Seaspan saw huge recovery in 2012

Seaspan reported profit in the fourth quarter of 2012 was $58.98 million, rising $34.47 million, or 150.8%, 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%, 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.” < Korea Shipping Gazette >