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1Investor Presentation August 2019
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Notice on Forward Looking Statements
This presentation contains forward-looking statements (as such term is defined in Section 21E of the
Securities Exchange Act of 1934, as amended, or the Exchange Act) concerning operations, cash flows, and
financial position of Seaspan Corporation (“Seaspan”), including, in particular, the likelihood of its success in
developing and expanding its business. Statements that are predictive in nature, that depend upon or refer to
future events or conditions, or that include words such as “continue,” “expects,” “anticipates,” “intends,”
“plans,” “believes,” “estimates,” “projects,” “forecasts,” “will,” “may,” “potential,” “should,” “guidance,” and
similar expressions are forward-looking statements. These forward-looking statements represent Seaspan’s
estimates and assumptions only as of the date of this presentation and are not intended to give any assurance
as to future results. As a result, you are cautioned not to rely on any forward-looking statements. Forward-
looking statements appear in a number of places in this presentation. Although these statements are based
upon assumptions Seaspan believes to be reasonable based upon available information, they are subject to
risks and uncertainties. These risks and uncertainties include, but are not limited to: future growth prospects
and ability to expand Seaspan’s business; Seaspan’s expectations as to impairments of its vessels, including
the timing and amount of currently anticipated impairments; the future valuation of Seaspan’s vessels and
goodwill; potential acquisitions, vessel financing arrangements and other investments, and Seaspan’s
expected benefits from such transactions; future time charters and vessel deliveries, including future long-term
charters for certain existing vessels as well as the likelihood of consummating any such transactions;
estimated future capital expenditures needed to preserve the operating capacity of Seaspan’s fleet including,
its capital base, and comply with regulatory standards, its expectations regarding future dry-docking and
operating expenses, including ship operating expense and general and administrative expenses; Seaspan’s
expectations about the availability of vessels to purchase, the time that it may take to construct new vessels,
the delivery dates of new vessels, the commencement of service of new vessels under long-term time charter
contracts and the useful lives of its vessels; availability of crew, number of off-hire days and dry-docking
requirements; general market conditions and shipping market trends, including charter rates, increased
technological innovation in competing vessels and other factors affecting supply and demand; Seaspan’s
financial condition and liquidity, including its ability to borrow and repay funds under its credit facilities, to
refinance its existing facilities and to obtain additional financing in the future to fund capital expenditures,
acquisitions and other general corporate activities; Seaspan’s continued ability to meet its current liabilities as
they become due; Seaspan’s continued ability to maintain, enter into or renew primarily long-term, fixed-rate
time charters with its existing customers or new customers; the potential for early termination of long-term
contracts and Seaspan’s potential inability to enter into, renew or replace long-term contracts; the introduction
of new accounting rules for leasing and exposure to currency exchange rates and interest rate fluctuations;
conditions inherent in the operation of ocean-going vessels, including acts of piracy; acts of terrorism or
government requisition of Seaspan’s containership during periods of war or emergency; adequacy of
Seaspan’s insurance to cover losses that result from the inherent operational risks of the shipping industry;
lack of diversity in Seaspan’s operations and in the type of vessels in its fleet; conditions in the public equity
market and the price of Seaspan’s shares; Seaspan’s ability to leverage to its advantage its relationships and
reputation in the containership industry; compliance with and changes in governmental rules and regulations
or actions taken by regulatory authorities, and the effect of governmental regulations on Seaspan’s business;
the financial condition of Seaspan’s customers, lenders, refund guarantors and other counterparties and their
ability to perform their obligations under their agreements with us; Seaspan’s continued ability to meet
specified restrictive covenants and other conditions in its financing and lease arrangements, its debt
instruments and its preferred shares; any economic downturn in the global financial markets and export trade
and increase in trade protectionism and potential negative effects of any recurrence of such disruptions on
Seaspan’s customers’ ability to charter Seaspan’s vessels and pay for Seaspan’s services; some of
Seaspan’s directors and investors may have separate interests which may conflict with those of its
shareholders and they may be difficult to replace given the anti-takeover provisions in Seaspan’s
organizational documents; taxation of Seaspan’s company and of distributions to its shareholders; Seaspan’s
exemption from tax on U.S. source international transportation income; the ability to bring claims in China and
the Marshall Islands, where the legal systems are not well-developed; potential liability from future litigation;
and other factors detailed from time to time in Seaspan’s periodic reports.
Forward-looking statements in this presentation are estimates and assumptions reflecting the judgment of
senior management and involve known and unknown risks and uncertainties. These forward-looking
statements are based upon a number of assumptions and estimates that are inherently subject to significant
uncertainties and contingencies, many of which are beyond Seaspan’s control. Actual results may differ
materially from those expressed or implied by such forward-looking statements. Accordingly, these forward-
looking statements should be considered in light of various important factors listed above and including, but
not limited to, those set forth in “Item 3. Key Information—D. Risk Factors” in Seaspan’s Annual Report for the
year ended December 31, 2018 on Form 20-F filed on March 26, 2019, and the “Risk Factors” in Reports on
Form 6-K that are filed with the Securities and Exchange Commission, or the SEC, from time to time relating
to our quarterly financial results.
Seaspan does not intend to revise any forward-looking statements in order to reflect any change in Seaspan’s
expectations or events or circumstances that may subsequently arise. Seaspan expressly disclaims any
obligation to update or revise any of these forward-looking statements, whether because of future events, new
information, a change in Seaspan’s views or expectations, or otherwise. You should carefully review and
consider the various disclosures included in this Annual Report and in Seaspan’s other filings made with the
SEC, that attempt to advise interested parties of the risks and factors that may affect Seaspan’s business,
prospects and results of operations.
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Container Shipping Is An Essential Part of Global Commerce
ChinaShoe Store
Liners load and unload goods across ocean routes just as couriers operate routes through land and air
4
4
Container Shipping Industry Value Chain
Manufactured goods for distribution
Land transport to distribution
centers
Loading of cargo at port
terminals
Unloading of cargo at port
terminals
Land transport to destination warehouse
Delivery to customer
Seller BuyerEnd buyer of shipments
(importers / exporters)
Shipper Destination
Warehouse
Destination Port
ConsigneeOrigin
Warehouse
Origin Port
Shipping Line
Shipping voyage
via container
ships
Freight-Forwarder
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Containerization & Global Trade
Container
Shipping’s first
downturn since
1998
1.2%
1.6%
2000-2007 2011-2019F
2001: China joins
WTO2011: China becomes 2nd
largest global economy
Container shipping accounts for 17% of global shipping by weight but 60% by value
(over $12 trillion of goods)3
Global TEU Trade CAGR: 9.9%
Global GDP2 CAGR: 3.4%
TEU to GDP Multiple: 2.9x
3.9%
2.8%
1.3x 1.4x
1978: China
Economic Reforms
1990: Social Market
Economy of China
(TEU, millions1)
1. Clarkson’s Research – July 2019
2. GDP Source: World Bank
3. Statista Container Shipping Statistics & Facts
412
66 6975
8395
104116
128 133121
137148 153
160168 171
179189
197204
'73 '83 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19F
6
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Issued $345mn
unsecured listed
bond
Seaspan Has Led the Industry Since Its Infancy
13# Vessels 23 29 35 42 55 65 69 71 77 85 87 89 112
SCLL, predecessor of Seaspan
Corp, founded by Kyle Washington
and two others
Issued $250mn Series C Preferred Equity (1st
U.S. listed preferred by containership lessor)
Containership JV with The Carlyle Group
Acquired Seaspan
Management Services
$600mn SSW IPO
(largest ship leasing)
Washington Family
invested $180mn
Completed $1.6bn GCI
acquisition
Secured $1.0bn
investment from Fairfax
2000 2005 2010 2015 2019
Utilization 100% 99% 99% 99% 100% 99% 99% 99% 98% 99% 99% 96% 96% 98%
51 64108
143 158 187
265
353405 414
474
578621
666
906 906
IPO 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2Q19
> 10,000 TEU
8,500 - 9,600 TEU
4,250 - 5,100 TEU
< 3,500 TEU
112
98%
7
7
112 Vessels
98%Average Utilization Since IPO3
