The three-year private placement note, issued on July 15, 2026, was 2.3 times covered, marking Seaspan as the first international ship owner and operator to access China’s Panda Bond market.
Seaspan Corporation Pte. Ltd. said it completed a RMB 1.5 billion Panda Bond issuance in China’s domestic bond market, opening a new funding channel as it broadens access to unsecured debt. The three-year private placement note was issued on July 15, 2026, with a 2.50% annual coupon, and the deal was oversubscribed by Chinese onshore and international investors with book coverage of 2.3 times. Seaspan described the transaction as a milestone, saying it is the first international ship owner and operator to successfully access the Panda Bond market. Chief Financial Officer Andreas Brauch said the sale reflected investor confidence in the company’s credit quality, business model, financial profile, and growth strategy, while improving access to cost-efficient capital. The company said the financing supports investment in its fleet, growth opportunities, and long-term value creation. Seaspan also said the issuance builds on its participation in Chinese capital markets and its strategic partnerships across chartering, shipbuilding, financing, and maritime services. As of June 30, 2026, Seaspan said its operating fleet totaled 247 vessels, pro forma for undelivered newbuilds, with about 2.5 million TEU (twenty-foot equivalent units) of capacity on a fully delivered basis.