Seaspan Corp's profit fell 56% for the second quarter, mostly due to higher expenses and lower revenue.
The New York-listed owner reported net income attributable to shareholders of $21.8m versus a $49.2m profit during the same period last year.
Diluted earnings per share came in at $0.10, missing analyst consensus by $0.04 and below last year's result of $0.34.
Net earnings totaled $40m, down from $86m a year ago.
Revenue slipped 2.2% to $275.4m primarily due to the changes in the daily charter hire rates of seven rechartered vessels, Seaspan said.
Total expenses jumped 37% to $70.4m, in great part as a result of change in fair value of financial instruments.
Seaspan in May set up a $1bn financing programme consisting of a $800m term loan and $200m credit facility to restructure its debt.
"Beyond an improved cost of debt and maturity profile, this structure provides us with significant financial flexibility to optimize Seaspan’s capital structure going forward, while simplifying and consolidating our credit facilities," he said in a statement.
"With the foundation now laid for growth, we intend to continue executing on capital allocation opportunities to drive shareholder value.”
