Seaspan's Earnings Sink in the Second Quarter

Last quarter, Seaspan (NYSE: SSW) modified a contract with one of its largest customers. The shipping company allowed this customer to terminate the leases on seven vessels in exchange for a big one-time payment. While Seaspan subsequently rechartered those ships with new customers, the contracts were at lower market rates. That shift put pressure on the company's financial results during the second quarter.

Metric

Q2 2019

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