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Seaspan Corporation Announces Delivery of New Vessels

COSCO Yingkou and CSCL Long Beach Delivered on July 5, 2007

HONG KONG, CHINA - July 9, 2007 /CNW/ - Seaspan Corporation ("Seaspan") (NYSE:SSW) announced today the delivery of its 28th and 29th vessels, the COSCO Yingkou and the CSCL Long Beach.

The 3500 TEU COSCO Yingkou was constructed by Zhejiang Shipbuilding Co. Ltd. in China and was delivered on July 5, 2007, approximately three and a half weeks ahead of its contractual delivery date. The COSCO Yingkou is the second of ten Seaspan vessels to be chartered to COSCO Container Lines Co., Ltd. ("Coscon"), a subsidiary of China COSCO Holdings Company Limited ("China Cosco"). China Cosco is a publicly traded container transport company and is the world's seventh-largest liner shipping company in terms of capacity. The COSCO Yingkou is on charter to Coscon for 12 years.

The 9600 TEU CSCL Long Beach, which was built by Samsung Heavy Industries Co. Ltd. in Korea, was also delivered on July 5, 2007, approximately eight weeks ahead of its contractual delivery date. The CSCL Long Beach is chartered to China Shipping Container Lines (Asia) Co., Ltd. ("CSCL"), a subsidiary of China Shipping Container Lines Co., Ltd., for 12 years. This is the 14th vessel of 22 vessels to be chartered by Seaspan to CSCL.

"We are pleased to have once again taken delivery of our new buildings ahead of schedule and, consistent with our strategy of providing shareholders with stable and growing cash flow, each of these new vessels has a 12-year time charter," said Gerry Wang, Chief Executive Officer of Seaspan. "With significant cash flow secured under long-term contracts of over $4.8 billion and an average time charter duration of about 8 years for our operating fleet and about 11 years for vessels contracted to purchase, Seaspan will grow distributable cash as we take delivery of each new container vessel on our modern fleet of 55 vessels."

Seaspan's fleet consists of the following vessels:
 



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                                   Delivery
                                   Date to    Charter-  Length of
     Vessel              Type      SSW        er        Time Charter
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1    CSCL Hamburg        4250 TEU  12-Aug-05  CSCL      10 yrs + opt 2 yrs
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2    CSCL Chiwan         4250 TEU  12-Aug-05  CSCL      10 yrs + opt 2 yrs
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3    CSCL Ningbo         4250 TEU  12-Aug-05  CSCL      10 yrs + opt 2 yrs
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4    CSCL Dalian         4250 TEU  12-Aug-05  CSCL      10 yrs + opt 2 yrs
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5    CSCL Felixstowe     4250 TEU  12-Aug-05  CSCL      10 yrs + opt 2 yrs
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6    CSCL Oceania        8500 TEU  12-Aug-05  CSCL      12 yrs + opt 3 yrs
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7    CSCL Africa         8500 TEU  12-Aug-05  CSCL      12 yrs + opt 3 yrs
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8    CSCL Vancouver      4250 TEU  12-Aug-05  CSCL      12 yrs
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9    CSCL Sydney         4250 TEU  12-Aug-05  CSCL      12 yrs
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10   CSCL New York       4250 TEU  12-Aug-05  CSCL      12 yrs
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11   CSCL Melbourne      4250 TEU  17-Aug-05  CSCL      12 yrs
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12   CSCL Brisbane       4250 TEU  19-Sep-05  CSCL      12 yrs
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13   New Delhi Express   4250 TEU  18-Oct-05  HL USA    3+7 yrs + opt 2 yrs
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14   Dubai Express       4250 TEU  3-Jan-06   HL USA    3+7 yrs + opt 2 yrs
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15   Jakarta Express     4250 TEU  21-Feb-06  HL USA    3+7 yrs + opt 2 yrs
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16   Saigon Express      4250 TEU  6-Apr-06   HL USA    3+7 yrs + opt 2 yrs
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17   Lahore Express      4250 TEU  11-Jul-06  HL USA    3+7 yrs + opt 2 yrs
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18   Rio Grande Express  4250 TEU  20-Oct-06  HL USA    3+7 yrs + opt 2 yrs
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19   MSC Sweden          4800 TEU  6-Nov-06   APMM      5 yrs + two 1-yr
                                                        opt + one 2-yr opt
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20   Santos Express      4250 TEU  13-Nov-06  HL USA    3+7 yrs + opt 2 yrs
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21   Maersk Matane       4800 TEU  20-Nov-06  APMM      5 yrs + two 1-yr
                                                        opt + one 2-yr opt
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22   Maersk Marystown    4800 TEU  6-Dec-06   APMM      5 yrs + two 1-yr
                                                        opt + one 2-yr opt
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23   Maersk Moncton      4800 TEU  22-Dec-06  APMM      5 yrs + two 1-yr
                                                        opt + one 2-yr opt
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24   CSCL Zeebrugge      9600 TEU  15-Mar-07  CSCL      12 yrs
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25   Cosco Fuzhou        3500 TEU  27-Mar-07  COSCO     12 yrs
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26   Rio de Janeiro      4250 TEU  28-Mar-07  HL USA    3+7 yrs + opt 2 yrs 
     Express       
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27   Manila Express      4250 TEU  23-May-07  HL USA    3+7 yrs + opt 2 yrs
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28   COSCO Yingkou       3500 TEU  5-Jul-07   COSCO     12 yrs
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29   CSCL Long Beach     9600 TEU  5-Jul-07   CSCL      12 yrs
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30   Hull #YZJ2005-696C  2500 TEU  30-Aug-08  CSCL      12 yrs
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31   Hull #YZJ2006-716C  2500 TEU  30-Nov-08  CSCL      12 yrs
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32   Hull #YZJ2006-717C  2500 TEU  30-Jan-09  CSCL      12 yrs
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33   Hull #YZJ2006-718C  2500 TEU  28-Feb-09  CSCL      12 yrs
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34   Hull #YZJ2007-767   4250 TEU  31-Mar-09  CSAV      6 yrs
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35   Hull #1970          5100 TEU  20-Apr-09  MOL       12 yrs
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36   Hull #YZJ2007-768   4250 TEU  30-Apr-09  CSAV      6 yrs
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37   Hull #YZJ2006-719C  2500 TEU  10-May-09  CSCL      12 yrs
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38   Hull #YZJ2006-720C  2500 TEU  10-Jun-09  CSCL      12 yrs
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39   Hull #YZJ2006-721C  2500 TEU  10-Jul-09  CSCL      12 yrs
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40   Hull #1971          5100 TEU  5-Aug-09   MOL       12 yrs
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41   Hull #YZJ2006-722C  2500 TEU  10-Aug-09  CSCL      12 yrs
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42   Hull #YZJ2007-769   4250 TEU  31-Aug-09  CSAV      6 yrs
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43   Hull #YZJ2007-770   4250 TEU  30-Sep-09  CSAV      6 yrs
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44   Hull # 2081         8500 TEU  5-Nov-09   COSCO     12 yrs + three 1-yr
                                                        opt
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45   Hull #1972          5100 TEU  20-Nov-09  MOL       12 yrs
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46   Hull #1973          5100 TEU  23-Dec-09  MOL       12 yrs
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47   Hull # 2082         8500 TEU  28-Dec-09  COSCO     12 yrs + three 1-yr
                                                        opt
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48   Hull # 2083         8500 TEU  5-Feb-10   COSCO     12 yrs + three 1-yr
                                                        opt
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49   Hull #YZJ2007-771   2500 TEU  31-Mar-10  K-Line    10 yrs
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50   Hull #YZJ2007-772   2500 TEU  30-Jun-10  K-Line    10 yrs
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51   Hull # 2084         8500 TEU  30-Jun-10  COSCO     12 yrs + three 1-yr
                                                        opt
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52   Hull # 2085         8500 TEU  10-Aug-10  COSCO     12 yrs + three 1-yr
                                                        opt
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53   Hull # 2086         8500 TEU  10-Sep-10  COSCO     12 yrs + three 1-yr
                                                        opt
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54   Hull # 2087         8500 TEU  30-Sep-10  COSCO     12 yrs + three 1-yr
                                                        opt
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55   Hull # 2088         8500 TEU  10-Nov-10  COSCO     12 yrs + three 1-yr
                                                        opt
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About Seaspan

