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	<title>Marine Money Archives &#187; Seaspan</title>
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	<link>http://www.marine-money.com</link>
	<description>The Ship Finance Publication Of Record</description>
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		<title>“Breaking up Is Hard to Do” – Neither Seaspan nor Mr. Wang Wish to Part Ways</title>
		<link>http://www.marine-money.com/archive/%e2%80%9cbreaking-up-is-hard-to-do%e2%80%9d-%e2%80%93-neither-seaspan-nor-mr-wang-wish-to-part-ways</link>
		<comments>http://www.marine-money.com/archive/%e2%80%9cbreaking-up-is-hard-to-do%e2%80%9d-%e2%80%93-neither-seaspan-nor-mr-wang-wish-to-part-ways#comments</comments>
		<pubDate>Thu, 15 Dec 2011 18:45:36 +0000</pubDate>
		<dc:creator>marinemoney</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[The Week in Review]]></category>
		<category><![CDATA[Gerry Wang]]></category>
		<category><![CDATA[Seaspan]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=11461</guid>
		<description><![CDATA[Finding a replacement for Gerry Wang is hard to do or more likely Seaspan does not want to let him go. With Mr. Wang’s employment contract set to expire on January 1, 2013, the company has asked Mr. Wang to continue in his role as Co-Chairman and CEO through March 31, 2015, when the company’s right of first refusal with GCI expires. Mr. Wang has indicated his willingness to do so and Seaspan’s board is considering what further consideration it will offer over the extended period. ]]></description>
		<wfw:commentRss>http://www.marine-money.com/archive/%e2%80%9cbreaking-up-is-hard-to-do%e2%80%9d-%e2%80%93-neither-seaspan-nor-mr-wang-wish-to-part-ways/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Seeing Value and Putting Cash to Work – Seaspan’s Tender</title>
		<link>http://www.marine-money.com/archive/seeing-value-and-putting-cash-to-work-%e2%80%93-seaspan%e2%80%99s-tender</link>
		<comments>http://www.marine-money.com/archive/seeing-value-and-putting-cash-to-work-%e2%80%93-seaspan%e2%80%99s-tender#comments</comments>
		<pubDate>Thu, 15 Dec 2011 18:44:21 +0000</pubDate>
		<dc:creator>marinemoney</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[The Week in Review]]></category>
		<category><![CDATA[Citigroup]]></category>
		<category><![CDATA[Seaspan]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=11459</guid>
		<description><![CDATA[Contemporaneously, Seaspan commenced a tender offer, led by Citigroup, to purchase up to 10 million of its Class A common shares (approximately 14% of the shares issued and outstanding) at a price of $15/share, a premium of 43.5% to the prior day’s closing price of $10.45. The stock closed the next day at $12.16, an increase of 16.36%. ]]></description>
		<wfw:commentRss>http://www.marine-money.com/archive/seeing-value-and-putting-cash-to-work-%e2%80%93-seaspan%e2%80%99s-tender/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>The 3rd Quarter in Pictures</title>
		<link>http://www.marine-money.com/archive/the-3rd-quarter-in-pictures</link>
		<comments>http://www.marine-money.com/archive/the-3rd-quarter-in-pictures#comments</comments>
		<pubDate>Thu, 08 Dec 2011 18:32:48 +0000</pubDate>
		<dc:creator>marinemoney</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[Market Commentary]]></category>
		<category><![CDATA[Danaos]]></category>
		<category><![CDATA[DryShips]]></category>
		<category><![CDATA[Genco]]></category>
		<category><![CDATA[Golar LNG]]></category>
		<category><![CDATA[Grupo TMM]]></category>
		<category><![CDATA[Seaspan]]></category>
		<category><![CDATA[Teekay LNG]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=11445</guid>
		<description><![CDATA[We continue our periodic look at quarterly results for a basket of shipping stocks we’ve been tracking. As in the past, we look at the percentage change in stock prices, comparing the beginning price versus the closing price for the quarter 3Q2011 and 3Q2010. We also look at the percentage change in EBITDA for 3Q2011 versus 3Q2010 and 3Q 2010 versus 3Q2009. This is our version of the proverbial crystal ball.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Believe the Story or Bet on the Come</title>
		<link>http://www.marine-money.com/archive/believe-the-story-or-bet-on-the-come</link>
