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TheStreet Open House

Seaspan CEO Discusses Q1 2011 Results - Earnings Call Transcript

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

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