28, 2017 /CNW/ – Seaspan Corporation (“Seaspan”) (NYSE: SSW) announced today its financial results for the quarter and year ended December 31, 2016.

Key Financial Metrics
Total revenues of $213.2 million for the fourth quarter and $877.9 million for the full year.
Loss per diluted share of $0.14 for the fourth quarter and a loss of $1.89 for the full year.
Normalized earnings per diluted share
(1) of $0.21 for the fourth quarter and $1.13 for the full year.
Cash available for distribution to common shareholders
(1) of $71.0 million for the fourth quarter and $373.1 million for the full year.
Adjusted EBITDA(1) was $131.9 million for the fourth quarter and $621.1 million for the full year.

Highlights
Added three 10000 TEU vessels on long-term charters with Mitsui O.S.K. Lines, Ltd. and Maersk Line A/S, and two 14000 TEU vessels
on long-term charters with Yang Ming Marine Transport Corp.
Strengthened balance sheet by raising a total of $660 million of common and preferred equity during the year ended December 31, 2016.
Achieved reductions of 11.7% and 8.8% in ship operating expense per ownership day during the quarter and year ended December 31,
2016, respectively, compared to the same periods in 2015.
Achieved vessel utilization of 93.4% and 96.0% for the quarter and year ended December 31, 2016, respectively.
Intends to pay a quarterly dividend of $0.125 per common share commencing with the first quarter of 2017.

Gerry Wang, Chief Executive Officer, Co-Chairman and Co-Founder of Seaspan, commented, “During 2016 we continued to generate strong cash flows from our business while taking important steps aimed at positioning Seaspan to successfully operate in the current challenging industry environment and over the long-term. We further improved our fleet profile by adding five newbuilding vessels to our operating fleet, each of which commenced long-term fixed rate time charters with leading liners. We also focused diligently on implementing cost control measures which enabled us to reduce daily ship operating expense by approximately 9%, and we strengthened our balance sheet by lowering our net debt to equity ratio to approximately 1.7 times by the end of the year.”

Mr. Wang added, “While we have seen the industry take measures to manage vessel supply and are confident industry conditions will improve over time, after careful consideration the Board of Directors has made the difficult decision to reduce the quarterly dividend on our common shares to $0.125 per share. We believe this decision is in the long-term interests of our shareholders and will allow us to capitalize on industry weakness while maintaining a strong balance sheet.”

Mr. Wang continued, “Seaspan is focused on enchancing its leadership position in the current industry environment. With over $5.2 billion in future contracted revenue, strong industry relationships, and a history of both accessing capital under favourable terms and entering into longterm contracts with leading liners, our focus remains on creating long-term shareholder value.”

Full report at http://www.seaspancorp.com/wp-content/uploads/2017/02/122811.pdf

Source: seaspancorp
2017-03-03

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