Bing Chen-led Seaspan is taking the internationalisation of the renminbi into marine insurance, becoming the first overseas shipowner to pay protection and indemnity calls to China P&I Club in the Chinese currency.

The containership lessor and China Shipowners Mutual Assurance Association signed an agreement in Shanghai this week covering two 14,000 teu newbuildings, which will enter the club with their P&I calls settled through a cross-border RMB arrangement. China P&I Club described the deal as a first for the organisation and a pioneering use of offshore renminbi in international P&I insurance.

The agreement initially covers only P&I calls and does not mean claims, guarantees or reinsurance payments will also be settled in RMB. Even so, it extends the currency’s use beyond shipbuilding, leasing and funding into a part of maritime operations that has long been settled through established dollar-based insurance channels in London and the Nordic markets.

It also deepens Seaspan’s growing financial ties with China.

The company ordered six 13,600 teu vessels at Hudong-Zhonghua in 2024 under RMB-denominated contracts, with three backed by around RMB3.5bn ($490m) of Chinese leasing finance. The ships are being chartered to OOCL for 15 years under agreements worth RMB11.2bn.

Earlier this month, Seaspan became the first international shipowner to tap China’s panda bond market, raising RMB1.5bn through a three-year private placement carrying a 2.5% coupon.