SHIPOWNER and lessor Seaspan Corporation has posted year-on-year 169.7 per cent third quarter net profit increase to US$48 million, drawn on revenues of $172.4 million, up 1.4 per cent.
This topped a year-on-year 270 per cent net profit increase for the first nine months to $230.7 million, drawn on revenues of $505.1 million, up 2.9 per cent, according to the results statement from the Vancouver-based, but Hong Kong-administered company.
Seaspan reported a vessel utilisation rate of 98.5 per cent in the last quarter and 97.9 per cent in the first nine months.
The company also took delivery of one vessel during the quarter, bringing Seaspan's operating fleet to 71 vessels at September 30.
"During the third quarter, we entered into transactions for 15 newbuildings that will increase our managed fleet to 104 vessels. We remain in a strong position to execute our disciplined growth strategy, while returning capital to shareholders in the form of dividends," said CEO Gerry Wang.
On July 19, Seaspan entered into contracts to build five 14,000-TEU ships with Hyundai Heavy Industries to be delivered in 2015 deploying Seaspan's fuel efficient SAVER design.
On September 28, Seaspan exercised options to build five 10,000-TEU ships with New Yangzi Shipbuilding Co Ltd and Jiangsu Yangzi Xinfu Shipbuilding Co Ltd to be delivered in 2015 and again with fuel efficient SAVER design.
Seaspan's board also authorised the repurchase of up to $25 million of its 9.5 per cent Series C preferred shares.
WORLD SHIPPING
31 October 2013 - 21:31
Seaspan quarterly profit up 169.7pc to US$48 million, revenues rise 1.4pc
SHIPOWNER and lessor Seaspan Corporation has posted year-on-year 169.7 per cent third quarter net profit increase to US$48 million, drawn on revenues of $172.4 million, up 1.4 per cent.
WORLD SHIPPING
31 October 2013 - 21:31
Seaspan quarterly profit up 169.7pc to US$48 million, revenues rise 1.4pc
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