UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
|
__________________________
|
|
FORM
6-K
|
|
__________________________
|
REPORT
OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16
UNDER
THE
SECURITIES EXCHANGE ACT OF 1934
Date
of Report: March 1, 2007
Commission
File Number 1-32591
|
_____________________
|
SEASPAN
CORPORATION
(Exact
name of Registrant as specified in its Charter)
|
_____________________
|
Unit
2, 7th
Floor, Bupa Centre,
141
Connaught Road West,
Hong
Kong
China
(Address
of principal executive offices)
|
_____________________
|
[Indicate
by check mark whether the registrant files or will file annual reports
under
cover of Form 20-F or Form 40-F.]
|
Form
20-F
|
__X__ |
Form
40-F
|
_____ |
[Indicate
by check mark if the registrant is submitting the Form 6-K in paper as
permitted
by Regulation S-I Rule 101 (b)(1).]
|
Yes
|
______
|
No
|
__X__ |
[Indicate
by check mark if the registrant is submitting the Form 6-K in paper as
permitted
by Regulation S-T Rule 101 (b)(7).]
|
Yes
|
______
|
No
|
__X__ |
[Indicate
by check mark whether the registrant by furnishing the information contained
in
this Form is also thereby furnishing the information to the Commission
pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934.]
|
Yes
|
______
|
No
|
__X__ |
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- .
Item
1 - Information Contained in this Form 6-K Report
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
|
SEASPAN
CORPORATION
|
||
| |
|
|
| Date: March 1, 2007 | By: | /s/ Kevin M. Kennedy |
|
Kevin M. Kennedy |
||
| Chief Financial Officer | ||
 |
Exhibit I
|
| Seaspan Corporation | |
| Unit 2, 7th Floor, Bupa Centre | |
| 141 Connaught Road West | |
| Hong Kong, China | |
| c/o 2600 - 200 Granville Street | |
| Vancouver, BC | |
| Canada V6C 1S4 | |
| Tel: 604-482-8777 | |
| Fax: 604-648-9782 | |
| www.seaspancorp.com |
FOR IMMEDIATE RELEASE
SEASPAN
REPORTS RESULTS FOR THE QUARTER AND YEAR ENDED
DECEMBER
31, 2006
Hong
Kong, China, March 1, 2007 - Seaspan Corporation (“Seaspan”) (NYSE: SSW)
announced today the financial results for the quarter and year ended
December
31, 2006.
"During
the fourth quarter of 2006, Seaspan passed a number of important milestones
in
its development," said Gerry Wang, Chief Executive Officer. "During
the quarter,
we took delivery of two vessels from our originally contracted fleet
and
purchased our first second-hand vessels when we completed a sale and
charter-back transaction for four ships with A.P. Møller-Mærsk A/S (“APM”).
These acquisitions brought the total number of Seaspan vessels in operation
to
23.”
“We
completed our first follow-on equity offering during the quarter, raising
$235.1
million in net proceeds to fund the growth of our company,” continued Mr. Wang.
“In recognition of the significant growth in our business during 2006,
our Board
of Directors approved a 5% increase in our regular quarterly dividend
from
$0.425 to $0.44625 per share for the fourth quarter of 2006.
“We
arranged to purchase a total of 18 vessels at an estimated cost of
$950.0
million during 2006, nearly doubling the size of our contracted fleet
and
increasing our steady state EBITDA by approximately $105.0 million
annually. We
also executed two new credit facilities totaling $583.4 million and
completed
our follow-on equity offering to finance our growth. We are very proud
of our
many achievements for our first full year of operations as a public
company and
look forward to continuing with our strategic growth plan in 2007.”
