ATCO - Atlas subsidiary takes delivery of two containerships on long-term charter

Seaspan, wholly owned subsidiary of Atlas (ATCO), took delivery of two high-quality 12K TEU containerships built in 2018; both vessels have commenced long-term time charters with leading global liners.Acquisitions were previously announced in September 2020.Vessels were financed from additional borrowings as well as cash on hand.Transaction is expected to be immediately accretive to Atlas' funds from operations per diluted share, increase long-term contracted revenue by $165M+, and contribute ~$20M of annualized adj. EBITDA for FY20.Seaspan's global fleet consists of 127 vessels and ~1.07M TEU, with total contracted revenue of ~$4.4B, and a weighted average remaining lease period of ~4 years.

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Atlas subsidiary takes delivery of two containerships on long-term charter