Seaspan Corporation announced that it has accepted delivery of the CSCL Montevideo, a 2,500 teu newbuild vessel constructed by Jiangsu Yangzijiang Shipbuilding Co., Ltd. The CSCL Montevideo was delivered on September 2, 2008, approximately five months ahead of the original delivery schedule, and increases the number of vessels in the Company's operating fleet to 32, with 36 remaining newbuilds to be delivered over the next three years. The CSCL Montevideo is subject to a time charter with China Shipping Container Lines (Asia) Co., Ltd. for a twelve year period. CSCL Asia is a subsidiary of China Shipping Container Lines Co., Ltd., the world's eighth largest liner company in terms of shipping capacity. Under the terms of the fixed-rate time charter, CSCL Asia is responsible for fuel costs and all cargo operating and related expenses. Gerry Wang, Chief Executive Officer of Seaspan, commented, "With the delivery of the CSCL Montevideo, Seaspan has once again expanded its operating fleet and increased the Company's earnings power. Since our initial public offering, we have increased the capacity of our contracted fleet by 244%. Our current available liquidity of $850 million will allow us to continue to execute our disciplined growth strategy and consider additional growth opportunities that meet our strict return requirements."