Seaspan Raises USD 80 Mn by Selling Shares

MSC Yashi

Hong-Kong based shipping company Seaspan Corporation has closed the sale of its previously announced public offering of 8.2% Series G Preferred Shares for gross proceeds of USD 80 million.

A total of 3.2 million of the shares were sold at a price of USD 25 per share, according to data released by the company earlier.

Seaspan intends to use the net proceeds of the offering for general corporate purposes, which may include funding acquisitions of equity interests in Greater China Intermodal Investments LLC (GCI) or assets of GCI, funding capital expenditures on existing newbuild vessels and debt repayments.

ICBC International Securities Limited (ICBC International), a subsidiary of the Industry and Commercial Bank of China Limited, acted as sole underwriter for the offering.

Earlier in August, Seaspan closed its USD 225 million public offering of Series H Preferred Shares, which included a total of 9 million, or 7.8 percent, of the company’s shares.

During the second quarter of 2016, the company saw a drop of over 55% in its net earnings to USD 36.4 million, against the net earnings of USD 81.3 million seen in the same quarter a year earlier, despite the addition of a number of boxships during the quarter.

However, the delivery of newbuilding vessels in 2015 and 2016 and the additional two leased in vessels in 2016 pushed Seaspan’s revenue for the period up by 12.6% to USD 224.3 million.

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