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Seaspan Reports Financial Results for the Three and Six Months Ended June 30, 2014

Generates Stable Cash Flow, Continues to Execute Newbuilding Program and Strengthens Balance Sheet

HONG KONG, CHINA -- (Marketwired) -- 07/28/14 -- Seaspan Corporation ("Seaspan") (NYSE:SSW) announced today its financial results for the three and six months ended June 30, 2014. Below is a summary of Seaspan's key financial results:

Summary of Key Financial Results (in thousands of USD):


                              Three Months Ended                            
                                   June 30,                 Change          
                          ------------------------- ------------------------
                                  2014         2013            $         %  
                          ------------ ------------ ------------ -----------
Reported net earnings       $   20,004   $  127,154   $ (107,150)    (84.3)%
Normalized net earnings(1)  $   32,088   $   25,502   $    6,586      25.8% 
Earnings per share, basic   $     0.07   $     1.67   $    (1.60)    (95.8)%
Earnings per share,                                                         
 diluted                    $     0.07   $     1.35   $    (1.28)    (94.8)%
Normalized earnings per                                                     
 share, converted(1)                                                        
 (Series A preferred                                                        
 shares converted at $15)   $     0.19   $     0.18   $     0.01       5.6% 
Cash available for                                                          
 distribution to common                                                     
 shareholders(2)            $   68,034   $   67,236   $      798       1.2% 
Adjusted EBITDA(3)          $  130,889   $  125,585   $    5,304       4.2% 
                                                                            
                               Six Months Ended                             
                                   June 30,                 Change          
                          ------------------------- ------------------------
                                  2014         2013            $         %  
                          ------------ ------------ ------------ -----------
Reported net earnings       $   38,032   $  182,760   $ (144,728)    (79.2)%
Normalized net earnings(1)  $   60,880   $   53,852   $    7,028      13.1% 
Earnings per share, basic   $     0.10   $     2.24   $    (2.14)    (95.5)%
Earnings per share,                                                         
 diluted                    $     0.10   $     1.88   $    (1.78)    (94.7)%
Normalized earnings per                                                     
 share, converted(1)                                                        
 (Series A preferred                                                        
 shares converted at $15)   $     0.37   $     0.39   $    (0.02)     (5.1)%
Cash available for                                                          
 distribution to common                                                     
 shareholders(2)            $  135,942   $  134,051   $    1,891       1.4% 
Adjusted EBITDA(3)          $  254,704   $  249,620   $    5,084       2.0% 

________________________


 (1)Normalized net earnings and normalized earnings per share are non-GAAP  
    measures that are adjusted for items such as interest expense, change in
    fair value of financial instruments, interest expense at the hedged     
    rate, refinancing expenses and costs and certain other items that       
    Seaspan believes are not representative of its operating performance.   
    Normalized earnings per share, converted, reflects normalized earnings  
    per share on a pro-forma basis on the assumption that Seaspan's         
    outstanding Series A preferred shares are converted at $15.00 per share.
    Please read "Reconciliation of Non-GAAP Financial Measures for the Three
    and Six Months Ended June 30, 2014 and 2013- Description of Non-GAAP    
    Financial Measures - B. Normalized Net Earnings and Normalized Earnings 
    per Share" for a description of normalized net earnings and normalized  
    earnings per share, converted, and for reconciliations of these measures
    to net earnings and earnings per share, respectively.                   
                                                                            
(2) Cash available for distribution to common shareholders is a non-GAAP    
    measure that represents net earnings adjusted for depreciation and      
    amortization, interest expense, amortization of deferred charges, share-
    based compensation, change in fair value of financial instruments,      
    bareboat charter adjustment, amounts paid for dry-docking, cash         
    dividends paid on preferred shares, interest expense at the hedged rate,
    refinancing expenses and costs and certain other items that Seaspan     
    believes are not representative of its operating performance. Please    
    read "Reconciliation of Non-GAAP Financial Measures for the Three and   
    Six Months Ended June 30, 2014 and 2013 - Description of Non-GAAP       
    Financial Measures - A. Cash Available for Distribution to Common       
    Shareholders" for a description of cash available for distribution to   
    common shareholders and a reconciliation of cash available for          
    distribution to net earnings.                                           
                                                                            
(3) Adjusted EBITDA is a non-GAAP measure that represents net earnings      
    before interest expense and other debt-related expenses, income tax     
    expense, interest income, depreciation and amortization, amortization of
    deferred charges, share-based compensation, bareboat charter adjustment,
    change in fair value of financial instruments, refinancing expenses and 
    costs and certain other items that Seaspan believes are not             
    representative of its operating performance. Please read "Reconciliation
    of Non-GAAP Financial Measures for the Three and Six Months Ended June  
    30, 2014 and 2013 - Description of Non-GAAP Financial Measures - C.     
    Adjusted EBITDA" for a description of Adjusted EBITDA and a             
    reconciliation of Adjusted EBITDA to net earnings.                      

Summary of Key Highlights


--  Achieved vessel utilization of 99.3% and 99.1% for the three and six
    months ended June 30, 2014, respectively, or 99.3% and 99.5% if the
    impact of off-charter days is excluded. 
    
--  Accepted delivery of two vessels during the quarter, bringing Seaspan's
    operating fleet to a total of 74 vessels at June 30, 2014. 
    
--  Paid $13.0 million of regular quarterly dividends to preferred
    shareholders of record as of April 29, 2014. Dividends per share were: 
    
    --  $0.59375 Series C (NYSE: SSW PR C); 
        
    --  $0.496875 Series D (NYSE: SSW PR D); and 
        
    --  $0.441146 Series E (NYSE: SSW PR E), pro-rated from the February 13,
        2014 issuance date.  
        
--  Paid a quarterly dividend for the 2014 first quarter of $0.345 per Class
    A common share to all shareholders of record as of April 21, 2014. 
    
--  Raised a total of approximately $475 million through capital market
    transactions in the first half of 2014, including Seaspan's first
    issuance of unsecured notes. 

Gerry Wang, Chief Executive Officer, Co-Chairman and Co-Founder of Seaspan, commented, "During the second quarter, we generated stable cash flow for shareholders, while continuing to execute on our newbuilding program, which is aimed at increasing the size of our fleet and future earnings power. We are pleased to have delivered two 10000 TEU SAVER design containerships to Hanjin Shipping Co. Ltd."

Mr. Wang continued, "During the second quarter, we successfully accessed the capital markets, completing a $345 million unsecured notes offering and entering into an equity distribution agreement for up to $75 million of our common shares. With significant financial strength and flexibility, we remain well positioned to continue to capitalize on compelling growth opportunities, complementing the value we create for shareholders through our dividend policy."

Second Quarter Developments

Vessel Deliveries

Seaspan accepted delivery of the Hanjin Namu and the Hanjin Tabul on May 30, 2014 and June 30, 2014, respectively, bringing its operating fleet to a total of 74 vessels as of June 30, 2014. Both 10000 TEU vessels, constructed using Seaspan's fuel-efficient SAVER design, commenced ten-year, fixed-rate time charters with Hanjin Shipping Co. Ltd.

