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Seaspan quarterly profit up 11.6pc to US$75.8 million as revenues rise 12pc

NEW YORK-listed, Vancouver- headquartered and Hong Kong-administered Seaspan Corporation posted a 11.6 per cent first quarter year-on- year net profit increase to US$75.8 million, drawn on revenues of $188.5 million, up 12 per cent.

Seaspan quarterly profit up 11.6pc to US$75.8 million as revenues rise 12pc
29 April 2015 - 12:44
Seaspan quarterly profit up 11.6pc to US$75.8 million as revenues rise 12pc

NEW YORK-listed, Vancouver- headquartered and Hong Kong-administered Seaspan Corporation posted a 11.6 per cent first quarter year-on- year net profit increase to US$75.8 million, drawn on revenues of $188.5 million, up 12 per cent.

Driving growth was the non-operating shipowner's fleet, which grew by one in the quarter and is up six ships over the past year to 78 units. 

Those six additional ships help to more than offset an increase in scheduled off-hire time, leading to stronger-than-expected revenue growth, the company said.

Seaspan expects steady growth to continue for the next few years. The company took delivery of two more ships subsequent to the quarter's end, which will boost revenue and cash flow in the second quarter and beyond. 

In addition, the company entered into transactions for seven more newbuilds, five of which are already under long-term charter contracts. 

These new ships, combined with others the company has already announced, will bring its managed fleet to 118 once all are delivered.

The two new ships are the first two of the company's fuel-efficient SAVER design for the larger 14,000-TEU vessels, and expected to keep operating costs lower, thus building profits.

Meanwhile, the seven newbuilds the company agreed to purchase are expected to be delivered in 2017. The first five ships are 11,000 TEU vessels, but Seaspan will retain only three

The others may go to a joint venture company, Greater China Intermodal, or GCI - which Seaspan manages - will acquire the other two. Similarly, the other two vessels, which are 10,000-TEUers, are subject to Seaspan's right of first refusal with GCI. 

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