Seaspan profit rises 154 percent in second quarter

Boxship owner, Seaspan, announced a net profit of US$85.3 million in its second quarter compared to US$33.5 million in the same period last year.

Dahlman Rose & Co, the brokerage firm told American Shipper that the results were in line with expectations. "The containership market has eased this year, particularly on the Asia-US and Asia-Europe routes, although Eastern Hemisphere trading has remained robust,” he said. During the reported period ending June 30, normalised net earnings were at US$19.3 million compared to US$15.6 million in the same period of 2007. Seaspan's position in the marketplace is based on its access to debt capital for fleet expansion. “The major focus is either sale/leasebacks with top quality liner operators, taking over distressed newbuild construction slots or acquiring smaller companies with cash flow and/or credit shortfalls," said Dahlman Rose.
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