Seaspan’s third-quarter loss widened to $122.6 million from $70.9 million a year ago, as the Hong Kong-based charterer was hit by rising operating costs and plummeting container charter rates, the Journal of Commerce reported.
The third-quarter loss was up from the $39.4 million lost in the previous quarter. Third-quarter charter revenue increased 39 percent year-over-year to $154.8 million from $111.4 million.
The company said its normalized net earnings, excluding the change in value of financial instruments, interest and loss on vessels, increased by 29.3 percent to $87.95 million from $68.04 million a year earlier.
Seaspan took delivery of three new container ships during the quarter, which brought its operating fleet to a total of 65 vessels.
Two of the three new ships have capacities of 13,100 20-foot equivalent units, the largest vessels in Seaspan's fleet. They are on long-term charter to Cosco Container Lines, where they became the carrier’s flagship vessels.
The third-quarter loss was up from the $39.4 million lost in the previous quarter. Third-quarter charter revenue increased 39 percent year-over-year to $154.8 million from $111.4 million.
The company said its normalized net earnings, excluding the change in value of financial instruments, interest and loss on vessels, increased by 29.3 percent to $87.95 million from $68.04 million a year earlier.
Seaspan took delivery of three new container ships during the quarter, which brought its operating fleet to a total of 65 vessels.
Two of the three new ships have capacities of 13,100 20-foot equivalent units, the largest vessels in Seaspan's fleet. They are on long-term charter to Cosco Container Lines, where they became the carrier’s flagship vessels.