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Profits up, fleet expansion ahead at Seaspan

Profits up, fleet expansion ahead at Seaspan
Vancouver: Containership owner and manager Seaspan Corp reported strong profits for 2012 as utilisation rates held high along with a rise in ownership days.

Earnings in the fourth quarter jumped 150% to $58.9 from $23.5m in Q4 2011, bringing full year earnings for 2012 to $121.3m, up from a net loss of $83.4m in 2011.

A utilisation rate of 98.5% in the final quarter brought the 2012 average to 98.9%, just 0.4% down year-on-year despite the company receiving four newbuilds in the same period, bringing the fleet to a total of 69 vessels. Seaspan-owned large boxships are chartered out on long-term deals to major container lines.

In 2013, Seaspan has already signed contracts for five 14,000 teu ships at Hyundai Heavy Industries for delivery in 2015, four 10,000 teu newbuilds at Yangzijiang Shipbuilding as well as agreeing the purchase of four existing 4,600 teu vessels of 10 years of age from Mistui OSK Lines for delivery between late 2013 and early 2014.

Gerry Wang, ceo, co-chairman, and co-founder of Seaspan, commented, "We are satisfied with the operational and financial results that we achieved during the year of 2012. 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. We commenced the year 2013 by entering into two important transactions with MOL and Yang Ming for their large ship requirements. We remain well positioned to continue to execute our disciplined growth strategy."