ONE and Chinese Shipbuilder Increase Investment in Owner/Lessor Seaspan

Three years after taking Seaspan, the leading owner/lessor of containerships to the leading carriers, private Ocean Network Express is set to become its largest shareholder, along with the addition of Chinese shipbuilder Yangzijiang Shipbuilding as an investor. The deal sees the lead investors in the go-private transaction beginning to cash out as Seaspan reaches new leads in its ownership and management of shipping assets.

Seaspan was started in 2000 and was mostly working with China’s COSCO Shipping and Yang Ming, which together accounted for approximately 60 percent of the operations. By 2023, Seaspan had diversified, working with ONE, Zim, MSC, CMA CGM, and others, as well as COSCO and Yang Ming. The CEO of the parent company, Atlas, joined with the lead investor, Fairfax Financial Holdings, along with board chairman David Sokol, the Washington Family, and ONE, in taking the company private in 2023.

CEO of ONE, Jeremy Nixon, says over the past three years Seaspan “achieved remarkable growth.” Fairfax similarly said the investment company they launched, Poseidon, which is the holding company for Seaspan and Atlas, has “done incredibly well.”

Seaspan reports it currently has a fleet of 241 containerships with 99 percent fleet utilization. Mostly, its vessels operate under long-term charters to the leading carriers. In 2025, it reported that it had taken delivery of the final ship in a 70-vessel expansion program, while also pursuing a phase two that will add 56 more vessels by mid-2029. It also entered the PCTC segment with its first car carriers after having been a pure play in container shipping.

ONE reported that under the terms of the new agreement, it will increase its ownership stake in Poseidon to 48.9 percent. Seaspan’s website shows that ONE currently has 43 vessels on charter from Seaspan. In 2023, ONE was reported to be Seaspan’s largest customer. The companies also jointly formed, in November 2024, a technical ship management company called OneSea Solutions.

Fairfax reports it will be selling a total of 67.6 million shares, with the largest portion to ONE, as well as smaller positions to two other investors. It said the total proceeds would be approximately $1.91 billion and reduce its position by 23 percent. After the deals close in the second quarter of 2026, Fairfax will hold 22 of Poseidon’s shares.

Yangzijiang reported that it is acquiring a 10 percent equity interest in Poseidon for $825.7 million. The company’s Executive Chairman, Ren Letian, is separately acquiring a 5 percent position. It notes the price is above the independent financial adviser’s valuation, but it believes it is justified by the long-term prospects and strong relationship it created for the shipbuilder with Seaspan.

In a stock exchange filing, the shipbuilder highlights the opportunities to vertically integrate its operations, while securing long-term collaboration with one of the world’s largest containership owners. It writes that “Closer ties with Seaspan will likely enhance order book visibility and provide Yangzijiang with valuable market insights, potentially improving its responsiveness to customer demand and end-market dynamics.”

The deal comes as the container sector continues a dramatic buildup. Yesterday, trade group BIMCO reported that the orderbook now totals more than 1,350 ships with a combined capacity of 11.8 million TEU. In 2026 alone, BIMCO reports owners have ordered another 102 ships with a combined capacity of 665,000 TEU.