World News
Seaspan Reports Increased First Quarter Revenue, Profits
Seaspan Corporation [NYSE:SSW] (Seaspan) of Hong Kong increased its revenue to $164.9 million in the first quarter of 2013, from $153.4 million in Q1 2012 as it earned higher rates from larger newbuild vessels delivered last year, the company says.
Seaspan's net earnings also rose to $55.6 million from $51.3 million.
"During the first quarter, we generated stable results, which were in line with our expectations," said CEO Gerry Wang.
"We also entered into two important transactions with MOL and Yang Ming Marine, enabling Seaspan to further increase its contracted revenue stream and cash flows as well as diversify and enhance the Company's high-quality customer base.
"We intend to continue to draw upon our financial strength and technical and operational leadership to pursue attractive growth opportunities."
Seaspan said it entered into contracts in January for the construction of five 14,000 twenty-foot equivalent unit (TEU) containerships by Hyundai Heavy Industries Co. Ltd (HHI) and four 10,000 TEU containerships by Jiangsu New Yangzi Shipbuilding Co. Ltd. and Jiangsu Yangzi Xinfu Shipbuilding Co. Ltd.
All nine ships will use Seaspon's fuel efficient SAVER design.
Wang said in January that fuel-saving ships are a key to the company's financial success given rising oil prices.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 504.50 | 2.50 | 620.00 | 3.00 |
| Rotterdam | 456.00 | 1.50 | 621.50 | 2.00 |
| Houston | 476.00 | 7.00 | 624.00 | 1.00 |
| Fujairah | 496.50 | 2.00 | 713.00 | 2.50 |
| Global 20 Ports Average | 526.50 | 0.50 | 712.00 | 0.50 |
| Global 4 Ports Average | 483.00 | 2.00 | 644.50 | 0.50 |
| Global Average Bunker Price | 570.50 | 1.50 | 751.00 | 1.00 |
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