-more-
3
Financial
Highlights for the Quarter And Year Ended December 31,
2006
|
·
|
Reported
net earnings of $10.1 million and earnings per share of $0.24
for the
quarter and $35.6 million and earnings per share of $0.94
for the year
ended December 31, 2006.
|
|
·
|
Generated
$19.9 million of cash available for distribution during the
quarter and
$66.0 million for the year ended December 31, 2006.
|
|
·
|
Paid
a quarterly dividend of $0.425 per share on November 10,
2006 for the
third quarter ended September 30,
2006.
|
|
·
|
Paid
a quarterly dividend of $0.44625 per share on February 13,
2007 for the
fourth quarter ended December 31, 2006.
|
|
·
|
Took
delivery of six of the company’s contracted vessels and four second-hand
ships, bringing the Seaspan fleet to a total of 23 vessels
in operation as
at December 31, 2006.
|
Results
for the Quarter and Year Ended December 31, 2006
Seaspan
reported revenue of $35.7 million for the quarter and $118.5 for the
year ended
December 31, 2006. Net earnings for the quarter were $10.1 million,
and net
earnings for the year ended were $35.6 million. Total operating expenses
were
$18.9 million for the quarter ended December 31, 2006, and were comprised
of
ship operating costs of $8.7 million, depreciation of $8.3 million
and general
and administrative costs of $1.9 million. Total operating expenses
for the year
ended December 31, 2006 were $61.2 million, and were comprised of ship
operating
costs of $29.4 million, depreciation of $26.9 million and general and
administrative costs of $4.9 million.
Seaspan
reported basic and fully diluted earnings per share of $0.24 for the
quarter and
$0.94 per share for the year ended December 31, 2006.
During
the quarter ended December 31, 2006, Seaspan generated $19.9 million
of cash
available for distribution, a non-GAAP measure. During the year ended
December
31, 2006, Seaspan generated $66.0 million of cash available for distribution,
a
non-GAAP measure. Please read Reconciliation of Non-GAAP Financial
Measures -
Description of Non-GAAP Financial Measures - Cash Available for Distribution
for
a description of cash available for distribution and a reconciliation
of net
earnings to cash available for distribution.
Seaspan
declared an increased quarterly cash dividend of $0.44625, representing
a total
cash distribution of $21.2 million. The cash dividend was paid on February
13,
2007 to all shareholders of record on January 29, 2007.
Operational
Highlights for the Quarter and Year Ended December 31,
2006
|
·
|
During
the fourth quarter, Seaspan took delivery of two additional
vessels in its
initial contracted fleet of 23
vessels;
|
|
o
|
On
October 20, 2006, Seaspan took delivery of the 4250 TEU Rio
Grande
Express, approximately three weeks ahead of the contractual
delivery date.
This ship is the sixth of nine vessels chartered to Hapag-Lloyd,
USA (“HL
USA”), a subsidiary of TUI AG.
|
-more-
4
|
o
|
On
November 13, 2006, Seaspan took delivery of the 4250 TEU
Santos Express,
approximately seven weeks ahead of the contractual delivery
date. This
ship is the seventh of nine vessels chartered to HL
USA.
|
|
·
|
During
the fourth quarter, we also took delivery of four second
hand 4800 TEU
vessels from APM, the world’s largest container shipping line. These four
vessels are chartered to APM, increasing our current customer
base to
three charterers. The MSC Sweden, Maersk Matane, Maersk Marystown
and
Maersk Moncton were delivered on November 6, 2006, November
20, 2006,
December 6, 2006 and December 22, 2006 respectively.
|
|
·
|
During
the year, Seaspan increased its contracted fleet to 41 vessels
from its
initial contracted IPO fleet of 23 vessels with the signing
of agreements
to acquire the following new and second-hand
vessels:
|
|
o
|
Two
3500 TEU vessels under construction from affiliates of Conti
Holding GmbH
& Co. KG of Germany. The total delivered cost is expected to
be
approximately $50.0 million per vessel. Seaspan expects to
take delivery
of the two 3500 TEU vessels in March and July 2007, respectively,
from
Zhejiang Shipbuilding Co. Ltd. in
China.
|
|
o
|
Eight
2500 TEU vessels from Jiangsu Yangzijiang Shipbuilding in
China. The eight
newbuilding vessels will be delivered between August 2008
and August 2009.
