US investor Fairfax Financial plans to double its investment in Seaspan which charters out container vessels to carriers.

The firm has already injected USD 500 million into the Hong Kong based shipowner, but has now decided to significantly increase its investment.

In a press release, the parties write that Fairfax wants to invest a further USD 500 million in the company, totaling its investment in Seaspan to USD one billion.

The funds will help Seaspan take the offensive in the current consolidation of the container industry, reads the press release.

The capital will be injected when Fairfax exercises its warrants in Seaspan, which were awarded last year. They will be exercised over four share purchases, bringing the investment up to a total USD 500 million. The purchases begin in July and will close in January 2019.

Seaspan is listed in New York and covers a fleet of 110 container vessels with an average vessel age of five years.

English Edit: Lena Rutkowski

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