Seaspan Posts 1Q Profit, Temporarily Cuts Dividend

The move is expected to help Seaspan save an extra $100 million annually, which will be put toward its newbuilding program. The program needs about $500 million to $600 million over 24 to 30 months, starting in late 2010 until early 2011.

"Temporarily reducing our dividend allows Seaspan to defer its equity capital needs, reduce its overall equity needs by approximately $320 million to $360 million and maintain a quarterly payout to its shareholders," Chief Executive Gerry Wang said in a statement.