4,800 employees4,500 Seafarers
300 Corporate
#1Independent Containership
Owner / Operator
~6.5 yearsAverage Age
~4 yearsAverage Remaining Charter Period
$4.3bnContracted Future
Revenue2
Long-term Charters with
7 of 8Leading Liners
Integrated with Global Trade Modern Fleet Strong Financial Profile
Seaspan at a Glance
1. Trailing 12 months as at June 30, 2019
2. Minimum future revenues to be received on committed time charter party agreements and interest income from direct financing leases as of June 30, 2019. Minimum future
revenues are based on 100% utilization, relate to committed time charter party agreements currently in effect, and assume no renewals or extensions
3. Average fleet utilization from 4Q05 to 2Q19
$1.2bn Revenue1
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Key Recent Developments
New
Leadership
Team
David Sokol appointed as Chairman
Bing Chen appointed as President and CEO
Ryan Courson appointed as CFO
Tina Lai appointed as CHRO
Torsten Pedersen appointed as EVP Ship Management
Fairfax
Investments
Secured a $1.0bn investment from Fairfax Financial Holdings
(leading Canadian insurance company)
– $250mn debt investment funded in February 2018 and
$250mn equity investment funded in July 2018
– Funded an additional $250mn equity investment and an
additional $250mn of debt in January 2019
Acquisition of
GCI
Completed accretive $1.6bn acquisition of remainder of Greater
China Intermodal Investments LLC (GCI) in March 2018
Considerations to selling shareholders was ~$330mn in cash
and a ~$50mn issuance of Seaspan Series D preferred shares
Transaction expanded Seaspan’s platform, diversified our
customer base, and enhanced our fleet composition
GCI was quickly and flawlessly integrated
David Sokol Bing Chen Ryan Courson
Tina Lai Torsten Pedersen
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Supportive Strategic Shareholders
WashCo owns an investment portfolio of industrial companies in
rail transport, mining, and aviation
Seaspan’s founding shareholder (28% of shares outstanding)1
Actively involved with Seaspan since its founding
Dennis Washington made a $160mn Series A Preferred Equity
investment in 2009 during the recession
Fairfax (TSX:FFH) is an insurance and investment management
company with ~$71bn in assets1
Strategic partner with long-term investment horizon
Initial investment of $500mn ($250mn debt/$250mn equity)
Additional 25mn warrants issued with strike price of $8.05
Second investment of $500mn in January 2019 ($250mn
debt/$250mn equity)
Current Shareholder Base1
New Chairman, CEO, and CFO have accessed new capital sources and strengthened commercial position
with the acquisition of GCI
1. As of June 30, 2019
Washington Family28%
Fairfax36%
Others36%
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Increasingly Diversified and Flexible Financial Profile
1. Common equity based on market value of equity as at August 7; Secured debt, unsecured debt, and capital lease amounts based on principal as at June 30, 2019
2. As at August 7, 2019; includes vessels for which collateral release documentation is pending; 16 vessels to be included in Project Clean
Selected Global Lenders
Diversified Sources of Capital1
($ millions)
Significant Unencumbered Asset Pool
40+ global lenders, including North American, European,
and Asian financial institutions
43 unencumbered vessels2
TEU Class Vessel Count2
2,500 12
3,500 2
4,250 20
8,500 2
9,600 2
10,000 2
13,100 1
14,000 2
Total 43
Unsecured Revolver
(Undrawn)$150
Secured Revolver
(Undrawn)$126
Secured Debt$2,656
Capital Leases$622
Unsecured Debt$580
Perpetual Preferred Stock
$881
Common Equity$2,152
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11
What Containership Lessors Offer
Liner Companies
Liner Responsibilities:
Sourcing & Aggregating Cargo
Managing Logistics
Fuel Costs
Cargo Operating Expenses
Pays Daily Charter Rate
Fleet of 112 Containerships
Operating Lessor
Lessor Responsibilities:
Vessel
Crew
Technical Operations
Design, Maintenance, Insurance
Variety of Contract Structures
