This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Seaspan Corporation's CEO Discusses Q2 2011 Results Earnings Call Transcript

I will now pass the call over to Gerry, who will discuss or highlights for the quarter and our recent development.

Gerry Wang

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.

2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,084.49 +33.74 0.20%
S&P 500 2,014.89 +15.91 0.80%
NASDAQ 4,830.47 +19.6820 0.41%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs