Review of Performance Since the IPOReview of Performance Since the IPO

Seaspan Corporation

March 2006March 2006March 2006March 2006

2

Notice on Forward Looking Statements

This presentation contains certain statements that may be deemed to be “forward-looking statements” within the meaning of the Securities Acts. All statements, other than statements of historical facts, that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future, including, without limitation, the outlook for fleet utilization and shipping rates, general industry conditions including bidding activity, future operating results of the Company’s vessels, capital expenditures, asset sales, expansion and growth opportunities, bank borrowings, financing activities and other such matters, are forward-looking statements. Although the Company believes that its expectations stated in this presentation are based on reasonable assumptions, actual results may differ from those projected in the forward-looking statements. For a more detailed discussion of risk factors, please refer to the Prospectus filed with the SEC on August 8, 2005 related to the Initial Public Offering.

3

August 8, 2005 IPO of

Seaspan (NYSE: SSW)

Who We are

We have built a world-class containership leasing company over the last 6 years

Through a disciplined and well-timed acquisition strategy we are currently the fifth largest independent containership charter owner

By 2009 we will be one of the largest companies in our industry (133,903 TEU)

1999 2000 2001 2002 2003 2004 2005 2006 2009

Seaspan formed

Washington Group

investment

First long-term charters with

China Shipping (5 ships)

At industry low, Seaspan signs

large ship order for China Shipping

Ships placed with

CP Ships

Seaspan will own and

operate at least 29 ships

Announced post-IPO

acquisition of 6 new vessels

4

Container Shipping Value Chain

ShippersShippersShippersShippersLiner OperatorsLiner OperatorsLiner OperatorsLiner OperatorsCharter OwnersCharter OwnersCharter OwnersCharter Owners

Strong but volatile cash flowsStrong but volatile cash flowsStrong but volatile cash flowsStrong but volatile cash flowsStable cash flowsStable cash flowsStable cash flowsStable cash flows

Own and operate vessels under long-term fixed-rate charters

Minimal risk to revenues, costs or utilization

Source cargo

Load and discharge containers

Vessel employment risk

Responsible for voyage expenses inc. fuel expense

Require movement of materials and finished goods through supply chain

Wal-Mart effect:

9,000 out of 15,000 suppliers in China

Represents 18% of Transpacific trade

5

Seaspan Corporation IPO

2005 Americas Maritime Equity Deal of the Year – Marine Money2005 Americas Maritime Equity Deal of the Year – Marine Money2005 Americas Maritime Equity Deal of the Year – Marine Money2005 Americas Maritime Equity Deal of the Year – Marine Money

Seaspan Firsts:

Largest U.S. listed shipping IPO ever

First IPO in the container ship leasing industry

First IPO of a C-Corp structured like an MLP

Investment Highlights:

Long-term stable cash flows with 10+ year fixed rate charters

Successful throughout cycle with ability to make acquisitions in up and down markets

High growth potential given strong industry dynamics

Low residual risk and chartering upside

Attractive base dividend of 8.1% gives downside protection

Significant financial flexibility allows for competitive cost of capital

Large, uniform containership fleet provides operational flexibility

Strong management team and Washington Group sponsorship

6

Key Financial Characteristics

Stable cash flows from long-term fixed-rate charters

Locked in vessel operating costs

Interest rates fully hedged

No fuel price risk or foreign currency exposure

Multiple credit worthy counterparties

No corporate level income taxes

Cash flow retention for reinvestment

Subordination of dividends by founders

Ability to finance large scale vessel purchases

$1.0 billion credit facility and access to capital markets

Highly predictable business model supports stable base dividend Highly predictable business model supports stable base dividend and provides platform for growthand provides platform for growth

Highly predictable business model supports stable base dividend Highly predictable business model supports stable base dividend and provides platform for growthand provides platform for growth

7

Performance Since IPO

50,960

59,46063,710

72,210

0

20,000

40,000

60,000

80,000

100,000

At IPO Pro-Rated3rd

Quarter2005

4thQuarter

2005

YTD 2006

Early delivery of vessels boosted distributable cashflow

Generated $22.6 million of cash flow available for distribution from IPO to December 31, 2005

Dividends remain on-target with our projections

Paid a quarterly pro-rated dividend of $0.23 for the period ending September 30, 2005

Declared an ordinary dividend of $0.425 per share for the first full quarter ended December 31, 2005

