Seaspan Corp (NYSE:SSW)

First Quarter 2012 Results

• Revenues increased to $152 million in the first quarter 2012 from $120 million in prior year period
• Non gaap diluted EPS for first quarter 2012 were $0.30 vs $0.24 in prior year period

Gerry Wang, Chief Executive Officer, Co-Chairman, and Co-Founder of Seaspan, commented, "During the first quarter, Seaspan continued to generate strong, stable operational and financial results for shareholders. We also took delivery of two newbuildings during the quarter, increasing our fleet to 67 vessels. Consistent with our strategy, both vessels commenced operations under long-term time charters with a leading liner company."

Mr. Wang added, "Based on our favourable results, our board has declared a $0.25 per share dividend on our Class A common stock for the first quarter, representing a 33% increase. We remain committed to drawing upon our strong and flexible capital structure to further grow our high-quality fleet in a disciplined manner. In achieving this important goal, we intend to continue to emphasize our SAVER vessel design, which we believe provides customers with improved efficiency and operational savings."

Dividends Declared

For the quarter ended March 31, 2012, Seaspan declared a quarterly dividend of $0.25 per Class A common share, representing a total distribution of $15.7 million. The dividend will be paid on June 8, 2012 to all shareholders of record as of May 29, 2012. Because Seaspan adopted a dividend reinvestment plan, or DRIP, the actual amount of cash dividend paid may be less than $15.7 million based on shareholder participation in the DRIP.

HONG KONG, CHINA--(Marketwire - Jan. 12, 2012) - Seaspan Corporation (NYSE:SSW) ("Seaspan") today announced the preliminary results of its tender offer for the purchase of up to 10,000,000 of its Class A common shares at a price of $15.00 per share, which expired at 12:00 midnight, New York City time, on Wednesday, January 11, 2012.

Based on the preliminary count by American Stock Transfer & Trust Company, LLC, the depositary for the tender offer, a total of 21,290,859 shares of Seaspan's Class A common shares were properly tendered and not properly withdrawn, including 1,381,415 shares that were tendered through notice of guaranteed delivery.

In accordance with the terms and conditions of the tender offer, and based on the preliminary count by the depositary, Seaspan expects to accept for purchase 11,300,000 shares of its Class A common shares at a purchase price of $15.00 per share, for an aggregate cost of approximately $169.5 million, excluding fees and expenses relating to the tender offer. The total number of shares expected to be purchased in the tender offer includes an additional 1,300,000 shares purchased pursuant to Seaspan's right to increase the number of shares purchased by no more than 2 percent of its outstanding shares, without amending or extending the tender offer.

The 11,300,000 shares expected to be purchased in the tender offer represent approximately 16 percent of Seaspan's currently issued and outstanding shares of common stock. Based on these preliminary numbers, Seaspan anticipates that, following settlement of the tender offer, it will have approximately 58,367,460 common shares outstanding.