Issuance of $345.0 Million 6.375% Senior Unsecured Notes Due 2019

On April 3, 2014, Seaspan issued in a registered public offering 13,800,000 senior unsecured notes (the "Notes") at a price of $25.00 per note for net proceeds of approximately $340.4 million, including the full exercise of the underwriters' option to purchase an additional 1,800,000 Notes. The Notes mature on April 30, 2019 and bear interest at a rate of 6.375% per year, payable quarterly. Seaspan used a portion of the net proceeds from the offering to repay its $125.0 million credit facility, and intends to use the remaining net proceeds from the offering for general corporate purposes, which may include funding vessel acquisitions and repaying indebtedness under other outstanding credit facilities.

Loan Facility Transactions

On May 1, 2014, Seaspan entered into a 364-day unsecured revolving loan facility with various banks for up to $100.0 million to be used to fund vessels under construction and for general corporate purposes. The facility bears interest at market rates.

On June 30, 2014, Seaspan entered into a five-year term loan facility with a leading European bank for up to $83.0 million to fund the construction of one 14000 TEU newbuilding containership. The facility bears interest at market rates.

At-the-Market Offering of Class A Common Shares

On May 22, 2014, Seaspan announced that it had entered into an equity distribution agreement with sales agents under which Seaspan may, from time to time, issue Class A common shares in one or more at-the-market ("ATM") offerings up to an aggregate of $75.0 million in gross sales proceeds. Sales of such Class A common shares will be made by means of ordinary brokers' transactions on the New York Stock Exchange at market prices, in block transactions, or as otherwise agreed between Seaspan and the sales agents. During the three months ended June 30, 2014, Seaspan issued 206,600 Class A common shares under the ATM program for gross proceeds of approximately $4.7 million.

Subsequent Events

Dividends

On July 15, 2014, Seaspan declared the following quarterly cash dividends on its common and preferred shares, for a total distribution of $46.2 million:


----------------------------------------------------------------------------
Security           Ticker    Dividend           Period     Record    Payment
                            per Share                        Date       Date
----------------------------------------------------------------------------
Class A common                        April 1, 2014 to   July 21,   July 30,
 shares               SSW  $    0.345    June 30, 2014       2014       2014
----------------------------------------------------------------------------
Series C                                April 30, 2014                      
 preferred                                         to    July 29,   July 30,
 shares          SSW PR C  $  0.59375    July 29, 2014       2014       2014
----------------------------------------------------------------------------
Series D                                April 30, 2014                      
 preferred                                         to    July 29,   July 30,
 shares          SSW PR D  $ 0.496875    July 29, 2014       2014       2014
----------------------------------------------------------------------------
Series E                                April 30, 2014                      
 preferred                                         to    July 29,   July 30,
 shares          SSW PR E  $ 0.515625    July 29, 2014       2014       2014
----------------------------------------------------------------------------

Vessel Delivery

On July 16, 2014, Seaspan accepted delivery of a 10000 TEU containership, the MOL Bravo, expanding the Company's operating fleet to 75 vessels. The newbuilding containership was constructed at Jiangsu Yangzi Xinfu Shipbuilding Co., Ltd. using Seaspan's fuel-efficient SAVER design. The MOL Bravo commenced an eight-year, fixed-rate time charter with Mitsui O.S.K. Lines Ltd. ("MOL").

$220 Million Lease Financings

On July 11, 2014 Seaspan entered into lease financing agreements with Asian special purpose companies (collectively, the "SPCs") for two 10000 TEU newbuilding vessels that are chartered to MOL. The lease financing agreements (the "Lease Financing Arrangements") are expected to provide gross proceeds of approximately $110 million per vessel, or $220 million in total. Under the Lease Financing Arrangements, Seaspan will sell the vessels to the SPCs, lease the vessels back from the SPCs over a term of approximately 8.5 years, and have an option to purchase the vessels at the end of the term for a pre-determined purchase price. On July 16, 2014, Seaspan financed the purchase of the MOL Bravo through the Lease Financing Arrangements and received gross proceeds of $110 million. Seaspan expects to finance the purchase of the MOL Brightness, scheduled for delivery during the fourth quarter of 2014 through the Lease Financing Arrangements. These Lease Financing Arrangements will provide financing at market rates.

Proposed Extensions of GCI Right of First Refusal Agreement, CEO Employment Agreement and Related Agreements

Greater China Intermodal Investments LLC ("GCI") is an investment vehicle established with an affiliate of global asset manager The Carlyle Group, and others, including affiliates of Seaspan's director Graham Porter and of Seaspan's largest shareholder, Dennis R. Washington. Seaspan has a right of first refusal (the "ROFR") on containership investment opportunities available to GCI and a right of first offer (the "ROFO") for certain containerships GCI may propose to sell. The ROFR and ROFO expire on March 31, 2015. The investors in GCI intend to extend the terms of the ROFR and ROFO by one year to March 31, 2016. By extending the ROFR, Seaspan believes it will continue to have increased buying power and scale by which it can selectively and cost effectively grow its fleet as well as better serve its customers. In addition, through this venture, Seaspan believes that it will continue to realize better volume discounts and obtain more attractive financing than it would otherwise be able to achieve on its own. Since GCI was formed, Seaspan has expanded its managed fleet by 40 containerships, including 30 newbuilding vessels on order or under construction.

In connection with the planned extension of the ROFR and ROFO, Seaspan intends to extend through March 31, 2016 its employment and transaction services agreements with Gerry Wang and its financing services agreement with Tiger Ventures Limited ("Tiger Ventures"), an affiliate of Mr. Porter.

For additional information about GCI, the ROFR, the ROFO and the terms of the employment and transaction services agreements with Mr. Wang and the financing services agreement with Tiger Ventures, please read "Certain Relationships and Related Party Transactions" in Seaspan's Annual Report on Form 20-F for the year ended December 31, 2013. The proposed transactions described above remain subject to negotiation of mutually acceptable terms and documentation and approval of the conflicts committee of Seaspan's board of directors, and such transactions may not happen pursuant to the terms described above, if at all.

Time Charters

The Madinah is expected to re-deliver to Seaspan on August 4, 2014 and will be off-charter until a charter is entered into.

Results for the Three and Six Months Ended June 30, 2014

The following table summarizes vessel utilization for the three and six months ended June 30, 2014:


                                                           Year to Date -   
                       First Quarter    Second Quarter        June 30,      
                      ---------------- ----------------- -------------------
                        2014     2013     2014     2013      2014      2013 
                      ------- -------- -------- -------- --------- ---------
Vessel utilization:                                                         
Ownership Days         6,037    5,850    6,214    5,933    12,251    11,783 
Less Off-hire Days:                                                         
  Scheduled 5-Year                                                          
   Survey                (10)       -      (43)     (19)      (53)      (19)
  Unscheduled Off-                                                          
   hire(1)               (58)    (230)      (3)     (40)      (61)     (270)
                      ------- -------- -------- -------- --------- ---------
Operating Days         5,969    5,620    6,168    5,874    12,137    11,494 
                      ------- -------- -------- -------- --------- ---------
                      ------- -------- -------- -------- --------- ---------
Vessel Utilization      98.9%    96.1%    99.3%    99.0%     99.1%     97.5%
                      ------- -------- -------- -------- --------- ---------
                      ------- -------- -------- -------- --------- ---------
                                                                            
----------------------                                                      
(1) Unscheduled off-hire includes days related to vessels off-charter.      