Expanded fleet to 13 vessels in 2005

CSCL Melbourne delivered four weeks ahead of schedule

CSCL Brisbane delivered four weeks ahead of schedule

CP Kanha delivered eight weeks ahead of schedule

Fleet 100% utilized during 2005 142-day operating period

Ahead of schedule for 2006

Dubai Express delivered ten weeks ahead of schedule

Jakarta Express delivered seven weeks ahead of schedule

Beat consensus estimates in Q3 at $.14 per share and in line with estimates for Q4 at $.26 per share

Announced first acquisition of vessels not in the original contracted fleet

We continued to deliver on our strategy and accomplished all of our key objectives since our IPOWe continued to deliver on our strategy and accomplished all of our key objectives since our IPOWe continued to deliver on our strategy and accomplished all of our key objectives since our IPOWe continued to deliver on our strategy and accomplished all of our key objectives since our IPO

Total Capacity (TEU)

Fleet Growth = 41.7%

Fleet Growth = 41.7%

8

COSCON Acquisition – 3500 TEU

Strategic OpportunitiesStrategic OpportunitiesStrategic OpportunitiesStrategic OpportunitiesDetails of AcquisitionDetails of AcquisitionDetails of AcquisitionDetails of Acquisition

Deliver incremental growth through fleet expansion

Diversify customer base by adding major and rapidly growing player in China, with potential to deliver further business in future

Entry into 2nd hand KG divestitures arena

Secure long-term time charters ensuring strong and stable cash flows for distributions

Establish relationship with growing Chinese shipbuilder

$5 million to $5.5 million incremental EBITDA per vessel per annum upon delivery

Vessels: 2 x 3500 TEU new building vessels

Delivery: February and July 2007

Counterparty: Affiliates of Conti Holding GmbH & Co. KG ("Conti") of Germany

Charterer: Cosco Container Lines Co. Ltd. (“COSCON”)

Shipbuilder: Zhejiang Shipbuilding Co. Ltd. in China

Total Cost: ~ $49.5 million per vessel

Charter: 12-year charter agreements at $19,000 per day

Management: Seaspan Management Services Limited ("SMSL") will supervise construction and operation at an initial fixed rate of $4,200 per day

9

CSCL Asia Acquisition – 2500 TEU

Expansion of fleet to include 2500 TEU vessels

Further solidifies relationship with high quality charterer

Uncommitted purchase option on 8 additional 2500 TEU vessels at the same purchase price

$4.4 million to $4.8 million incremental EBITDA per vessel per annum upon delivery

Vessels: 4 x 2500 TEU new building vessels

Delivery: Between Sept. 2008 and March 2009

Charterer: China Shipping Container Lines (Asia) Co. Ltd. (“CSCL Asia”)

Shipbuilder: Jiangsu Yangzijiang Shipbuilding in China

Total Cost: ~ $44.5 million per vessel

Charter: 12-year charter agreements for these vessels at $16,750 per day, increasing after six years to $16,900 per day

Management: Seaspan Management Services Limited ("SMSL") will supervise the construction and operation at an initial fixed rate of $4,000 per day

Strategic OpportunitiesStrategic OpportunitiesStrategic OpportunitiesStrategic OpportunitiesDetails of AcquisitionDetails of AcquisitionDetails of AcquisitionDetails of Acquisition

10

$0

$2

$4

$6

$8

$10

$12

1998 1999 2000 2001 2002 2003 2004 2005 2006

$/D

ay/T

EU

(50%)

(25%)

0%

25%

50%

75%

100%

Per

cen

tag

e C

han

ge

Charter Rate Y-o-Y Grow th

0

200

400

600800

1,000

1,200

1,400

1,600

2000 2001 2002 2003 2004 2005 2006 2007* 2008*

TE

U (

00

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)

0%

3%

6%

9%

12%

15%

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erce

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TEU Y-o-Y Grow th

Well Positioned to Capitalize on Opportunities in Tougher Market

Volume trends strong, but box rates lower

Charter rates well off cyclical peaks

Down from $48,500 in Jun 2005 to $31,000 in Jan 2006 (4250 TEU)

Significant capacity additions in 2006-07

Speculative ships tougher to place

Increased activity in the second hand market

Asset values declining

No open charter exposure until 2013

Buying assets low and chartering low is consistent with our low risk model

We have significant financial flexibility to take advantage of softer environment

Opportunity for SeaspanOpportunity for SeaspanOpportunity for SeaspanOpportunity for Seaspan

