Graham Talbot, Chief Financial Officer of Atlas and Seaspan, made a point saying,
“We have now concluded binding financing arrangements for our full newbuild program, solidifying our long-term liquidity. We have demonstrated consistent success in executing on attractive growth opportunities at the right time while diligently managing associated risk. We do this by ensuring we enter into newbuild contracts only once a long-term lease is in place with one of our high-quality counterparties, and that we have a clear line of sight to financing the project.”
“This financing is our second ECA-JOLCO transaction, and only the second of its kind, which was developed with our partners at Citi, K-Sure, and KEXIM in parallel with a sister transaction announced in December. Creativity and strong global partnerships have allowed us to bring this structure to fruition, improving our credit quality and equity returns through long-tenor and remarkably low-cost funding.”, stated by Talbot.
As head of Citi's global shipping and logistics, export, & agency finance, Chris Conway stated, “After a lengthy development period, this innovative structure has been fully embraced by the Export Agency community as an important tool to help foster exports from the leading shipbuilders. We are very proud to have been able to lead this combination of ECA and JOLCO for the first time in Korea.”
Shreyas Chipalkatty, Citi Global Head of Shipping at Logistics & Offshore, explained the situation, “Over the years, our partnership with Seaspan has yielded a number of innovative and value-added structures. With this transaction, we add yet another successful chapter to Seaspan’s story, and also develop the wider maritime asset financing market. It is a distinct honor to have been part of this journey with the Seaspan team and we look forward to continuing our successful collaboration in the new era that is emerging for the Maritime Logistics space.”
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