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Seaspan first half profit drops 57pc to US$43.5 million, as sales rise 13.4pc

HONG KONG's Seaspan Corporation first half net profit fell 57.6 per cent year on year to US$43.55 million, drawn on revenues of $439.83 million, which increased 13.4 per cent.

Seaspan first half profit drops 57pc to US$43.5 million, as sales rise 13.4pc

HONG KONG's Seaspan Corporation first half net profit fell 57.6 per cent year on year to US$43.55 million, drawn on revenues of $439.83 million, which increased 13.4 per cent.

Seaspan first half profit drops 57pc to US$43.5 million, as sales rise 13.4pc
26 July 2016 - 19:59

Seaspan first half profit drops 57pc to US$43.5 million, as sales rise 13.4pc
HONG KONG's Seaspan Corporation first half net profit fell 57.6 per cent year on year to US$43.55 million, drawn on revenues of $439.83 million, which increased 13.4 per cent.
Second quarter net profit fell 55.2 per cent year on year to US$36.42 million, drawn on revenues of $224.31 million, which increased 12.6 per cent.
On July 12, Seaspan declared the following quarterly cash dividends on its common and preferred shares, for a total distribution of $47.9 million.
At the beginning of 2016, Seaspan had 85 vessels in operation. Seaspan accepted delivery of two newbuilding vessels and leased in two vessels during the six months ended June 30, bringing its operating fleet to a total of 89 vessels at June 30, 2016. 
Ship operating expenses decreased 0.1 per cent to $49.2 million for the three months ended June 30, 2016, compared to the same period in 2015, primarily due to cost savings initiatives. 
Said CEO Gerry Wang: "We continued to generate strong financial and operational results in the second quarter. Our continued ability to access capital from diverse sources is a strong endorsement of our stress tested business model."
Mr Wang said that during the second quarter the fleet grew with the delivery of an eighth 14,000-TEU SAVER ship, which commenced a 10-year fixed-rate contract with Yang Ming. 
"We also grew our operating fleet by entering into leasing arrangements for two newly-delivered vessels that were previously owned by GCI and constructed under our supervision," he said. 
"Each of these vessels has been contracted for long-term fixed-rate charters. Finally, at the end of the second quarter, Seaspan acquired two newbuilding 11,000-TEU vessels from GCI and their associated 17-year charters with MSC. 
With these actions, we have taken significant steps to ensure the stability of our cash flows while increasing our position as the world's largest independent owner and lessor of containerships," said Mr Wang.
During the second quarter, Seaspan accepted delivery of one 14,000-TEU YM Width, built at CSBC Corporation, Taiwan using our fuel efficient SAVER design and commenced a 10-year fixed-rate time charter with Yang Ming Marine Transport on May 29.
On April 28, Seaspan entered into a lease financing arrangement with third parties for one 10,000-TEU newbuilding vessel, the MOL Beyond, leased from the third parties over a term of 11 years, with an option to purchase the vessel.
Seaspan received the eight-year time charter contract with MOL for the MOL Beyond from Greater China Intermodal Investment LLC ("GCI") for no consideration.
On May 6, Seaspan entered into a lease financing arrangement with third parties for one 14,000-TEU newbuilding vessel, the YM Window. 
On June 29, Seaspan acquired two 11,000-TEU newbuilding vessels from GCI for a total purchase price of $195.6 million. These vessels will commence 17-year bareboat charters with MSC Mediterranean Shipping Company (MSC).

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