Seaspan posts 83pc net profit decline to US$23.5 million in 2011

2012 03 02

NEW YORK listed Seaspan, with major offices in Hong Kong and Vancouver but registered in the Marshall Islands, has posted a 83.4 per cent decline in 2011 net profit to US$23.5 million.

The company it achieved vessel utilisation of 99.5 per cent for the fourth quarter and 99.3 per cent for the full year 2011, according to the company statement.

It also received deliveries of 10 new vessels in 2011, bringing Seaspan's operating fleet to 65 vessels at the end of 2011, which include four 13,100-TEU ships, chartered to Cosco.

"Seaspan once again grew both its fleet and revenue stream under contract, achieved strong utilisation and increased net earnings and cash flow. In addition to taking delivery of 10 vessels that commenced fixed-rate time charters with leading liner companies, we took advantage of a compelling ship acquisition environment to commence our next phase of fleet growth.

"As we pursue opportunities to further grow our fleet, we intend to continue to capitalise on our SAVER vessel design, which we believe provides customers with improved efficiency and operational savings."

In the fourth quarter, the company signed agreements with MSC to bareboat charter the world's second largest carrier four 4,800-TEU vessels, each for a five-year term, with effect from October and November 2011.

As a result, Seaspan posted a loss on vessels of $16.2 million for 2011. Said the company statement: "MSC has agreed to purchase the vessels for $5 million each at the end of the five-year bareboat charter terms. Each transaction is considered a sales-type lease and is accounted for as a disposition of vessels upon delivery of each vessel."

Source Shipping Gazette - Daily Shipping News

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