Seaspan kept ships from being returned during the pandemic

While the coronavirus pandemic was fateful for German MPC, the world's largest tonnage provider, Seaspan, has been able to avoid having more ships returned than usual. COO Torsten Holst Pedersen explains how.

Photo: Seaspan

Though it might not be entirely fair to compare the two tonnage providers MPC, based in Germany, and Hong Kong-listed Seaspan, the coronavirus outbreak has, in a somewhat unusual development, impacted the two companies in a completely different manner in 2020.

When MPC had to throw in the towel in May and launch negotiations with its creditors for a recapitalization, it was the pandemic, and the financial downturn it caused, that forced the company over the edge, creating a risk that it would not survive the crisis.

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