With a number of container shipping’s most respected names suggesting there is no chance for any supply/demand equilibrium in the sector this decade news that the main figures behind Seaspan Corporation are looking to cash in now lends credit to the cautious feeling many feel about prospects ahead.
The Nasdaq-listed Canadian ship leasor revealed yesterday plans to sell as much as $1bn in shares and securities. Among those selling are Graham Porter – offloading 2m shares, Dennis Washington – set to sell 1.13m shares, and Gerry Wang, who aims to sell up to 500,000 shares.
Maersk CEO Soren Skou recently said he saw no return to supply/demand equilibrium until the early 2020s, while the veteran chairman of OOCL has also said there’s little chance of any balance being met this decade.
Seaspan’s share price has been on a steady decline in the past year, down from a high of $19.59 registered on March 17 last year to close at just $7.74 yesterday, not helped by the collapse of South Korea’s Hanjin Shipping.
Seaspan, one of the world’s top containership leasors, registered a net profit for the final quarter of 2016 of $1.44m, down from $76.21m in the same quarter of 2015.