Charter Rate + Term
Fixed-Rate Charter Contract
Charter Rate
Vessel & Crew
+ Services
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Large, Modern Fleet Portfolio Aligned to Key Trade Routes
2,500 TEU
12 Vessels
3,500–4,250 TEU
26 Vessels
4,500–5,100 TEU
9 Vessels
8,500–9,600 TEU
12 Vessels
10,000–11,000TEU
30 Vessels
13,000–14,000 TEU
23 Vessels
Regional
Trades
Workhorses of
Global Fleet
Operating Scale and
Efficiency For Long-
Haul Trades
68% of fleet is >10,000 TEU in size with an average age of approximately four years1
1. Weighted by TEU
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13
Global Trade Now Requires a Diversified Fleet
Feeder Class Mid-Sized VLCS / ULCS
TEU 2,500 3,500 4,250 5,100 8,500 9,600 10,000 13,100 14,000
Intra‐Asia
Africa
Australia—NZ
Latin America
Europe—NA
Far East—ME
Far East—NA
Far East—Europe
The ideal ship size varies by route, port capacity, and charter needs
Seaspan’s Vessel Trading Activity
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14
906 829
546 528 449 449
398 387 354 330 314
228 219 216 209 199 199 203 200 175
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World’s Largest Independent Containership Owner & Operator
Barriers
to Entry
Top 20
Containership
Lessors1
TEU (000s)
Customer Relationships
Operational Track Record and Experience
Scale of Service
Increasing Regulation
Access to Financing
Scale creates meaningful barriers to entry
Primarily a financial lessor
(i.e. limited/no vessel management services)2
1. Alphaliner Monthly Monitor – June 2019. Chart of top 20 containership lessors includes current vessels and vessels under construction
2. Shipowning arm of Imabari Shipbuilding
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Fully Integrated Operating Platform
VESSEL DESIGN VESSEL UPGRADESVESSEL OPERATIONSVESSEL MANAGEMENT
Bulbous Bow modifications to improve
hull hydrodynamics
Enhanced cargo care practices to safely carry more
containers
Trim optimization to optimize cargo loading
and fuel efficiency
In-House Design
& Engineering Teams
In-house design and engineering teams with
strong relationships with leading shipyards
Deep experience in overseeing new vessel
construction, conversions and marine engineering
Fleet Utilization Rates Impact of Hanjin bankruptcy and drydock
of 4 Panamax vessels acquired in 4Q16
Fleet Management
Commercial Services
Provide crewing and insurance
Responsible for both ordinary and scheduled
maintenance
Disciplined cost control300
Corporate
& Operations
4,800People Employed Globally
>7,9002018 Port Calls
4,500Seafarers
Strong commercial management and long-term
charter profile drives high utilization rates
Recognized for operational excellence with
several recent awards
99% 100% 99% 99% 99% 98% 99% 99% 96% 96% 98%
FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18
16
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Contracted Revenues Provide Reliable, Recurring Cash Flows
Cash flow stability from future contracted charter payments of ~$4.3 billion1
with an average remaining contract duration of ~4.0 Years
Percentage of Contracted Revenue by Year1
Majority of charter expirations post 2022 are
modern 10,000+ TEU vessels
1. Minimum future revenues to be received on committed time charters and to be earned related to interest income from direct financing leases as of June 30, 2019. Minimum future
revenues to be received on committed time charters assume 100% utilization, extensions only at the Company’s unilateral option and sole discretion and no renewals
2. 2019 includes actual YTD revenue and minimum future contracted revenue for the remainder of the year
101% 92%
80%
56%
42%
2019 2020 2021 2022 20232
DL to check
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Other
1. Rank based on market share per Alphaliner as of June 2019
2. Number of Seaspan’s vessels and TEU of vessels chartered to each liner as of August 1, 2019
3. Credit ratings represent MOL and K-Line, respectively
Strong Counterparties Composed of Top Liners
