Shanghai International Shipping Institute

HONG KONG's Seaspan Corporation, the world's largest independent containership owner operator, has posted a net profit of US$66.7 million in the first quarter of the year, an increase of 69.2 per cent over the same period last year.

Total revenues in the three-month period ending March 31, 2018, rose to $224.8 million from $201.3 million in the corresponding period in 2017, a increase of 11.7 per cent.

During the first quarter Seaspan completed the acquisition of the remaining 89 per cent share that it did not own of Greater China Intermodal Investments LLC for an implied enterprise value of $1.6 billion.

The company said it also achieved vessel utilisation of 96.8 per cent during the first quarter.

Seaspan's president and CEO, Bing Chen, commented: "The acquisition of GCI improved our fleet composition as we increased our exposure to larger, more modern containerships that are in demand by our customers. In addition, we expanded our relationships with our customers, significantly increasing our contracted future revenue and EBITDA.

"Over the past few months, we have made significant progress across multiple areas within the company. We continue to remain focused on operational excellence by providing best in class integrated solutions and service to our customers. Importantly, our industry remains fragmented, and we are actively seeking opportunities to grow our business and improve our returns on invested capital."

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