Seaspan sees quarterly profits wiped out in US$36.6 million loss

SEASPAN Corporation, a Vancouver-based owner and charterer of containerships, has suffered a loss of US$36.61 million in the first quarter, down from a profit of $24.21 million in the same period last year.

The smaller profit was attributed by the company to the change in fair value of financial instruments which it said resulted in a loss of $65.5 million for the quarter. The change in fair value loss for the first quarter was due to decreases in the forward LIBOR curve and overall market changes in credit risk since December 31, 2009, a statement said.

First quarter revenue amounted to $80.37 million, up from $63.15 million a year earlier, after taking delivery of seven vessels in 2009, bringing its fleet to 45 ships, including three newbuildings delivered in the first quarter.

The company achieved vessel utilisation of 97.2 per cent during the first quarter, down from 99.9 per cent utilisation last year owing to the CSCL Hamburg going aground in the Gulf of Aqaba en route to Singapore at the end of 2009, which resulted in the vessel being off-hire for 100 days.

(Source: www.schednet.com)