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Atlas Corporation (NYSE: ATCO) provides essential infrastructure solutions through strategic maritime and energy sector investments. This news hub offers investors and analysts centralized access to verified corporate updates, financial disclosures, and operational developments.
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Seaspan Corporation, a subsidiary of Atlas Corp. (NYSE: ATCO), announced the delivery of two 12,200 TEU containerships, set to begin 18-year charters with a major liner customer. These deliveries mark the second and third of five newbuilds in this class and were completed approximately two months ahead of schedule. Since November 2020, Seaspan has ordered 70 newbuilds, adding 839,000 TEU and generating over $11 billion in gross contracted cash flows, bringing its total fleet capacity to 1,959,200 TEU.
Atlas Corp. (NYSE: ATCO) clarified recent media speculation regarding Fairfax Financial Holdings Limited's shareholding. Contrary to reports, Fairfax has not sold any Atlas common shares and remains a long-term partner. As per the amended Form 13F filed on November 17, 2021, Fairfax reported holdings of 99,981,389 Atlas shares as of September 30, 2021, indicating an increase from 99,932,826 shares as of June 30, 2021.
Atlas Corp. reported strong Q3 2021 financial results with a 17.0% revenue growth to $451.9 million compared to Q3 2020. Adjusted EBITDA increased 29.0% to $322.2 million, while Funds from Operations (FFO) rose 42.9% to $248.0 million. Earnings per diluted share stood at $0.30, with adjusted diluted EPS growing 107.4% to $0.56. The company also secured $17.9 billion in total gross contracted cash flow and delivered the first of 70 newbuild vessels ahead of schedule.
Atlas Corp. (NYSE: ATCO) will release its financial results for Q3 2021 on November 8, 2021, after market close. A conference call for all stakeholders is scheduled for November 9, 2021, at 8:30 a.m. ET to discuss these results. Interested parties can access the conference call via toll-free US/Canada dial-in or through an international line. The call will be archived for one year on their website.
Atlas Corp. (NYSE: ATCO) has declared cash dividends for its common and preferred shares. The common share dividend is set at $0.125 per share for the period of July 1, 2021, to September 30, 2021, with a record date of October 20, 2021, and a payment date of November 1, 2021. Preferred share dividends include $0.496875 (Series D), $0.492188 (Series H), $0.50 (Series I), and $0.4375 (Series J) for the period of July 30, 2021, to October 29, 2021. This marks the 65th consecutive common share dividend declared by Atlas and its predecessor.
On October 4, 2021, Seaspan Corporation, a wholly owned subsidiary of Atlas Corp. (NYSE: ATCO), announced the delivery of a 12,200 TEU containership. This vessel will begin an 18-year charter with a major liner customer, marking a key milestone in Seaspan's growth strategy. Since November 2020, Seaspan has ordered 70 newbuild containerships, projecting over $11 billion in gross cash flows. The fleet will expand to a total capacity of 1,959,200 TEU. CEO Bing Chen highlighted this early delivery as a testament to Seaspan's operational capabilities amidst global supply chain challenges.
Seaspan Corporation, a subsidiary of Atlas Corp. (NYSE: ATCO), has secured an agreement with a major shipyard to build ten 7,000 TEU modern containerships, expected to deliver between Q2 and Q4 of 2024. These scrubber-fitted vessels are projected to generate $1.4 billion in gross contracted cash flows. This order adds to Seaspan's previous commitment to fifteen dual-fuel vessels, underlining strong customer demand and a strategy to modernize the fleet.
Seaspan has a total of 70 newbuild orders since December 2020, aiming to expand its presence in key maritime sectors.
Seaspan Corporation, a subsidiary of Atlas Corp. (NYSE: ATCO), has received an upgrade from Kroll Bond Rating Agency, raising its corporate rating to BB+ from BB and its Senior Secured rating to BBB from BBB-. The upgrade recognizes the company's advancements in capital management and business risk management, including a diversified customer base and improved funding sources. Seaspan's innovative portfolio financing program has grown to approximately $2.5 billion, enhancing its financial flexibility and stability.
Seaspan Corporation, a subsidiary of Atlas Corp. (NYSE: ATCO), has announced that ZIM Integrated Shipping Services Ltd. (NYSE: ZIM) will charter five new dual-fuel LNG containerships. These ships, with a total purchase price of about $530 million, are expected to generate approximately $900 million in gross contracted cash flow over 12 years. Construction is set to begin with a major shipyard, and the vessels are expected to be delivered in Q4 2024. The move underscores Seaspan's commitment to ESG initiatives and meeting customer demand.
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