In an economic environment where shipping container rates are in the absolute pits it is interesting to see Seaspan Corp SSW continue with their growth program. According to the press release linked above the company now has 36 vessels with another 32 on order to be delivered over the next 3 years.
All of the newbuild vessels on order have committed long term charter contracts from Seaspan customers. Unless something goes seriously wrong with the company’s customer base, their goal of an increasing stream of dividends seems like a pretty sure thing. At a current yield of 18% there is a lot of upside for this stock, in my opinion.
Seaspan Corporation continues with growth program
Seaspan Corporation – Seaspan Takes Delivery of First New Containership in 2009 on Twelve-Year Time Charter to China Shipping.
In an economic environment where shipping container rates are in the absolute pits it is interesting to see Seaspan Corp SSW continue with their growth program. According to the press release linked above the company now has 36 vessels with another 32 on order to be delivered over the next 3 years.
All of the newbuild vessels on order have committed long term charter contracts from Seaspan customers. Unless something goes seriously wrong with the company’s customer base, their goal of an increasing stream of dividends seems like a pretty sure thing. At a current yield of 18% there is a lot of upside for this stock, in my opinion.