Seaspan Becomes First International Ship Owner and Operator to Access China's Panda Bond Market

Published: August 10, 2026

Seaspan Corporation Pte. Ltd. ("Seaspan"), a leading independent maritime asset owner and operator, has successfully completed the issuance of a RMB 1.5 billion Panda Bond in China's domestic bond market. The milestone makes Seaspan the first international ship owner and operator to access the Panda Bond market.

The three-year private placement note was issued on July 15, 2026, carrying a coupon rate of 2.50% per annum. The offering drew strong demand from both Chinese onshore and international investors, achieving a book coverage ratio of 2.3 times, indicating oversubscription.

Panda Bonds are yuan-denominated debt instruments issued by non-Chinese entities in China's onshore bond market. They allow foreign issuers to raise capital in RMB from domestic Chinese investors and are part of China's broader efforts to internationalize its currency and open its financial markets. While the Panda Bond market has previously drawn issuers from sovereigns, financial institutions, and corporates across sectors such as real estate and consumer goods, Seaspan's issuance marks the first entry by an international maritime asset owner.

For Seaspan, the transaction establishes a new funding channel and supports the company's broader strategy to diversify its sources of capital and broaden access to unsecured debt. The company stated that this move strengthens its ability to invest in its fleet, pursue growth opportunities, and create long-term value for customers and stakeholders.

"The issuance demonstrates the confidence that investors have in Seaspan's credit quality, business model, strong financial profile, and sustainable growth strategy," said Andreas Brauch, Chief Financial Officer. "Expanding our access to China's domestic capital markets further diversifies our funding sources and improves our access to cost-efficient capital, enhancing our long-term growth objectives to support our customers with one of the world's largest and most modern fleets."

The Panda Bond issuance represents an important development in Seaspan's engagement with Chinese capital markets. The company maintains strategic partnerships across the Chinese maritime ecosystem, including chartering, shipbuilding, financing, and maritime services. Access to RMB-denominated funding also aligns with the broader trend among shipping companies that increasingly engage with Chinese shipyards, lessors, and financiers, as China has become the world's largest shipbuilding nation by contracted vessel volume.

Source: Seaspan Corporation Pte. Ltd.