Transaction Strengthens ZIM’s Operating Fleet, Facilitating Long-Term Growth Strategy and Maintaining Operational Agility
Vessel Deliveries to ZIM are Expected Beginning in the Fourth Quarter of 2023 and Throughout 2024
HAIFA, Israel and LONDON – ZIM Integrated Shipping Services Ltd. (“ZIM”) (NYSE: ZIM), and Seaspan Corporation, a wholly-owned subsidiary of Atlas Corp. (“Atlas”) (NYSE: ATCO), announced today a new strategic agreement for the long-term charter, with monetary value in excess of $1.5 billion, of ten 7,000 TEU liquefied natural gas (LNG) dual-fuel container vessels, to serve across ZIM’s various global-niche trades. In addition, in February 2021, ZIM and Seaspan announced a long-term charter agreement for ten 15,000 TEU LNG-fueled vessels.
Eli Glickman, ZIM President & CEO, stated: “We are very pleased to once again partner with Seaspan as we strategically enhance our operating fleet to further facilitate our long-term strategy. With this second long-term chartering agreement, we are securing access to our core fleet, while maintaining operational agility with respect to the total number of vessels we operate. Since going public, and further evidenced by this transaction, we remain committed to deploying capital prudently and enhancing shareholder value.”
Mr. Glickman continued, “Keeping with our commitment to reducing our carbon footprint and preserving our oceans, we are investing in state-of-the-art ‘green’ vessels that use the cleanest technology currently available. We are proud that this transaction will further improve our carbon intensity standing among the global liners.”
Bing Chen, Chairman, President and CEO of Seaspan, added: “We are very proud to further ZIM’s leading environmental initiatives with advanced designs, competitive pricing, and valuable deliveries. Together, our teams developed a creative and competitive solution by leveraging Seaspan’s decades of environmental expertise, newbuild experience, integrated platform, and trusted partnerships with shipyards. Our growing partnership and the twenty LNG-fueled newbuilds to date signify both ZIM’s and Seaspan’s commitment to carbon reduction and sustainable growth for our industry.”
Clarksons Platou acted as financial and professional advisor to ZIM in connection with this transaction.
ZIM is a global, asset-light container liner shipping company with leadership positions in the markets where it operates. Founded in Israel in 1945, ZIM is one of the oldest shipping liners, with over 76 years of experience, providing customers with innovative seaborne transportation and logistics services with a reputation for industry leading transit times, schedule reliability and service excellence.
Atlas is a leading global asset management company, differentiated by its position as a best-in-class owner and operator with a focus on deploying capital to create sustainable shareholder value. Atlas brings together an experienced asset management team with deep operational and capital allocation experience. Atlas targets long-term, risk adjusted returns across high-quality infrastructure assets in the maritime sector, energy sector and other infrastructure verticals. Atlas’s two portfolio companies, Seaspan Corporation and APR Energy are unique, industry-leading operating platforms in the global maritime and energy spaces, respectively. For more information visit atlascorporation.com.
Seaspan is a leading independent owner and operator of containerships with industry leading ship management services. Seaspan charters its vessels primarily pursuant to long-term, fixed-rate, time charters to the world’s largest container shipping liners. As of March 31, 2021, Seaspan’s fleet consists of 127 containerships, representing total capacity of approximately 1,073,000 TEU. As of today, July 6, 2021, Seaspan’s operating fleet consists of 131 vessels and 1,120,200 TEU. Seaspan also has 55 vessels under construction, increasing total capacity to 1,854,200 TEU, on a fully delivered basis. For more information visit seaspancorp.com.
SOURCE Zim Integrated Shipping Services Ltd.; Seaspan Corporation