Atlas Corp — parent of container leasing giant Seaspan Corp — has posted a fourth-quarter net profit of $142.3m, reversing a $26.1m loss a year earlier.
The US-listed company said revenue was up 18.1% year on year to $428.2m.
The strong fourth-quarter performance helped lift full-year profit past $400m versus the $192.6m seen 12 months earlier.
During 2021, Seaspan agreed to sell seven ships, including one 4,250-teu vessel in October for $38.3m to Zhejiang Energy Atlas Marine Technology Co, which is 50% owned by Atlas.
In December, Seaspan entered into agreements to sell six vessels, with one sale completed this month for gross proceeds of $32.8m.
Just before Christmas, Seaspan completed the last of its financings related to its 70-vessel newbuild programme, including three ships delivered in 2021.
“The proceeds from these financings total approximately $6.9bn and will be drawn throughout construction to fund a total investment of around $7.6bn,” it added.
Atlas chief executive Bing Chen said the company’s containership leasing business grew by 890,750 teu, 73 vessels net, and $12.9bn of gross contracted cash flow primarily contributed by the 70 newbuildings, four pre-owned vessels acquired and 68 forward charter fixings.
“With consistent operational excellence, we have delivered three newbuild vessels ahead of schedule and expect all vessels to be in operation by year-end 2024, as scheduled,” he added.
Chief finance officer Graham Talbot said Atlas is beginning 2022 with a “significant liquidity position and all capex fully funded”.
At the end of the fourth quarter, Seaspan’s operating fleet consisted of 133 vessels with a total capacity of 1.15m teu, plus 67 vessels under construction, increasing fleet capacity to 1.96m teu on a fully delivered basis.
