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THE CREDIT CRUNCH AND SHIPBUILDING
World shipyards have a record order backlog. What effect will the global credit crunch have?

No effect
A slow down in new orders
Cancellation of some existing orders
Cancellation of many exisiting orders

Marine Log

April 4, 2008

Seaspan gets $235.3 million in debt financing

Seaspan Corporation (NYSE:SSW) announced today that it entered into a credit agreement for a term loan facility in the amount of $235.3 million to finance the acquisition of two of its previously acquired 13,100 TEU vessels. The facility has been fully underwritten by Sumitomo Mitsui Banking Corporation at a weighted average rate of 0.70% over LIBOR. Since January of 2007, Seaspan has raised more than $2.2 billion of debt at a weighted average margin of less than 0.60% in support of its strong growth initiatives.

Gerry Wang, Chief Executive Officer of Seaspan, stated, "Our continued ability to raise funds at favorable rates during a challenging market environment underscores our growth prospects and our strong reputation among leading lending institutions. Including our latest debt financing, we have locked in attractive fixed rates for all of our credit agreements that more than fully fund our debt needs for our contracted fleet of 68 vessels. Currently, we have approximately $550 million in immediate liquidity to capitalize on future acquisition opportunities that best serve the interests of shareholders."

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