Upon completion and delivery, all five ships will start 18-year charters with a global liner company. Credit: Cameron Venti / Unsplash.

Atlas Corporation subsidiary Seaspan has signed purchase orders for the construction of five 12,200 twenty-foot equivalent unit (TEU) containerships.

Following the delivery, all five ships will start 18-year charters with a global liner company and will be subject to vessel purchase obligations at the conclusion of the charters.

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The ships will be financed from additional borrowings and cash on hand.

The deal is expected to add approximately $910m of contracted cash flows over the charter period.

The company has not disclosed the delivery time of the vessels.

Seaspan chairman, president, and CEO Bing Chen said: “Combining our disciplined capital allocation, creative customer partnerships and quality growth strategies, we are excited to announce agreements for five newbuild 12,200 TEU vessels backed by long-term charter with a long-standing customer. Executing a discreet newbuild opportunity to fulfil customer needs and achieve targeted returns is a win-win result.

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“Together with our valuable customer, we were able to develop mutually beneficial business solutions while adding high-value vessels to our fleet and expanding our contracted revenue base. Our execution of this transaction demonstrates the innovative solutions we deliver by leveraging our scale and best-in-class fully integrated service platform.”

In November, Seaspan received the delivery of two 12,000 TEU containerships constructed in 2018.

The two vessels began long-term time charters with global liners.

The acquisitions were announced in September.

The company financed the acquisitions worth $176m with additional borrowings and cash on hand.

After this deal, Seaspan’s global fleet increased to 127 vessels with approximately 1,073,000 TEU capacity.