Delivery of Seaspan’s 47th Containership

Seaspan Corporation (NYSE:SSW) accepted delivery of an 8500 TEU containership named the COSCO Philippines from Hyundai Heavy Industries Co., Ltd. on April 23, 2010. This is Seaspan's fifth delivery in 2010, expanding the company's operating fleet to 47 vessels. The COSCO Philippines is on charter to COSCO Container Lines Co., Ltd. (COSCON) of China under a twelve-year, fixed-rate time charter. The COSCO Philippines is the third of eight 8500 TEU sister ships and the fifth of a total of eighteen vessels to be chartered by Seaspan to COSCON.