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Revenue
Revenue increased by 8.8% and 16.8%, respectively, for the quarter and year ended December 31, 2012 over the prior year's comparable periods. This is primarily due to an increase in operating days of 3.1% and 5.5% for the quarter and year ended December 31, 2012, respectively, over the prior year's comparable periods and higher time-charter rates attributed to the delivery of Seaspan's larger newbuild vessels. The increase in operating days and the financial impact thereof for the quarter and year ended December 31, 2012 relative to the corresponding periods in 2011, is attributable to the following:
Quarter Ended Year Ended December 31, 2012 December 31, 2012 ---------------------- ---------------------- Operating $ impact Operating $ impact Days (in Days (in impact millions) impact millions) ---------- ---------- ---------- ----------2012 vessel deliveries 368 $ 20.5 1,092 $ 60.9Full period contribution for 2011 vessel deliveries - - 1,380 66.1Changes due to bareboat charters (1) (129) (2.6) (1,221) (24.2)Change in daily charterhire rate and re-charters - (3.0) - (6.4)Change in charterhire days - - 41 1.3Scheduled off-hire 17 0.3 54 0.7Unscheduled off-hire (77) (1.5) (142) (3.2) ---------- ---------- ---------- ----------Total 179 $ 13.7 1,204 $ 95.2 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------------------------------------(1) Commencing in the fourth quarter of 2011, Seaspan bareboat chartered four 4800 TEU vessels to Mediterranean Shipping Company S.A., or MSC. These transactions were accounted for as sales-type leases with the vessels being deemed disposed of and a gross investment in lease recorded, which is being amortized to income through revenue. Prior to the commencement of the bareboat charters, these vessels were on time charter to A.P. Moller- Maersk. In the comparable periods in the prior year, the hire payments from the time chartering of these vessels to A.P. Moller-Maersk A/S was included in revenue.
Vessel utilization was 98.5% and 98.9%, for the quarter and year ended December 31, 2012, respectively, compared to 99.5% and 99.3% for the quarter and year ended December 31, 2011, respectively.
The decrease in vessel utilization for the year ended December 31, 2012 was primarily due to a 142-day increase in unscheduled off-hire. The unscheduled off-hire includes 118 days for the Seaspan Dalian, Seaspan Felixstowe and Seaspan Ningbo. While the Seaspan Dalian and Seaspan Felixstowe were off-charter, their scheduled dry-dockings were completed. There were also 22 days of unscheduled off-hire related to mechanical issues experienced onboard the COSCO Indonesia. During the year ended December 31, 2012, Seaspan completed six dry-dockings which resulted in 80 days of scheduled off-hire, compared to the year ended December 31, 2011, where Seaspan completed nine dry-dockings which resulted in 134 days of scheduled off-hire.