The total delivered cost is expected to be approximately
$44.5 million to
$44.7 million per vessel.
|
|
o
|
Four
5100 TEU vessels at Hyundai Heavy Industries Co., Ltd. in
South Korea
(“HHI”). The four newbuilding vessels will be delivered between
April and
December 2009. The total delivered cost is expected to be
approximately
$83.4 million per vessel.
|
|
o
|
Four
4800 TEU vessels from APM at a cost of approximately $40.0
million per
vessel were delivered to Seaspan during the fourth quarter.
These vessels,
the MSC Sweden, Maersk Matane, Maersk Marystown and Maersk
Moncton, were
delivered to APM from Odense Steel Shipyard between 1988
and 1989.
|
|
·
|
During
the year, Seaspan diversified its customers by adding charters
with three
leading liner companies:
|
|
o
|
Twelve-year
charter agreements for the two 3500 TEU vessels with Cosco
Container Lines
Co., Ltd., a subsidiary of China Cosco Holdings Co. Ltd.
at a rate of
$19,000 per vessel per day.
|
|
o
|
Twelve-year
charter agreements for the four 5100 TEU vessels with Mitusi
O.S.K. Lines,
Ltd. at a rate of $28,880 per vessel per
day.
|
|
o
|
Five-year
charter agreements for four vessels with APM at a rate of
$23,450 per
vessel per day. After the initial five-year charter periods,
APM will have
two consecutive one year options to recharter each ship for
$22,400 per
day and $21,400 per day, respectively. They will have a further
option to
charter each ship for two final years at $20,400 per day.
|
-more-
5
|
o
|
Twelve-year
charter agreements for the eight 2500 TEU vessels with one
of our existing
customers, China Shipping Container Lines (Asia) Co. Ltd.
at an initial
rate of $16,750 per day, increasing to $16,900 per day after
six
years.
|
|
·
|
During
the year, Seaspan took delivery of 10 vessels to bring its
fleet to 23
vessels in operations, an increase of 77% from the 13 vessels
in operation
at the end of last year.
|
|
·
|
During
the year, Seaspan added two new credit facilities and successfully
completed a follow-on offering to finance its 18 new vessel
acquisitions
as follows:
|
|
o
|
A
$218.4 million loan facility with Sumitomo Mitsui Banking
Corporation. The
proceeds of this loan will be used to partially finance the
construction
of the four 5100 TEU vessels.
|
|
o
|
A
$365.0 million revolving credit facility with DnB Nor Bank
ASA. The
proceeds of this loan will be used to partially finance the
delivery of
the two 3500 TEU vessels and the construction of the eight
2500 TEU
vessels.
|
|
o
|
A
follow on offering of 11.5 million common shares for net
proceeds of
$235.1 million.
|
|
·
|
During
the year, the CSCL Chiwan and CSCL Hamburg completed their
regularly
scheduled five-year special surveys and drydockings.
|
|
·
|
Seaspan’s
fleet was utilized 100% and 99%, respectively, for the quarter
and the
year ended December 31, 2006.
