Seaspan Reports Financial Results for Quarter Ended March 31, 2008

Market Wire, April, 2008

Seaspan Corporation (NYSE: SSW) announced today the financial results for the quarter ended March 31, 2008.

First Quarter 2008 Highlights

- Paid a fourth quarter dividend of $0.475 per share on February 15, 2008 to all shareholders of record as of February 1, 2008;

- Declared a first quarter dividend of $0.475 per share to be paid on May 12, 2008 to all shareholders of record as of May 2, 2008;

- Generated $32.5 million in cash available for distribution(1);

- Increased normalized net earnings(2), which exclude the non-cash unrealized loss from interest rate swap agreements, to $16.1 million, or $0.28 per share;

- Reported a net loss of $37.7 million, or $0.65 per share, for the quarter ended March 31, 2008, including the non-cash unrealized loss of $53.8 million from interest rate swap agreements;

- Reported revenue of $54.2 million for the quarter ended March 31, 2008;

- Completed a $291.2 million credit facility agreement with Fortis Bank S.A./N.V. and others;

- Completed a $235.3 million credit facility agreement with Sumitomo Mitsui Banking Corporation and others.

Gerry Wang, Chief Executive Officer of Seaspan, stated, "During the first quarter, management once again delivered strong operating results and significantly strengthened our position for future growth. For the three months ended March 31, 2008, we increased cash available for distribution by 34.2% to $32.5 million. As we further expand our leadership position, we have considerably enhanced our financial flexibility. Specifically, we completed two credit facilities for more than $525 million in the first quarter."

First Quarter Financial Summary (dollars in thousands):

                               Quarter ended March 31,              Change
                               ----------------------   ------------------
                                      2008       2007   Dollars          %
                               -----------   --------   -------   --------
Reported net earnings (loss)     $ (37,664)  $ 14,727   (52,391)     (356%)
Normalized net earnings(2)          16,139     13,282     2,857        22%
Earnings (loss) per share            (0.65)      0.31     (0.96)     (310%)
Normalized earnings per
 share(2)                             0.28       0.28         -         -

Results for the Quarter Ended March 31, 2008:

Revenue

Revenue increased by 31.5%, or $13.0 million, to $54.2 million for the quarter ended March 31, 2008, from $41.2 million for the comparable quarter last year. The increase was due to the result of the six vessels delivered during 2007, of which three were delivered in March 2007. Expressed in vessel operating days, which is our primary revenue driver, these six vessels contributed $12.2 million in additional revenue or 519 of the 2,612 operating days in the quarter.

                                   Three Months Ended
                                             March 31,            Increase
                                   ------------------     ----------------
                                      2008       2007     Days           %
                                   -------    -------     ----        ----
Operating days                       2,612      2,053      559        27.2
Ownership days                       2,639      2,096      543        25.9

Operating days increased by 27.2% or 559 days to 2,612 days in the first quarter from 2,053 operating days in the comparable quarter last year.

We incurred 27 days of off-hire for the quarter, which impacted revenue by $0.5 million. The CSCL Hamburg was involved in a collision with a bulk carrier on March 5, 2008 and sustained damage that resulted in twenty-five unscheduled off-hire days in the first quarter of 2008 for repairs and preventative maintenance works. The collision did not result in environmental damage or loss of life. Repairs are likely covered by insurance, subject to the deductibles. For the quarter ended March 31, 2008, vessel utilization was 99.0% compared to 97.9% for the prior year's comparative quarter.

Ship Operating Expenses

Ship operating expense increased by 29.2%, or $2.8 million, to $12.6 million in the first quarter of 2008, from $9.8 million in the comparable prior year's quarter. The increase was due to the addition of six vessels to our fleet for which we pay a fixed daily operating rate for each vessel. Stated in ownership days, our primary driver for ship operating expense, these six deliveries contributed an additional 520 of the 2,639 ownership days for the quarter compared to 2,066 ownership days for the comparable prior year's quarter.

Depreciation

Depreciation expense increased by 30.7%, or $3.2 million, to $13.7 million in the first quarter from $10.5 million for the comparable prior year's quarter. The increase was due to the six vessels added to our fleet in 2007 and the increase in number of ownership days.

General and Administrative Expenses

General and administrative expenses increased by 33.7%, or $0.4 million, to $1.8 million in the first quarter, from $1.4 million in the comparable quarter in 2007. This increase was primarily due to increased costs to support our growth initiatives through strategic planning and business development activities. The increase is also due to the increase in share based compensation expense that includes an additional grant made to our Chief Executive Officer and an increase in the share price on a year over year basis.