At the beginning of 2014, Seaspan had 71 vessels in operation. Seaspan accepted delivery of three newbuilding vessels during the six months ended June 30, 2014, bringing its fleet to a total of 74 vessels in operation as at June 30, 2014. Revenue from time charters is determined primarily by the number of operating days, and ship operating expense is determined primarily by the number of ownership days.

The following table summarizes Seaspan's consolidated financial results for the three and six months ended June 30, 2014 and 2013:


               Three Months                      Six Months                 
                  Ended                            Ended                    
                 June 30,        Increase         June 30,        Increase  
             --------------- --------------- ----------------- -------------
                2014    2013    Days       %     2014     2013   Days      %
             ------- ------- ------- ------- -------- -------- ------ ------
Operating                                                                   
 days          6,168   5,874     294    5.0%   12,137   11,494    643   5.6%
Ownership                                                                   
 days          6,214   5,933     281    4.7%   12,251   11,783    468   4.0%
                                                                            
Financial                                                                   
 Summary        Three Months                    Six Months                  
(in millions of    Ended                          Ended                     
 USD)             June 30,        Change         June 30,       Change      
               -------------- --------------  ------------- ----------------
                  2014   2013       $      %    2014   2013       $      %  
               ------- ------ -------  -----  ------ ------ ------- --------
                                                                            
Revenue         $173.9 $167.8  $  6.1    3.6% $341.9 $332.7  $  9.1    2.7% 
Ship operating                                                              
 expense          41.1   37.3     3.7   10.0%   82.3   74.9     7.4    9.9% 
Depreciation                                                                
 and                                                                        
 amortization                                                               
 expense          44.6   42.8     1.8    4.1%   88.3   85.6     2.7    3.2% 
General and                                                                 
 administrative                                                             
 expense           7.5   11.8    (4.4) (36.8)%  15.5   19.6    (4.1) (20.9)%
Operating lease                                                             
 expense           1.1    1.1       -    1.1%    2.2    2.2       -    1.3% 
Interest                                                                    
 expense          23.0   15.3     7.7   50.6%   40.6   30.8     9.8   31.9% 
Refinancing                                                                 
 expenses and                                                               
 costs             2.8      -     2.8  100.0%    2.8      -     2.8  100.0% 
Change in fair                                                              
 value of                                                                   
 financial                                                                  
 instruments      33.0  (71.2)  104.2  146.3%   69.3  (68.5)  137.8  201.1% 

Revenue

Revenue increased by 3.6% and 2.7% for the three and six months ended June 30, 2014, respectively, over the same periods for 2013. These increases were due primarily to the two 10000 TEU vessels which commenced time charters in the first half of 2014, the impact of a full quarter of revenue contribution from the two 4600 TEU secondhand vessels delivered in mid-2013 and a decrease in unscheduled off-hire. These increases were partially offset by lower charter rates for three vessels which were on short-term charters during the three and six months ended June 30, 2014, an increase in scheduled off-hire, and a decrease in vessel management revenue.

The increases in operating days and the related financial impact thereof for the three and six months ended June 30, 2014 relative to the corresponding periods in 2013, are attributable to the following:


                               Three Months Ended       Six Months Ended    
                                 June 30, 2014           June 30, 2014      
                            ----------------------- ------------------------
                             Operating     $ Impact  Operating     $ Impact 
                                  Days          (in       Days          (in 
                                Impact    millions)     Impact    millions) 
                            ---------- ------------ ---------- -------------
2014 vessel deliveries             117  $       5.0        124  $       5.3 
Full period contribution for                                                
 2013 vessel deliveries            164          3.2        344          6.8 
Change in daily charter hire                                                
 rate and re-charters                -         (1.5)         -         (3.3)
Scheduled off-hire                 (24)        (0.7)       (34)        (1.0)
Unscheduled off-hire                37          1.0        209          2.4 
Vessel management revenue            -         (0.8)         -         (0.8)
Other                                -         (0.1)         -         (0.3)
                            ---------- ------------ ---------- -------------
Total                              294  $       6.1        643  $       9.1 
                            ---------- ------------ ---------- -------------
                            ---------- ------------ ---------- -------------

Vessel utilization was 99.3% and 99.1% for the three and six months ended June 30, 2014, respectively, compared to 99.0% and 97.5% for the same periods in 2013.

The increase in vessel utilization for the six months ended June 30, 2014, compared to the same period in 2013, was primarily due to a 209-day decrease in unscheduled off-hire. In the six months ended June 30, 2014, there were 61 days of unscheduled off-hire which included 50 off-charter days compared to 270 days of unscheduled off-hire in the six months ended June 30, 2013, which included 238 off-charter days. However, during the six months ended June 30, 2014, Seaspan completed four scheduled dry-dockings that resulted in 53 days of scheduled off-hire, compared to two scheduled dry-dockings that resulted in 19 days of scheduled off-hire in the same period of 2013.

Seaspan completed dry-dockings for the following vessels during the three and six months ended June 30, 2014:


                    Vessel                     Completed
                    -------------------- ---------------
                                                        
                    MOL Emerald                       Q2
                    CSAV Loncomilla                   Q2
                    CSAV Lumaco                       Q2
                    CSCL Callao                       Q2

Seaspan's cumulative vessel utilization since its initial public offering in August 2005 through June 30, 2014 is approximately 99.0% or 99.3% if the impact of off-charter days is excluded.

Ship Operating Expense

Ship operating expense increased by 10.0% to $41.1 million and by 9.9% to $82.3 million for the three and six months ended June 30, 2014, respectively, compared to the same periods in 2013, due primarily to an increase in crew wages, stores, spares, repairs and ship management infrastructure costs. Ownership and managed days also increased by 2.2% and by 2.6% for the three and six months ended June 30, 2014, respectively, compared to the same periods in 2013, which contributed to the increase in ship operating expense. The increase in ownership days was due to the newbuilding vessel deliveries in 2014 and a full period of ownership for the vessels delivered in mid-2013. Crew wages increased due to an increase in the number of crew as well as the earlier timing of wage increases that occurred in the first quarter of 2014 compared to the third quarter of 2013. In addition, the purchase of stores and spare parts occurred earlier in 2014 than in 2013. Seaspan expects ship operating expense to increase as the average size of its vessels increases and as its fleet ages.

Depreciation and Amortization Expense

The increase in depreciation and amortization expense for the three and six months ended June 30, 2014 was due to the increase in the size of the fleet from the 2014 deliveries. In addition, two vessels were delivered in mid-2013 and a full period of depreciation for these vessels was expensed in the three and six months ended June 30, 2014.

General and Administrative Expense

General and administrative expense decreased by 36.8% to $7.5 million and by 20.9% to $15.5 million for the three and six months ended June 30, 2014, compared to the same periods in 2013.

The decreases were primarily due to decreases of $4.5 million and $4.8 million for the three and six months ended, respectively, in stock-based compensation expense related to non-cash stock appreciation rights ("SARs") granted to Seaspan's Chief Executive Officer in December 2012 and to certain members of management in March 2013. During the three and six months ended June 30, 2013, $2.6 million of accelerated stock-based compensation was recognized related to the vesting of the first tranche of SARs.