Ships Delivered 175 190 199 188 173 277 399 379 255

* Ordered to date

Charter Rates Declining Significantly Since Peaking in 2005

Capacity Increasing Dramatically Through 2008

Source: Clarkson ResearchSource: Clarkson Research

11

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

$50,000

Jan-93

Jul-94

Jan-96

Jul-97

Jan-99

Jul-00

Jan-02

Jul-03

Jan-05

TC

E R

ate

($ in

th

ou

san

ds)

0

10

20

30

40

50

60

70

$80

Vessel P

rice ($ in m

m)

New building Price 6 - 12 Month TCE Coscon Rate

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

$45,000

Oct-98

Jun-99

Feb-00

Oct-00

Jun-01

Feb-02

Oct-02

Jun-03

Feb-04

Oct-04

Jun-05

Feb-06

TC

E R

ate

($ in

th

ou

san

ds)

0

10

20

30

40

50

60

70

$80

Vessel P

rice ($ in m

m)

New building Price CSCL Rate 6 -12 Month TCE

Taking Advantage of Current Market Conditions

CSCL Asia Acquisition – 2500 TEUCSCL Asia Acquisition – 2500 TEUCSCL Asia Acquisition – 2500 TEUCSCL Asia Acquisition – 2500 TEUCoscon Acquisition – 3500 TEUCoscon Acquisition – 3500 TEUCoscon Acquisition – 3500 TEUCoscon Acquisition – 3500 TEU

$41.4mm Purchase

Price

$46.7 mm Purchase

Price

Competitive cost of capital

Diverse global relationships

Despite Declining Market Conditions Seaspan Able to Effect Accretive AcquisitionsDespite Declining Market Conditions Seaspan Able to Effect Accretive AcquisitionsDespite Declining Market Conditions Seaspan Able to Effect Accretive AcquisitionsDespite Declining Market Conditions Seaspan Able to Effect Accretive Acquisitions

Long-term charter strategy

Significant financial flexibility

Source: Clarkson ResearchSource: Clarkson Research

12Source: Clarkson Research.

Containership Time Charter Daily Rates per TEUContainership Time Charter Daily Rates per TEUContainership Time Charter Daily Rates per TEUContainership Time Charter Daily Rates per TEU

$0

$2

$4

$6

$8

$10

$12

$14

Jan-93 Jan-94 Jan-95 Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06

US$/Day/TEU

3,500 TEU Seaspan 2,500 Seaspan 3,500 Seaspan 4,250 Seaspan 8,500 Seaspan 9,600

Acquisitions Are Consistent WithSeaspan’s Chartering Low Strategy

13

Coscon Acquisition Demonstrates Seaspan's Commitment to Customer DiversificationCoscon Acquisition Demonstrates Seaspan's Commitment to Customer DiversificationCoscon Acquisition Demonstrates Seaspan's Commitment to Customer DiversificationCoscon Acquisition Demonstrates Seaspan's Commitment to Customer Diversification

Long-Term Charters with World Class Customers

14

Revised Fleet Growth Profile

Total Ships(1): 10 13 18 25

Additional Investment: – $162.2mm $284.5mm $502.6mm

Debt / Book Cap(2): 0.0% 20.2% 46.2% 55.8%

133,903

50,96063,719

84,984

123,903 128,903

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

At IPO 2H 2005 2006 2007 2008 2009

Total Capacity (TEU)

27 29

$89.0mm $89.0mm

52.7% 53.5%

(1) Assumes the 4 newest CSCL vessels are delivered 2 months apart starting in September 2008.(2) Assumes 60% debt financing of new vessels with additional equity issuance to finance remaining cost.

15

Seaspan's Business Strategy PositionsUs For Future Vessel Acquisitions

Deep and trusted relationships with world class customers Exceed customer expectations in service-intensive industry

– Excellence in ship operations– Partnership approach, not transactional

Long-term charter strategy Seek to enter into charters greater than ten years Provide stability of costs to charter liners at below current market rates Cash flows insulated from cycle Low charter rates provide significant potential from re-chartering upside

Accretive to distributable cash flow

High quality charterer

Careful assessment of credit and residual risk

Acquisition Criteria

16

Seaspan’s Formula

Sustainable and Growing Dividend

Superior Vessel Operations

Superior Vessel Operations

Outsourcing Trend

Accretive Vessel

Purchases

Accretive Vessel

Purchases

Deep Customer Relationships

Deep Customer Relationships

High Quality Team

High Quality Team

Rechartering Upside

Long-Term Charters

Long-Term Charters