|
-more-
6
The
following tables summarize vessel utilization and the impact of the
off-hire
time incurred for special surveys and vessel repairs on Seaspan’s revenues for
the year ended December 31, 2006:
|
First
Quarter
2006
|
Second
Quarter
2006
|
Third
Quarter
2006
|
Fourth
Quarter
2006
|
YTD
2006
|
||||||||||||
|
Vessel
Utilization:
|
#
of Days
|
#
of Days
|
#
of Days
|
#
of Days
|
#
of Days
|
|||||||||||
|
Ownership
Days
|
1,296
|
1,450
|
1,553
|
1,820
|
6,119
|
|||||||||||
|
Less
Off-hire Days:
|
||||||||||||||||
|
Scheduled
5-Year Survey
|
(20
|
)
|
—
|
—
|
1(1
|
)
|
(19
|
)
|
||||||||
|
Incremental
Due to Rudder Horn Repair
|
(17
|
)
|
—
|
—
|
—
|
(17
|
)
|
|||||||||
|
Grounding
|
—
|
(24
|
)
|
—
|
—
|
(24
|
)
|
|||||||||
|
Other
|
—
|
—
|
(2
|
)
|
—
|
(2
|
)
|
|||||||||
|
Operating
Days
|
1,259
|
1,426
|
1,551
|
1,821
|
6,057
|
|||||||||||
|
Vessel
Utilization
|
97.1
|
%
|
98.3
|
%
|
99.9
|
%
|
100.1
|
%
|
99.0
|
%
|
||||||
|
First
Quarter
2006
|
Second
Quarter
2006
|
Third
Quarter
2006
|
Fourth
Quarter
2006
|
YTD
2006
|
||||||||||||
|
Revenue
— Impact
of
Off-hire:
|
Revenue
|
Revenue
|
Revenue
|
Revenue
|
Revenue
|
|||||||||||
|
(in
thousands)
|
||||||||||||||||
|
100%
fleet utilization
|
$
|
25,470
|
$
|
28,267
|
$
|
30,174
|
$
|
35,698
|
$
|
119,609
|
||||||
|
Less
Off-hire:
|
||||||||||||||||
|
Scheduled
5-Year Survey
|
(360
|
)
|
—
|
—
|
30
|
(330
|
)
|
|||||||||
|
Incremental
Due to Rudder Horn Repair
|
(303
|
)
|
—
|
—
|
—
|
(303
|
)
|
|||||||||
|
Grounding
|
—
|
(438
|
)
|
—
|
—
|
(438
|
)
|
|||||||||
|
Other
|
—
|
—
|
(41
|
)
|
(8
|
)
|
(49
|
)
|
||||||||
|
Actual
Revenue Earned
|
$
|
24,807
|
$
|
27,829
|
$
|
30,133
|
$
|
35,720
|
$
|
118,489
|
||||||
(1)
We
recovered 1.5 days of charter-hire revenue from the Charterer for drydocking
that was previously deducted as off-hire in the first quarter of
2006.
-more-
7
The
following table summarizes the number of vessels in
Seaspan’s fleet as it takes scheduled delivery:
|
Forecasted
|
|||||||||||||
|
|
As
of
|
Year
Ending December 31,
|
|||||||||||
|
Vessel
Size
|
December
31, 2006
|
2007
|
2008
|
2009
|
|||||||||
|
9600
TEU Class
|
—
|
2
|
2
|
2
|
|||||||||
|
8500
TEU Class
|
2
|
2
|
2
|
2
|
|||||||||
|
5100
TEU Class
|
—
|
—
|
—
|
4
|
|||||||||
|
4800
TEU Class
|
4
|
4
|
4
|
4
|
|||||||||
|
4250
TEU Class
|
17
|
19
|
19
|
19
|
|||||||||
|
3500
TEU Class
|
—
|
2
|
2
|
2
|
|||||||||
|
2500
TEU Class
|
—
|
—
|
2
|
8
|
|||||||||
|
Operating
Vessels
|
23
|
29
|
31
|
41
|
|||||||||
|
Capacity
(TEU) (1)
|
108,473
|
143,207
|
148,299
|
183,923
|
|||||||||
|
(1)
|
Our
9600 TEU vessels, 8500 TEU vessels, 5100 TEU vessels, 4800
TEU vessels,
4250 TEU vessels, 3500 TEU vessels and 2500 TEU vessels have
an actual
capacity of 9580, TEU, 8468 TEU, 5087 TEU, 4809 TEU, 4253
TEU, 3534 TEU
and 2546 TEU respectively.
|
About
Seaspan
Seaspan
owns containerships and charters them pursuant to long-term fixed-rate
charters.
Seaspan’s fleet of 41 containerships consists of 23 existing containerships
and
18 to be delivered over approximately the next three years. The 18
vessels that
Seaspan has contracted to purchase are already committed to long-term
time
charters ranging from 10 to 12 years. Seaspan’s operating fleet of 23 vessels
has an average age of five years with an average remaining charter
period of
eight years. Seaspan’s customer base consists of five of the largest liner
companies, including China Shipping Container Lines, A.P. Møller-Mærsk, Mitsui
O.S.K. Lines, Hapag-Lloyd and COSCO Container Lines.
