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31.10.2017 22:50
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Seaspan Reports Financial Results for the Three and Nine Months Ended September 30, 2017
Eine Tageszeitung (Symbolbild).
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PR Newswire
HONG KONG, China, Oct. 31, 2017
Expands Fleet Under Long-Term Charters and Increases Unencumbered Vessels
HONG KONG, China, Oct. 31, 2017 /PRNewswire/ - Seaspan Corporation ("Seaspan") (NYSE: SSW) announced today its financial results for the three and nine months ended September 30, 2017.
Key Financial Metrics
- Total revenues of $211.0 million for the third quarter and $616.9 million for the nine months.
- Earnings per diluted share of $0.26 for the third quarter and $0.60 for the nine months.
- Normalized earnings per diluted share(1) of $0.18 for the third quarter and $0.50 for the nine months.
- Cash available for distribution to common shareholders(1) of $65.1 million for the third quarter and $220.5 million for the nine months.
- Adjusted EBITDA(1) of $125.1 million for the third quarter and $398.3 million for the nine months.
| ___________________________________ | |
| (1) | Refer to the selected financial information accompanying this press release for definitions of these non-GAAP measures and reconciliations of these non-GAAP financial measures as used in this release to the most directly comparable financial measures under U.S. generally accepted accounting principles (GAAP). |
Highlights
- Accepted delivery of three 11000 TEU vessels on long-term bareboat charters with MSC Mediterranean Shipping Company S.A. ("MSC").
- Entered into three-year time charter contracts with CMA CGM S.A. ("CMA CGM") for two 10000 TEU newbuilding containerships currently under construction.
- Entered into vessel sale agreements for four 4250 TEU vessels. Two of the individual vessel sales closed in the third quarter and a third closed in the fourth quarter.
- Achieved reductions of 10.7% and 11.7% in ship operating expense per ownership day during the three and nine months ended September 30, 2017, respectively, compared to the same periods in 2016.
- Achieved vessel utilization of 96.9% and 95.6% for the three and nine months ended September 30, 2017, respectively. Excluding the four 4250 TEU vessels that are being sold, vessel utilization was 98.0% and 97.0% for the same periods respectively.
- Currently 19 vessels in Seaspan's operating fleet are unencumbered, including 2 x 3500 TEUs, 14 x 4250 TEUs, 2 x 4500 TEUs, and 1 x 9600 TEU, and excluding the remaining 4250 TEU vessel subject to a sale agreement.
- In October 2017, declared a quarterly dividend of $0.125 per common share for the third quarter of 2017.
David Sokol, Chairman of the Board, commented, "During the third quarter, we grew our operating fleet under long-term time charters and continued to achieve strong operating performance. We are pleased to have taken delivery of three 11000 TEU containerships which are on 17-year fixed-rate charters with MSC. We also capitalized on improving industry conditions as we entered into three-year fixed-rate time charters with CMA CGM for two 10000 TEU newbuildings delivering in 2018. Our operating performance continued at a high level during the quarter as we achieved utilization of 98% excluding vessels being sold, and continued to reduce ship operating expenses per ownership day."
Mr. Sokol continued, "Maintaining a strong and flexible balance sheet remains a priority for Seaspan. Over the past four months, we have repaid over $200 million in secured credit facilities and have grown our unencumbered fleet to 19 vessels. Overall, we remain well positioned to capitalize on growth opportunities that may arise during this period of improving industry fundamentals."
Summary of Key Financial Results (in thousands of US dollars):
| | | Three Months Ended September 30, | | | Nine Months Ended September 30, | |||||||||||
| | | 2017 | | | 2016 | | | 2017 | | | 2016 | |||||
| Revenue | | $ | 211,013 | | | $ | 224,875 | | | $ | 616,943 | | | $ | 664,712 | |
| | | | | | | | | | | | | | | | | |
| Reported net earnings (loss) | | $ | 48,377 | | | $ | (184,034) | | | $ | 116,684 | | | $ | (140,481) | |
| | | | | | | | | | | | | | | | | |
| Normalized net earnings(1) | | $ | 38,144 | | | $ | 43,562 | | | $ | 105,511 | | | $ | 133,543 | |
| | | | | | | | | | | | | | | | | |
| Earnings (loss) per share, basic | | $ | 0.27 | | | $ | (1.86) | | | $ | 0.60 | | | $ | (1.77) | |
| | | | | | | | | | | | | | | | | |
| Earnings (loss) per share, diluted | | $ | 0.26 | | | $ | (1.86) | | | $ | 0.60 | | | $ | (1.77) | |
| | | | | | | | | | | | | | | | | |
| Normalized earnings per share, diluted(1) | | $ | 0.18 | | | $ | 0.29 | | | $ | 0.50 | | | $ | 0.92 | |
| | | | | | | | | | | | | | | | | |
| Cash available for distribution to common shareholders(1) | | $ | 65,106 | | | $ | 90,400 | | | $ | 220,462 | | | $ | 302,150 | |
| | | | | | | | | | | | | | | | | |
| Adjusted EBITDA(1) | | $ | 125,092 | | | $ | 148,354 | | | $ | 398,328 | | | $ | 489,159 | |
| ___________________________________ | |
| (1) | These are non-GAAP financial measures. Please read "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. |
Third Quarter Developments
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