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Hong Kong Seaspan raising NIS 450 million debt in Tel Aviv

Logistic News - Published on Thu, 08 Nov 2018

Image Source: globes.co
Hong Kong shipping firm Seaspan Corporation submitted a prospectus to the Tel Aviv Stock Exchange (TASE) for a NIS 450 million Series A bond issue to the public. Leader Underwriters, managed by acting CEO Ranen Cohen-Orgad, is leading the issue. Seaspan, incorporated under Marshall Islands law, leases cargo ships to shipping companies all over the world. The company designs and builds cargo ships according to the customer’s requirements and also maintains ships, including crew and management.

A presentation published for the issue by Seaspan shows that it has 4,300 employees, 4,100 seamen and the rest staff workers, on its 112 vessels. The average age of the ships is six years. Seaspan says that it has signed leases that will generate USD 5.1 billion in revenue. The average period until the expiry of Seaspan’s leases is five years. Seaspan’s market cap is USD 1.7 billion, following a 60% negative adjusted yield over the past 5 years. The company reports that it is planning to list its shares for trading on the TASE according to the dual registration rules simultaneously with its bond issue.

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Posted By : Joykumar Irom on Thu, 08 Nov 2018
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