Seaspan Corporation (“Seaspan” or “the company”), founded in 2000, is the largest independent owner and operator of containerships globally with industry leading, full-vessel life cycle management. The company primarily enters into long-term time charters, between 5-18 years, with the top container shipping companies globally, which provide stable and predictable cash flows.
Key Credit Considerations
The issuer and senior unsecured debt ratings upgrade to BBB- (from BB+) reflects continued strengthening of Seaspan’s business and funding profiles, including increased scale and contracted cash flows, increased average charter term (to 10.4 years as of March 31, 2026 (2Q26)) with staggered charter maturities, improved funding flexibility with a significant increase in the unencumbered fleet value and quality in recent years and proven access to unsecured debt markets. In addition, the company has demonstrated consistently high utilization (99% since…
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