Seaspan orders three ships for Hanjin
Containership charterer Seaspan Corp. had a second quarter net loss of $34.9 million compared to a loss of $121.8 million in the same 2010 period.
Revenue was $133.7 million in the second quarter compared to $97.5 million in the same 2010 period.
Seaspan, which took delivery of its 63rd ship on Aug. 1, said it had normalized net earnings of $28.7 million in the second quarter compared to $22.3 million in the second quarter of 2010. The company said that number is adjusted for items such as the change in fair value of financial instruments, interest expense, interest expense at the hedged rate and other items that Seaspan believes are not representative of its operating performance.
Gerry Wang, chief executive officer and co-chairman, said the company re-entered the newbuilding market by signing contracts for the construction of three 10,000-TEU newbuildings.
Jiangsu New Yangzi Shipbuilding Co., Ltd. and Jiangsu Yangzi Xinfu
Shipbuilding Co. Ltd. The contracts were signed pursuant to Seaspan’s right of first refusal agreement with GCI, an investment vehicle established by an affiliate of global alternative asset manager, The Carlyle Group, in which Seaspan holds an 11 percent ownership interest.
The ships will use the Seaspan “SAVER” which Wang said will provide significantly improved fuel efficiency and operational savings to customers.
The ships will be chartered under 10-year, fixed-rate time charters with Hanjin. After the initial 10-year charter periods, Hanjin will have options to recharter each ship for an additional two years. The three vessels acquired by Seaspan are scheduled for delivery in 2014. Seaspan has options to purchase an additional 18 similar newbuilding vessels, which will also be subject to Seaspan’s right of first refusal agreement with GCI.