I will now pass the call over to Gerry, who will discuss or highlights for the quarter and our recent development.
Thank you, Sai. Please turn to slide three of the webcast presentation. Good morning, everybody. During the second quarter of 2011, we took important steps to enhance our industry leadership and to position the company to further expand our contracted revenue stream, net earnings and the cash flow available for distribution.First, our fleet remained fully secured, primarily on long-term fixed rate time charters. We continued to achieve strong utilization and all of our customers continue to perform in accordance with our charter agreement. Second, we continue to expand our fully time charter fleet, by talking delivery of four newbuildings secured on long-term contracts with leading liner companies. Third, we paid out first dividend for newly issues. Series C preferred shares and declared our second quarter dividends on both our common and the Series C preferred shares. And fourth, we took additional decisive steps to enhance our capital structure and financial flexibility in preparing for the next phase of our growth. Utilization, Seaspan's business continued to operate as expected with high utilization rates. Our fleet remained fully secured, primarily on long-term fixed-rate time charters. We continue to achieve strong utilization and our high-quality customers continued to perform in accordance with our charter agreements. For the three and six months ended June 30, 2011, we achieved a utilization rate of 98.9%. We had 58 days of scheduled off-hire for the dry dockings of four vessels. In addition to planned off-hire, we had three days of unscheduled off-hire for the second quarter. Redeliveries, Seaspan have four M Class 4,800 TEU vessels on charter to Maersk. Maersk has exercised its first one-year options to extend charters of the Maersk Merritt and Victor to second half 2012.
Select the service that is right for you!COMPARE ALL SERVICES
- $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
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV