d6k.htm
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
__________________________
 FORM 6-K 
__________________________
 
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16
UNDER
THE SECURITIES EXCHANGE ACT OF 1934
 
Date of Report: July 9, 2007
Commission File Number 1-32591
_____________________
SEASPAN CORPORATION
(Exact name of Registrant as specified in its Charter)
_____________________
 
Unit 2, 7th Floor, Bupa Centre,
141 Connaught Road West,
Hong Kong
China
(Address of principal executive offices)
_____________________
 
[Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.]
 Form 20-F
  x 
 Form 40-F
  o
 
[Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-I Rule 101 (b)(1).]
 Yes
 o
 No
  x 

[Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b)(7).]
 Yes
 o
 No
  x 
 
[Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.]
 Yes
 o
 No
  x 

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-            .
 
Item 1 - Information Contained in this Form 6-K Report
 
Attached as Exhibit I is a copy of an announcement of Seaspan Corporation dated July 9, 2007.
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
     
 
SEASPAN CORPORATION
 
 		  
 		  
 
Date: July 9, 2007 By:   /s/ Sai W. Chu 
 
Sai W. Chu
  Chief Financial Officer
 
Exhibit I
 
   
Seaspan Corporation
    Unit 2, 7th Floor, Bupa Centre
    141 Connaught Road West 
   
Hong Kong, China
     
    c/o 2600 - 200 Granville Street
    Vancouver, BC
    Canada V6C 1S4
    Tel: 604-638-2575
    Fax: 604-648-9782
    www.seaspancorp.com
FOR IMMEDIATE RELEASE
 
SEASPAN CORPORATION ANNOUNCES DELIVERY OF NEW VESSELS
 
COSCO Yingkou and CSCL Long Beach Delivered on July 5, 2007

Hong Kong, China, July 9, 2007 –  Seaspan Corporation (“Seaspan”) (NYSE: SSW) announced today the delivery of its 28th and 29th vessels, the COSCO Yingkou and the CSCL Long Beach.

The 3500 TEU COSCO Yingkou was constructed by Zhejiang Shipbuilding Co. Ltd. in China and was delivered on July 5, 2007, approximately three and a half weeks ahead of its contractual delivery date.  The COSCO Yingkou is the second of ten Seaspan vessels to be chartered to COSCO Container Lines Co., Ltd. (“Coscon”), a subsidiary of China COSCO Holdings Company Limited (“China Cosco”).  China Cosco is a publicly traded container transport company and is the world’s seventh-largest liner shipping company in terms of capacity.  The COSCO Yingkou is on charter to Coscon for 12 years.

The 9600 TEU CSCL Long Beach, which was built by Samsung Heavy Industries Co. Ltd. in Korea, was also delivered on July 5, 2007, approximately eight weeks ahead of its contractual delivery date.  The CSCL Long Beach is chartered to China Shipping Container Lines (Asia) Co., Ltd. (“CSCL”), a subsidiary of China Shipping Container Lines Co., Ltd., for 12 years.  This is the 14th vessel of 22 vessels to be chartered by Seaspan to CSCL.

“We are pleased to have once again taken delivery of our newbuildings ahead of schedule and, consistent with our strategy of providing shareholders with stable and growing cash flow, each of these new vessels has a 12-year time charter,” said Gerry Wang, Chief Executive Officer of Seaspan. “With significant cash flow secured under long-term contracts of over $4.8 billion and an average time charter duration of about 8 years for our operating fleet and about 11 years for vessels contracted to purchase, Seaspan will grow distributable cash as we take delivery of each new container vessel on our modern fleet of 55 vessels.”
 
-more-
Seaspan’s fleet consists of the following vessels:

 
Vessel
Type
Delivery Date to SSW
Charterer
Length of Time Charter
1
CSCL Hamburg
4250 TEU
12-Aug-05
CSCL
10 yrs + opt 2 yrs
2
CSCL Chiwan
4250 TEU
12-Aug-05
CSCL
10 yrs + opt 2 yrs
3
CSCL Ningbo
4250 TEU
12-Aug-05
CSCL
10 yrs + opt 2 yrs
4
CSCL Dalian
4250 TEU
12-Aug-05
CSCL
10 yrs + opt 2 yrs
5
CSCL Felixstowe
4250 TEU
12-Aug-05
CSCL
10 yrs + opt 2 yrs
6
CSCL Oceania
8500 TEU
12-Aug-05
CSCL
12 yrs + opt 3 yrs
7
CSCL Africa
8500 TEU
12-Aug-05
CSCL
12 yrs + opt 3 yrs
8
CSCL Vancouver
4250 TEU
12-Aug-05
CSCL
12 yrs
9
CSCL Sydney
4250 TEU
12-Aug-05
CSCL
12 yrs
10
CSCL New York
4250 TEU
12-Aug-05
CSCL
12 yrs
11
CSCL Melbourne
4250 TEU
17-Aug-05
CSCL
12 yrs
12
CSCL Brisbane
4250 TEU
19-Sep-05
CSCL
12 yrs
13
New Delhi Express
4250 TEU
18-Oct-05
HL USA
3+7 yrs + opt 2 yrs
14
Dubai Express
4250 TEU
3-Jan-06
HL USA
3+7 yrs + opt 2 yrs
15
Jakarta Express
4250 TEU
21-Feb-06
HL USA
3+7 yrs + opt 2 yrs
16
Saigon Express
4250 TEU
6-Apr-06
HL USA
3+7 yrs + opt 2 yrs
17
Lahore Express
4250 TEU
11-Jul-06
HL USA
3+7 yrs + opt 2 yrs
18
Rio Grande Express
4250 TEU
20-Oct-06
HL USA
3+7 yrs + opt 2 yrs
19
MSC Sweden
4800 TEU
6-Nov-06
APMM
5 yrs + two 1-yr opt + one 2-yr opt
20
Santos Express
4250 TEU
13-Nov-06
HL USA
3+7 yrs + opt 2 yrs
21
Mærsk Matane
4800 TEU
20-Nov-06
APMM
5 yrs + two 1-yr opt + one 2-yr opt
22
Mærsk Marystown
4800 TEU
6-Dec-06
APMM
5 yrs + two 1-yr opt + one 2-yr opt
23
Mærsk Moncton
4800 TEU
22-Dec-06
APMM
5 yrs + two 1-yr opt + one 2-yr opt
24
CSCL Zeebrugge
9600 TEU
15-Mar-07
CSCL
12 yrs
25
Cosco Fuzhou
3500 TEU
27-Mar-07
COSCO
12 yrs
26
Rio de Janeiro Express
4250 TEU
28-Mar-07
HL USA
3+7 yrs + opt 2 yrs
27
Manila Express
4250 TEU
23-May-07
HL USA
3+7 yrs + opt 2 yrs
28
Cosco Yingkou
3500 TEU
5-Jul-07
COSCO
12 yrs
29
CSCL Long Beach
9600 TEU
5-Jul-07
CSCL
12 yrs
30
Hull #YZJ2005-696C
2500 TEU
30-Aug-08
CSCL
12 yrs
31
Hull #YZJ2006-716C
2500 TEU
30-Nov-08
CSCL
12 yrs
32
Hull #YZJ2006-717C
2500 TEU
30-Jan-09
CSCL
12 yrs
33
Hull #YZJ2006-718C
2500 TEU
28-Feb-09
CSCL
12 yrs
34
Hull #YZJ2007-767
4250 TEU
31-Mar-09
CSAV
6 yrs
35
Hull #1970
5100 TEU
20-Apr-09
MOL
12 yrs
36
Hull #YZJ2007-768
4250 TEU
30-Apr-09
CSAV
6 yrs
37
Hull #YZJ2006-719C
2500 TEU
10-May-09
CSCL
12 yrs
38
Hull #YZJ2006-720C
2500 TEU
10-Jun-09
CSCL
12 yrs
39
Hull #YZJ2006-721C
2500 TEU
10-Jul-09
CSCL
12 yrs
40
Hull #1971
5100 TEU
5-Aug-09
MOL
12 yrs
41
Hull #YZJ2006-722C
2500 TEU
10-Aug-09
CSCL
12 yrs
42
Hull #YZJ2007-769
4250 TEU
31-Aug-09
CSAV
6 yrs
43
Hull #YZJ2007-770
4250 TEU
30-Sep-09
CSAV
6 yrs
44
Hull # 2081
8500 TEU
5-Nov-09
COSCO
12 yrs + three 1-yr opt
45
Hull #1972
5100 TEU
20-Nov-09
MOL
12 yrs
46
Hull #1973
5100 TEU
23-Dec-09
MOL
12 yrs
47
Hull # 2082
8500 TEU
28-Dec-09
COSCO
12 yrs + three 1-yr opt
48
Hull # 2083
8500 TEU
5-Feb-10
COSCO
12 yrs + three 1-yr opt
49
Hull #YZJ2007-771
2500 TEU
31-Mar-10
K-Line
10 yrs
50
Hull #YZJ2007-772
2500 TEU
30-Jun-10
K-Line
10 yrs
51
Hull # 2084
8500 TEU
30-Jun-10
COSCO
12 yrs + three 1-yr opt
52
Hull # 2085
8500 TEU
10-Aug-10
COSCO
12 yrs + three 1-yr opt
53
Hull # 2086
8500 TEU
10-Sep-10
COSCO
12 yrs + three 1-yr opt
54
Hull # 2087
8500 TEU
30-Sep-10
COSCO
12 yrs + three 1-yr opt
55
Hull # 2088
8500 TEU
10-Nov-10
COSCO
12 yrs + three 1-yr opt
 