Seaspan works with a select group of leading liner companies with a focus on long-term charters
(by % of total TEU)
29%
24%16%
8%
7%
7%
6% 2%
Charterer
World
Ranking1
No. of
Vessels²
Total
TEU²
Major
Shareholders Credit Rating
COSCO 3 38 265,750 Government chAAA / Lianhe
Yang Ming 8 16 220,000 Government twBBB / Taiwan CR
ONE3 6 19 142,900 Widely-held(BBB / NR) /
(BBB- / NR)
CMA CGM 4 12 76,250 Family-owned B1 / B+
MSC 2 7 67,750 Family-owned (N/A)
Hapag Lloyd 5 8 62,750 Widely-held B1 / B+
Maersk 1 8 53,500 Widely-held Baa3 / BBB
Other - 4 17,000 – –
Total 112 905,900
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Seaspan’s Business Model
Fully Integrated
Operating Platform
Long-Term, Fixed-
Rate Charters
Creditworthy
Customers
Comprehensive operating leasing platform
Design and acquire large, modern, fuel-efficient vessels
In-house full vessel life cycle management expertise
Long-term charters between 3 and 17 years provide
stable, predictable cash flows
Average remaining life of long-term charters of ~4.5 years
Lease vessels to the world’s leading liners
Operate customers’ flagship assets
Largest customers are partially government owned
Seaspan’s differentiated business model allows it to capitalize on challenges currently facing the containership
leasing industry and provide best-in-class service
Commoditization
Short-Term Focus
Weak Credit Profiles
Challenges to
Containership IndustrySeaspan’s Model
Size & Scale World’s largest containership lessor
Leverage scale to secure major transactions and cost
savings
Fragmentation
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19
Market Share 20191
Top 8 Liners Grew Market Share from 55% to >85% in 5 Years1
APM‐Maersk, 18%
MSC, 15%
CMA CGM, 10%
Evergreen, 5%COSCON, 5%Hapag‐Lloyd,
4%
APL, 4%
Hanjin Shg, 4%
CSCL, 4%
MOL, 4%
OOCL, 3%
Hamburg Süd, 3%
NYK, 3%
Yang Ming, 2%
K Line, 2%
Hyundai M.M., 2%
Others, 11%
1. Alphaliner Monthly Monitor – June 2019
Concentration of Liner Market Share
Market Share 2013
Maersk+H.Sud, 20%
MSC, 16%
COSCO + OOCL, 13%
CMA CGM, 13%
Hapag+UASC, 8%
ONE, 7%
Evergreen, 6%
Yang Ming, 3%
PIL, 2%
Others, 12%
20
20
Shoei Kisen, 7%
Costamare, 4%
Zodiac Maritime, 4%
BoCom Leasing, 4%
Eastern Pacific Shg (EPS), 4%
Offen, Claus Peter, 3%
Peter Döhle/Hammonia,
3% Danaos Shg, 3%
Minsheng Financial Leasing, 3% Norddeutsche
R.H. Schuldt, 3%
Other, 54%
The fragmented landscape leaves significant room and benefit for consolidation
Opportunity for Lessor Consolidation
Consolidation provides greater economies of
scale and barriers to entry
Access to financing
Customer relationships
Scale of service
Larger, more diverse fleets provide significant
benefits
Size and scale allows for improved credit profiles
and reduced cost of capital
, 7%
1. Alphaliner Monthly Monitor – June 2019; includes current vessels and vessels under construction
Opportunity for ConsolidationContainership Lessor Market Share1
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21
Demand Growth and Supply Constraint
Driving Rate Improvement
Improvements in rates for panamax vessels, with the
lowest idle fleet since Spring 2018
Support from limited number of deliveries scheduled for
2019, and continuing restraint on newbuild ordering
Larger vessels continue to be in high demand, driven
by the need for replacement tonnage
Sparse sale and purchase activity in Q2 as
owners anticipate value improvements
During 1H19, asset values stabilized, we
expect sale and purchase activity to pick up
1. Clarksons Research – July 2019
Charter Rate Improvement1
Historical Containership Asset Value1
2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19
2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19
(40%)
(20%)
–
20%
40%
60%
80%
100%
Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19
2,600 - 2,900 TEU 3,200 - 3,600 TEU 8,500 - 9,100 TEU
(40%)
(20%)
–
20%
40%
60%
80%
100%
Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19
2,500 TEU 3,500 TEU 4,400 TEU 9,000 TEU
22
22
(15%)
(10%)
(5%)
–
5%
10%
15%
20%
–
5
10
15
20
25
30
TE
U (
mlli
ons)
