04-08-2018

Seaspan’s Q2 net profit soars 140pc thanks to GCI acquisition

HONG Kong's Seaspan Corporation's net earnings and revenues in the second quarter of 2018 skyrocketed year over year thanks to its acquisition of Greater China Intermodal Investments (GCI).

The containership leasing giant's net earnings for the quarter reached US$68 million, surging 140.5 per cent from last year's second quarter, while revenues totalled $281.7 million, up 37.7 per cent.

Seaspan had acquired the remaining 89 per cent of GCI it did not own from affiliates of The Carlyle Group and the minority owners of GCI in March of this year. Through the acquisition, Seaspan acquired GCI's fleet of 16 operating containerships and two newbuilds. The deal increased Seaspan's average vessel size and decreased the average age of ships in its fleet.

In May, Seaspan took delivery of four 10,000-TEU vessels, which are all on long-term fixed rate charters with French ocean carrier CMA CGM.

Seaspan's operating fleet currently consists of 112 containerships with a total capacity of more than 900,000 TEU and an average age of about six years, reports American Shipper.

Vessel utilisation for the quarter totalled 98.6 per cent, up from 98.2 per cent for last year's second quarter, primarily due to higher utilisation of vessels acquired from GCI and the 2018 vessel deliveries.

Source: Schednet

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