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Seaspan's Q3 profit plummets 69pc despite revenue growth
CONTAINERSHIP and charter, Seaspan Corporation's third quarter net earnings declined 68.7 per cent compared to the same period a year earlier to US$20.5 million on 14.5 per cent higher revenue of $212.9 million.
Ship operating expense increased by 19.1 per cent year on year to $49.4 million for the three months ended September 30, due mainly to 10.9 per cent increases in ownership days over this period, reported MarineLink.com.
CEO, co-chairman and co-founder of Seaspan, Gerry Wang, said: "During the third quarter, we achieved strong revenue growth, as we further benefited from our proven strategy of providing high credit quality counterparties with large, modern containerships chartered on long-term contracts.
"We continue to grow our fleet and have taken delivery of eight vessels year-to-date in 2015, all commencing operation under attractive fixed rate contracts. We are proud to have recently taken delivery of our 100th vessel in our owned and managed fleet, achieving an important milestone and solidifying Seaspan's position as the largest independent charter owner and manager of containerships."@The company also reported that net profit for the nine-month period to the end of September increased 19 per cent from $103 million to $123 million. Revenue during the same period was up 13.8 per cent to $600 million, while operating expenses increased 15.7 per cent to $143.3 million.
Seaspan currently manages a fleet of 118 containerships, including 18 containerships on order. The company's operating fleet consists of 85 vessels.
Ship operating expense increased by 19.1 per cent year on year to $49.4 million for the three months ended September 30, due mainly to 10.9 per cent increases in ownership days over this period, reported MarineLink.com.
CEO, co-chairman and co-founder of Seaspan, Gerry Wang, said: "During the third quarter, we achieved strong revenue growth, as we further benefited from our proven strategy of providing high credit quality counterparties with large, modern containerships chartered on long-term contracts.
"We continue to grow our fleet and have taken delivery of eight vessels year-to-date in 2015, all commencing operation under attractive fixed rate contracts. We are proud to have recently taken delivery of our 100th vessel in our owned and managed fleet, achieving an important milestone and solidifying Seaspan's position as the largest independent charter owner and manager of containerships."@The company also reported that net profit for the nine-month period to the end of September increased 19 per cent from $103 million to $123 million. Revenue during the same period was up 13.8 per cent to $600 million, while operating expenses increased 15.7 per cent to $143.3 million.
Seaspan currently manages a fleet of 118 containerships, including 18 containerships on order. The company's operating fleet consists of 85 vessels.
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