World News
Seaspan Profits Drop as Revenues Rise in Q2
Seaspan Corp. [NYSE:SSW] (Seaspan) reports its profits plunged 84 percent year-over-year to $20 million in the second quarter of 2014, while revenues rose 3.6 percent to $173.9 million.
The drop in profits was due to the change in fair value of financial instruments.
Seaspan added two vessels to its fleet over the quarter, both fuel-efficient ships using the company's SAVER design.
"During the second quarter, we generated stable cash flow for shareholders, while continuing to execute on our newbuilding program, which is aimed at increasing the size of our fleet and future earnings power," said Gerry Wang, the company's CEO, co-chairman and co-founder.
"We are pleased to have delivered two 10000 TEU SAVER design containerships to Hanjin Shipping Co. Ltd."
The addition of the two vessels brought the company's fleet to 74 vessels.
Seaspan has been betting on the fuel-efficient ships in recent months, saying that liner companies are interested in chartering vessels using the SAVER design.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 649.50 | 2.00 | 778.50 | 8.50 |
| Rotterdam | 602.00 | 0.50 | 748.00 | 6.00 |
| Houston | 624.00 | 5.00 | 792.00 | 3.50 |
| Fujairah | 649.50 | 2.00 | 898.00 | 3.00 |
| Global 20 Ports Average | 662.00 | 2.00 | 855.00 | 1.50 |
| Global 4 Ports Average | 631.00 | 1.00 | 804.00 | 0.50 |
| Global Average Bunker Price | 717.50 | 0.50 | 913.50 | 1.00 |
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