		<comments>http://www.marine-money.com/archive/believe-the-story-or-bet-on-the-come#comments</comments>
		<pubDate>Thu, 08 Sep 2011 14:48:06 +0000</pubDate>
		<dc:creator>marinemoney</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[Market Commentary]]></category>
		<category><![CDATA[Achniotis]]></category>
		<category><![CDATA[Desypris]]></category>
		<category><![CDATA[DHT Holdings]]></category>
		<category><![CDATA[Hamish Norton]]></category>
		<category><![CDATA[Jefferies]]></category>
		<category><![CDATA[Jim Tisch]]></category>
		<category><![CDATA[Kevin Kennedy]]></category>
		<category><![CDATA[Korres]]></category>
		<category><![CDATA[Ms. Frangou]]></category>
		<category><![CDATA[Navios Holdings]]></category>
		<category><![CDATA[Navios Maritime Acquisition]]></category>
		<category><![CDATA[Navios Partners]]></category>
		<category><![CDATA[Sai Chu]]></category>
		<category><![CDATA[Seaspan]]></category>
		<category><![CDATA[Svein Moxnes Harfjeld]]></category>
		<category><![CDATA[Synergy]]></category>
		<category><![CDATA[Ted Petrone]]></category>
		<category><![CDATA[Trygve Munthe]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=11055</guid>
		<description><![CDATA[Yesterday, Jefferies held its Annual Shipping Conference and, according to Hamish Norton it was a record turnout with over 400 delegates and 40 companies represented. When we were queried about the mood, we hard pressed to provide an answer. There was neither excitement nor was their panic. The closest comparison we could come up with was window shopping.]]></description>
		<wfw:commentRss>http://www.marine-money.com/archive/believe-the-story-or-bet-on-the-come/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Survival – It’s All about Liquidity and Gearing</title>
		<link>http://www.marine-money.com/archive/survival-%e2%80%93-it%e2%80%99s-all-about-liquidity-and-gearing</link>
		<comments>http://www.marine-money.com/archive/survival-%e2%80%93-it%e2%80%99s-all-about-liquidity-and-gearing#comments</comments>
		<pubDate>Thu, 18 Aug 2011 14:11:17 +0000</pubDate>
		<dc:creator>marinemoney</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[The Week in Review]]></category>
		<category><![CDATA[Costamare]]></category>
		<category><![CDATA[Danaos]]></category>
		<category><![CDATA[Seaspan]]></category>
		<category><![CDATA[TBS]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=11012</guid>
		<description><![CDATA[Continuing our recent trend of playing with numbers, we have decided this week to focus on survivability, which, for our purposes, we measure in terms of liquidity and leverage. For a selected group of companies which have reported 1st half results, we have calculated the debt to equity and net debt to equity ratios. We also show the cash position of these companies, which compared to just a couple of years ago is substantially lower, a reflection of this difficult market. While we show both the debt to equity and net debt to equity ratios, the latter in deference to the analysts, we prefer the former as we believe the cash will be long gone before it can be applied to the debt.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Is New Better? – Costamare Prices</title>
		<link>http://www.marine-money.com/archive/is-new-better-%e2%80%93-costamare-prices</link>
		<comments>http://www.marine-money.com/archive/is-new-better-%e2%80%93-costamare-prices#comments</comments>
		<pubDate>Thu, 04 Nov 2010 14:14:46 +0000</pubDate>
		<dc:creator>marinemoney</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[The Week in Review]]></category>
		<category><![CDATA[Costamare Inc.]]></category>
		<category><![CDATA[Danaos]]></category>
		<category><![CDATA[Global Ship Leasing (“GSL”)]]></category>
		<category><![CDATA[SeaCube]]></category>
		<category><![CDATA[Seaspan]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=9808</guid>
		<description><![CDATA[Last night, the shares of Costamare Inc. were priced at $12, or 25% below the midpoint of the expected range of $15 to $17. The company sold 13.3 million shares, the number expected, raising $159.6 million in proceeds, instead of the $260 million that was planned.]]></description>
		<wfw:commentRss>http://www.marine-money.com/archive/is-new-better-%e2%80%93-costamare-prices/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Be Prepared &#8211; Seaspan Renews Shelf</title>
