Promises Kept

There are lots of things you can say about Seaspan, but one thing that stands out is the fact that they stay on message. But perhaps even more importantly they walk the talk. While there is more than enough debt to complete the newbuilding program, there has been an equity gap ranging from $180 to $240 million which was to be filled by “common or other equity and/or other forms of capital over the period from the second quarter of 2011 to the second quarter of 2012.” One would say, in these days of readily available equity, no problem. However, the company had one self-imposed condition. Dilution of the existing shareholders was to be avoided.

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