We last visited Seaspan and parent holding company in December 8's "Hong Kong Shipping: Do Not Short Seaspan's Bing Chen (ATCO)":
Or former Buffet heir apparent David Sokol for that matter but it is Chen running the larger company of the wannabe conglomerate, Atlas, and Chen who has built Seaspan into the largest non-operating ship lessor.
And the latest from Splash 24/7, February 15:
ZIM seals deal for 10 Seaspan newbuilds
Israeli carrier ZIM has a struck a deal worth more than a $1bn with Seaspan, one of the world’s largest containership charterers, for a series of LNG-fuelled ships.
The ten 15,000 teu vessels, to be built at South Korea’s Samsung Heavy Industries, will be deployed on ZIM’s Asia – US East Coast trade when they deliver.
Eli Glickman, ZIM president and CEO, stated: “This is a milestone agreement for ZIM, valued in excess of $1bn.”....MORE
And the outro from that December post:
Because there is so much financial engineering involved in what Seaspan does, buying ships with debt and chartering them out to operators it is a little spooky to look at their financials but if they keep all the plates spinning there is a lot of money to be made. And that's the dilemma for betting on either side of this one.
Previously
ATCO $13.14 at the close Friday, up from $11.22 that day in December.