The decrease for the six months ended June 30, 2014 was partially offset by an increase in executive compensation and general corporate expenses of $0.7 million.

Interest Expense

At June 30, 2014, Seaspan had total borrowings of $3.9 billion, which consisted of long-term debt of $3.3 billion and other long-term liabilities of $0.6 billion. At June 30, 2013, Seaspan had total borrowings of $3.7 billion, which consisted of long-term debt of $3.1 billion and other long-term liabilities of $0.6 billion. At June 30, 2014, Seaspan's operating borrowings were $3.62 billion compared to $3.55 billion at June 30, 2013. Interest expense is comprised primarily of interest incurred on long-term debt and other long-term liabilities relating to operating vessels at either the variable rate calculated by reference to LIBOR plus the applicable margin or at fixed rates. Although Seaspan has entered into fixed interest rate swaps for much of its variable rate debt, the difference between the variable interest rate and the swapped fixed-rate on operating debt is recorded in Seaspan's change in fair value of financial instruments. Interest expense also includes a non-cash reclassification of amounts from accumulated other comprehensive loss related to previously designated hedging relationships. Interest incurred on Seaspan's borrowings related to vessels under construction is capitalized to the cost of the respective vessels under construction.

Interest expense increased by $7.7 million to $23.0 million and by $9.8 million to $40.6 million for the three and six months ended June 30, 2014, respectively, compared to the same periods in 2013. The increase in interest expense was primarily due to an increase in the cost of borrowings. The increase in cost of borrowings is related to the refinancing of Seaspan's $1.0 billion credit facility in January 2014 and certain of its term loans which have higher margins than the facilities outstanding for the comparative periods, in addition to higher interest rates under the fixed-rate Notes.

Change in Fair Value of Financial Instruments

The change in fair value of financial instruments resulted in losses of $33.0 million and $69.3 million for the three and six months ended June 30, 2014, respectively, compared to gains of $71.2 million and $68.5 million for the same periods in 2013, respectively. The change in fair value for the three and six months ended June 30, 2014 was primarily due to decreases in the forward LIBOR curve and the effect of the passage of time. In addition, during the first quarter of 2014 there was an early termination of one of Seaspan's swaps in connection with the refinancing of its $1.0 billion credit facility.

The fair value of interest rate swap and swaption agreements is subject to change based on the company-specific credit risk of Seaspan and of the counterparty included in the discount factor and the interest rate implied by the current swap curve, including its relative steepness. In determining the fair value, these factors are based on current information available to Seaspan. These factors are expected to change through the life of the instruments, causing the fair value to fluctuate significantly due to the large notional amounts and long-term nature of Seaspan's derivative instruments. Because these factors may change, the fair value of the instruments is an estimate and may deviate significantly from the actual cash settlements realized over the term of the instruments. Seaspan's valuation techniques have not changed and remain consistent with those followed by other valuation practitioners.

About Seaspan

Seaspan provides many of the world's major shipping lines with creative outsourcing alternatives to vessel ownership by offering long-term leases on large, modern containerships combined with industry leading ship management services. Seaspan's managed fleet consists of 109 containerships representing a total capacity of over 840,000 TEU, including 30 newbuilding containerships on order scheduled for delivery to Seaspan and third parties by the end of 2016. Seaspan's current operating fleet of 75 vessels has an average age of approximately seven years and an average remaining lease period of approximately five years.

Seaspan has the following securities listed on The New York Stock Exchange:


Symbol:           Description:                                              
                                                                            
SSW               Class A common shares                                     
SSW PR C          Series C preferred shares                                 
SSW PR D          Series D preferred shares                                 
SSW PR E          Series E preferred shares                                 
SSWN              6.375% senior unsecured notes due 2019                    

Conference Call and Webcast

Seaspan will host a conference call and webcast presentation for investors and analysts to discuss its results for the three and six months ended June 30, 2014 on July 29, 2014 at 6:00 a.m. PT / 9:00 a.m. ET. Participants should call 1-877-246-9875 (US/Canada) or 1-707-287-9353 (International) and request the Seaspan call. A telephonic replay will be available for anyone unable to participate in the live call. To access the replay, call 1-855-859-2056 or 1-404-537-3406 and enter the replay passcode: 77152393. The recording will be available from July 29, 2014 at 9:00 a.m. PT / 12:00 p.m. ET through 8:59 p.m. PT / 11:59 p.m. ET on August 12, 2014. The conference call will also be broadcast live over the Internet and will include a slide presentation. To access the live webcast and slide presentation, go to www.seaspancorp.com and click on "News & Events" and then "Events & Presentations" for the link. The webcast and slides will be archived on the site for one year.


                                                                            
                             SEASPAN CORPORATION                            
                    UNAUDITED CONSOLIDATED BALANCE SHEET                    
                             AS OF JUNE 30, 2014                            
                        (IN THOUSANDS OF US DOLLARS)                        
                                                                            
                                           June 30, 2014  December 31, 2013 
                                       ------------------ ------------------
Assets                                                                      
Current assets:                                                             
  Cash and cash equivalents             $        285,951   $        476,380 
  Short-term investments                          83,188             11,675 
  Accounts receivable                             21,181             14,149 
  Loans to affiliate                             172,708             54,068 
  Prepaid expenses                                33,863             22,671 
  Gross investment in lease                       21,170             21,170 
                                       ------------------ ------------------
                                                 618,061            600,113 
                                                                            
Vessels                                        4,896,572          4,670,899 
Vessels under construction                       277,434            321,372 
Deferred charges                                  58,025             53,971 
Gross investment in lease                         48,455             58,953 
Goodwill                                          75,321             75,321 
Other assets                                      99,359            106,944 
Fair value of financial instruments               48,882             60,188 
                                       ------------------ ------------------
                                        $      6,122,109   $      5,947,761 
                                       ------------------ ------------------
                                       ------------------ ------------------
                                                                            
Liabilities and Shareholders' Equity                                        
Current liabilities:                                                        
  Accounts payable and accrued                                              
   liabilities                          $         63,664   $         65,634 
  Current portion of deferred revenue             24,615             27,683 
  Current portion of long-term debt              170,201            388,159 
  Current portion of other long-term                                        
   liabilities                                    40,101             38,930 
                                       ------------------ ------------------
                                                 298,581            520,406 
                                                                            
Deferred revenue                                   5,800              4,143 
Long-term debt                                 3,137,709          2,853,459 
Other long-term liabilities                      550,875            572,673 
Fair value of financial instruments              427,252            425,375 
                                       ------------------ ------------------
                                               4,420,217          4,376,056 
                                                                            
Share capital                                      1,188                882 
Treasury shares                                     (379)              (379)
Additional paid in capital                     2,198,122          2,023,622 
Deficit                                         (459,154)          (411,792)
Accumulated other comprehensive loss             (37,885)           (40,628)
                                       ------------------ ------------------
Total shareholders' equity                     1,701,892          1,571,705 
                                       ------------------ ------------------
                                                                            
                                        $      6,122,109   $      5,947,761 
                                       ------------------ ------------------
                                       ------------------ ------------------
                                                                            
