Container ship owner-charterer Seaspan Corp. said its net loss narrowed and adjusted net earnings rose amid nearly full vessel utilization in the second quarter.
Normalized net earnings rose 31.7 percent to $37.8 million. The quarter’s net loss, including interest expenses and changes in fair value of financial instruments, narrowed to $6.7 million from $32.9 million a year earlier.
Adjusted earnings before interest, taxes, depreciation and amortization jumped 37.7 percent to $131.9 million.
CEO Gerry Wang said Seaspan’s business “continued to perform as expected. We achieved high utilization and posted strong results in revenue, normalized net earnings and cash available for distribution.”
“During the quarter, Seaspan expanded its fleet to 69 ships, averaging five years old, with the delivery of the last of a series of eight vessels with capacities of 13,100 twenty-foot-equivalent units. Seaspan has three other ships on order.
Seaspan’s vessel utilization rate was 99.4 percent during the quarter.
Seaspan charters ships to carriers including China Shipping, CSAV, Cosco, Hanjin, Hapag-Lloyd, Hundai, “K” Line, Mediterranean Shipping, MOL and Yang Ming.