ATCO - Seaspan acquires two high-quality 12K TEU containerships on long-term charter

Seaspan, wholly owned subsidiary of Atlas (ATCO), agreed to purchase two high-quality 12K TEU containerships for ~$176M in cash; delivery expected to be taken in October.The vessels are expected to be financed from additional borrowings along with cash on hand.Transaction is expected to be immediately accretive to Atlas' FFO/diluted share, increase long-term contracted revenue by $165M+, and contribute ~$20M of annualized adj. EBITDA for the year 2020.Both vessels, built in 2018, will operate under long-term charters with leading global liners.Post the acquisition, Seaspan global fleet will consist of 127 vessels and ~1.07M TEU, with total contracted revenue of ~$4.4B and a weighted average remaining lease period of ~4 years; since December 2019 it has acquired 15 high-quality vessels.

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Seaspan acquires two high-quality 12K TEU containerships on long-term charter