How many companies can you name that are guaranteed to grow revenue at around 30% compounded through 2012?
This is the beauty of Seaspan
With this sort of operating model, Seaspan and doppelganger Danaos
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