World News
Eco-Ship Deals Help Seaspan to Increased Profits
Buoyed partly by its fuel-saving SAVER ship design, Hong Kong-based ship leasing company Seaspan Corporation (Seaspan) [NYSE:SSW] reports it more than doubled its profits to $48 million in the third quarter of the year, compared with $17.8 million for the same period in 2012.
Revenues rose 1.5 percent to $172.4 million.
"Seaspan generated stable third quarter results and took important steps to grow the Company's fleet and contracted revenue stream," said CEO Gerry Wang.
"We continued to use our SAVER design to partner with leading liner companies and provide them with large, fuel efficient containerships."
Over the quarter, Wang said, the company entered into deals for 15 newbuildings, which will boost its managed fleet to 104 vessels.
The company received one new vessel in July, which is on a two-year charter to Mitsui O.S.K. Lines Ltd (MOL), and it made deals to charter 10 of its newly ordered SAVER-design containerships to Yang Ming Marine Transport Corporation (Yang Ming Marine).
Wang said early this year that fuel-efficient ships are a key to its position in the market going forward.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 571.00 | 1.50 | 685.50 | 5.50 |
| Rotterdam | 516.50 | 1.50 | 677.50 | 3.50 |
| Houston | 556.00 | 6.00 | 679.00 | 1.00 |
| Fujairah | 565.00 | 4.50 | 755.00 | 1.50 |
| Global 20 Ports Average | 589.00 | 3.00 | 764.50 | 3.50 |
| Global 4 Ports Average | 552.00 | 3.00 | 699.00 | 2.50 |
| Global Average Bunker Price | 635.50 | 1.00 | 811.50 | 11.00 |
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