ZIM and Seaspan Announce Strategic Chartering Agreement for LNG-Fueled Vessels

Credit: ZIM / FB
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ZIM Integrated Shipping Services Ltd. (NYSE: ZIM) (“ZIM”), and Seaspan Corporation, a wholly owned subsidiary of Atlas Corp. (“Atlas”) (NYSE: ATCO), announced today a strategic agreement for the long-term charter of ten 15,000 TEU liquefied natural gas (LNG) dual-fuel container vessels, to serve ZIM’s Asia – US East Coast trade. ZIM is a leading player in this growing trade with an estimated market share of 9% according to market intelligence provider, PIERS.

Eli Glickman, ZIM President & CEO, stated: “This is a milestone agreement for ZIM, valued in excess of one billion dollar, that enables us to achieve two important strategic objectives. First, these top of the line advanced vessels will allow us to meet growing market demand on the Asia – US East Coast trade and provide top-level, reliable service to our customers on this important trade lane. Second, in line with our core sustainability values, investing in LNG-fueled “green” vessels demonstrates our continued commitment and leadership in addressing environmental issues related to our industry, meeting customer demand to reduce CO2 emissions, helping to preserve clean air and reducing our carbon footprint. We are delighted to partner with industry leaders such as Seaspan and Samsung Heavy Industries on this transaction.”

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Bing Chen, Chairman, President and CEO of Seaspan, added: “We are very pleased to partner with ZIM to facilitate our customer’s industry leading environmental initiative. This transaction signifies both ZIM’s and Seaspan’s commitment to ESG principles, carbon reduction, and resolve to contribute to a greener business community in the future.”

Korean-based Samsung Heavy Industries, commissioned by Seaspan to build these vessels, is one of the world’s largest shipyards and a leader in high-tech shipbuilding, with vast experience in LNG-fueled vessels.

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