[111119.EN.SEA] Seaspan Q3 Profit Declines 46.3pc, But Up 93.8pc in First 9 Months

HONG KONG's containership charterer Seaspan Corporation's third quarter net profit declined 46.3 per cent year on year to US$43 million, drawn on revenues of $282.7 million, which slipped 4.4 per cent.

Happily, year-to-date performance was much better with a 93.8 per cent year-on-year increase in net profit over the first nine months of the year to $314 million, drawn on revenues of $843 million, up 5.2 per cent.

Seaspan said it achieved highest quarterly utilisation rate since 2011 of 99.6 per cent and that it closed a $500 million accordion, increasing Portfolio Financing Programme to $1.5 billion and finishes the quarter with over $912 million of liquidity.

The company agreed to acquire 9,600-TEU vessel which Seaspan expects will enter into a three-year time charter with Ocean Network Express (ONE).

"Our focus on operational excellence in quality, reliability, and scalability, together with customer partnership has resulted in our highest quarterly utilisation rate since 2011, of 99.6 per cent for our 112 vessels fleet," said Seaspan president and CEO Bing Chen.

Said chief financial officer Ryan Courson: "The execution on our capital plan has significantly improved capital availability and flexibility, positioning us to execute on our next phase of growth."

Source : HKSG.