NEW YORK listed Seaspan, with major offices in Hong Kong and Vancouver, but registered in the Marshall Islands, posted a first quarter 1.4 per cent net profit increase to US$51.25 million year on year, drawn on revenues of 152.08 million, up 25 per cent. "During the first quarter, Seaspan continued to generate strong, stable operational and financial results for shareholders," said Seaspan CEO Gerry Wang.

The company achieved 99.1 per cent in vessel utilisation. "We also took delivery of two newbuildings during the quarter, increasing our fleet to 67 vessels," said Mr Wang.

Both 13,100-TEU ships, named Cosco Excellence and Cosco Faith have started operations under 12-year, fixed-rate time charter with China's flag carrier Cosco.

On April 18 and 27, Seaspan received the delivery of Cosco Hope and the Cosco Fortune, bringing its operating fleet to 69 vessels. Both 13,100-TEU ships are also on charter to Cosco under 12-year, fixed-rate time charter contracts.

Besides, it fixed the ship CSCL Ningbo on a six-month time charter with CSCL on April 24 at a charter rate of $8,450 per day, with an additional six-month extension option at a charter rate of $12,250 per day.

But it said CSCL did not exercise its option in March to extend the time charter for the CSCL Dalian. So the company plans to re-charter the ship when it is redelivered to Seaspan in July.

Also, the company said it was notified in March that the time charter for the UASC Madinah will not be extended, so the ship will be returned to Seaspan in June.

Said Mr Wang: "We remain committed to drawing upon our strong and flexible capital structure to further grow our high-quality fleet in a disciplined manner. In achieving this important goal, we intend to continue to emphasize our SAVER vessel design, which we believe provides customers with improved efficiency and operational savings."

The company will now pursue its plan on building three 10,000-TEU vessels. On May 12, three of its subsidiaries signed a deal of $224 million loan with a leading Chinese bank for these newbuildings.

The company said it expects the agreement to be implemented by early June. "These vessels are scheduled to be delivered in 2014 when they will commence operations under charters with Hanjin Shipping for a period of 10 years, plus an additional two years at the option of Hanjin."