Splash247: ONE raises Seaspan stake to nearly 49% as Yangzijiang invests $825m

Singapore-headquartered liner Ocean Network Express is increasing its exposure to the world’s largest containership lessor while new capital from shipbuilder Yangzijiang Shipbuilding enters the same investment vehicle.

The shipping line, formed by Japanese majors MOL, NYK and K Line, said it has struck agreements to raise its ownership in Poseidon Acquisition Corp, the holding company behind boxship leasing giant Seaspan. Once completed, ONE’s stake will rise to 48.9%, up from about 28.7%.

The move bolsters ties between the liner and the tonnage provider at a time when carriers are looking to secure long-term vessel supply while maintaining financial flexibility. ONE said the step fits with its “ONE 2030” strategy aimed at securing access to ships and improving operational efficiency through closer cooperation with Seaspan.

The investment builds on the 2023 take-private of Seaspan’s parent company, Atlas Corp. In that deal, a consortium including ONE, Atlas chairman David Sokol, affiliates of Fairfax Financial Holdings and the Washington family paid nearly $11bn to take the company off the public market.

Meanwhile, Yangzijiang Shipbuilding is joining Poseidon’s shareholder base through the purchase of a 10% equity stake valued at about $825.7m. The Chinese yard group said the acquisition involves roughly 29.18m shares and will be funded fully from internal cash.

The stake is being acquired from affiliates of Fairfax Financial and the Washington family. In a parallel move, Hengyuan Asset Investment, a private vehicle controlled by Yangzijiang executive chairman Ren Letian, is separately acquiring a further 5% interest in Poseidon.

Yangzijiang said both investments are being made independently with no joint venture structure or co-investment arrangement between the two parties.

The reshuffle further tightens links across the container shipping ecosystem. Seaspan, which controls more than 180 ships with over 50 additional newbuildings on order, is one of the largest customers of Yangzijiang yards, and the investment aligns shipbuilding capacity with long-term vessel demand from liner operators.

Beyond its core containership business, Seaspan has also been expanding into other shipping segments, including car carriers and ethane carriers, as it broadens its leasing platform.