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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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

However, Maersk did not exercise its first one-year options to extend the time charters for the York and the Maersk Moncton. We expect these two vessels will be redelivered to us between October 2011 and March 2012 and we are actively discussing employment for those two vessels with potential charters. Seaspan have no further charter expiries during 2012.

Deliveries, we accepted deliveries of four newbuildings in the second quarter, the Berlin Bridge, the COSCO Vietnam, COSCO Glory and the COSCO Pride. All of the vessels delivered under long-term contracts with leading liner companies.

The 13,000 TEU COSCO Glory and the COSCO Pride are the largest ships in our fleet and are COSCON's first flagship vessels. Subsequent to the end of the second quarter, we took delivery of 4,500 TEU Budapest Bridge, which has commenced charter to K-Line for 12 years with charter options to extend up to an additional 6 years. We now have 60 fleet vessels in operation, with six, 13,000 TEU vessels under charter to COSCON to be delivered throughout the first half of 2012.

Dividends, we declared second quarter dividends of $0.75 per common share and $0.6003 per Series preferred share. We intend to continue to follow a progressive dividend policy, seeking to substantially increase our dividends as we continue to grow our cash flows.

Financing, during the second quarter, we also maintained our focus on strengthening the Seaspan's capital structure by completing a second offering of our Series C preferred stock, raising net proceeds of $105.2 million. The offering price was $27.15 per share, a premium over the original $25 issue price. Net proceeds and per share amounts include accrued dividends of approximately $580,000.

Please turn to your slide four. I'm pleased to announce the commencement of our next phase of growth where Seaspan will look to capitalize on what we believe is the most attractive newbuilding acquisition environment in over a decade.

Read the rest of this transcript for free on seekingalpha.com

3 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

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.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,493.37 -69.93 -0.42%
S&P 500 1,925.15 -5.52 -0.29%
NASDAQ 4,352.6390 -17.1340 -0.39%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs