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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) will release its financial results for Q1 2021 on May 3, 2021, after market close. A conference call to discuss these results is scheduled for May 4, 2021, at 8:30 a.m. ET. Investors can access the call via U.S./Canada toll-free at +1 (877) 246-9875 or internationally at +1 (707) 287-9353. The results and other information will be available on atlascorporation.com. The replay will be accessible until May 19, 2021.
Atlas Corp. (NYSE: ATCO) announced an exchange offer to convert up to $80 million of its 7.125% Notes due 2027 into new registered ATCO Notes. The offer targets outstanding $80 million of Seaspan Notes, allowing holders to exchange their notes with a minimum of $25. The offer ends on May 5, 2021. The new notes will be obligations of Atlas, with expected listing on the Nasdaq Bond Exchange.
On April 5, 2021, Seaspan Corporation, a subsidiary of Atlas Corp. (NYSE:ATCO), announced the acquisition of two 8,500 TEU scrubber-fitted containerships, set to be delivered in Q2 2021. The vessels will be under long-term charter with a global liner customer, emphasizing Seaspan's strategy to enhance its fleet amid tight supply market conditions. This follows the addition of 41 vessels totaling 597,000 TEU since December 2020, raising Seaspan's total capacity to approximately 1,670,200 TEU. The acquisition will be financed through borrowings and cash reserves.
On March 30, 2021, Seaspan Corporation, a subsidiary of Atlas Corp. (NYSE: ATCO), announced an order for six new 15,500 TEU container ships, with deliveries slated from late 2023 to mid-2024. The vessels will be fitted with advanced emissions reduction technologies and will enter long-term charters with leading global shipping companies. This adds to Seaspan's capacity, bringing the total to approximately 1,653,200 TEU. The expansion is supported by additional borrowings and cash reserves, enhancing shareholder value through strategic growth.
Atlas Corp. (NYSE: ATCO) has filed its 2020 annual report on Form 20-F with the SEC, including audited financial statements for the year ending December 31, 2020. These documents will be available on the company's Investor Relations webpage, and shareholders can request a hard copy free of charge.
Atlas is focused on sustainable shareholder value through long-term, risk-adjusted returns in high-quality maritime and energy infrastructure assets via its portfolio companies, Seaspan Corporation and APR Energy.
Atlas Corp. (ATCO) reported impressive financial results for FY2020, exceeding guidance with a 25.6% revenue growth to $1.42 billion. Q4 revenue rose 25.9% to $362.7 million, with a 45.2% increase in Funds from Operations (FFO) totaling $162.8 million. Adjusted EBITDA grew 32.0% in Q4 to $238.7 million. However, a $117.9 million non-cash goodwill impairment negatively impacted earnings per diluted share, which stood at $0.50 for the year. The company added $5.9 billion in gross contracted cash flows from new vessel acquisitions since November 2020.
On March 8, 2021, Seaspan Corporation, a subsidiary of Atlas Corp. (NYSE: ATCO), announced agreements for six new 15,000 TEU containerships, set for delivery in Q4 2023. This addition is part of a larger order of 31 newbuilds since December 2020. Seaspan aims to finance these vessels through existing liquidity and additional borrowings, continuing to enhance its fleet's focus on the 10,000 to 15,000 TEU category. The announcement reinforces customer trust in Seaspan's execution capabilities and operational excellence.
Atlas Corp. (ATCO) announced a joint venture with Zhejiang Energy Group to enhance maritime and power opportunities. This collaboration combines Atlas's maritime expertise and APR Energy's fast power solutions to develop sustainable projects. CEO Bing Chen emphasized the partnership's potential for quality growth and long-term value creation for shareholders. The joint venture aims to leverage the strengths of both companies, strengthening their market positions.
Atlas Corp. (NYSE: ATCO), through its subsidiary Seaspan Corporation, has announced an agreement for the construction of eight scrubber-fitted containerships, including four 12,000 TEU and four 15,000 TEU vessels. This deal aims to enhance fleet efficiency and emissions reduction, with deliveries expected between late 2022 and Q3 2023. Seaspan's fleet currently consists of 127 vessels totaling about 1,073,000 TEU, generating approximately $4.1 billion in contracted revenue. The addition of these newbuilds is part of Seaspan's strategy to solidify its market presence.
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