Major container ship player Seaspan bucked the trend, posting a first quarter 1.4% rise in net profit to $51.3 million year-on-year, on the back of a 25% increase in revenue to $152.1m, Seatrade Asia online reports.
The company managed to achieve 99.1% vessel utilisation and also took delivery of two newbuildings during the quarter which increased fleet size to 67 vessels, ceo Gerry Wang was quoted as saying.
The two 13,100-teu newbuildings Cosco Excellence and Cosco Faith have started operations under 12-year, fixed-rate time charters with China's Cosco, he added. In addition, Wang said Seaspan has taken delivery of another two 13,100-teu newbuildings in April. The Cosco Hope and the Cosco Fortune bring Seaspan's operating fleet to 69 vessels and are also on charter to Cosco under 12-year, fixed-rate time charter contracts.
The company will now pursue its plan on building three 10,000-teu vessels. Wang said $224m worth of loans for the vessels were signed with a leading Chinese bank this month. The ships are expected be delivered in 2014 and will begin charters with Hanjin Shipping for a period of 10 years, with options for a further two years.
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