Seaspan Posts 1Q Profit, Temporarily Cuts Dividend

NEW YORK (AP) — Seaspan Corp. slashed its quarterly dividend Tuesday, sending shares sharply lower even after the container ship company reported a first-quarter profit, compared with a year-ago loss.

The Hong Kong-based company's stock plunged $3.63, or 33.6 percent, to $7.17 in afternoon trading. The shares have traded between $4.37 and $28.20 over the past year.

Seaspan earned $24.2 million, or 31 cents per share, for the period ended March 31, primarily due to a $21.4 million gain related to interest rate swaps. The results improved from a loss of $37.7 million, or 65 cents per share, recorded in the year-ago period. ...