Welcome to our dedicated page for Atlas news (Ticker: ATCO), a resource for investors and traders seeking the latest updates and insights on Atlas stock.
Atlas Corp. operates as a global asset management company focused on long-term, risk-adjusted returns from infrastructure assets in the maritime sector, energy sector and other infrastructure verticals. Recurring Atlas news centers on preferred-share capital actions, including quarterly cash dividend declarations on preferred series and completed redemptions of preferred securities. Company updates also describe maritime asset activity, including vessel programs and long-term charter arrangements in transportation infrastructure.
On July 6, 2021, Seaspan Corporation, a subsidiary of Atlas Corp. (NYSE: ATCO), announced plans to offer $500 million in senior unsecured notes due 2029. The proceeds will finance various eligible projects outlined in the offering memorandum. The notes are senior unsecured obligations of Seaspan, set to pay interest semiannually and mature on August 1, 2029. They will be sold only to qualified institutional buyers under Rule 144A and may not be registered under the Securities Act. Seaspan's operational fleet currently comprises 131 vessels with a total capacity of approximately 1,120,200 TEU.
ZIM Integrated Shipping Services Ltd. (NYSE: ZIM) and Seaspan Corporation, a subsidiary of Atlas Corp. (NYSE: ATCO), have entered a strategic agreement for the long-term charter of ten 7,000 TEU LNG dual-fuel container vessels, valued over $1.5 billion. This builds on a prior agreement for ten 15,000 TEU LNG-fueled vessels. ZIM's CEO, Eli Glickman, emphasized the focus on enhancing their fleet and reducing carbon footprint through this partnership, while Seaspan’s CEO, Bing Chen, highlighted their commitment to sustainable growth.
Seaspan Corporation, a subsidiary of Atlas Corp. (ATCO), has secured long-term charters with ZIM Integrated Shipping Services for ten new 7,000 TEU dual-fuel LNG containerships. The deal, valued at approximately $1.05 billion, is expected to generate about $1.8 billion in gross contracted cash flow over 12 years. Deliveries are slated for late 2023 through 2024, financed through existing liquidity and cash flow. The announcement follows Seaspan's expansion plans, which include 55 newbuild orders since December 2020, bolstering operational capabilities in the competitive shipping sector.
Atlas Corp. (NYSE: ATCO) announced that its subsidiary, Seaspan Corporation, has taken delivery of two 15,000 TEU scrubber-fitted containerships. Built in 2019, these vessels are on long-term charter with a major global liner customer. This acquisition supports Seaspan's growth strategy and enhances its competitiveness in the maritime sector.
Bing Chen, CEO of Seaspan, highlighted that this move emphasizes their resilient business model and ability to generate quality growth. With this delivery, Seaspan's operational fleet expands to 131 vessels with a total capacity of 1,120,200 TEU.
On June 30, 2021, Seaspan Corporation announced a first-time Issuer Default Rating (IDR) of 'BB' from Fitch Ratings, alongside a stable outlook for its senior unsecured notes. The ratings are attributed to Seaspan's scale in the containership leasing market, low leverage, solid liquidity, and ownership of a young fleet. CFO Graham Talbot highlighted this recognition as a step towards restructuring their capital structure for an investment-grade rating. Seaspan's fleet consists of 129 vessels and 45 under construction, increasing its total capacity significantly.
Atlas Corp. (NYSE:ATCO) announced successful financing for 13 newbuild containerships, valued at approximately $1.3 billion, part of their total $1.4 billion order. These vessels are projected to generate $2.7 billion in gross cash flows. The financing reflects a strategic move towards optimizing their capital structure, with further financing for 32 additional newbuilds expected. As of May 31, 2021, Seaspan has $1.39 billion in liquidity. However, there will be a non-cash expense of about $51.5 million related to debt adjustments in Q2 2021.
On June 28, 2021, Seaspan Corporation, a subsidiary of Atlas Corp (NYSE: ATCO), announced an order for six 15,000 TEU modern containerships, with deliveries slated from late Q1 to Q2 2024. The vessels will be equipped with scrubbers and are set to enter long-term charters with a major global liner customer. This order is part of a larger strategy, as Seaspan has announced 45 newbuild orders since December 2020. The vessels will be financed through additional borrowings and cash reserves, strengthening Seaspan's operational capacity.
Seaspan Corporation, a subsidiary of Atlas Corp. (NYSE: ATCO), has successfully extended lease contracts for 17 containerships with COSCO SHIPPING Lines for an additional three years. This extension, affecting vessels totaling approximately 117,700 TEU, will generate about $0.7 billion in gross contracted cash flow from 2023 to 2027. The agreement reduces the number of vessel redeliveries in 2022 and 2023, indicating a strong partnership and commitment to operational quality amidst fluctuating market conditions.
On June 23, 2021, Seaspan Corporation, a subsidiary of Atlas Corp. (NYSE: ATCO), announced agreements for two new 12,000 TEU containerships scheduled for delivery in Q4 2022. These vessels will enter long-term charters with a global liner, featuring purchase options at the conclusion of the initial charter terms. This initiative supports Seaspan's growth and operational efficiency, reflecting its commitment to enhancing customer partnerships in the shipping industry.
Atlas Corp. plans to redeem all outstanding Series E and Series G preferred shares on July 1, 2021, totaling approximately $335 million. This decision aims to eliminate high-cost preferred shares, reducing the overall cost of capital. The final dividends for these shares were paid on April 30, 2021. CFO Graham Talbot highlighted that this move is part of a strategy to optimize the company's capital structure and enhance liquidity.