Welcome to our dedicated page for Atlas Corporation news (Ticker: ATCO), a resource for investors and traders seeking the latest updates and insights on Atlas Corporation stock.
Atlas Corp. (ATCO) appears frequently in financial and corporate news through its ongoing communications with investors and holders of its securities. Press releases issued from London, United Kingdom, describe Atlas as a global asset management company focused on high-quality infrastructure assets in the maritime sector, energy sector and other infrastructure verticals. Many of the company’s recent announcements concern its preferred share capital and related corporate actions.
News items for ATCO prominently feature quarterly dividend declarations on preferred shares. Atlas has repeatedly announced cash dividends on its Series D and Series H preferred shares, identified in the releases by tickers such as ATCO PD and ATCO PH, as well as on its Series J preferred shares. These releases provide details on dividend amounts, record dates and payment dates for each dividend period, giving income-focused investors insight into the timing and terms of preferred distributions.
Another category of Atlas-related news covers capital structure changes and redemptions. The company has issued releases on the full redemption of its Series I preferred shares and, through SEC filings, has reported the redemption of all outstanding Series H preferred shares. These events are relevant for investors tracking the evolution of Atlas’s preferred equity and the status of specific series.
Corporate transaction news is also part of the ATCO story. A press release details the completion of the acquisition of Atlas by Poseidon Acquisition Corp., in which a merger subsidiary combined with Atlas and Atlas requested the suspension of trading of its common shares on the New York Stock Exchange, described as a delisting. This type of news is important for understanding changes in ownership and listing status.
In addition, news related to Seaspan Corporation, a wholly owned subsidiary and one of Atlas’s main portfolio companies, appears in the same news stream. These items describe Seaspan’s activities in containership leasing and alternative-fuel vessel programs, illustrating the operational context behind Atlas’s asset management focus on maritime infrastructure.
Investors and observers using the ATCO news page can review this mix of dividend announcements, preferred share redemptions, merger developments and Seaspan operational updates to understand how Atlas communicates its capital decisions and portfolio activity over time.
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.
Atlas Corp. (NYSE: ATCO) announced the completion of a $600 million exchange and amendment of senior notes related to its subsidiary, Seaspan Corporation. The restructuring includes the exchange of $300 million of senior notes for Series J preferred shares and warrants. This move aims to simplify the balance sheet and enhance financial flexibility, supporting future growth and the pursuit of an investment-grade corporate credit rating. CEO Bing Chen emphasized the strong partnership with Fairfax Financial and the progress made in the past three years.