NORTH Vancouver headquartered Seaspan has ordered five 12,200-TEU containerships on the back of 18 years charter worth US$910 million in contracted cash flows.

Upon completion and delivery, all five ships will start long term charters with a global liner company and are subject to vessel purchase obligations at the end of the charters.

Seaspan did not disclose the shipyard or the delivery schedule of the vessels, reports UK's Seatrade Maritime News.

"Executing a discreet newbuild opportunity to fulfil customer needs and achieve targeted returns is a win-win result," said Seaspan CEO Bing Chen. "Together, with our valuable customer, we were able to develop mutually beneficial business solutions while adding high value vessels to our fleet and expanding our contracted revenue base," he said.

The newbuild vessels will be financed from borrowings as well as cash on hand.