Seaspan Corporation achieve an all-time revenue best for Q3 in 2018
Seaspan Corporation is a formidable force in the maritime industry that command and manage their own fleet of containerships worldwide. In fact, they’re the biggest organisation in the world to do so. They operate from headquarters in various nations such as China, India and Canada. They released their revenue data last week for the third quarter of the year (1st July through 30th September) which has shown some seriously impressive growth year on year.
Seaspan has reported just less than US$300 million ($295 million) in revenue for Q3 which is actually an improvement of nearly 40% on 2017, where they recorded 211 million. If we’re putting that into a cleaner figure for net profit, we’re looking at an earning of 80 million USD for the period; this number was only at 48 million USD last year. It’s quite clear that the company is continuing to grow at an electrifying rate, which is even more impressive for an organisation that’s already at the head of its market.
Seaspan uses the latest technology as well as unbeatable efficiency to craft its vessels, often built by some of the best-known shipyards in the world, like Hyundai Heavy Industries and Samsung Heavy Industries. This all contributes to the primary aim of the operation, which is to achieve unrivalled health and safety for the 4,000+ employees in the business. Perhaps this a big part of the huge success.
We can look at similar figures for the entire calendar year up to September 30th too. For the nine months beginning January 1st, SSC has reported a revenue of $801 million, a period that only achieved $616.9 million the year before (+29.9%). In terms of net earnings, this works out at 215.7 million USD - that’s an 84% rise from 116 million in 2017.
The company will have seen a lot of this positive performance through the rising value of their vessels, which have soared in worth from $4.3 billion to $5.9 billion since 31st December 2017. In relation to this, Seaspan bought a market competitor business GCI (Greater China Intermodal) and was granted ownership of 16 new vessels from the organisation - which in turn was responsible for a lot of this increased value.
Seaspan CEO Bing Chen said he’s now understanding the full benefits from taking ownership of GCI, which has ended up being the primary force of the company’s year on year success.
During the most recent quarterly period, they’ve worked with their finances intelligently in order to enhance their liquidity circumstances, which has included the upgrading of their structural flexibility.