Seaspan owns containerships and charters them pursuant to long-term fixed-rate charters. Seaspan's fleet of 55 containerships consists of 29 existing containerships and 26 to be delivered over approximately the next 3.5 years. The 26 vessels that Seaspan has contracted to purchase are already committed to long-term time charters averaging approximately 11 years in duration from delivery. Seaspan's operating fleet of 29 vessels has an average age of approximately four years with an average remaining charter period of approximately eight years. Seaspan's customer base consists of seven of the largest liner companies, including China Shipping Container Lines, A.P. Moller-Maersk, Mitsui O.S.K. Lines, Hapag-Lloyd, Coscon, K-Line and CSAV.

Seaspan's common shares are listed on the New York Stock Exchange under the symbol "SSW".

STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This release contains certain forward-looking statements (as such term is defined in Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and our operations, performance and financial condition, including, in particular, the likelihood of our success in developing and expanding our business. Statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "expects", "anticipates", "intends", "plans", "believes", "estimates", "projects", "forecasts", "will", "may", "potential", "should", and similar expressions are forward-looking statements. These forward-looking statements reflect management's current views only as of the date of this presentation and are not intended to give any assurance as to future results. As a result, you are cautioned not to rely on any forward-looking statements. 
Forward-looking statements appear in a number of places in this release. Although these statements are based upon assumptions we believe to be reasonable based upon available information, including operating margins, earnings, cash flow, working capital and capital expenditures, they are subject to risks and uncertainties. These risks and uncertainties include, but are not limited to: future operating or financial results; our expectations relating to dividend payments and forecasts of our ability to make such payments; pending acquisitions, business strategy and expected capital spending; operating expenses, availability of crew, number of off-hire days, drydocking requirements and insurance costs; general market conditions and shipping market trends, including charter rates and factors affecting supply and demand; our financial condition and liquidity, including our ability to obtain additional financing in the future to fund capital expenditures, acquisitions and other general corporate activities; estimated future capital expenditures needed to preserve our capital base; our expectations about the availability of ships to purchase, the time that it may take to construct new ships, or the useful lives of our ships; our continued ability to enter into long-term, fixed-rate time charters with our customers; our ability to leverage to our advantage Seaspan Management Services Limited's relationships and reputation in the containership industry; changes in governmental rules and regulations or actions taken by regulatory authorities; changes in worldwide container demand; changes in trading patterns; competitive factors in the markets in which we operate; potential inability to implement our growth strategy; potential for early termination of long-term contracts and our potential inability to renew or replace long-term contracts; ability of our customers to make charter payments; potential liability from future litigation; conditions in the public equity markets; and other factors detailed from time to time in our periodic reports. We expressly disclaim any obligation to update or revise any of these forward-looking statements, whether because of future events, new information, a change in our views or expectations, or otherwise. We make no prediction or statement about the performance of our common and subordinated shares.

For further information: For Investor Relations Inquiries: Seaspan Corporation, Mr. Sai W. Chu, Chief Financial Officer, 604-638-2575 / For Media Inquiries: The IGB Group, Mr. Leon Berman, 212-477-8438
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