Seaspan suspends US$500M newbuilding order

Seaspan Corp has cancelled the contracts for four 7,700-TEU dual-fuel LNG container ship newbuildings, citing unmet contract conditions

In a statement, Seaspan’s parent company Atlas Corp said, “Due to certain conditions in the contracts not being fulfilled by the counterparty, the contracts have become null and void,” adding that Seaspan has notified the relevant parties and has reserved its rights to claim against the counterparty in relation to the contracts.

In May, Seaspan announced an agreement worth over US$500M that would have seen a South Korean shipbuilder deliver four ships in Q3 and Q4 2024 for long-term charter to a global container liner.

The agreement included a purchase obligation at the end of the charter and would have contributed about US$1Bn to Seaspan’s cash flow.




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