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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) declared cash dividends on its shares, including $0.125 per common share for the period April 1, 2022 – June 30, 2022, with a payment date of August 1, 2022. For its Series D preferred shares, the dividend is $0.496875 and for Series H, $0.492188, both with the same payment date. Series I preferred shares will receive $0.500, while Series J has a dividend of $0.4375. This marks the 68th consecutive dividend declared by Atlas and its predecessor.
Seaspan Corporation, a subsidiary of Atlas Corp. (NYSE: ATCO), has secured agreements to construct four 7,700 TEU dual-fuel liquefied natural gas containerships. Expected delivery is set for Q3 and Q4 of 2024, with long-term charters planned with a major global liner customer. These charters are projected to generate approximately $0.95 billion in gross contracted cash flow. The financing will come from existing liquidity, operational cash flow, and additional borrowings, pending certain closing conditions.
Atlas reported strong Q1 2022 results, showing a revenue increase of 9.5% to $408.1 million year-over-year. Net earnings reached $169.4 million, yielding a diluted EPS of $0.56. Adjusted EBITDA grew by 16.5% to $277.1 million, driven by a robust business model despite global uncertainties. The liquidity stood at $951.3 million, with $18.1 billion in gross contracted cash flow. Notably, Fairfax Financial exercised warrants for $201.3 million, indicating strong shareholder confidence. The company remains focused on disciplined capital allocation and strategic growth.
Cornerstone OnDemand has appointed Ryan Courson as Chief Financial Officer, effective April 21, 2022. Courson comes with extensive experience, having previously served as CFO at Atlas Corp. (NYSE:ATCO) and led significant capital strategies. His appointment aims to accelerate Cornerstone's growth strategy and operational excellence. CEO Himanshu Palsule emphasized that Courson's experience will be critical for the company's strategic goals, focusing on merging learning and development with business performance. Cornerstone serves over 6,000 customers globally.
Atlas Corp. (NYSE: ATCO) will announce its financial results for the quarter ended March 31, 2022, on May 11, 2022, post-market. A conference call is scheduled for May 12, 2022, at 8:30 a.m. ET to discuss these results. Interested participants can join via toll-free and international numbers provided, or access the live webcast through their Investor Relations page. A replay of the call will be available for a year. Atlas focuses on disciplined capital deployment to enhance shareholder value across high-quality infrastructure assets.
APR Energy Ltd., a subsidiary of Atlas Corp. (NYSE: ATCO), has extended its gas generation contract in Brazil from 12 months to 44 months, boosting capacity to 226 MW. This move highlights APR Energy's commitment to delivering long-term energy solutions and reflects customer confidence in its operational excellence. The extension aims to secure predictable cash flow and enhance turbine utilization. APR Energy has successfully undertaken projects in 35 markets globally and is expanding its footprint with this being its inaugural project in Brazil.
Atlas Corp. (NYSE: ATCO) has declared cash dividends on its common and preferred shares, reinforcing its commitment to shareholder returns. The common share dividend is set at $0.125 for the period of Jan 1, 2022, to Mar 31, 2022, with a record date of April 20, 2022 and a payment date of May 2, 2022. Additionally, preferred shares will receive dividends ranging from $0.4375 to $0.496875 for the same period. This marks the 67th consecutive dividend declaration by Atlas and its predecessor, Seaspan Corporation.
Atlas Corp. has announced that Fairfax Financial Holdings will exercise warrants to purchase 25 million common shares at an exercise price of $8.05 each, totaling $201.25 million. Following this transaction, Fairfax's stake in Atlas will increase to 45.1% of total shares, up from 39.6%. The proceeds will be used to repay debt and support general corporate purposes. Both companies express strong confidence in Atlas's growth and operational excellence.
Atlas Corp. (NYSE: ATCO) has filed its 2021 annual report on Form 20-F with the SEC, including audited financial statements for the year ended December 31, 2021. The report is accessible on the company’s website under Investor Relations and hard copies can be requested for free by shareholders. Atlas is recognized as a leading global asset management firm with a strategic focus on sustainable shareholder value and disciplined capital deployment across various infrastructure sectors including maritime and energy.
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