		<link>http://www.marine-money.com/archive/be-prepared-seaspan-renews-shelf</link>
		<comments>http://www.marine-money.com/archive/be-prepared-seaspan-renews-shelf#comments</comments>
		<pubDate>Fri, 27 Aug 2010 01:49:36 +0000</pubDate>
		<dc:creator>marinemoney</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[The Week in Review]]></category>
		<category><![CDATA[Seaspan]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=9553</guid>
		<description><![CDATA[Last week, Seaspan announced that it had filed a universal shelf registration on Form F-3 to replacing the existing one that recently expired. The new registration is intended only to provide Seaspan financial flexibility for future growth and does not reflect a change in its financing strategy. Currently, there are no specific plans to utilize the shelf to issue new securities.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>First Bank of Teekay</title>
		<link>http://www.marine-money.com/archive/first-bank-of-teekay</link>
		<comments>http://www.marine-money.com/archive/first-bank-of-teekay#comments</comments>
		<pubDate>Fri, 23 Jul 2010 01:37:20 +0000</pubDate>
		<dc:creator>marinemoney</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[The Week in Review]]></category>
		<category><![CDATA[Deutsche Bank]]></category>
		<category><![CDATA[Justin Yagerman]]></category>
		<category><![CDATA[Peter Evensen]]></category>
		<category><![CDATA[Sea Tiger]]></category>
		<category><![CDATA[Seacor]]></category>
		<category><![CDATA[Seaspan]]></category>
		<category><![CDATA[Teekay Tankers]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=9539</guid>
		<description><![CDATA[As Justin Yagerman aptly put in his piece about this deal “Teekay Tankers or Teekay Bankers?”,  providing further evidence that the reduced availability of shipping debt is affecting the cost of capital, the structure through which it is lent and, as result, who provides it, Teekay Tankers (TNK) announced this week that, in a deal structured by Deutsche Bank , it has drawn down $115m of its revolving credit facility and used the funds to provide what is effectively a first preferred ship mortgage bond secured by 2x 2010-built VLCCs owned by a Far Eastern shipowner. ]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>From The Playbook</title>
		<link>http://www.marine-money.com/archive/from-the-playbook</link>
		<comments>http://www.marine-money.com/archive/from-the-playbook#comments</comments>
		<pubDate>Thu, 10 Jun 2010 21:23:49 +0000</pubDate>
		<dc:creator>marinemoney</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[The Week in Review]]></category>
		<category><![CDATA[Jaccar Holdings Limited]]></category>
		<category><![CDATA[Seaspan]]></category>
		<category><![CDATA[United Arab Shipping Company]]></category>
		<category><![CDATA[Zhejiang Shipbuilding Co Ltd]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=9323</guid>
		<description><![CDATA[When you’re good and connected, anything is possible. Last week, Seaspan announced that it had purchased a newly delivered 4,250 TEU newbuilding containership for approximately $43 million from Zhejiang Shipbuilding Co Ltd of China. Based upon information provided by our neighbors, this is a very favorable price, approaching the newbuilding low prior to 2004, calculated at $10,000 per TEU. The price likely compares favorably with their Samsung newbuildings, which formed the core of its initial fleet.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Promises Kept</title>
		<link>http://www.marine-money.com/archive/promises-kept</link>
		<comments>http://www.marine-money.com/archive/promises-kept#comments</comments>
		<pubDate>Thu, 13 May 2010 13:44:54 +0000</pubDate>
		<dc:creator>carisk</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[The Week in Review]]></category>
		<category><![CDATA[Cosco Container Line]]></category>
		<category><![CDATA[Graham Porter]]></category>
		<category><![CDATA[Hyundai]]></category>
		<category><![CDATA[Seaspan]]></category>
		<category><![CDATA[Tiger Group]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=8962</guid>
		<description><![CDATA[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.]]></description>
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