However, the company’s normalised net earnings were up 1.6% at $28.8m compared to $28.3m in the same quarter in 2013. Normalised earnings have the company said have been adjusted for items such as interest expense, change in fair value of financial instruments, interest expense at the hedged rate and “certain other items that Seaspan believes are not representative of its operating performance”.
Commenting on the result Gerry Wang, ceo and co-chairman of Seaspan said: "During the first quarter, we continued to generate stable results and achieved a number of milestones for shareholders. First, we received the delivery of our first SAVER design containership, and realised further fleet growth by exercising options for the construction of four additional 10,000 teu class ships.”
The company operates a fleet of 72 vessels and had a utilisation rate 98.9% in the first quarter.
“We also took important steps to strengthen and diversify Seaspan's capital structure. In addition to our $135m perpetual preferred offering, we successfully completed a $345m unsecured notes offering, both of which expanded our investor base and improved our financial flexibility," Wang said.
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