Don't Turn Down Seaspan

How many companies can you name that are guaranteed to grow revenue at around 30% compounded through 2012?

This is the beauty of Seaspan (NYSE: SSW), a Hong Kong-based containership charterer. Because container shippers such as Maersk and COSCO are party to long-term, fixed-rate agreements on all of Seaspan's vessels -- including those yet to be delivered -- the company is able to forecast its future revenue with rare precision.

With this sort of operating model, Seaspan and doppelganger Danaos (NYSE: DAC) are perfectly suited for paying high yields. Seaspan's raison d'etre is dividends. That's why the most important metric here is cash available for distribution (CAD), rather than earnings per share.

In the first quarter, Seaspan generated $32.5 million in CAD, a 34% gain over last year. Earnings, on the other hand, were negative because of non-cash adjustments to Seaspan's interest rate derivatives. The company isn't gambling with financial weapons of mass destruction -- quite the opposite, in fact. Interest rate swaps help the company to keep a fixed operating cost structure.

The company has had an impressive ease finding affordable financing in these crazy capital markets. Long-term debt is fixed at around 6%. The company's significant share offerings seem to have rattled investors, but I do see a lot to like here.

Plenty of investors are captivated by dry bulk fare like DryShips (Nasdaq: DRYS) and Diana Shipping (NYSE: DSX), but Fools ought to consider the container crew. Alexander & Baldwin (Nasdaq: ALEX), while less of a pure play, is also worth a peek.

Seaspan is rated a formidable four stars in Motley Fool CAPS. Won't you chime in?