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» Seaspan Corporation Q1 2010 Earnings Call Transcript
We expressly disclaim any obligations to update or revise any of these forward-looking statements, whether because of future events, new information, a change in our views or expectations, or otherwise. We make no prediction or statement about the performance of our common shares.I would also like to remind you that during this call, we may discuss certain non-GAAP financial measures, including adjusted EBITDA, cash available for distribution to common shareholders, normalized net earnings, normalized earnings per share, and normalized converted earnings per share. In regards to such financial measures and for reconciliation of such measures to the most closely comparable U.S. GAAP measures, please refer to our earnings release, which is available on our website. We will now begin our presentation. Please refer to our webcast presentation slides as provided on our website. In addition, you will find further details regarding our Q1 and the transactions discussed in this presentation in our earnings release issued this morning. I will now pass the call over to Gerry, who will provide details on our highlights for the quarter. Gerry Wang Thank you very much, Sai. Good morning to everybody. This call will include a discussion of our financial and our operational results, and a progressive dividend policy. Please turn to your Slide 4. I’ll begin by discussing the progress that Seaspan has made in 2011, which we believe has strengthened the company’s position as a leading independent containership charter owner, and have created long-term value for our shareholders. During the first quarter of 2011, Seaspan business continued to operate as expected, and the company posted a strong operational and a financial results. First, our fleet remains fully secured primarily on long-term fixed rate time charters, and we continue to achieve strong utilization. Second, all of our customers continue to perform in accordance with our charter agreement.
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