Seaspan Earns Less

Seaspan Earns Less

The Hong Kong-based containership owner and operator Seaspan ended the fourth quarter 2014 with USD 27.7 million net profit, 59.3% less compared with USD 68,2 million reported for the same period in 2013.

Seaspan recorded USD 132.1 million profit for the full year ended December 31, 56.1% less than USD 299 million net profit reported in 2013.

Revenue increased by 10.1% to USD 189.4 million and 5.9% to USD 717.2 million for the quarter and year ended December 31, 2014, respectively, over the same periods in 2013.

The increases in revenue for the quarter and year ended December 31, 2014 were primarily due to the delivery of six 10,000 TEU vessels in 2014 and a decrease in unscheduled off-hire.

In addition, the delivery of two 4,600 TEU second-hand vessels in mid-2013 contributed to the increase for the year ended December 31, 2014.

These increases were partially offset by an increase in scheduled off-hire, lower average charter rates for three of Seaspan’s vessels which were on short-term charters and a decrease in vessel management revenue.

With the latest additions, Seaspan’s fleet consists of 77 containerships.

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