Porter resigns from Seaspan board

Hong Kong-based containership lessor Seaspan said Graham Porter resigned as a director of the company, and has been replaced by The Washington Companies President, CEO and Director Larry Simkins.    Seaspan’s board of directors has appointed The Washington Companies President, CEO and Director Larry Simkins to its board to replace Graham Porter, who has resigned as a director of the company, Seaspan said Monday.
   Simkins serves as a member of the board of directors for each individual company at The Washington Companies, a group of privately held companies active in the core industries of rail and marine transportation, mining, aviation, environmental remediation and restoration services, and heavy equipment sales and service. Simkins also previously served as a director of the Federal Reserve Bank of Minneapolis.
   In addition, it is anticipated Seaspan’s board will expand from eight to nine members, adding WashCo Director David Sokol as a board director.
   Seaspan and Gerry Wang, chief executive officer, co-chairman and co-founder of the container lessor, have agreed in principle to amend Sokol’s employment agreement to remove transaction fees and enter into discussions regarding further amendments to his employment agreement and compensation package.
   As Chairman and CEO of MidAmerican Energy Holdings Company, Sokol sold the company to Berkshire Hathaway in 2000. He continued with Berkshire Hathaway until March 2011.
   Sokol currently sits on two separate boards and is a member of the executive committee of the board of directors of the Horatio Alger Association of Distinguished Americans.
   “We are encouraged by recent positive signs of a recovery in the global container shipping market, and believe that the newly constituted board will enhance our ability to capture emerging opportunities, benefitting the company and all of our shareholders,” Wang said.
   In addition to announcing board changes, Seaspan said Tuesday its board of directors has declared quarterly dividends on its common and preferred shares.
   Hong Kong-based Seaspan has a managed fleet consisting of 114 containerships with a total capacity of over 915,000 TEUs, including 11 newbuilding containerships on order. The company’s operating fleet comprises 88 vessels.