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Stock Market & Financial Investment News

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January 23, 2013
08:40 EDTSSWSeaspan signs newbuilding contracts, purchases 4,600 second-hand vessels
Seaspan announced that it has signed contracts for the construction of four 10,000 TEU class newbuilding containerships at Jiangsu New Yangzi Shipbuilding and Jiangsu Yangzi Xinfu Shipbuilding. The vessels are scheduled for delivery in 2014 and will be constructed using Seaspan's fuel efficient SAVER design. Concurrently with executing the newbuilding contracts, Seaspan signed long term, fixed-rate time charters for these vessels with Mitsui O.S.K. Lines, or MOL. In connection with this transaction, Seaspan has also agreed to purchase from MOL four 2003-built 4,600 TEU class second hand vessels, for delivery in the 2H13 and 1Q14, and has signed short-term fixed-rate time charters for these vessels with MOL.
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July 21, 2014
10:02 EDTSSWOn The Fly: Analyst Upgrade Summary
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05:46 EDTSSWSeaspan upgraded to Outperform from Market Perform at Wells Fargo
Wells Fargo upgraded Seaspan to Outperform citing a compelling risk/reward profile given the 6% dividend yield. The firm raised its price target for shares to $26-$28 from $19-$20.
July 16, 2014
09:02 EDTSSWSeaspan accepts delivery of fourth 10000 TEU SAVER containership
Seaspan announced that it accepted delivery of a 10000 TEU containership, the MOL Bravo. The new containership, which was constructed at Jiangsu Yangzi Xinfu Shipbuilding using Seaspan's fuel-efficient SAVER design, is Seaspan's fourth of five 10000 TEU SAVER design containerships scheduled for delivery in 2014. The MOL Bravo will commence an eight-year, fixed-rate time charter with Mitsui O.S.K. Lines. The ship is the first of a total of five 10000 TEU SAVER design vessels, and the seventh of a total of eleven vessels, to be chartered by Seaspan to MOL. The delivery of the MOL Bravo expands the company's operating fleet to 75 vessels.

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