Seaspan sees great gains in 3Q

Seaspan Corporation announced its financial results for the three and nine months ended September 30, 2011.

In Q3, the company’s net earning increased 30.6% to USD 34.132 billion compared with the same period last year. From January 1 to September 30, net earning reached USD 87.953 billion, jumping 29.3% over a year ago.

Their EBITDA also soared 44.5% to USD 114.964 billion in 3Q 2011 compared with USD 79.545 billion in 3Q 2010. Also in 1Q to 3Q, its EBITDA rose 46% to USD 298.03 billion compared with 2010.

Further, Seaspan saw great gains in revenue: in 3Q, its revenue climbed 39% recording USD 154.8 million and from 1Q to 3Q, it soared 41.6% to USD 409.5 million.

Gerry Wang, Chief Executive Officer, Co-Chairman, and Co-Founder of Seaspan, commented, “Seaspan’s fully time-chartered fleet performed as expected during the third quarter, enabling the company to once again achieve strong utilization as well as to grow its revenue, cash available for distribution, and normalized net earnings.”

“During the quarter, Seaspan took delivery of three newbuildings, which commenced operations under long-term time charters with leading liner companies. Additionally, we entered into two agreements to lease two and are finalizing agreements to lease another two of the company’s oldest vessels to MSC on bareboat charters and sell the ships after five years.

This transaction will help Seaspan continue to generate stable cash flow and maintain a modern fleet with an efficient cost structure.”

Mr. Wang added, “Including our third quarter dividend, Seaspan has now declared cumulative common stock dividends of usd 7.53 per share since its initial public offering. We remain committed to returning cash to shareholders and increasing our dividend over time, while utilizing our strong balance sheet for future growth.

In executing our controlled and balanced growth strategy, we will continue to focus on taking advantage of select opportunities that meet our strict criteria.” <김보람 기자 brkim@ksg.co.kr>