Canadian tonnage provider Seaspan Corp has increased its earnings at a time when vessel operators are being hammered by the rate slump.
The owner has 153 ships on long-term charters to lines, with another 42 still on order at shipyards.
The company’s parent Atlas Corp said in a US securities filing that Seaspan’s adjusted Ebitda in the third quarter was $303m, up from $255.2m in the same period a year ago.
Revenue grew to $442.7m, against $384.9m in 2022.
Operating expenses rose to $92.8m from $77.6m year on year.
Seaspan had a capital expenditure bill of $731m in the quarter, versus $326.8m the year before.
Two huge new 24,000-teu vessels were delivered at a cost of $250.5m in the period.
The boxships started 18-year charters with MSC Mediterranean Shipping Company.
Seaspan also said it had booked a $5m gain from selling the 4,250-teu Seaspan Felixstowe (built 2002) to an unspecified Japanese owner for $26m.
This vessel had previously been classified as an asset held for sale, the owner added.
Brokers have since reported the sales of two newbuildings to Chinese leaseback financiers.
ONE and Maersk-chartered vessels sold
The 7,000-teu ONE Readiness has been sold to SPDB Financial Leasing. The unit is on charter to Japan’s Ocean Network Express.
The 15,500 Maersk-chartered Maersk Cleveland has gone to Bank of Communications Financial Leasing.
No prices were given for the sales.
Atlas Corp, previously listed in New York, was taken private by its major shareholders in March.
The delisting was the result of a $10.9bn take-private merger plan.
The deal was unveiled in August last year by Poseidon’s shareholders, including affiliates of Fairfax Financial Holdings, the Washington family and Atlas chairman David Sokol, which together already controlled 68% of the company.
