US-listed containership owner Seaspan has banked $227m after re-chartering seven vessels.
The company said the moves were made "during the normal course of business" and involved one of its top five customers.
The modified arrangements meant that existing time charters for the seven ships continued until the end of March.
They were then all fixed out to other clients.
Major Seaspan charterers include Maersk Line, MSC, Hapag-Lloyd, Yang Ming, K Line, MOL and CMA CGM.
As a result, the company also announced net earnings of $285.3m for the first quarter, up from $67.7m a year ago.
Revenue grew to $285.3m from $224.8m as utilisation hit 98.1%.
Debts repaid
CEO Bing Chen said: "During the first quarter of 2019, we continued to deliver on our five-priority focus and capitalise on the scale, flexibility, and quality of our integrated operating platform.
"This platform provides the fleet life cycle services our customers depend on, as demonstrated by our utilisation rate of 98% during the quarter, which is consistent with our industry leading average of 98% since IPO."
In March, the owner prepaid $25.6m of a secured term loan facility.
This freed three ships from debt.
It also prepaid $59m of another secured loan, releasing two vessels from security.
On Wednesday, it paid the remaining $311.4m on maturing 6.375% senior unsecured notes.
