Seaspan Reports Financial Results for the Quarter and Year Ended December 31, 2016

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PR Newswire

HONG KONG, China, Feb. 28, 2017

Achieves Operating Efficiencies, Strengthens Balance Sheet and Further Modernizes Fleet; Announces New Quarterly Dividend

HONG KONG, China, Feb. 28, 2017 /PRNewswire/ - 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.

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^{(1) Refer to the selected financial information accompanying this press release for definition of these Non-GAAP measures and reconciliations of U.S. generally accepted accounting principles (GAAP) and Non-GAAP figures.}

Highlights

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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 long-term contracts with leading liners, our focus remains on creating long-term shareholder value."

Summary of Key Financial Results (in thousands of US dollars):

	Quarter Ended December 31,				Year Ended December 31,
	2016		2015		2016		2015
Revenue	$	213,193	$	218,464	$	877,905	$	819,024

Reported net earnings (loss)	$	1,442	$	76,212	$	(139,039)	$	199,391

Normalized net earnings⁽¹⁾	$	38,751	$	48,937	$	172,294	$	165,820

Earnings (loss) per share, basic and diluted	$	(0.14)	$	0.63	$	(1.89)	$	1.46

Normalized earnings per share, diluted⁽¹⁾	$	0.21	$	0.35	$	1.13	$	1.12

Cash available for distribution to common Shareholders⁽¹⁾	$	70,952	$	115,772	$	373,102	$	432,910

Adjusted EBITDA⁽¹⁾	$	131,936	$	181,143	$	621,095	$	687,497

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^{(1) These are Non-GAAP financial measures. Please read "Reconciliation of Non-GAAP Financial Measures for the Quarter and Year Ended December 31, 2016 and 2015—Description of Non-GAAP Financial Measures" for (a) descriptions of Normalized net earnings and Normalized earnings per share, Cash available for distribution to common shareholders, and Adjusted EBITDA and (b) reconciliations of these Non-GAAP financial measures as used in this release to the most directly comparable financial measures under GAAP.}

Fourth Quarter Developments

Vessel Acquisitions

In December 2016, Seaspan entered into agreements to purchase four 4250 TEU vessels. Three of these vessels delivered in December 2016 and one vessel delivered in January 2017.

Vessel Disposal

In December 2016, Seaspan sold a 4600 TEU vessel, the Seaspan Efficiency, for recycling at an ISO certified recycler, for net sale proceeds of approximately $6.2 million, resulting in a loss on disposition of approximately $15.4 million.

Vessel Sales

In October and November 2011, Seaspan entered into agreements to bareboat charter four 4800 TEU vessels to MSC Mediterranean Shipping Company S.A. ("MSC"), each for a five-year term and MSC agreed to purchase the vessels for $5.0 million each at the end of the bareboat charters. In October and November 2016, all four of the 4800 TEU vessels completed their five-year bareboat charter terms and were sold to MSC for $5.0 million per vessel.

Vessel Impairments

During the quarter ended December 31, 2016, Seaspan recognized non-cash vessel impairments of $82.4 million related to six vessels each under 5000 TEU in size.

Subsequent Events

Dividends

In January 2017, Seaspan declared and paid quarterly cash dividends on its common and preferred shares, for total distributions of $55.4 million.

Seaspan's founding shareholders who own over 55% of the company's common shares have notified us that they intend to fully participate in Seaspan's dividend reinvestment program for the first quarter 2017 dividend payment.

Results for the Quarter and Year Ended December 31, 2016

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