On February 7, 2013, Seaspan declared a quarterly dividend of $0.25 per Class A common share payable to all shareholders of record as of February 18, 2013. The dividend was paid on February 27, 2013.
In March 2013, Seaspan's board of directors approved a 25.0% increase in the quarterly common share dividend to $0.3125 per share, which dividend will be subsequently declared for the quarter ending March 31, 2013. This $0.0625 per share increase to Seaspan's quarterly common share dividend represents the fourth increase since March 31, 2010 for an aggregate increase of 212.5%. Seaspan expects common share dividends for the four quarters ending December 31, 2013 to total $1.25 per share.
Results for the Quarter and Year Ended December 31, 2012
The following table summarizes vessel utilization for the quarter and year ended December 31, 2012:
First Second Third Fourth Quarter Quarter Quarter Quarter Year Ended ------------ ----------- ----------- ----------- ------------- 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 ------ ----- ----- ----- ----- ----- ----- ----- ------ ------Vessel Utilization:Ownership Days 5,591 5,087 5,847 5,421 5,980 5,857 5,981 5,741 23,399 22,106Less Off-hire Days: Scheduled 5-Year Survey (44) (53) (24) (58) (12) (6) - (17) (80) (134) Unscheduled Off- hire(1) (7) (2) (14) (3) (56) (7) (90) (12) (167) (24) ------ ----- ----- ----- ----- ----- ----- ----- ------ ------Operating Days 5,540 5,032 5,809 5,360 5,912 5,844 5,891 5,712 23,152 21,948 ------ ----- ----- ----- ----- ----- ----- ----- ------ ------ ------ ----- ----- ----- ----- ----- ----- ----- ------ ------Vessel Utilization 99.1% 98.9% 99.4% 98.9% 98.9% 99.8% 98.5% 99.5% 98.9% 99.3% ------ ----- ----- ----- ----- ----- ----- ----- ------ ------ ------ ----- ----- ----- ----- ----- ----- ----- ------ -------------------------(1) Unscheduled off-hire includes days related to vessels off-charter. Certain of these days were used to dry-dock such vessels.
Seaspan accepted delivery of 10 vessels during the year ended December 31, 2011. Seaspan began 2012 with 65 vessels in operation and during the year ended December 31, 2012, accepted delivery of four vessels, bringing its fleet to a total of 69 vessels in operation as at December 31, 2012. Revenue is determined primarily by the number of operating days, and ship operating expense is determined primarily by the number of ownership days.
The following table summarizes Seaspan's consolidated financial results for the quarter and year ended December 31, 2012 and 2011:
Quarter Ended Year Ended December 31, Increase December 31, Increase --------------- ------------- ----------------- ------------- 2012 2011 Days % 2012 2011 Days % ------- ------- ------ ------ -------- -------- ------- -----Operating days 5,891 5,712 179 3.1% 23,152 21,948 1,204 5.5%Ownership days 5,981 5,741 240 4.2% 23,399 22,106 1,293 5.8%
Financial Summary(in millions Quarter Ended Year Ended of USD) December 31, Change December 31, Change ------------- ------------- ------------- ---------------- 2012 2011 $ % 2012 2011 $ % ------ ------ ------ ------ ------ ------ -------- -------Revenue $169.8 $156.1 $ 13.7 8.8% $660.8 $565.6 $ 95.2 16.8%Ship operating expense 36.9 35.9 1.0 2.9% 138.7 135.7 3.0 2.2%Depreciation and amortization expense 42.8 38.2 4.6 12.2% 165.5 140.4 25.2 17.9%General and administrative expense 6.5 5.2 1.3 25.5% 24.6 16.8 7.8 46.4%Operating lease expense 1.1 - 1.1 100% 3.1 - 3.1 100%Loss (gain) on vessels - 7.3 (7.3) (100%) (9.8) 16.2 (26.0) (160.2%)Interest expense 17.3 16.0 1.3 8.0% 72.0 50.8 21.1 41.6%Change in fair value of financial instruments 3.4 27.5 (24.1) (87.7%) 136.0 281.0 (145.0) (51.6%)
