Seaspan Quadruples Quarterly Net Profit

Hong Kong-headquartered containership owner Seaspan Corporation improved its net earnings by 306% in the second quarter compared to the same period a year earlier, partly attributed to the addition of eight new vessels over the last twelve months, and a high utilisation of the company’s fleet of 82 vessels.

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Seaspan reported USD 81.4 million net profit for the quarter ended June 30, over four times more than USD 20 million net profit for the same period a year earlier.

The company’s reported quarterly revenue of USD 199.2 million was 14.5% higher compared to USD 173.9 million reported in 2QFY2014.

Adjusted EBIDTA for the quarter stood at USD 168.8 million, a 29% jump year-on-year.

Seaspan added four new 14000 TEU boxships to its fleet in the last quarter alone. These four vessels were the first 14000 TEU containerships constructed at Hyundai Heavy Industries Co., Ltd. using Seaspan’s SAVER design.

The company currently has 23 newbuildings under construction, seven of which were ordered in the second quarter and are expected to be delivered in 2017.

“During the second quarter, we continued to benefit from our growing fleet of large state-­of-­the-­art containerships, increasing adjusted EBITDA and cash available for distribution to shareholders. We also achieved an important milestone by taking delivery of the first four of eight 14000 TEU SAVER design vessels chartered to Yang Ming on attractive ten-­year fixed-­rate contracts,” said Gerry Wang, Chief Executive Officer, Co­Chairman and Co­Founder of Seaspan.

“Today we manage a fleet consisting of 118 vessels, including 23 newbuild containerships, and committed revenue of USD 6.4
billion. We believe that our ongoing success in diversifying and strengthening Seaspan’s capital structure positions us to further execute the Company’s disciplined growth strategy, solidifying our industry leadership and complementing the Company’s dividend policy.”