Seaspan Reports Financial Results for the Quarter and Year Ended December 31, 2008

Market Wire, March, 2009

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

Fourth Quarter 2008 and Year-to-Date 2009 Highlights:

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

- Paid a fourth quarter dividend of $0.475 per share on February 16, 2009 to all shareholders of record as of February 2, 2009;

- Generated $36.8 million in cash available for distribution for the quarter, an increase of 15.0%, or $4.8 million from $32.0 million for the prior year's quarter. Cash available for distribution increased by 19.0%, or $21.8 million to $136.2 million for 2008 compared to $114.4 million for the prior year;(1)

- Reported increased normalized net earnings(2) of $2.6 million, or 14.7%, to $20.4 million for the quarter from $17.8 million for the comparable prior year's quarter. Normalized net earnings increased by $13.7 million, or 22.0%, to $76.2 million for 2008 from $62.4 million for the prior year;

- Reported normalized earnings per share(2) of $0.31, which is consistent with the comparable prior year's quarter, and reported an increase in normalized earnings per share by $0.01, or 0.8%, to $1.19 for 2008 from $1.18 for the prior year;

- Reported net loss of $241.9 million and $199.3 million for the quarter and year ended December 31, 2008, respectively. This includes a non-cash unrealized loss of $261.1 million and $268.6 million from interest rate swap agreements for the quarter and year ended December 31, 2008, respectively;

- Reported loss per share of $3.63 and $3.12 for the quarter and year ended December 31, 2008, respectively. This includes a non-cash unrealized loss of $3.92 per share and $4.21 per share from interest rate swap agreements for the quarter and year ended December 31, 2008, respectively;

- Reported revenue of $62.7 million and $229.4 million for the quarter and year ended December 31, 2008, respectively;

- Raised approximately $228.0 million in net proceeds from the April 2008 follow-on offering of our common stock;

- Entered into a $291.2 million credit facility agreement with Fortis Bank S.A./N.V., New York Branch, The Export-Import Bank of Korea, Swedbank AB (Publ) and others 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 six newbuild vessels in 2008;

- Converted our subordinated shares effective October 1, 2008. The subordination period for our 7,145,000 Class B Common shares ended on the earliest possible date contemplated by our articles of incorporation as we met the conversion requirements by consistently paying quarterly dividends on both the Class A and Class B Common shares. Upon conversion, the former subordinated holders now have the same rights and privileges as our Class A Common shareholders;

- Agreed to fixed technical service fees with Seaspan Management Services Limited and its affiliates for the period from January 1, 2009 to December 31, 2011 in respect of the contracted fleet of 68 vessels; and

- Completed the first $100 million tranche of a $200 million aggregate investment in the Company's Series A Preferred Stock in January 2009.

Gerry Wang, Chief Executive Officer of Seaspan, stated, "During 2008, Seaspan achieved strong growth in both its contracted revenue stream and cash flow for distribution, a testament to its stable business model. Including the $1.90 per share we distributed in dividends in 2008, Seaspan has paid cumulative cash dividends of $6.09 per share since its IPO in August 2005. During a challenging economic environment, the Company continues to perform as expected based on its fully contracted fleet with high quality counterparties and its ability to achieve strong utilization rates for its fleet of modern vessels. Notably, our customers continue to perform as expected and 100 percent of Seaspan's fleet remains on time charters with no renewals until 2011 at the earliest."

Mr. Wang concluded, "We continue to take proactive measures to further enhance our financial strength and liquidity. Seaspan satisfied its equity needs for 2009 in January 2009 when we entered into a $200 million preferred share agreement with Dennis Washington, co-founder of the Company, and a group of our other founders. This investment, which was executed at a significant premium, demonstrates a high level of confidence in Seaspan's business model and future prospects. We continue to maintain strong relationships with our shipyards and customers and have worked with both to ensure our delivery schedule reflects current market conditions."

Fourth Quarter 2008 and Year-to-Date Financial Summary (dollars in thousands):

                                               Quarter ended December 31,
                         -----------------------------------------------
                                                                  Change
                                                  ----------------------
                              2008         2007           $            %
                         ---------     --------   ---------     --------
Reported net loss        $(241,913)    $(20,032)  $(221,881)    (1,107.6)%
Normalized net
 earnings(2)                20,363       17,755       2,608         14.7%
Loss per share               (3.63)       (0.35)      (3.28)      (937.1)%
Normalized earnings
 per share(2)                 0.31         0.31           -            -

                                                  Year ended December 31,
                         -----------------------------------------------
                                                                  Change
                                                  ----------------------
                              2008         2007           $            %
                         ---------     --------   ---------     --------
Reported net loss        $(199,346)    $(10,408)  $(188,938)    (1,815.3)%
Normalized net
 earnings(2)                76,166       62,431      13,735         22.0%
Loss per share               (3.12)       (0.20)      (2.92)    (1,460.0)%
Normalized earnings
 per share(2)                 1.19         1.18        0.01          0.8%