Seaspan quarterly profit down 145pc, but revenue up 10.1pc
SEASPAN Corp, shipowner and charterer based in Vancouver, but administered from Hong Kong, has posted a 145 per cent net profit decline to US$27.7 million, drawn on quarterly revenues of $189.4 million, which increased 10.1 per cent.
Revenue increases for the quarter were due to the delivery of six 10,000-TEU vessels in 2014 and a decrease in unscheduled off-hire, said the company statement.
In addition, the delivery of two 4,600-TEU second-hand vessels in mid-2013 contributed to the increase for the year.
These increases were partially offset by an increase in scheduled off-hire, lower average charter rates for three of Seaspan's vessels which were on short-term charters and a decrease in vessel management revenue.