Seaspan Corp
BRIEF: For the fiscal year ended 31 December 2012, Seaspan Corporation revenues increased 17% to $660.8M. Net income applicable to common stockholders totaled $52.7M vs. loss of $141.1M. Revenues reflect an increase in demand for the Company's products and services due to favorable market conditions. Net Income reflects Change in fair value of financial instru decrease of 52% to $136M (expense).
Class A Common Shares, $.01 Par, 03/11, 200M auth. 68,808,033 issd. Insiders 51.87%. Class B Common Shares, $.01 Par, 12/10, 25M auth., 0 issd. Class C Common Shares, $.01 Par, 9/10, 100 auth. & issd. Preferred Stock $.01 Par, 9/10, series A, auth.315K, 200K issd. Series B, 260K auth. & issd. Underwriters:Citigroup and Merrill Lynch & Co.
Seaspan Corporation is an independent charter owner of containerships, which the Company charters pursuant to long-term, fixed-rate time charters agreement. As of March 15, 2012, the Company operated a fleet of 67 vessels (including seven leased vessels) and had entered into contracts to purchase an additional five containerships. The average age of the 67 vessels in its fleet was approximately five years as of March 15, 2012. Customers for its operating fleet are China Shipping Container Lines (Asia) Co., Ltd. (CSCL Asia), Hapag-Lloyd USA, LLC (HL USA), COSCO Container Lines Co., Ltd. (COSCON), Compania Sud Americana De Vapores S.A. (CSAV), Mitsui O.S.K. Lines, Ltd (MOL), Kawasaki Kisen Kaisha Ltd. (K-Line), United Arab Shipping Company (UASC) and Mediterranean Shipping Company S.A. (MSC). Customers for the additional five newbuilding vessels will include Hanjin and COSCON. In January 2012, the Company acquired Seaspan Management Services Limited.