About Seaspan
 
Seaspan owns containerships and charters them pursuant to long-term fixed-rate charters. Seaspan’s fleet of 55 containerships consists of 29 existing containerships and 26 to be delivered over approximately the next 3.5 years. The 26 vessels that Seaspan has contracted to purchase are already committed to long-term time charters averaging approximately 11 years in duration from delivery. Seaspan’s operating fleet of 29 vessels has an average age of approximately four years with an average remaining charter period of approximately eight years. Seaspan’s customer base consists of seven of the largest liner companies, including China Shipping Container Lines, A.P. Møller-Mærsk, Mitsui O.S.K. Lines, Hapag-Lloyd, Coscon, K-Line and CSAV.

Seaspan’s common shares are listed on the New York Stock Exchange under the symbol “SSW.”

-more-
 
STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This release contains certain forward-looking statements (as such term is defined in Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and our operations, performance and financial condition, including, in particular, the likelihood of our success in developing and expanding our business. Statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” “projects,” “forecasts,” “will,” “may,” “potential,” “should,” and similar expressions are forward-looking statements. These forward-looking statements reflect management’s current views only as of the date of this presentation and are not intended to give any assurance as to future results. As a result, you are cautioned not to rely on any forward-looking statements. Forward-looking statements appear in a number of places in this release. Although these statements are based upon assumptions we believe to be reasonable based upon available information, including operating margins, earnings, cash flow, working capital and capital expenditures, they are subject to risks and uncertainties. These risks and uncertainties include, but are not limited to: future operating or financial results; our expectations relating to dividend payments and forecasts of our ability to make such payments; pending acquisitions, business strategy and expected capital spending; operating expenses, availability of crew, number of off-hire days, drydocking requirements and insurance costs; general market conditions and shipping market trends, including charter rates and factors affecting supply and demand; our financial condition and liquidity, including our ability to obtain additional financing in the future to fund capital expenditures, acquisitions and other general corporate activities; estimated future capital expenditures needed to preserve our capital base; our expectations about the availability of ships to purchase, the time that it may take to construct new ships, or the useful lives of our ships; our continued ability to enter into long-term, fixed-rate time charters with our customers; our ability to leverage to our advantage Seaspan Management Services Limited’s relationships and reputation in the containership industry; changes in governmental rules and regulations or actions taken by regulatory authorities; changes in worldwide container demand; changes in trading patterns; competitive factors in the markets in which we operate; potential inability to implement our growth strategy; potential for early termination of long-term contracts and our potential inability to renew or replace long-term contracts; ability of our customers to make charter payments; potential liability from future litigation; conditions in the public equity markets; and other factors detailed from time to time in our periodic reports. We expressly disclaim any obligation to update or revise any of these forward-looking statements, whether because of future events, new information, a change in our views or expectations, or otherwise. We make no prediction or statement about the performance of our common and subordinated shares.

For Investor Relations Inquiries:
 
Mr. Sai W. Chu
Chief Financial Officer
Seaspan Corporation
Tel. 604-638-2575
 
For Media Inquiries:
 
Mr. Leon Berman
The IBG Group
Tel. 212-477-8438
 
-end-