"The first quarter of 2007 was a very busy period for Seaspan," said Gerry Wang, Chief Executive Officer. "During the quarter, we took delivery of two vessels from our originally contracted fleet plus the COSCO Fuzhou, the first new vessel ordered after our initial public offering. These acquisitions added the first 9600 TEU and 3500 TEU vessels to our fleet and brought the total number of Seaspan vessels in operation to 26."
"We also arranged to build a total of six new vessels during the quarter with an estimated total delivered cost of $357.2 million. The addition of these vessels will increase our steady state EBITDA by approximately $40.0 million annually."
For this purpose, EBITDA, a non-GAAP measure, shall mean net earnings before interest, undrawn credit facility fee, taxes, depreciation and amortization of deferred charges.
Financial Highlights for the Quarter Ended March 31, 2007
- Reported net earnings of $14.7 million and earnings per share of $0.31 for the quarter ended March 31, 2007 compared to net earnings of $8.9 million and earnings per share of $0.25 for the quarter ended March 31, 2006.
- Generated $24.7 million of cash available for distribution during the quarter ended March 31, 2007 compared to $15.3 million for the quarter ended March 31, 2006.
- Paid a quarterly dividend of $0.44625 per share on February 13, 2007 for the fourth quarter ended December 31, 2006. This was a 5% increase over the dividend paid in the fourth quarter of 2006.
"We also arranged to build a total of six new vessels during the quarter with an estimated total delivered cost of $357.2 million. The addition of these vessels will increase our steady state EBITDA by approximately $40.0 million annually."
For this purpose, EBITDA, a non-GAAP measure, shall mean net earnings before interest, undrawn credit facility fee, taxes, depreciation and amortization of deferred charges.
Financial Highlights for the Quarter Ended March 31, 2007
- Reported net earnings of $14.7 million and earnings per share of $0.31 for the quarter ended March 31, 2007 compared to net earnings of $8.9 million and earnings per share of $0.25 for the quarter ended March 31, 2006.
- Generated $24.7 million of cash available for distribution during the quarter ended March 31, 2007 compared to $15.3 million for the quarter ended March 31, 2006.
- Paid a quarterly dividend of $0.44625 per share on February 13, 2007 for the fourth quarter ended December 31, 2006. This was a 5% increase over the dividend paid in the fourth quarter of 2006.