US-listed boxship owner Seaspan Corp is ready for its next phase of growth after completing its $1.5bn portfolio financing programme.
The company added $500m to its funding pot in September, at interest of LIBOR plus 2.25%.
CFO Ryan Courson said the owner remained focused on the balance sheet.
"The increased capacity provides room and flexibility to finance new acquisitions," he added.
He said that the financing had "significantly improved capital availability and flexibility, positioning us to execute on our next phase of growth.”
CEO Bing Chen added: "We see growing opportunities to broaden and deepen our customer partnerships as our sector stabilises into a new normal marked by consolidation, and we expect our momentum to continue throughout the remainder of the year.”
Net earnings in the third quarter were $43m against $80m in 2018.
The 112 vessels brought in revenue of $282.7m, versus $295m the year before.
The drop was caused by the changes in the daily rates of seven time charters which were modified in the first quarter of 2019, offset by higher operating days.
The company achieved its highest quarterly utilisation rate since 2011, however, of 99.6%.
