Seaspan Preferred Opens a New Chapter in Ship Finance

And then last week, a new form of equity capital made its way into the shipping industry – preferred stock.

Just after the deadline for Freshly Minted closed last week, Seaspan Corporation announced that it had reached an agreement to issue and sell Series A Preferred Stock to the company’s original founders and sponsors: Dennis R. Washington, Kevin L. Washington, Kyle R. Washington and Graham Porter. According to the release, Dennis Washington, perhaps using proceeds generated through the sale of his construction company last year, is investing $160 million with his sons and Graham investing the other $40 million.

Our conclusions up front: this is an elegant deal and clearly demonstrates the value of having a sponsor with substantial resources that is committed to the success of the

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