Seaspan’s
common shares are listed on the New York Stock Exchange under the symbol
“SSW.”
-more-
8
Conference
Call and Webcast
Seaspan
will host a conference call and webcast for investors and analysts to
discuss
its results for the quarter on Thursday March 1, 2007, at 6:00 am PT
/ 9:00 am
ET. Participants should call 800-946-0706 (US/Canada)
or 719-457-2638 (International)
and request the Seaspan call. A telephonic replay will be available for
anyone
unable to participate in the live call. To access the replay, call 888-203-1112
or 719-457-0820 and enter replay passcode 4494471. The recording will
be
available from March 1, 2007 at 9:00 am PT / 12:00 p.m. ET through to
March 15,
2007 at 8:59 p.m. PT / 11:59 p.m. ET. A live broadcast of the earnings
conference call will also be available via the Internet at www.seaspancorp.com
in the Investor Relations section under Events and Presentations.
The
webcast will be archived on the site for one year.
-more-
9
SEASPAN
CORPORATION
UNAUDITED
BALANCE SHEET
AS
AT DECEMBER 31, 2006 AND 2005
(IN
THOUSANDS OF US DOLLARS)
|
December
31, 2006
|
December
31, 2005
|
||||||
|
Assets
|
|||||||
|
Current
assets:
|
|||||||
|
Cash
and cash equivalents
|
$
|
92,227
|
$
|
15,718
|
|||
|
Accounts
receivable
|
641
|
-
|
|||||
|
Prepaid
expenses
|
3,787
|
2,352
|
|||||
|
96,655
|
18,070
|
||||||
|
Vessels
|
1,198,782
|
621,163
|
|||||
|
Deferred
financing fees
|
7,809
|
6,526
|
|||||
|
|
|||||||
|
Intangible
assets
|
1,315
|
-
|
|||||
|
Fair
value of financial instruments
|
10,711
|
4,799
|
|||||
|
$
|
1,315,272
|
$
|
650,558
|
||||
|
Liabilities
and Shareholders’ Equity
|
|||||||
|
Current
liabilities:
|
|||||||
|
Accounts
payable and accrued liabilities
|
5,607
|
$
|
1,467
|
||||
|
Deferred
revenue
|
5,560
|
2,759
|
|||||
|
11,167
|
4,226
|
||||||
|
Long-term
debt
|
563,203
|
122,893
|
|||||
|
Fair
value of financial instruments
|
15,831
|
-
|
|||||
|
590,201
|
127,119
|
||||||
|
Share
Capital
|
475
|
360
|
|||||
|
Additional
paid-in capital
|
748,410
|
512,229
|
|||||
|
Retained
earnings (deficit)
|
(19,602
|
)
|
6,051
|
||||
|
Accumulated
other comprehensive income (loss)
|
(4,212
|
)
|
4,799
|
||||
|
Total
shareholders’ equity
|
725,071
|
523,439
|
|||||
|
$
|
1,315,272
|
$
|
650,558
|
||||
-more-
10
SEASPAN
CORPORATION
UNAUDITED
STATEMENT OF OPERATIONS AND RETAINED EARNINGS
FOR THE QUARTER
AND YEAR ENDED DECEMBER 31, 2006
(in
thousands of US dollars, except per share amounts)
|
Quarter
ended
December
31, 2006
|
Year
ended
December
31, 2006
|
||||||
|
Revenue
|
$
|
35,720
|
$
|
118,489
|
|||
|
Operating
expenses:
|
|||||||
|
Ship
operating
|
8,735
|
29,407
|
|||||
|
Depreciation
|
8,308
|
26,878
|
|||||
|
General
and administrative
|
1,887
|
4,911
|
|||||
|
18,930
|
61,196
|
||||||
|
Operating
earnings
|
16,790
|
57,293
|
|||||
|
Other
expenses (earnings):
|
|||||||
|
Interest
expense
|
6,133
|
17,594
|
|||||
|
Interest
income
|
(1,180
|
)
|
(1,542
|
)
|
|||
|
Undrawn
credit facility fee
|
744
|
2,803
|
|||||
|
