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Atlas Corp. (ATCO), a leading global asset management company, distinguishes itself as a top-tier owner and operator focused on disciplined capital allocation to foster sustainable shareholder value. With an experienced asset management team, Atlas targets long-term, risk-adjusted returns across high-quality infrastructure assets, particularly in the maritime and energy sectors.
The company's two main portfolio firms, Seaspan Corporation and APR Energy Limited, are industry leaders in their respective fields. Seaspan, a global leader in containership ownership and management, has recently signed a pivotal Conversion Commitment Agreement with Hapag-Lloyd and MAN Energy Solutions. This agreement aims to retrofit Seaspan's vessels with dual-fuel engines capable of operating on methanol, potentially decreasing CO2 emissions by 50,000-70,000 tonnes annually per vessel. This collaboration emphasizes Seaspan's commitment to environmental sustainability and operational excellence.
Recently, Atlas Corp. has completed the redemption of all outstanding shares of its Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Shares, Series I. This financial maneuver underscores the company's strong economic health and strategic capital management.
In another key development, Seaspan has partnered with Hyundai Glovis, a leading car carrier, to develop a new fleet of dual-fuel LNG Pure Car and Truck Carriers. These vessels are designed to be methanol and ammonia-ready, reinforcing Seaspan's leadership role in sustainable shipping solutions.
Atlas Corp.'s financial condition remains robust, supported by its extensive asset portfolio and strategic partnerships. The company's clear focus on innovation, sustainability, and efficient capital deployment positions it for continued growth and industry leadership. Investors and stakeholders can expect Atlas to maintain its trajectory of delivering substantial value while spearheading advancements in the global maritime and energy sectors.
Atlas Corp. (NYSE: ATCO) announced the approval for listing its 7.125% Senior Unsecured Notes due 2027 on the Nasdaq Global Market, under the trading symbol ATCOL. On May 17, 2021, Atlas completed an exchange offer for up to $80,000,000 of these notes, matching the same amount of outstanding Seaspan Corporation's notes. Atlas focuses on creating sustainable shareholder value through its asset management strategy, primarily in the maritime and energy sectors, featuring its subsidiaries, Seaspan Corporation and APR Energy Ltd.
On May 19, 2021, Seaspan Corporation, a subsidiary of Atlas Corp (NYSE: ATCO), announced the delivery of two 8,500 TEU scrubber-fitted containerships on a long-term charter with a global liner. The company continues to focus on quality growth and expanding its fleet, which stood at 127 vessels totaling approximately 1,073,200 TEU as of March 31, 2021. With 37 vessels under construction and two recent deliveries, the total capacity will reach approximately 1,670,200 TEU. Seaspan emphasizes operational excellence and reliability in its partnerships with global liners.
Atlas Corp. (NYSE: ATCO) announced participation in a fireside panel discussion titled State of Freight Backlog at Bank of America's Transportation, Airlines, and Industrials Conference on May 19, 2021. The event will run from 12:40 pm to 1:10 pm ET. CFO Graham Talbot will represent the company during this discussion.
Additionally, a webcast of the event will be available live, with replays accessible within 24 hours, expiring on August 19, 2021. For more details, visit atlascorporation.com.
On May 18, 2021, Seaspan Corporation announced that Norway's Financial Supervisory Authority approved its Base Prospectus dated May 4, 2021, for bond issues related to ISIN NO0010920952 and ISIN NO0010981939. The Final Terms for these bonds were prepared on May 6, 2021. This approval facilitates the admission of the bonds for trading on the Oslo Stock Exchange, effective the same day. Seaspan operates a fleet of 127 containerships and has additional vessels under construction, with a total capacity increase projected to 1,670,200 TEU.
Atlas Corp. (NYSE: ATCO) has concluded its Exchange Offer for up to $80 million of 7.125% Notes due 2027. The offer, which expired on May 12, 2021, allowed holders of Seaspan Notes to exchange their holdings for ATCO Notes. A total of $52,198,825 in Seaspan Notes were validly tendered, and equivalent ATCO Notes will be issued. The ATCO Notes are registered under the Securities Act and are anticipated to be listed on the Nasdaq Bond Exchange. The settlement date for the transaction is set for May 17, 2021.
Atlas Corp. (NYSE: ATCO) announced an extension of its Exchange Offer for up to $80,000,000 of 7.125% Notes due 2027. The offer now expires on May 12, 2021, allowing further participation from Seaspan Notes holders. As of May 5, 2021, $49,793,775 of Seaspan Notes have been tendered. The ATCO Notes will be obligations of Atlas and are redeemable after the second anniversary of issuance. Settlement is expected on May 17, 2021. The Exchange Offer is subject to standard conditions and allows for withdrawal rights before the Extended Expiration Date.
APR Energy Ltd., a subsidiary of Atlas Corp. (NYSE: ATCO), announced a contract with California's Imperial Irrigation District to provide three gas turbines. This project aims to enhance grid stability and backup capacity during the summer peak demand across 6,471 square miles of service territory. The power solution is set to become operational in June 2021 and will last until early Q4 2021. CEO Bing Chen emphasized the importance of maintaining energy availability, while IID's General Manager praised APR's timely and unique approach to meet customer needs.
Atlas Corp. reported record growth in Q1 2021, achieving a 20.8% increase in revenue to $372.6 million and 27.6% growth in funds from operations to $159.2 million compared to Q1 2020. Adjusted EBITDA rose by 21.1% to $237.9 million, with earnings per diluted share up 106.7% to $0.31. The company boasts a total gross contracted cash flow of $12.1 billion. Management emphasized operational excellence and strategic partnerships to drive future growth. Additionally, Seaspan's fleet expanded significantly during this period.
APR Energy, a subsidiary of Atlas Corp. (NYSE: ATCO), has secured contracts for 10 gas turbines that can generate up to 330MW in Mexicali, Mexico. This marks their third consecutive year providing power during summer months when electricity deficits are critical. The projects are expected to be operational in Q2 2021. CEO Bing Chen highlighted their commitment to offering reliable solutions while enhancing local partnerships. The press release underscores APR's capability in fast-track power projects, contributing to the area's energy needs.
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