Seaspan Corporation (Seaspan) is engaged in the business of owning and chartering containerships pursuant to long-term, fixed-rate charters to container lines. During the year Ended December 31, 2008, the Company owned and operated a fleet of 35 containerships. As of December 31, 2008, the average age of the 35 vessels in its fleet was 4.8 years. Customers for its operating fleet are China Shipping Container Lines (Asia) Co., Ltd. China Shipping Container Lines (Asia) Co., Ltd. (CSCL Asia), Hapag-Lloyd USA, LLC (HL USA), COSCO Container Lines Co., Ltd. (COSCON), and A.P. Moller-Maersk A/S (APM). As of December 31, 2008, 20 containerships in its fleet are under time charters with CSCL Asia, nine containerships in the fleet are under time charters with HL USA, four 4800 twenty foot equivalent unit (TEU) vessels are chartered to APM, and two 3500 TEU vessels are under time charters with COSCON.