Amortization
of deferred financing fees
|
499
|
1,966
|
|||||
|
Change
in fair value of financial instruments
|
544
|
908
|
|||||
|
6,740
|
21,729
|
||||||
|
Net
earnings
|
$
|
10,050
|
$
|
35,564
|
|||
|
Retained
earnings (deficit), beginning of period
|
(14,344
|
)
|
6,051
|
||||
|
Dividends
on common shares
|
(15,308
|
)
|
(61,217
|
)
|
|||
|
Deficit,
end of period
|
$
|
(19,602
|
)
|
$
|
(19,602
|
)
|
|
|
Earnings
per share, basic and diluted
|
$
|
0.24
|
$
|
0.94
|
|||
-more-
11
SEASPAN
CORPORATION
UNAUDITED
STATEMENT OF CASH FLOWS
FOR THE QUARTER
AND YEAR ENDED DECEMBER 31, 2006
(IN
THOUSANDS OF US DOLLARS)
|
Quarter
ended
December
31, 2006
|
Year
ended
December
31, 2006
|
||||||
|
Cash
provided by (used in):
|
|||||||
|
Operating
activities:
|
|||||||
|
Net
earnings
|
$
|
10,050
|
$
|
35,564
|
|||
|
Items
not involving cash:
|
|||||||
|
Depreciation
|
8,308
|
26,878
|
|||||
|
Stock-based
compensation
|
955
|
1,182
|
|||||
|
Amortization
of deferred financing fees
|
499
|
1,966
|
|||||
|
Change
in fair value of financial instruments
|
544
|
908
|
|||||
|
Change
in non-cash operating working capital
|
6,178
|
4,865
|
|||||
|
Cash
from operating activities
|
26,534
|
71,363
|
|||||
|
Investing
activities:
|
|||||||
|
Expenditures
for vessels
|
(274,789
|
)
|
(502,363
|
)
|
|||
|
Deposits
on vessels
|
(2,124
|
)
|
(101,974
|
)
|
|||
|
Intangible
assets
|
(1,315
|
)
|
(1,315
|
)
|
|||
|
Cash
used in investing activities
|
(278,228
|
)
|
(605,652
|
)
|
|||
|
Financing
activities:
|
|||||||
|
Common
shares issued, net of share issue costs
|
235,114
|
235,114
|
|||||
|
Draws
on credit facility
|
115,856
|
440,310
|
|||||
|
Financing
fees incurred
|
(1,498
|
)
|
(3,409
|
)
|
|||
|
Dividends
on common shares
|
(15,308
|
)
|
(61,217
|
)
|
|||
|
Cash
from financing activities
|
334,164
|
610,798
|
|||||
|
Increase
in cash and cash equivalents
|
82,470
|
76,509
|
|||||
|
Cash
and cash equivalents, beginning of period
|
9,757
|
15,718
|
|||||
|
Cash
and cash equivalents, end of period
|
$
|
92,227
|
$
|
92,227
|
|||
-more-
12
SEASPAN
CORPORATION
RECONCILIATION
OF NON-GAAP FINANCIAL MEASURES
FOR THE QUARTER
AND YEAR ENDED DECEMBER 31, 2006
(IN
THOUSANDS OF US DOLLARS)
Description
of Non-GAAP Financial Measures — Cash Available for
Distribution
Cash
available for distribution represents net earnings adjusted for depreciation,
net interest expense, amortization of deferred financing fees, stock-based
compensation and the change in fair value of financial instruments. Cash
available for distribution is a non-GAAP quantitative standard used in
the
publicly-traded investment community to assist in evaluating a company’s ability
to make quarterly cash dividends. Cash available for distribution is
not
required by accounting principles generally accepted in the United States
and
should not be considered as an alternative to net earnings or any other
indicator of Seaspan’s performance required by accounting principles generally
accepted in the United States.
