ATCO - Atlas' Seaspan forward fixes contracts for 17 containerships with COSCO

Atlas ([[ATCO]] +2.4%) subsidiary Seaspan says it has forward fixed contracts, extending current lease terms for 17 containerships with COSCO Shipping representing 117,700 TEU.The vessels previously were scheduled to conclude current charters with COSCO for two vessels in 2021, 13 vessels in 2022, and two vessels in 2023, but all have been extended for a three-year term beginning at the end of their current charter period.The company says the contracts will generate $700M of gross contracted cash flow over the course of the charter terms during 2023-27.Yesterday, the company announced an order for two more 12,000 TEU containership newbuilds, continuing its aggressive fleet expansion.The company says the vessels are due for delivery in Q4 2022 and will enter long-term charters with an unnamed global liner company.Seaspan's fleet totals 127 vessels with a total capacity of 1.073M TEU, two secondhand vessels set to deliver, and 39 newbuilds on order.

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Atlas' Seaspan forward fixes contracts for 17 containerships with COSCO