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Seaspan net earnings fall 56.1% in 2014

Seaspan net earnings fall 56.1% in 2014
Containership owner Seaspan Corp saw reported net profit fall 56.1% in 2014 to $131.2m, however, normalised net earnings saw a 14.6% jump to $139m.

The company’s fourth quarter earnings saw similar pattern with reported net profit for Q4 2014 falling 59.3% to $27.7m, while normalised net earnings were up 19.9% at $40.1m.

For 2014 as a whole revenues were up 5.9% at $717.2m, and in Q4 2104 revenues were up 10.1% year-on-year at $189.4m.

“Our ongoing success signing attractive long-term time charters with world class liner companies enabled Seaspan to increase its total committed revenue to $6.4 billion, positioning the company to continue to provide shareholders with stable and growing cash flows,” commented Gerry Wang, ceo, co-chairman and co-founder of Seaspan.

The company’s fleet of 77 containerships enjoyed a utilisation rate of 99% in 2014.