UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
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__________________________
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FORM
6-K
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__________________________
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REPORT
OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16
UNDER
THE
SECURITIES EXCHANGE ACT OF 1934
Date
of Report: March 29, 2007
Commission
File Number 1-32591
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_____________________
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SEASPAN
CORPORATION
(Exact
name of Registrant as specified in its Charter)
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_____________________
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Unit
2, 7th
Floor, Bupa Centre,
141
Connaught Road West,
Hong
Kong
China
(Address
of principal executive offices)
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_____________________
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[Indicate
by check mark whether the registrant files or will file annual reports
under
cover of Form 20-F or Form 40-F.]
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Form
20-F
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x |
Form
40-F
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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).]
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Yes
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o
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No
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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).]
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Yes
|
o
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No
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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.]
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Yes
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o
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No
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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
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.
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SEASPAN
CORPORATION
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| Date: March 29, 2007 | By: | /s/ Kevin M. Kennedy |
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Kevin M. Kennedy |
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| Chief Financial Officer | ||
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Exhibit 1
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| 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: 604-482-8777 | |
| Fax: 604-648-9782 | |
| www.seaspancorp.com |
FOR IMMEDIATE RELEASE
SEASPAN
CORPORATION ANNOUNCES DELIVERY OF NEW VESSELS
First
Vessel for Coscon and Eighth Vessel for Hapag-Lloyd USA are
Delivered
Hong
Kong, China, March 29, 2007 - Seaspan Corporation (“Seaspan”) (NYSE: SSW) today
announced the delivery of its 25th
and
26th
vessels,
the Cosco Fuzhou and the Rio de Janeiro Express.
The
3500
TEU Cosco Fuzhou was delivered on March 27, 2007 from Zhejiang Shipbuilding
Co.
Ltd. (“Zhejiang”) in China. The vessel was delivered approximately four weeks
after its contractual delivery date after consultation with Seaspan and
the
vessel’s charterer. The Cosco Fuzhou is the first of two Seaspan vessels to be
chartered for twelve years to Cosco Container Lines Co., Ltd. (“Coscon”) a
subsidiary of China Cosco Holdings Co., Ltd., a major publicly traded container
transport company and the world’s seventh-largest liner shipping company in
terms of capacity.
The
4250
TEU Rio De Janeiro Express, which was built by Samsung Heavy Industries
Co.
Ltd., was delivered on March 28, 2007, approximately three weeks ahead
of its
contractual delivery date. This vessel is the eighth of nine Seaspan vessels
to
be chartered to Hapag-Lloyd USA, a subsidiary of Hapag-Lloyd AG, the world’s
fifth-largest liner company.
“After
many years of discussions, we are very excited to officially begin working
with
Coscon,” said Gerry Wang, Chief Executive Officer of Seaspan. “We hope that this
is the start of a long cooperation with this major liner operator.”
“We
are
also pleased to take delivery of our eighth vessel for charter to Hapag-Lloyd
USA,” continued Mr. Wang. “This event is another positive step in the
development of our relationship with one of Europe’s largest shipping lines.”
-more-
About
Seaspan
Seaspan
owns containerships and charters them pursuant to long-term fixed-rate
charters.
Seaspan’s fleet of 41 containerships consists of 26 existing containerships and
15 to be delivered over approximately the next three years. The 15 vessels
that
Seaspan has contracted to purchase are already committed to long-term time
charters ranging from 10 to 12 years. Seaspan’s operating fleet of 26 vessels
has an average age of about five years with an average remaining charter
period
of about eight years. Seaspan’s customer base consists of five of the largest
liner companies, including China Shipping Container Lines, A.P. Møller-Mærsk,
Mitsui O.S.K. Lines, Hapag-Lloyd and Cosco Container Lines.
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 our Manager’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.
Kevin
M. Kennedy
Chief
Financial Officer
Seaspan
Corporation
Tel.
604-638-2575
For
Media Inquiries:
Mr.
Leon
Berman
The
IBG
Group
Tel.
212-477-8438
-end-