Container shipping liner Seaspan has signed a US$1 billion framework co-operation agreement with Export-Import Bank of China for credit facilities that will enable the carrier to construct containerships with Chinese shipyards over the next three years, according to Monitor Daily.
A wave of mega-ship orders has recently taken the industry by storm as the drive to secure monopolies on trade routes continues as carriers jostle for position.
Gerry Wang, CEO, Co-chairman and Co-founder of Seaspan, said: “We appreciate the strong support Seaspan continues to receive from leading banks around the world.
“With the signing of this Framework Cooperation Agreement, we expect to be able to enhance our financial flexibility and increase our access to growth capital.
“Consistent with our disciplined strategy, we intend to continue to pursue attractive opportunities to grow our fleet and contracted revenue stream, which currently exceeds $6 billion.”
Carriers have been fortunate in the first six months of 2015, as the decline in fuel costs has meant that their profit levels have exceeded revenue streams, which has presumably contributed to their buying power in early 2015.
Fact File: Seaspan operates and manages containerships, facilitating the transport of goods worldwide. Its fleet is comprised of a group of more than 100 vessels, organised into three divisions: operating, newbuild and managed. With over 3000 employees, the company oversee and manage every aspect of the process from ship to shore. A conservative, strategic approach allows for measured and consistent growth, while a strong set of values govern the integrity of our everyday decisions.