Hong Kong-based Seaspan Corporation delivered record operating results in the third quarter of 2018.
The company’s revenue for the three-month period ended September 30 reached USD 295 million, increasing by 39.8 percent from USD 211 million reported in the same quarter of 2017. Seaspan’s net earnings for the quarter were at USD 80 million, up from USD 48.4 million seen a year earlier.
For the first nine months of 2018, the company’s revenue was at USD 801.4 million, up by 29.9 percent compared to USD 616.9 million seen in the same nine-month period in 2017, while net earnings reached USD 215.7 million, rising from USD 116.7 million reported a year earlier.
The increases in revenue were primarily due to the additional operating days from the vessel deliveries, acquisition of new vessels from the GCI transaction and higher average charter rates for vessels that were on short-term charters.
“We are realizing benefits from the full integration of GCI, which is the main driver of our year-over-year growth, while we continue to invest in and improve operations of our integrated containership platform to provide best-in-class services,” Bing Chen, President and Chief Executive Officer of Seaspan, said.
“Over the course of the third quarter, we have improved our liquidity position with several strategic financings … Through prudent capital allocation we have lowered our cost of capital while increasing our capital structure flexibility,” Ryan Courson, Chief Financial Officer, said.