Seaspan Ends 2012 in the Black After Big 4Q Profit Growth

Seaspan Ends 2012 in the Black After Big 4Q Profit Growth

Seaspan reported profit in the fourth quarter of 2012 was $58.98 million, rising $34.47 million, or 150.8 percent, from $23.52 million in the fourth quarter of 2011.

For the full year of 2012, profit was $121.3 million, jumping $204.71 million, or 245.4 percent, from a net loss of $83.40 million in 2011.

The association of Canadian companies, which specializes in transportation and ship services, accepted delivery of four new vessels in 2012, bringing Seaspan’s operating fleet to a total of 69 vessels.

“We are satisfied with the operational and financial results that we achieved during the year of 2012,” said Gerry Wang, CEO, chairman and co-founder of Seaspan, in a written statement. “We commenced the year 2013 by entering into two important transactions with MOL and Yang Ming for their large ship requirements.”