                                                                            
                             SEASPAN CORPORATION                            
         UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND DEFICIT        
          FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2014 AND 2013         
      (IN THOUSANDS OF US DOLLARS, EXCEPT SHARE AND PER SHARE AMOUNTS)      
                                                                            
                               Three Months Ended       Six Months Ended    
                                    June 30,                June 30,        
                            ----------------------- ----------------------- 
                                   2014        2013        2014        2013 
                            ----------- ----------- ----------- ----------- 
                                                                            
Revenue                      $  173,873  $  167,786  $  341,856  $  332,710 
                                                                            
Operating expenses:                                                         
  Ship operating                 41,087      37,344      82,339      74,890 
  Depreciation and                                                          
   amortization                  44,603      42,840      88,335      85,593 
  General and administrative      7,481      11,833      15,524      19,624 
  Operating lease                 1,109       1,097       2,212       2,183 
                            ----------- ----------- ----------- ----------- 
                                 94,280      93,114     188,410     182,290 
                            ----------- ----------- ----------- ----------- 
                                                                            
Operating earnings               79,593      74,672     153,446     150,420 
                                                                            
Other expenses (income):                                                    
  Interest expense               23,007      15,275      40,568      30,759 
  Interest income                (2,683)       (600)     (3,789)       (787)
  Undrawn credit facility                                                   
   fees                             672         748       1,238       1,145 
  Amortization of deferred                                                  
   charges                        2,462       2,266       4,465       4,376 
  Refinancing expenses and                                                  
   costs                          2,824           -       2,824           - 
  Change in fair value of                                                   
   financial instruments         32,960     (71,193)     69,303     (68,527)
  Equity loss on investment          43          35         275          69 
  Other expenses                    304         987         530         625 
                            ----------- ----------- ----------- ----------- 
                                 59,589     (52,482)    115,414     (32,340)
                            ----------- ----------- ----------- ----------- 
                                                                            
Net earnings                 $   20,004  $  127,154  $   38,032  $  182,760 
                                                                            
Deficit, beginning of period   (433,576)   (563,770)   (411,792)   (594,153)
Dividends - common shares       (32,263)    (19,992)    (61,256)    (35,786)
Dividends - preferred shares    (13,033)     (9,857)    (23,573)    (18,976)
Amortization of Series C                                                    
 issuance costs                    (286)       (318)       (565)       (628)
                            ----------- ----------- ----------- ----------- 
Deficit, end of period       $ (459,154) $ (466,783) $ (459,154) $ (466,783)
                            ----------- ----------- ----------- ----------- 
                            ----------- ----------- ----------- ----------- 
                                                                            
Weighted average number of                                                  
 shares, basic                   94,791      64,487      90,342      64,129 
Weighted average number of                                                  
 shares, diluted                 95,001      86,703      90,729      86,350 
                                                                            
Earnings per share, basic    $     0.07  $     1.67  $     0.10  $     2.24 
                            ----------- ----------- ----------- ----------- 
                            ----------- ----------- ----------- ----------- 
Earnings per share, diluted  $     0.07  $     1.35  $     0.10  $     1.88 
                            ----------- ----------- ----------- ----------- 
                            ----------- ----------- ----------- ----------- 
                                                                            
                                                                            
                             SEASPAN CORPORATION                            
          UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME         
          FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2014 AND 2013         
                        (IN THOUSANDS OF US DOLLARS)                        
                                                                            
                                Three Months Ended       Six Months Ended   
                                     June 30,                June 30,       
                             ----------------------- -----------------------
                                    2014        2013        2014        2013
                             ----------- ----------- ----------- -----------
                                                                            
Net earnings                  $   20,004  $  127,154  $   38,032  $  182,760
                                                                            
Other comprehensive income:                                                 
  Amounts reclassified to                                                   
   earnings during the                                                      
   period, relating to cash                                                 
   flow hedging instruments        1,338       1,603       2,743       3,405
                             ----------- ----------- ----------- -----------
                                                                            
Comprehensive income          $   21,342  $  128,757  $   40,775  $  186,165
                             ----------- ----------- ----------- -----------
                             ----------- ----------- ----------- -----------
                                                                            
                                                                            
                             SEASPAN CORPORATION                            
               UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS              
          FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2014 AND 2013         
                        (IN THOUSANDS OF US DOLLARS)                        
                                                                            
                                  Three Months Ended     Six Months Ended   
                                       June 30,              June 30,       
                                --------------------- --------------------- 
                                      2014       2013       2014       2013 
                                ---------- ---------- ---------- ---------- 
Cash from (used in):                                                        
Operating activities:                                                       
  Net earnings                   $  20,004  $ 127,154  $  38,032  $ 182,760 
  Items not involving cash:                                                 
    Depreciation and                                                        
     amortization                   44,603     42,840     88,335     85,593 
    Share-based compensation         2,806      6,630      5,109      9,441 
    Amortization of deferred                                                
     charges                         2,462      2,266      4,465      4,376 
    Amounts reclassified from                                               
     other comprehensive loss to                                            
     interest expense                1,123      1,384      2,315      2,963 
    Unrealized change in fair                                               
     value of financial                                                     
     instruments                     4,751   (102,988)     7,672   (131,857)
    Equity loss on investment           43         35        275         69 
    Refinancing expenses and                                                
     costs                           2,356          -      2,356          - 
    Other                            2,929          -      3,195          - 
Changes in assets and                                                       
 liabilities                         1,653      2,680      6,089    (17,501)
                                ---------- ---------- ---------- ---------- 
Cash from operating activities      82,730     80,001    157,843    135,844 
                                ---------- ---------- ---------- ---------- 
                                                                            
Financing activities:                                                       
  Common shares issued, net of                                              
   issuance costs                    4,427          -      4,427          - 
  Senior unsecured notes issued    345,000          -    345,000          - 
  Preferred shares issued, net                                              
   of issuance costs                     -          -    130,401          - 
  Draws on credit facilities             -          -    340,000      9,000 
  Repayment of credit facilities  (152,491)   (12,219)  (780,128)   (33,226)
  Repayment of other long-term                                              
   liabilities                     (10,383)    (9,787)   (20,627)   (19,860)
  Financing fees                    (8,453)    (2,903)    (8,978)   (14,780)
  Dividends on common shares       (15,814)   (11,266)   (30,132)   (20,438)
  Dividends on preferred shares    (13,033)    (9,857)   (23,573)   (18,976)
                                ---------- ---------- ---------- ---------- 
Cash from (used in) financing                                               
 activities                        149,253    (46,032)   (43,610)   (98,280)
                                ---------- ---------- ---------- ---------- 
                                                                            
Investing activities:                                                       
  Expenditures for vessels         (23,667)   (33,065)  (103,248)   (92,294)
  Short-term investments           (81,436)   (15,323)   (71,513)   (45,596)
  Restricted cash                        -       (500)         -     (1,900)
  Loans to affiliate              (125,976)    21,560   (126,973)         - 
  Other assets                      (2,303)   (24,595)    (2,928)   (23,477)
  Investment in affiliate                -          -          -     (1,111)
                                ---------- ---------- ---------- ---------- 
Cash used in investing                                                      
 activities                       (233,382)   (51,923)  (304,662)  (164,378)
                                ---------- ---------- ---------- ---------- 
                                                                            