Fleet Capacity (TEU) Throughput Growth
Capacity Growth
Broad Based Global Seaborne Trade Growth
Broad-based growth across regions; port infrastructure
supporting trade growth in developing economies
2019 forecasted growth has remained robust despite trade
uncertainty
Growth outlook remains robust in developing markets, and
positive in OECD regions
2019 Growth Rates by Region2
Improving supply / demand balance supporting charter
rates
Trade growth is expected to remain balanced in 2019
and 2020
Fleet growth artificially reduced in 2019 and 2020 due
to scrubber retrofits
Annual Capacity and Throughput Growth1
(15%)
(10%)
(5%)
–
5%
10%
15%
20%
–
5
10
15
20
25
30
TE
U (
mlli
ons)
Fleet Capacity (TEU) Throughput Growth
Capacity Growth
2.1% 2.4%1.0%
3.1%
5.4%
7.7%
2.9%
6.0%
2.5%
4.9% 5.4%
Tra
nsp
acific
FE
-Eu
rop
e
Oth
er
ME
/IS
C-A
sia
ME
/IS
C-E
uro
pe
ME
/IS
C-N
.Am
La
tin
Am
erica
Afr
ica
Oce
an
ia
Intr
a-A
sia
Oth
er
Mainlane East-West Non-Mainlane East-West
North-South Intra-Regional
1. Alphaliner Monthly Monitor – June 2019; global port throughput includes empty container and transshipment cargo
2. Clarksons Research – Container Intelligence Quarterly Q2 2019
23
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Improvement in Industry’s Ability to
Manage Supply
1. Clarksons Research – July 2019
2. Alphaliner Monthly Monitor – June 2019
Idle Fleet Continues to Decline (% TEU)1,2
Orderbook at Historically Low Levels1,2
Industry supply rationalization and demand improvement
driving idle fleet reduction, supporting rate improvement
1.4% of global fleet is idle2 (primarily <3,000 TEU)
Idle vessels >3,000 TEU primarily under control of liners,
and <3,000 TEU primarily lessor-owned
H1 2019 scrapping has exceeded full year 2018
2019 scrapping volumes soft relative to historical average
Expect increased pressure on scrapping from IMO 2020
fuel regulations
Historical Demolition Volumes2
Increased discipline exhibited by owners and capital
providers will continue to temper supply growth
Orderbook-to-fleet ratio at 11.2%2, lowest in 20 years
Zero orderbook between 4,000 – 9,900 TEU0%
25%
50%
75%
1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019
Idle
(%
)
11.2%
1.4%
0%
3%
6%
9%
12%
0
450
900
1,350
1,800
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Idle
%
TEU
(000's
)
Total Idle TEU Idle Fleet as % of Total Fleet
18
22
26
30
0
200
400
600
2012 2013 2014 2015 2016 2017 2018 2019 YTD
Avera
ge A
ge (y
rs)
TEU
(000's
)
TEU Scrapped Other Deletions Average Age (Scrapped Units)
24
24
Strong Tailwinds For Those Well-Positioned
Focus on Capital Allocation
We are focused on allocating capital selectively into opportunities that improve the long-term value of the
business, and have strong risk-adjusted returns on capital
Seaspan Well-Positioned for the Future
We are strengthening our balance sheet and cash flows to become a platform for growth and
consolidation in the containership industry
Other Capital Allocation Opportunities
Synergistic opportunities in adjacent businesses (both horizontal and vertical)
We will assess opportunities as they arise based on a prudent approach to capital allocation and risk-
adjusted returns
Improving Industry Dynamics
Robust demand and improving supply fundamentals will continue to support charter rate improvement
25
25
Our Five Key Priorities
1
Operational Excellence
Set standard for best-in-class service
Optimize cost structure through scale advantage
Customer Partnerships
Provide value-added services
Best-in-class solution provider to customer needs
Financial Strength and Stability
Maintain financial discipline and enhance company credit quality
Maximize cash flows via full life-cycle management
Pursuit of Growth Opportunities
Newbuilds, second-hand vessels, and assets/portfolios
Asset and business acquisitions in the shipping industry and beyond
Capital Allocation
Strengthen balance sheet and liquidity
Reinvest capital into opportunities with strong risk-adjusted returns
2
3
4
5
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