Seaspan – Front and Center

By Urs M. Dür

Due to the creativity of the refinancing and the size of the vessels involved, Marine Money believes that the following is amongst the most interesting stories developing publicly in the marine finance field today: Seaspan Container Lines Ltd (SCLL). SCLL, a division of the Washington Marine group, which took delivery of its first 4,250 teu vessel, CSCL Hamburg, in July of this year and has four more ex Samsung of the same size on the way, has set sail partially financed by products which resemble those used in aircraft leasing.

Seaspan Container Lines is the brainchild of Gerry Wang, longtime executive for Seaspan, formerly of Shanghai Maritime and China Merchants/Ming Wah and Kyle Washington, son of the Chairman of the privately held Washington Companies’ Dennis Washington. Messers Wang and (Kyle) Washington sit on the five-man board of SCLL. The other members are Jay Winship of San Diego based investment bankers Batchelder & Partners, Brent Geen, President of the Washington Marine Group and Graham Porter, Vice President of SCLL. The three main equity holders in SCLL are Washington Marine and Messrs Wang and Porter. While SCLL has just taken delivery of its first vessel, the goal is to own 20 or more large ocean-going containerships, some, see below, amongst the largest in the world.

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