Decrease in cash and cash                                                   
 equivalents                        (1,399)   (17,954)  (190,429)  (126,814)
Cash and cash equivalents,                                                  
 beginning of period               287,350    272,518    476,380    381,378 
                                ---------- ---------- ---------- ---------- 
Cash and cash equivalents, end                                              
 of period                       $ 285,951  $ 254,564  $ 285,951  $ 254,564 
                                ---------- ---------- ---------- ---------- 
                                ---------- ---------- ---------- ---------- 
                                                                            
                                                                            
                             SEASPAN CORPORATION                            
                RECONCILIATION OF NON-GAAP FINANCIAL MEASURES               
          FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2014 AND 2013         
                        (IN THOUSANDS OF US DOLLARS)                        

Description of Non-GAAP Financial Measures

A. Cash Available for Distribution to Common Shareholders

Cash available for distribution to common shareholders is defined as net earnings adjusted for depreciation and amortization, interest expense, amortization of deferred charges, refinancing expenses and costs, share-based compensation, change in fair value of financial instruments, bareboat charter adjustment, amounts paid for dry-docking, cash dividends paid on preferred shares, interest expense at the hedged rate and certain other items that Seaspan believes are not representative of its operating performance.

Cash available for distribution to common shareholders is a non-GAAP measure used to assist in evaluating Seaspan's ability to make quarterly cash dividends before reserves for replacement capital expenditures. Cash available for distribution to common shareholders is not defined by United States generally accepted accounting principles ("GAAP") and should not be considered as an alternative to net earnings or any other indicator of Seaspan's performance required to be reported by GAAP.


                               Three Months Ended       Six Months Ended    
                                    June 30,                June 30,        
                            ----------------------- ----------------------- 
                                   2014        2013        2014        2013 
                            ----------- ----------- ----------- ----------- 
                                                                            
Net earnings                 $   20,004  $  127,154  $   38,032  $  182,760 
Add:                                                                        
  Depreciation and                                                          
   amortization                  44,603      42,840      88,335      85,593 
  Interest expense               23,007      15,275      40,568      30,759 
  Amortization of deferred                                                  
   charges                        2,462       2,266       4,465       4,376 
  Refinancing expenses and                                                  
   costs(1)                       2,356           -       2,356           - 
  Share-based compensation        2,806       6,630       5,109       9,441 
  Change in fair value of                                                   
   financial instruments         32,960     (71,193)     69,303     (68,527)
  Change in fair value of                                                   
   financial instruments                                                    
   included in equity loss          402           -         601           - 
  Bareboat charter                                                          
   adjustment, net (2)            4,300       2,465       8,486       4,860 
Less:                                                                       
  Amounts paid for dry-dock                                                 
   adjustment                    (4,724)     (2,610)     (7,181)     (5,095)
Cash dividends paid on                                                      
 preferred shares:                                                          
  Series C                       (8,114)     (8,312)    (16,228)    (16,625)
  Series D                       (2,537)     (1,545)     (5,074)     (2,351)
  Series E                       (2,382)          -      (2,382)          - 
                            ----------- ----------- ----------- ----------- 
Net cash flows before                                                       
 interest payments              115,143     112,970     226,390     225,191 
Less:                                                                       
  Interest expense at the                                                   
   hedged rate(3)               (47,109)    (45,734)    (90,448)    (91,140)
                            ----------- ----------- ----------- ----------- 
Cash available for                                                          
 distribution to common                                                     
 shareholders                $   68,034  $   67,236  $  135,942  $  134,051 
                            ----------- ----------- ----------- ----------- 
                            ----------- ----------- ----------- ----------- 
                                                                            
                                                                            
                             SEASPAN CORPORATION                            
                RECONCILIATION OF NON-GAAP FINANCIAL MEASURES               
          FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2014 AND 2013         
      (IN THOUSANDS OF US DOLLARS, EXCEPT SHARE AND PER SHARE AMOUNTS)      

B. Normalized Net Earnings and Normalized Earnings per Share

Normalized net earnings is defined as net earnings adjusted for items such as interest expense, change in fair value of financial instruments, interest expense at the hedged rate, refinancing expenses and costs and certain other items Seaspan believes affect the comparability of operating results. Normalized net earnings is a useful measure because it excludes those items that Seaspan believes are not representative of its operating performance.

Normalized net earnings is not defined by GAAP and should not be considered as an alternative to net earnings or any other indicator of Seaspan's performance required to be reported by GAAP.

Normalized earnings per share, converted, is calculated as normalized net earnings, less dividends on Series C (excluding the retained earnings impact of any repurchases), Series D and Series E preferred shares, divided by the "converted" number of shares outstanding for the period. On January 30, 2014, Seaspan's outstanding 200,000 Series A preferred shares automatically converted into a total of 23,177,175 Class A common shares pursuant to Seaspan's articles of incorporation. The conversion provisions provided for automatic conversion to Class A common shares at a price of $15.00 per share (and based on the applicable liquidation preference of the Series A preferred shares), if the conversion occurred on or after January 30, 2014 and the trailing 30-day average trading price of the common shares was equal to or above $15.00. If the share price was less than $15.00, then Seaspan could choose to not convert the preferred shares and to increase the annual increase in the liquidation preference to 15% per annum from 12%. The "converted" number of shares includes: basic weighted average number of shares, share-based compensation, contingent consideration, shares held in escrow and the impact of the Series A preferred shares converted at $15.00 per share. This method reflects Seaspan's ability to control the conversion if the share price had been less than $15.00 and the per share impact of the preferred shares conversion at $15.00.

Normalized net earnings and normalized earnings per share, converted, are not defined by GAAP and should not be considered as an alternative to net earnings, earnings per share or any other indicator of Seaspan's performance required to be reported by GAAP.


                             SEASPAN CORPORATION                            
                RECONCILIATION OF NON-GAAP FINANCIAL MEASURES               
          FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2014 AND 2013         
      (IN THOUSANDS OF US DOLLARS, EXCEPT SHARE AND PER SHARE AMOUNTS)      

B. Normalized Net Earnings and Normalized Earnings per Share (continued)


                               Three Months Ended       Six Months Ended    
                                    June 30,                June 30,        
                            ----------------------- ----------------------- 
                                   2014        2013        2014        2013 
                            ----------- ----------- ----------- ----------- 
                                                                            
