New York-listed container ship owner Seaspan has announced a shake-up in its Board. Larry Simkins will replace Graham Porter.
Porter has resigned as a Director of the company to focus on other personal and professional commitments, Seaspan said in a statement. His successor is Pr[ds_preview]esident, Chief Executive Officer and Director of the Washington Companies (»WashCo«). Following Seaspan’s 2017 Annual General Meeting, it is anticipated that the Board will expand from eight to nine members and will add David Sokol, a Director of WashCo and experienced executive, as a Director.
WashCo, through its affiliates Deep Water Holdings, LLC and Copper Lion, Inc., is Seaspan’s largest shareholder with ownership of approximately 50 % of Seaspan’s outstanding shares. The Washington Companies were founded by industrialist and entrepreneur Dennis R. Washington and are privately held companies active in the core industries of rail and marine transportation, mining, aviation, environmental remediation and restoration services, and heavy equipment sales and service.
Gerry Wang, Chief Executive Officer, Co-Chairman and Co-Founder of Seaspan, commented, »We are pleased to welcome fresh perspectives and ideas from Larry, and later this month from David, as representatives from our largest shareholder and proven business leaders. We are encouraged by recent positive signs of a recovery in the global container shipping market, and believe that the newly constituted Board will enhance our ability to capture emerging opportunities, benefitting the company and all of our shareholders.«
As the whole industry did, Seaspan suffered heavily from the slump in charter rates in 2016. Although revenue grew, vessel impairments caused a net loss for the company. Seaspan’s managed fleet consists of 114 containerships representing a total capacity of over 915,000 TEU, including 11 newbuilding containerships on order scheduled for delivery to Seaspan and third parties by the end of 2018. Seaspan’s current operating fleet of 88 vessels has an average age of approximately six years and average remaining lease period of approximately five years, on a TEU weighted basis.
Kyle Washington, Co-Chairman and Co-Founder of Seaspan, added, »On behalf of the Board, I would like to thank Graham for his many years of service and contributions to Seaspan. We wish Graham all the best in his future endeavors and know that Seaspan is well-positioned for the future, and in good hands with our incumbent and new Directors, both of whom I know and respect from our many years working together at the Washington Companies.«
Larry Simkins said, »I am excited to have the opportunity to contribute to a great company in Seaspan, which I have followed closely as an investor for many years. Seaspan has created an unsurpassed containership leasing platform, and I too am encouraged by signs of a market recovery.«
