Seaspan says it will raise dividend, buy stock

   The containership leasing company Seaspan said it had a $23.5 million profit in the fourth quarter of 2011 compared to $141.6 million in the same 2010 period. Revenue was $155.2 million in the fourth quarter 2011 compared to $117.9 million in the same 2010 period. But adjusted EBITDA was $118.4 million in the fourth quarter, 38.6 percent higher than in the fourth quarter of 2010. 
   For the full year 2011, Seaspan had a loss of $83.4 million compared to $87.7 million in 2010. Revenue was $564.7 million in 2011 compared to $407.2 million in 2010.Adjusted EBITDA for 2011 was $416.4 million, up 43.8 percent from 2010.
   On Wednesday, CEO Gerry Wang said the company would increase its common share dividend by a third in the first quarter and repurchase an additional $50 million in common shares. 
   “The share repurchase program underscores the board’s confidence in Seaspan’s future prospects as well as our commitment to enhance shareholder value while preserving a strong balance sheet and flexible capital structure that positions us well to manage uncertain market conditions and pursue select opportunities to grow our fleet,” said Wang.
   The company said it achieved vessel utilization of 99.5 percent and 99.3 percent, respectively, for the quarter and year ended December 31, 2011.
   It accepted delivery of 10 newbuilding vessels in 2011, bringing Seaspan’s operating fleet to a total of 65 vessels at at the end of the year. It has seven containerships scheduled for delivery through 2014 committed to fixed-rate time charters between 10 and 12 years in duration from delivery.
   Last month Seaspan repurchased 11.3 million shares of its Class A common stock at $15 per share and also acquired all of the issued and outstanding share capital of its manager, Seaspan Management Services Ltd., and acquired and cancelled all of the issued and outstanding shares of its’s Class C common stock, which were owned by a subsidiary of the manager.