The ship lessor Seaspan Corp. said Tuesday it had a profit of $17.8 million in the third quarter ending Sept. 30, compared to a loss of $122.6 million in the same 2011 period.
The company had revenue of $168.7 million in the third quarter, compared to $154.8 million in the same 2011 period.
"During the third quarter, Seaspan's business continued to perform as expected. We achieved high utilization, delivered strong financial results and distributed a sizeable dividend to shareholders," said Gerry Wang, chief executive officer and co-chairman. "Our balance sheet strength positions us well to capitalize on the attractive ship acquisition environment. We remain committed to our disciplined growth strategy, providing credit worthy customers with state-of-the-art fuel efficient vessels and creating long-term value for our shareholders."
Seaspan's managed fleet consists of 76 containerships representing a total capacity of about 475,000 TEUs, including seven ships scheduled for delivery by the end of 2015. Seaspan's current operating fleet of 69 vessels has an average age of five years and an average remaining lease period of seven years. - Chris Dupin