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$22.82 -0.21 (-0.91%)
7/3/2008 1:02 PM

Seaspan Corp (SSW)

CAPS Rating:
****

The Company's business is to own containerships, charter them pursuant to long-term, fixed rate charters and seek additional accretive vessel acquisitions.

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Avatar moalps (< 20) Submitted: 5/14/08 12:08 PM : Outperform Start Price: $27.61 SSW Score: -6.56

Dry bulk transportation benfits from the growing demand of raw materials by some countries while the production sites are far away. It is important that transportation companies renew their shipping contracts befor the offer increases.

Seaspan is one of these companies having their contracts nearing the end. They will be able to renew at good conditions.

They are particularly expanding their fleet in the bigger ship (capesize) segment, which is important for the growing need of longer lasting voyages, completing a fleet of 13 mid-size (Panamax) ships which are the draught horse of shipping because they can carry coal as well as iron ore and have acces to the vast majority of ports. They can also transit trough the Panama and Suez canal.

The company distributes a nice dividend too.

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Avatar moalps (< 20) Submitted: 5/15/08 2:57 AM

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I have to make a correction as I was rating two stock at the same time.
My pitch above is for Diana Shipping (DSX).

I am bullish on Seaspan for a lot of reasons similar to the ones for DSX but Seaspan is mopre active in the container ships.

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