Seaspan has announced the issuance of a RMB 1.5 billion Panda Bond in China’s domestic bond market.
The company describes the transaction as a ‘significant milestone’ to access the Panda Bond market.
It also becomes what it claims the first international shipowner and operator to enter the Panda Bond market.
“The three-year private placement note was issued on July 15, 2026, with a coupon rate of 2.50% per annum,” the company said in its statement, adding that the offering was oversubscribed by Chinese onshore and international investors with a book coverage ratio of 2.3 times.
The transaction gives Seaspan a new funding channel whilst it supports its strategy to diversify its sources of capital at a time when the company is continuing to invest in its fleet growth.
“The issuance demonstrates the confidence that investors have in Seaspan’s credit quality, business model, strong financial profile, and sustainable growth strategy,” said Andreas Brauch, chief financial officer. “Expanding our access to China’s domestic capital markets further diversifies our funding sources and improves our access to cost-efficient capital, enhancing our long-term growth objectives to support our customers with one of the world’s largest and most modern fleets.”
The Panda Bond issuance marks an important highpoint in Seaspan’s participation in Chinese capital markets, where the company has strategic partnerships spanning chartering, shipbuilding, financing, and maritime services.
As of end of June, Seaspan’s operating fleet consisted of 247 vessels, pro forma for undelivered newbuilds (including four pure car, truck carriers, five very large ethane carriers and four open hatch gantry crane vessels), with a total fleet capacity of approximately 2.5 million TEU on a fully delivered basis.
