Seaspan Realigns with Changing Market Conditions- Plans to buy another 100 Ships

Padmesh Prabhune & Kamal Chadha

“If you want to excel in your business and make your company growth-centric, make sure you pick the right people, the right time, and align your strategy constantly to the market conditions; and together they will do the magic for you,” says Torsten Holst Pedersen, COO of Vancouver based Seaspan Corporation, who was recently in Mumbai to meet with his Indian counterparts.

Employing over 5,200 seafarers from its offices in Hong Kong, Vancouver, and India, Seaspan with its fleet of 140 vessels, plans to have over 200 fully delivered vessels with a capacity of 2 million TEU, over the next 2 years.

Pedersen was appointed Chief Operating Officer in June 2020. “We have grown considerably since, and we have now been realigning our future strategy by going from a listed company to private.

“As the world’s largest independent charterer-owner and manager of containerships, we are a truly global operation,” informed Pederson.

“However with changing times one needs to change as well,” maintains Pederson. With the financial markets nose-diving, the shares are under-valued. The company now looks to realign itself and has decided to go private. Effective March 29, 2023 Atlas Corporation holding company of Seaspan Corporation delists and will be owned by private investors including Ocean Network Express (ONE)

The company has been serving many of the world’s major shipping lines with alternatives to vessel ownership by offering long-term leases on large, modern containerships combined with industry-leading ship management services.

Talking about the investment and expansion plans, Pederson maintains that the company has a clear focus to excel upside, and already has a system in place; be it investments, supply chain module, or the environment regulations, they are well set.

The newer Seaspan vessels have dual fuel systems and Seaspan’s emissions performance is influenced by vessel design, travel speed, trade route, cargo carried, continuous efficiency updates, and vessel modifications developed through its asset development program.

As a leader in the maritime industry, Seaspan recognizes that a sustainable business model must be founded on strong and consistent policies & principles to protect the global environment.

Pederson believes: “You might be an expert providing the best services, but then you have to be economical as well, else being expensive serves no purpose.

“Through technological advances and customer & industry partnerships, we are doing our part in controlling emissions, managing waste, and preserving local biodiversity. “

BUT THE SEASPAN CULTURE IS KING
Moving to shipboard staffing, Seaspan has been firm in its belief of maintaining a system of ensuring ‘Ethnic Diversity’ on board across its fleets. Though Indian Officers seafarers amount to roughly 40 percent of the total workforce, the complete Seaspan workforce includes Europeans, Chinese, Filipinos, Ukrainians, and Sri Lankans as well.

However, Pederson takes pride in the ‘Seaspan Culture’, which he expects everyone to follow. “There is no crew designed system or styles of working for us. Operational excellence seems to be a vague term but then we adhere to the Seaspan Culture, having crews with diverse cultures following ‘safety first’, based on rules and checklist-driven modules.

“We don’t hire people based on ethnicity. We hire smart people.”

He elaborates: “It’s about bringing people together from a diverse set of backgrounds and cultures, then creating an environment that not only recognizes the differences between those cultures and backgrounds, but celebrates them. This helps create space for people to apply themselves, and then turn them in to the best leaders.” With an average seafarer retention rate upwards of 96 percent, Seaspan sure has a point to make.

Seaspan’s leadership is responsible for the overall direction and management of the company’s affairs. They act honestly, and in good faith, with a view to the company’s best interests. They have an excellent cadet induction program as well, that takes care of gender equality too.

Ask Pederson why anyone should join Seaspan and he is quick to respond: “We are Safe, Reliable and Economical. Working at Seaspan is more than just a job; it’s a shipping career.

He adds, “At Seaspan, we’ve developed a workplace where every challenge is seen as an opportunity. We share success together, we support one another, and we embrace diversity and culture. We strive to improve every day.

“Working with us means working in an environment where your professional and personal growth is of the highest priority.”

Joining the Seaspan family means being an integral part of a challenging and exciting environment where your contributions are valued and rewarded.

Marex Media