Third, we continue to expand our fully time charter fleet, enabling the company to grow revenue, net earnings, and cash flow available for distribution to common shareholders on a long-term basis.
Fourth, we took additional decisive steps to enhance our capital structure and a financial flexibility.
And finally, we acted proactively grow the company beyond its contracted fleet and capitalized on the most attractive new building acquisition involvement in our decade.
Deliveries, we took delivery of three vessels in the first quarter of 2011 including two 4500 TEU vessels from some Hyundai Heavy Industries named the Bilbao Bridge, the Brevik Bridge, and the one 8500 TEU vessel from Hyundai Heavy Industries named the COSCO Prince Rupert. The Bilbao Bridge and the Brevik Bridge are on charter K-line for 12 years with options to expand up to an additional 6 years, while the COSCO Prince Rupert is on a 12 year charter to COSCON.Subsequent to the end of the first quarter, we took delivery of one more vessel, the COSCO Vietnam which is an 8500 TEU vessel. The COSCO Vietnam, which is also a charter to COSCO, on the 12-year term, is the last of the 8500 TEU sister vessels built at Hyundai Heavy Industries. Our charter at COSCO and Seaspan are very pleased with the performance of this 8 sister vessels. We now have 59 vessels in operation, and 10 scheduled to be delivered through April 2012. The ten vessels to be delivered will be two 4500 TEU vessels to K-line and eight 13 [inaudible] TEU vessels to COSCON. Four of the 13 [inaudible] TEU vessels are expected to be delivered from Hyundai Heavy Industries beginning in early June, this year. The vessels will be the largest in our fleet, and they will also present COSCONs flagship operating vessels. Three charters, as previously announced, charter shipping had exercised its option to expand the charters of the CSCL Hamburg and CSCL Chiwan for two years. Read the rest of this transcript for free on seekingalpha.com
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV