The normalised earnings are a 14.7% drop on 2012's $33.2m, but net earnings did rise from $51.2m in Q1 2012 to $55.6m in 2013.
Thanks to the full quarter earnings of newly delivered larger vessels, revenue rose by 7.5% to $164.9m.
"During the first quarter, we generated stable results, which were in line with our expectations. We also entered into two important transactions with MOL (Mitsui OSK Lines) and Yang Ming Marine, enabling Seaspan to further increase its contracted revenue stream and cash flows," commented ceo, co-chairman and co-founder Gerry Wang.
The deals in question are orders of five 14,000 teu eco-ships at Hyundai Heavy Industries, each signed on 10 year time charters with Yang Ming Marine with two year options and four 10,000 teu eco-ships ordered at Yangzijiang Shipbuilding, each with long term time charters with MOL.
"We intend to continue to draw upon our financial strength and technical and operational leadership to pursue attractive growth opportunities," Wang added.
Across the 69 vessels operating for the first quarter, Seaspan recorded utilisation of 96.1%, down from 99.1% in the same period last year. The drop was attributed to 221 off-hire days for four of its 4,250 teu vessels, cumulative utilisation since the 2005 IPO stands at 99%.
Copyright © 2024. All rights reserved. Seatrade, a trading name of Informa Markets (UK) Limited.
Add Seatrade Maritime News to your Google News feed.  |
