series D preferred share offering and, subsequently
over the next few quarters, with debt financing. Seaspan is
considering various sources of debt financing to which it has access. 
Seaspan's commercial arrangements allow Yang Ming to reduce the
number of newbuilding containerships to be delivered to Seaspan and
chartered to Yang Ming by five vessels (subject to the effect of the
right of first refusal described above). 
About Seaspan  
Seaspan provides many of 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 services. With a reputation for
safety, quality and innovation, Seaspan provides turnkey services in
ship design, cadet development, crewing, and newbuilding supervision.
Seaspan's managed fleet consists of 99 containerships representing a
total capacity of over 740,000 TEU, including 26 newbuilding
containerships on order scheduled for delivery to Seaspan and third
parties by the end of 2016. Seaspan's current operating fleet of 71
vessels has an average age and remaining lease period (excluding the
effect of charterers' options to extend certain time charters) of
approximately six 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 and expected related accretive growth to
shareholders; completion of vessel construction and time charter
contracts; the number of vessels Seaspan ultimately will acquire
given commercial arrangements with Yang Ming; the allocation of
vessels under Seaspan's right of first refusal agreement with Greater
China Intermodal Investments LLC; 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;
potential failure to finalize vessel construction and time charter
documentation; potential reduction by Yang Ming of the number of
newbuilding containerships to be delivered to Seaspan and chartered
to Yang Ming under the anticipated commercial arrangements with Yang
Ming; 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, 2012. 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 - For Investor Relations Inquiries:
Mr. Sai W. Chu
Chief Financial Officer
604-638-2575
www.seaspancorp.com 
The IGB Group - For Media Inquiries:
Mr. Leon Berman
212-477-8438