2021 Financial Guidance
Meaningful Enhancement of Financial Position
Strong leverage and liquidity supported by ~$11.0bn¹ in gross contracted cash flow
31-Mar-17
31-Dec-20
Cash²
Liquidity
Improvements
Revolver³
$296mn
$304mn
+ $8mn
$160mn
$500mn
+ $340mn
Unencumbered Assets4
4 vessels / $22mn
31 vessels / $1.1bn
+ $1,078mn
Balance Sheet
Improvements
Debt / Assets5
0.6x
0.5x
-0.1x
Net Debt/Equity5
1.7x
1.2x
1
− 0.5x
Revenue (LTM)6
$864mn
$1,421mn
+ $557mn
Financial
Performance
Cash Flow from Operations
(LTM)6
$310mn
$694mn
+ $384mn
Seaspan Asset Utilization
91.6%
99.6%
+ 8.0%
Operational
Improvements
APR Asset Utilization
30.0%
61.8%
+ 31.8%
1. As of December 31, 2020; pro-forma for newbuild containership orders for 31 vessels announced on
December 7, 2020, February 8 and 12, and March 4 and 8, 2021, and 2 secondhand vessel acquisitions
announced March 2, 2021. Gross contracted cash flow includes $4.2 billion of lease payments receivable
from operating leases, $0.9 billion of minimum lease receivable from finance leases, as well as $5.9
billion lease payments to be received from undelivered vessels. Includes cash flows expected from
signed charter agreements on undelivered vessels, excluding purchase options, extension options,
higher charter rate options and profit-sharing components
2. Includes cash and cash equivalents
3. Total committed revolving credit facility capacity
4. Values using net book value as of period specified (March 31, 2017 and December 31, 2020, respectively)
5. Refer to slide 2 for definitions of non-GAAP metrics
6. As of December 31, 2020
A
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