Atlas Corp. operates as a global asset management company focused on long-term, risk-adjusted returns from infrastructure assets in the maritime sector, energy sector and other infrastructure verticals. Recurring Atlas news centers on preferred-share capital actions, including quarterly cash dividend declarations on preferred series and completed redemptions of preferred securities. Company updates also describe maritime asset activity, including vessel programs and long-term charter arrangements in transportation infrastructure.
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On May 19, 2021, Seaspan Corporation, a subsidiary of Atlas Corp (NYSE: ATCO), announced the delivery of two 8,500 TEU scrubber-fitted containerships on a long-term charter with a global liner. The company continues to focus on quality growth and expanding its fleet, which stood at 127 vessels totaling approximately 1,073,200 TEU as of March 31, 2021. With 37 vessels under construction and two recent deliveries, the total capacity will reach approximately 1,670,200 TEU. Seaspan emphasizes operational excellence and reliability in its partnerships with global liners.
Atlas Corp. (NYSE: ATCO) announced participation in a fireside panel discussion titled State of Freight Backlog at Bank of America's Transportation, Airlines, and Industrials Conference on May 19, 2021. The event will run from 12:40 pm to 1:10 pm ET. CFO Graham Talbot will represent the company during this discussion.
Additionally, a webcast of the event will be available live, with replays accessible within 24 hours, expiring on August 19, 2021. For more details, visit atlascorporation.com.
On May 18, 2021, Seaspan Corporation announced that Norway's Financial Supervisory Authority approved its Base Prospectus dated May 4, 2021, for bond issues related to ISIN NO0010920952 and ISIN NO0010981939. The Final Terms for these bonds were prepared on May 6, 2021. This approval facilitates the admission of the bonds for trading on the Oslo Stock Exchange, effective the same day. Seaspan operates a fleet of 127 containerships and has additional vessels under construction, with a total capacity increase projected to 1,670,200 TEU.
Atlas Corp. (NYSE: ATCO) has concluded its Exchange Offer for up to $80 million of 7.125% Notes due 2027. The offer, which expired on May 12, 2021, allowed holders of Seaspan Notes to exchange their holdings for ATCO Notes. A total of $52,198,825 in Seaspan Notes were validly tendered, and equivalent ATCO Notes will be issued. The ATCO Notes are registered under the Securities Act and are anticipated to be listed on the Nasdaq Bond Exchange. The settlement date for the transaction is set for May 17, 2021.
Atlas Corp. (NYSE: ATCO) announced an extension of its Exchange Offer for up to $80,000,000 of 7.125% Notes due 2027. The offer now expires on May 12, 2021, allowing further participation from Seaspan Notes holders. As of May 5, 2021, $49,793,775 of Seaspan Notes have been tendered. The ATCO Notes will be obligations of Atlas and are redeemable after the second anniversary of issuance. Settlement is expected on May 17, 2021. The Exchange Offer is subject to standard conditions and allows for withdrawal rights before the Extended Expiration Date.
APR Energy Ltd., a subsidiary of Atlas Corp. (NYSE: ATCO), announced a contract with California's Imperial Irrigation District to provide three gas turbines. This project aims to enhance grid stability and backup capacity during the summer peak demand across 6,471 square miles of service territory. The power solution is set to become operational in June 2021 and will last until early Q4 2021. CEO Bing Chen emphasized the importance of maintaining energy availability, while IID's General Manager praised APR's timely and unique approach to meet customer needs.
Atlas Corp. reported record growth in Q1 2021, achieving a 20.8% increase in revenue to $372.6 million and 27.6% growth in funds from operations to $159.2 million compared to Q1 2020. Adjusted EBITDA rose by 21.1% to $237.9 million, with earnings per diluted share up 106.7% to $0.31. The company boasts a total gross contracted cash flow of $12.1 billion. Management emphasized operational excellence and strategic partnerships to drive future growth. Additionally, Seaspan's fleet expanded significantly during this period.
APR Energy, a subsidiary of Atlas Corp. (NYSE: ATCO), has secured contracts for 10 gas turbines that can generate up to 330MW in Mexicali, Mexico. This marks their third consecutive year providing power during summer months when electricity deficits are critical. The projects are expected to be operational in Q2 2021. CEO Bing Chen highlighted their commitment to offering reliable solutions while enhancing local partnerships. The press release underscores APR's capability in fast-track power projects, contributing to the area's energy needs.
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