Net earnings                 $   20,004  $  127,154  $   38,032  $  182,760 
Adjust:                                                                     
  Interest expense               23,007      15,275      40,568      30,759 
  Change in fair value of                                                   
   financial instruments         32,960     (71,193)     69,303     (68,527)
  Change in fair value of                                                   
   financial instruments                                                    
   included in equity loss          402           -         601           - 
  Refinancing expenses and                                                  
   costs(1)                       2,824           -       2,824           - 
  Interest expense at the                                                   
   hedged rate(3)               (47,109)    (45,734)    (90,448)    (91,140)
                            ----------- ----------- ----------- ----------- 
Normalized net earnings      $   32,088  $   25,502  $   60,880  $   53,852 
                            ----------- ----------- ----------- ----------- 
Less: preferred share                                                       
 dividends                                                                  
  Series A                            -       9,423       3,395      18,473 
  Series C (including                                                       
   amortization of issuance                                                 
   costs)                         8,400       8,631      16,793      17,251 
  Series D                        2,537       1,545       4,963       3,088 
  Series E                        2,784           -       4,207           - 
                            ----------- ----------- ----------- ----------- 
                                 13,721      19,599      29,358      38,812 
                            ----------- ----------- ----------- ----------- 
Normalized net earnings                                                     
 attributable to common                                                     
 shareholders                $   18,367  $    5,903  $   31,522  $   15,040 
                            ----------- ----------- ----------- ----------- 
                            ----------- ----------- ----------- ----------- 
Weighted average number of                                                  
 shares used to compute                                                     
 earnings per share                                                         
Reported and normalized,                                                    
 basic                           94,791      64,487      90,342      64,129 
  Share-based compensation          210         399         153         382 
  Contingent consideration            -         508         234         743 
  Shares held in escrow               -           -           -          95 
  Series A preferred shares                                                 
   liquidation preference                                                   
   converted at $15                   -      21,309       3,802      21,001 
                            ----------- ----------- ----------- ----------- 
Reported, diluted and                                                       
 normalized, converted           95,001      86,703      94,531      86,350 
                            ----------- ----------- ----------- ----------- 
Earnings per share:                                                         
  Reported, basic            $     0.07  $     1.67  $     0.10  $     2.24 
                            ----------- ----------- ----------- ----------- 
                            ----------- ----------- ----------- ----------- 
  Reported, diluted          $     0.07  $     1.35  $     0.10  $     1.88 
                            ----------- ----------- ----------- ----------- 
                            ----------- ----------- ----------- ----------- 
  Normalized, converted -                                                   
   preferred shares                                                         
   converted at $15(4)       $     0.19  $     0.18  $     0.37  $     0.39 
                            ----------- ----------- ----------- ----------- 
                            ----------- ----------- ----------- ----------- 
                                                                            
                                                                            
                             SEASPAN CORPORATION                            
                RECONCILIATION OF NON-GAAP FINANCIAL MEASURES               
          FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2014 AND 2013         
           (IN THOUSANDS OF US DOLLARS, EXCEPT PER SHARE AMOUNTS)           

C. Adjusted EBITDA

Adjusted EBITDA is defined as net earnings before interest expense and other debt-related expenses, income tax expense, interest income, depreciation and amortization, amortization of deferred charges, refinancing expenses and costs, share-based compensation, bareboat charter adjustment, change in fair value of financial instruments, and certain other items that Seaspan believes are not representative of its operating performance.

In the third quarter of 2013, the definition of Adjusted EBITDA was revised to exclude share-based compensation expense and, accordingly, the comparative figures for the prior periods have been adjusted to reflect this change. The impact of excluding share-based compensation resulted in an increase in Adjusted EBITDA for the three and six months ended June 30, 2013 of approximately 5.6% and 3.9%, respectively.

Adjusted EBITDA provides useful information to investors in assessing Seaspan's results of operations. Seaspan believes that this measure is useful in assessing performance and highlighting trends on an overall basis. Seaspan also believes that this measure can be useful in comparing its results with those of other companies. The GAAP measure most directly comparable to Adjusted EBITDA is net earnings. Adjusted EBITDA is not defined by GAAP and should not be considered as an alternative to net earnings or any other indicator of Seaspan's performance required to be reported by GAAP.


                               Three Months Ended       Six Months Ended    
                                    June 30,                June 30,        
                            ----------------------- ----------------------- 
                                   2014        2013        2014        2013 
                            ----------- ----------- ----------- ----------- 
                                                                            
Net earnings                 $   20,004  $  127,154  $   38,032  $  182,760 
Add:                                                                        
  Interest expense               23,007      15,275      40,568      30,759 
  Interest income                (2,683)       (600)     (3,789)       (787)
  Undrawn credit facility                                                   
   fees                             672         748       1,238       1,145 
  Depreciation and                                                          
   amortization                  44,603      42,840      88,335      85,593 
  Amortization of deferred                                                  
   charges                        2,462       2,266       4,465       4,376 
  Refinancing expenses and                                                  
   costs(1)                       2,356           -       2,356           - 
  Share-based compensation        2,806       6,630       5,109       9,441 
  Bareboat charter                                                          
   adjustment, net (2)            4,300       2,465       8,486       4,860 
  Change in fair value of                                                   
   financial instruments         32,960     (71,193)     69,303     (68,527)
  Change in fair value of                                                   
   financial instruments                                                    
   included in equity loss          402           -         601           - 
                            ----------- ----------- ----------- ----------- 
Adjusted EBITDA              $  130,889  $  125,585  $  254,704  $  249,620 
                            ----------- ----------- ----------- ----------- 
                            ----------- ----------- ----------- ----------- 
                                                                            
                                                                            
(1) In April 2014, Seaspan issued in a registered public offering 13,800,000
    senior unsecured notes. Seaspan used a portion of the net proceeds from 
    the offering to repay its $125.0 million credit facility. In connection 
    with the refinancing, Seaspan incurred refinancing expenses and costs of
    $2.8 million, of which $0.5 million was cash and $2.3 million was non-  
    cash.                                                                   
                                                                            
(2) In the second half of 2011, Seaspan entered into agreements to bareboat 
    charter four 4800 TEU vessels to Mediterranean Shipping Company S.A.    
    ("MSC") for a five-year term, beginning from vessel delivery dates that 
    occurred in 2011. Upon delivery of the vessels to MSC, the transactions 
    were accounted for as sales-type leases. The vessels were disposed of   
    and a gross investment in lease was recorded, which is being amortized  
    to income through revenue. The bareboat charter adjustment is included  
    to reverse the GAAP accounting treatment and reflect the transaction as 
    if the vessels had not been disposed of. Therefore, the bareboat charter
    fees are added back and the interest income from leasing, which is      
    recorded in revenue, is deducted resulting in a net bareboat charter    
    adjustment.                                                             
                                                                            
(3) Interest expense at the hedged rate is calculated as the interest       
    incurred on operating debt at the fixed rate on the related interest    
    rate swaps plus the applicable margin on the related credit facilities  
    and variable rate leases, on an accrual basis. Interest expense on fixed
    rate borrowings is calculated on the effective interest rate.           
                                                                            
                                                                            
(4) Normalized earnings per share, converted, increased for the three       
    months, and decreased for the six months ended June 30, 2014 as detailed
    in the table below:                                                     
                                                                            
                                                  Three Months  Six Months  
                                                     Ended        Ended     
                                                    June 30,     June 30,   
                                                      2014         2014     
                                                  ------------ ------------ 
                                                                            
Normalized earnings per share, converted-                                   
 preferred shares converted at $15, June 30, 2013    $    0.18    $    0.39 
                                                                            
Excluding share count changes:                                              
  Increase in normalized earnings(a)                      0.07         0.08 
  Decrease from impact of Series C, D and E                                 
   preferred shares                                      (0.04)       (0.07)
                                                                            
Share count changes:                                                        
  Increase in converted share count (from 86,703                            
   shares to 95,001 shares and from 86,350 to                               
   94,531 for the three and six months ended,                               
   respectively)                                         (0.02)       (0.03)
                                                  ------------ ------------ 
                                                                            
Normalized earnings per share, converted-                                   
 preferred shares converted at $15, June 30, 2014    $    0.19    $    0.37 
                                                  ------------ ------------ 
                                                  ------------ ------------ 
                                                                            
--------------------------------------------------                          
(a) The increases in normalized net earnings are primarily due to increases 
    in revenue of $6.1 million and $9.1 million and decreases in general and
    administrative expenses of $4.4 million and $4.1 million, partially     
    offset by increases in ship operating expenses of $3.7 million and $7.4 
    million, and increases in depreciation and amortization expense of $1.8 
    million and $2.7 million, for the three and six months ended June 30,   
    2014, respectively. Please read "Results for the Three and Six Months   
    Ended June 30, 2014" for a description of the increases in revenue, ship
    operating expense, and depreciation and amortization expense, and the   
    decreases in general and administrative expense.                        

STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This release contains certain forward-looking statements (as such term is defined in Section 21E of the Securities Exchange Act of 1934, as amended), which reflect management's current views with respect to certain future events and performance, including, in particular, statements regarding: future operating results; expansion of Seaspan's business; future time charters and dividends; vessel deliveries; vessel financing arrangements; use of public offering net proceeds and Seaspan's capital requirements; and amendments to the GCI ROFR and ROFO, the employment and transaction services agreements with Gerry Wang and the financing services agreement with Tiger Ventures Limited. Although these statements are based upon assumptions Seaspan believes to be reasonable, they are subject to risks and uncertainties. These risks and uncertainties include, but are not limited to: the availability to Seaspan of containership acquisition opportunities; the availability and cost to Seaspan of financing to pursue growth opportunities; the number of additional vessels managed by the Manager in the future; amounts of any payments to the former owners of Seaspan's Manager related to fleet growth; general market conditions and shipping market trends, including, chartering rates; conditions in the containership market; increased operating expenses; the number of off-hire days; dry-docking requirements; Seaspan's ability to borrow funds under its credit facilities and to obtain additional financing in the future; Seaspan's future cash flows and its ability to make dividend and other payments; the time that it may take to construct new ships; Seaspan's continued ability to enter into primarily long-term, fixed-rate time charters with customers; negotiations with GCI, Gerry Wang and Tiger Ventures Limited about agreement amendments; changes in governmental rules and regulations or actions taken by regulatory authorities; the financial condition of shipyards, charterers, lenders, refund guarantors and other counterparties and their ability to perform their obligations under their agreements with Seaspan; the potential for early termination of long-term contracts and Seaspan's potential inability to enter into, renew or replace long-term contracts; conditions in the public equity markets and the price of Seaspan's shares; and other factors detailed from time to time in Seaspan's periodic reports and filings with the Securities and Exchange Commission, including Seaspan's Report on Form 20-F for the year ended December 31, 2013. Seaspan expressly disclaims any obligation to update or revise any of these forward-looking statements, whether because of future events, new information, a change in Seaspan's views or expectations, or otherwise.

Contacts:
Seaspan Corporation - Investor Relations Inquiries:
Mr. Sai W. Chu
Chief Financial Officer
604-638-2575

Seaspan Corporation - Media Inquiries:
Mr. Leon Berman
The IGB Group
212-477-8438

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Leysin American School is an exclusive, private boarding school located in Leysin, Switzerland. Leysin selected an OpenStack-powered, private cloud as a service to manage multiple applications and provide development environments for students across the institution. Seeking to meet rigid data sovereignty and data integrity requirements while offering flexible, on-demand cloud resources to users, Leysin identified OpenStack as the clear choice to round out the school's cloud strategy. Additional...
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The cloud is becoming the de-facto way for enterprises to leverage common infrastructure while innovating and one of the biggest obstacles facing public cloud computing is security. In his session at 15th Cloud Expo, Jeff Aliber, a global marketing executive at Verizon, discussed how the best place for web security is in the cloud. Benefits include: Functions as the first layer of defense Easy operation –CNAME change Implement an integrated solution Best architecture for addressing network-l...
“We help people build clusters, in the classical sense of the cluster. We help people put a full stack on top of every single one of those machines. We do the full bare metal install," explained Greg Bruno, Vice President of Engineering and co-founder of StackIQ, in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
AppZero has announced that its award-winning application migration software is now fully qualified within the Microsoft Azure Certified program. AppZero has undergone extensive technical evaluation with Microsoft Corp., earning its designation as Microsoft Azure Certified. As a result of AppZero's work with Microsoft, customers are able to easily find, purchase and deploy AppZero from the Azure Marketplace. With just a few clicks, users have an Azure-based solution for moving applications to the...
“In the past year we've seen a lot of stabilization of WebRTC. You can now use it in production with a far greater degree of certainty. A lot of the real developments in the past year have been in things like the data channel, which will enable a whole new type of application," explained Peter Dunkley, Technical Director at Acision, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
The major cloud platforms defy a simple, side-by-side analysis. Each of the major IaaS public-cloud platforms offers their own unique strengths and functionality. Options for on-site private cloud are diverse as well, and must be designed and deployed while taking existing legacy architecture and infrastructure into account. Then the reality is that most enterprises are embarking on a hybrid cloud strategy and programs. In this Power Panel at 15th Cloud Expo (http://www.CloudComputingExpo.com...
"BSQUARE is in the business of selling software solutions for smart connected devices. It's obvious that IoT has moved from being a technology to being a fundamental part of business, and in the last 18 months people have said let's figure out how to do it and let's put some focus on it, " explained Dave Wagstaff, VP & Chief Architect, at BSQUARE Corporation, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
The move in recent years to cloud computing services and architectures has added significant pace to the application development and deployment environment. When enterprise IT can spin up large computing instances in just minutes, developers can also design and deploy in small time frames that were unimaginable a few years ago. The consequent move toward lean, agile, and fast development leads to the need for the development and operations sides to work very closely together. Thus, DevOps become...
SYS-CON Media announced today that Aruna Ravichandran, VP of Marketing, Application Performance Management and DevOps at CA Technologies, has joined DevOps Journal’s authors. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. DevOps Journal brings valuable information to DevOps professionals who are transforming the way enterprise IT is done. Aruna's inaugural article "Four Essential Cultural Hacks for DevOps Newbies" discusses how to demonstrate the...
"Our premise is Docker is not enough. That's not a bad thing - we actually love Docker. At ActiveState all our products are based on open source technology and Docker is an up-and-coming piece of open source technology," explained Bart Copeland, President & CEO of ActiveState Software, in this SYS-CON.tv interview at DevOps Summit at Cloud Expo®, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Verizon Enterprise Solutions is simplifying the cloud-purchasing experience for its clients, with the launch of Verizon Cloud Marketplace, a key foundational component of the company's robust ecosystem of enterprise-class technologies. The online storefront will initially feature pre-built cloud-based services from AppDynamics, Hitachi Data Systems, Juniper Networks, PfSense and Tervela. Available globally to enterprises using Verizon Cloud, Verizon Cloud Marketplace provides a one-stop shop fo...