Seaspan Swings to Profit in 2012

by Ship & Bunker News Team
Wednesday March 6, 2013

Seaspan Corporation [NYSE:SSW] (Seaspan) says it made a profit of $121.3 million on revenues of $660.8 million in 2012, compared with a loss of $83.4 million on revenues of $565.6 million in 2011 as it added more fuel-efficient ships to its fleet.

"We are satisfied with the operational and financial results that we achieved during the year of 2012," said Gerry Wang, chief executive officer, co-chairman, and co-founder of Seaspan.

"We are also pleased with the steps we took to further strengthen our balance sheet and capital structure, positioning the Company to take advantage of an attractive acquisition environment."

The company received 10 vessels in 2011 and another four in 2012, bringing its fleet to a total of 69 ships, and it had a vessel utilization rate of 98.9 percent for 2012.

Seaspan said it signed contracts for nine newbuilding containerships, which will use the company's fuel efficient SAVER design in January 2013, with delivery scheduled for 2014 and 2015.

Wang  noted company has also made new deals with charterers Mitsui O.S.K. Lines (MOL) and Yang Ming Marine Transport Corporation (Yang Ming).

"We commenced the year 2013 by entering into two important transactions with MOL and Yang Ming for their large ship requirements," he said.

"We remain well positioned to continue to execute our disciplined growth strategy."

Wang has said buying new, fuel-efficient ships at current low prices is a key to the company's success.

Ship & Bunker News Team
To contact the editor responsible for this story email us at editor@shipandbunker.com