CSI Vancouver – Dissecting the Seaspan and MSC Bareboat Charter

We do not believe that the recently announced five year bareboat charter by Seaspan Corporation of two of the former Maersk 4,800 TEU vessels to MSC Mediterranean Shipping Company (“MSC”) received the attention it warrants for the lessons it offers. On the surface, this financial transaction solves a number of key concerns associated with these non-core vessels by effectively removing them from Seaspan’s fleet by transferring both operating and residual risk to MSC. There was a price, as a loss was incurred ($8.9 million on the first two vessels), and to understand what went wrong and if this latest transaction salvages the overall experience, we will attempt a difficult post-mortem.

This is only an excerpt of CSI Vancouver – Dissecting the Seaspan and MSC Bareboat Charter

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