Seaspan Accepts Delivery of Third 13100 TEU Containership

Seaspan Corporation (NYSE: SSW) announced today that it accepted delivery of a 13100 TEU containership, the COSCO Development, on August 10, 2011. The new containership, which was constructed by Hyundai Heavy Industries Co., Ltd., is Seaspan's ninth delivery in 2011 and expands the Company's operating fleet to 64 vessels.

The COSCO Development is on charter to COSCO Container Lines Co., Ltd. under a twelve-year, fixed-rate time charter. The ship is the third of eight 13100 TEU sister ships and the 13th of a total of 18 vessels to be chartered by Seaspan to COSCON.