Hong Kong-based container liner Seaspan Corporation ordered seven container vessels for a total of US$653m.

On April 13, 2014, Seaspan entered into contracts with Hanjin Heavy Industries Corporation Philippines (HHIC-PHIL) for the construction of five 11,000teu containerships for an aggregate purchase price of approximately US$467.5m.

These five vessels are set for delivery throughout 2017 and each vessel is on a 17-year charter, at the conclusion of which the operator plans to purchase each vessel at a pre-determined amount.

Pursuant to its right of first refusal agreement with Greater China Intermodal Investments LLC, (GCI), Seaspan retained three of the 11,000teu newbuilding containerships and GCI acquired the remaining two vessels.

On April 27, 2015, Seaspan entered into contracts with Jiangsu Xinfu and Jiangsu New Yangzi Shipbuilding Co., Ltd. for the construction of two 10,000teu containerships for an aggregate purchase price of approximately US$186m. These vessels are scheduled for delivery in 2017 and will be constructed using Seaspan's SAVER design. These vessels remain subject to allocation pursuant to Seaspan's right of first refusal agreement with GCI, the company said.

"These transactions increase our owned and managed fleet to 118 vessels. With a strong and flexible capital structure, we remain well positioned to capitalize on growth opportunities, as we continue to provide leading liner companies with large, efficient containerships,"  commented Gerry Wang, Chief Executive Officer, Co-Chairman and Co-Founder of Seaspan.

Seaspan reported a strong and stable cash flow in the first quarter of 2015 due to its growing fleet. Revenue increased by 12.2% to US$188.5m for the quarter ended March 31, 2015, over the same period in 2014. The increase was primarily due to the delivery of six 10,000teu vessels in 2014, partially offset by an increase in scheduled offhire.