SEASPAN Corporation has posted a 10.8 per cent increase in 2012 net profit to US$137 million, despite a disappointing fourth quarter when it fell 9.5 per cent
Seaspan 2012 profit up 10.8pc to US137 million as revenues rise 9pc SEASPAN Corporation has posted a 10.8 per cent increase in 2012 net profit to US$137 million, despite a disappointing fourth quarter when it fell 9.5 per cent to US$32 million, drawn on full-year revenues of $170 million, up nine per cent.
The New York-listed, Vancouver-headquartered and Hong Kong managed ship owning and chartering company, said operating profit for 2012 increased 19 per cent to $82 million.
"We are satisfied with the operational and financial results that we achieved in 2012. We are also pleased with the steps we took to strengthen our balance sheet and capital structure, positioning the company to take advantage of an attractive acquisition environment," said CEO Gerry Wang.
The company said it had received a $340 million loan in January from a major Chinese bank, which will refinance existing vessels. Seaspan took delivery of four newbuildings in 2012, bringing its operating fleet to 69 ships with an average age of six years and a remaining lease period of six years.
Included in the mix are the 13,092-TEU Cosco Faith and Cosco Fortune built by Hyundai Heavy Industries and Cosco Hope and Cosco Excellence built by Hyundai Samho Heavy Industries.
Seaspan has redelivered three 4,250-TEU ships during the last quarter, two to be on short-term charters in late March and the other one off-charter. Its orderbook includes 16 containerships to be delivered in 2015.