|
Quarter
ended
December
31, 2006
|
Year
ended
December
31, 2006
|
||||||
|
Net
earnings
|
$
|
10,050
|
$
|
35,564
|
|||
|
Add:
|
|||||||
|
Depreciation
|
8,308
|
26,878
|
|||||
|
Interest
expense
|
6,133
|
17,594
|
|||||
|
Amortization
of deferred financing fees
|
499
|
1,966
|
|||||
|
Stock-based
compensation
|
955
|
1,182
|
|||||
|
Change
in fair value of financial instruments
|
544
|
908
|
|||||
|
Less:
|
|||||||
|
Interest
income
|
(1,180
|
)
|
(1,542
|
)
|
|||
|
Net
cash flows before cash interest payments
|
25,309
|
82,550
|
|||||
|
Less:
|
|||||||
|
Cash
interest paid
|
(6,533
|
)
|
(18,021
|
)
|
|||
|
Add:
|
|||||||
|
Cash
interest received
|
1,138
|
1,500
|
|||||
|
Cash
available for distribution
|
$
|
19,914
|
$
|
66,029
|
|||
-more-
13
CAUTIONARY
STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This
release contains certain forward-looking statements (as such term is
defined in
Section 21E of the Securities Exchange Act of 1934, as amended) concerning
future events and our operations, performance and financial condition,
including, in particular, the likelihood of our success in developing
and
expanding our business. Statements that are predictive in nature, that
depend
upon or refer to future events or conditions, or that include words such
as
“expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,”
“projects,” “forecasts,” “will,” “may,” “potential,” “should,” and similar
expressions are forward-looking statements. These forward-looking statements
reflect management’s current views only as of the date of this presentation and
are not intended to give any assurance as to future results. As a result,
you
are cautioned not to rely on any forward-looking statements. Forward-looking
statements appear in a number of places in this release. Although these
statements are based upon assumptions we believe to be reasonable based
upon
available information, including operating margins, earnings, cash flow,
working
capital and capital expenditures, they are subject to risks and uncertainties.
These risks and uncertainties include, but are not limited to: future
operating
or financial results; our expectations relating to dividend payments
and
forecasts of our ability to make such payments; pending acquisitions,
business
strategy and expected capital spending; operating expenses, availability
of
crew, number of off-hire days, drydocking requirements and insurance
costs;
general market conditions and shipping market trends, including charter
rates
and factors affecting supply and demand; our financial condition and
liquidity,
including our ability to obtain additional financing in the future to
fund
capital expenditures, acquisitions and other general corporate activities;
estimated future capital expenditures needed to preserve our capital
base; our
expectations about the availability of ships to purchase, the time that
it may
take to construct new ships, or the useful lives of our ships; our continued
ability to enter into long-term, fixed-rate time charters with our customers;
our ability to leverage to our advantage our Manager’s relationships and
reputation in the containership industry; changes in governmental rules
and
regulations or actions taken by regulatory authorities; changes in worldwide
container demand; changes in trading patterns; competitive factors in
the
markets in which we operate; potential inability to implement our growth
strategy; potential for early termination of long-term contracts and
our
potential inability to renew or replace long-term contracts; ability
of our
customers to make charter payments; potential liability from future litigation;
conditions in the public equity markets; and other factors detailed from
time to
time in our periodic reports. We expressly disclaim any obligation to
update or
revise any of these forward-looking statements, whether because of future
events, new information, a change in our views or expectations, or otherwise.
We
make no prediction or statement about the performance of our common and
subordinated shares.
For
Investor Relations Inquiries:
Mr.
Kevin
M. Kennedy
Chief
Financial Officer
Seaspan
Corporation
Tel.
604-638-2575
For
Media Inquiries:
Mr.
Leon
Berman
The
IBG
Group
Tel.
212-477-8438
-end-