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    Seaspan back in black with US$175 million profit after $139 million loss

    来源：    编辑：编辑部    发布：2018/03/02 10:12:33

    Seaspan back in black with US$175 million profit after $139 million loss

    HONG KONG's Seaspan Corporation's 2017 net profit was US$175.2 million, reversing itself from an annual net loss of $139 million in 2016. Last year's revenue came in at $831.3 million, a year-on-year decline of five per cent.

    Quarterly net profit increased nearly 40-fold to $58.5 million year on year, drawn on revenues $214.3 million, up 0.55 per cent.

    In the fourth quarter and this year to date, Seaspan accepted delivery of one 11,000-TEU vessel on long-term bareboat charter with the Mediterranean Shipping Company (MSC) in December 2017. 

    The final of five 11,000-TEU vessels chartered to MSC was delivered in January 2018.

    Seaspan, a New York-listed non-operating containership owner, achieved vessel utilisation of 96 per cent for the quarter and 95.7 per cent for the year. Excluding four 4,250-TEU vessels that were sold, vessel utilisation was 96.7 per cent for the year.

    Seaspan also raised $250 million of capital from affiliates of Fairfax Financial Holdings Limited, which it intends to use for growth initiatives, debt repayment and general purposes.

    Currently there are 23 unencumbered vessels in Seaspan's operating fleet, including two 2,500-TEUers, two 3,500 TEUers, fifteen 4,250-TEUers, two 4.500-TEUers and two 9,600-TEUers.

    Said Seaspan chairman David Sokol: "2017 was an important and pivotal year for Seaspan. We continued to achieve strong operating results, maintain a sizable contracted revenue backlog, and grow our operating fleet on long-term time charters by taking delivery of five newbuildings with charters of 10 to 17 years. 

    "With a focus on driving shareholder value, we also took important steps to strengthen our corporate governance, deleverage our balance sheet, and increase our unencumbered asset base," he said. 

    Said president and CEO Bing Chen: "My goal during this important phase is to leverage our integrated platform to create substantial franchise value. By prioritising our customers, operational excellence, accretive growth and financial strength, we intend to increase our industry leading position."