Seaspan Rating Raised to BBB- by KBRA

Credit: Seaspan Corporation

Seaspan has reached investment grade status after Kroll Bond Rating Agency (KBRA) upgraded its issuer and senior unsecured debt ratings to BBB- from BB+, Seaspan announced on August 27. KBRA also affirmed Seaspan’s senior secured debt rating at BBB.

The upgrade reflects Seaspan’s continued growth, strong contracted cash flows and high vessel utilisation. KBRA also highlighted the company’s larger scale, expanded unencumbered fleet, longer charter periods and more diverse funding sources. The agency said these factors have strengthened Seaspan’s ability to withstand changes in the shipping market.

The upgrade is an important step for Seaspan as it continues to expand and modernise its fleet. The company says its strategy is focused on maintaining financial strength while supporting customers with efficient, reliable and more environmentally advanced vessels.

Seaspan CFO Andreas Brauch said the investment grade rating reflects the strength of the company’s business model, long-term customer contracts and operating platform.

Seaspan will continue to invest in fleet expansion and modernisation while maintaining a strong financial position. The company also plans to pursue opportunities that support long-term growth and customer value.

Global News

Maritime Highlights

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Seaspan Ship Management LTD

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