Seaspan Corporation (SSW) Releases Earnings Results, Beats Expectations By $0.02 EPS

Seaspan Corporation (SSW) reported quarterly earnings results on Monday, Jul-25-2016. The company said it had a profit of $0.30 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.02. Analysts had a consensus of $0.28. The company posted revenue of $224.31 million in the period, compared to analysts expectations of $217.79 million. The company’s revenue was up 12.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.22 EPS.

Seaspan Corporation opened for trading at $14.67 and hit $14.689 on the upside on Wednesday, eventually ending the session at $14.66, with a gain of 0.21% or 0.03 points. The heightened volatility saw the trading volume jump to 2,66,508 shares. Company has a market cap of $1,441 M.

Seaspan Corporation is an independent charter owner and manager of containerships. The Company charters primarily pursuant to long-term fixed-rate time charters with various container liner companies. As of February 28 2015 the Company operated a fleet of 77 containerships and had contracts for the purchase of an additional 13 newly-built containerships which have scheduled delivery dates through October 2016. The Company’s customers primarily include COSCON CSCL Asia HL USA Hanjin Hapag-Lloyd K-Line MSC MOL Norasia OOCL Maersk and Yang Ming Marine. The Company’s four 4800 TEU vessels are chartered by MSC under bareboat charters which are contracts for the use of a vessel for a fixed period of time at a specified amount. The Company also provides limited ship management services to Dennis R. Washington’s personal vessel owning companies and ship management and construction supervision services to GCI.

Seaspan Corporation

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