Seaspan Reports Financial Results for the Three and Nine Months Ended September 30, 2008

Market Wire, October, 2008

Seaspan Corporation (NYSE: SSW) announced today the financial results for the three and nine months ended September 30, 2008.

Third Quarter 2008 and Year-to-Date Highlights:

- Paid a second quarter dividend of $0.475 per share on August 15, 2008 to all shareholders of record as of August 6, 2008;

- Declared a third quarter dividend of $0.475 per share to be paid on November 14, 2008 to all shareholders of record as of November 5, 2008;

- Generated $33.9 million in cash available for distribution for the quarter, an increase of 11.5%, or $3.5 million from $30.4 million for the prior year's quarter. Cash available for distribution increased by 20.6%, or $16.9 million to $99.3 million for the nine month period compared to $82.4 million for the comparable period last year;(1)

- Reported increased normalized net earnings(2), by $2.8 million, or 17.1%, to $19.0 million for the quarter from $16.2 million for the comparable prior year's quarter. Normalized net earnings is adjusted for an addition of non-cash unrealized losses from non-designated interest rate swaps, an add back of reported interest expense and a deduction for interest expense on operating debt at the hedged rate. Normalized net earnings increased by $11.1 million, or 24.9%, to $55.8 million for the nine month period from $44.7 million for the comparable period last year;

- Reported normalized earnings per share(2) of $0.29 consistent with the comparable quarter last year, and reported increased normalized earnings per share by $0.02, or 2.3%, to $0.89 for the nine month period from $0.87 for the comparable period last year;

- Reported net loss of $5.1 million and net earnings of $42.6 million for the three and nine months ended September 30, 2008, respectively. This includes a non-cash unrealized loss of $19.6 million and $2.3 million from interest rate swap agreements for the three and nine months ended September 30, 2008, respectively;

- Reported loss per share of $0.08 and earnings per share of $0.68 for the three and nine months ended September 30, 2008, respectively. This includes a non-cash unrealized loss of $0.29 per share and $0.04 per share from interest rate swap agreements for the three and nine months ended September 30, 2008, respectively;

- Reported revenue of $57.6 million and $166.8 million for the three and nine months ended September 30, 2008, respectively;

- Raised approximately $228.0 million in net proceeds from the April follow-on offering of our common stock. This equity offering pre-funded a portion of our newbuild fleet to be delivered in the future;

- Entered into a $291.2 million credit facility agreement with Fortis Bank S.A./N.V., New York Branch and The Export-Import Bank of Korea in March 2008;

- Entered into a $235.3 million credit facility agreement with Sumitomo Mitsui Banking Corporation and others in March 2008;

- Accepted delivery of four of six newbuild vessels scheduled for delivery in 2008, including the CSCL Lima which was delivered on October 13, 2008; and

- Effective October 1, 2008, the subordination period for our 7,145,000 subordinated shares, owned by the members of the Washington family, or trusts set up on their behalf, an entity owned by our Chief Executive Officer, Gerry Wang, and an entity owned by Graham Porter, a director of our Manager, ended and the rights and privileges on our subordinated shares became the same as our common shares. The subordination period ended on the earliest possible date contemplated by our articles of incorporation.

Gerry Wang, Chief Executive Officer of Seaspan, stated, "During the three and nine month period ended September 30, 2008, Seaspan's conservative and resilient business model continued to serve the Company well. The Company increased cash available for distribution by 11.5% to $33.9 million for the three months ended September 30, 2008 and 20.6% to $99.3 million for the nine month period. The Company also continued to grow its fleet by receiving early delivery of 4 newbuildings year to date, which all commenced 12 year time charters."

Mr. Wang continued, "We recognize that the global economy and the credit markets are experiencing a period of unprecedented and extraordinary volatility. However, container shipping remains the most efficient means to transport goods from areas of manufacturing to areas of consumption. While there has recently been and there may be in the near term less demand for containerized goods, we believe the industry will continue to grow at a healthy rate over the long-term. Seaspan continues to execute its strategy which is focused on chartering vessels solely to leading shipping lines over the long-term and maintaining strong relationships with a diverse group of leading banks and well known shipyards. The Company has secured its entire 33 vessel operating fleet on charters with an average remaining duration of seven years and committed all 35 of its newbuildings to long-term time charters averaging approximately 11 years in duration from delivery. We have also maintained relationships with financially strong shipyards and positioned the Company to receive the delivery of two additional vessels in 2008. Going forward, we remain committed to managing the Company in a prudent manner in order to best serve shareholders over the long-term."