Landmark Contract & Customized Vessels
China State Shipbuilding Corporation (CSSC) and Seaspan Corporation (the largest tonnage provider in the world ) signed a contract on August 15, 2025, for the construction of12* 9,000 TEU container ships at Hudong-Zhonghua Shipbuilding. These vessels feature:
Tailor-made design: Convention fuel, Optimized hull, high-efficiency propulsion, and cargo space maximization for operational economy
Dual-fuel readiness: Aligning with Seaspan’s decarbonization focus (earlier orders included LNG/methanol dual-fuel ships)
Pioneering RMB Settlement: A Game-Changer
The contract adopts cross-border RMB settlement, facilitated by ICBC Financial Leasing. This marks:
"Chinese Manufacturing + Chinese Finance" synergy: Reducing forex risks for shipbuilders and cutting financing costs for owners via RMB-USD interest differentials
Accelerated RMB internationalization: Maritime sector joins commodities trade in driving RMB usage (RMB now 4.74% of global payments, per 2024 reports)
Seaspan’s China Focus & Industry Impact
Deepening ties: This follows Seaspan’s April 2025 order for 6×11,400 TEU ships at Waigaoqiao Shipbuilding (also RMB-settled)
Fleet expansion strategy: 41 newbuilds underway in China (2024–2029), including 13,600 TEU vessels at Hudong-Zhonghua
Market shift: Seaspan’s pivot to RMB counters US tariff threats (e.g., looming $1.5M tariffs on Chinese ships) by locking in cost efficiency
Why This Matters for Global Trade
Risk diversification: Reduced USD dependency amid geopolitical volatility
Green shipping convergence: Chinese yards now dominate 70%+ global green vessel orders, pairing eco-tech with financial innovation
Seaspan’s Vision: CEO Chen Bing’s collaboration with CSSC Chairman Xu Peng underscores a long-term bet on China’s integrated "build + finance" model to future-proof fleet competitiveness
by Xinde Marine News Chen Yang
The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.
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