HONG Kong's Seaspan Corporation, which is the world's largest containership lessor, has forward fixed contracts to extend the current lease terms for 17 containerships with Cosco Shipping.

The vessels charters with Cosco were set to end for two vessels in 2021, 13 vessels in 2022, and two vessels in 2023. All have now been extended for a three-year term from the end of their current charter period, reports Singapore's Splash 247.

Seaspan says the new contracts will generate approximately US$700 million of gross contracted cash flow.

Bing Chen, chairman, president and CEO of Seaspan, commented: "The forward fixing of these 17 vessels is another milestone of mutual commitment to our long-term partnership throughout the market cycles," explaining that the company has a very limited number of vessel redeliveries in 2022 and 2023.

"The mutually beneficial approach implemented to meet Cosco and other strategic customers' strong demand has contributed to the stabilisation of the market and facilitated our customers' competitiveness and successes in serving their end customers."