Document_and_Entity_Informatio
Document and Entity Information | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Document Information [Line Items] | ' | ' |
Document Type | '20-F | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Dec-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'FY | ' |
Trading Symbol | 'SSW | ' |
Entity Registrant Name | 'Seaspan CORP | ' |
Entity Central Index Key | '0001332639 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Preferred Stock, Shares Outstanding | 18,970,531 | 17,305,000 |
Class A common shares [Member] | ' | ' |
Document Information [Line Items] | ' | ' |
Entity Common Stock, Shares Outstanding | 69,208,888 | ' |
Series A preferred shares [Member] | ' | ' |
Document Information [Line Items] | ' | ' |
Entity Preferred Stock, Shares Outstanding | 200,000 | ' |
Series C preferred shares [Member] | ' | ' |
Document Information [Line Items] | ' | ' |
Entity Preferred Stock, Shares Outstanding | 13,665,531 | ' |
Series D preferred shares [Member] | ' | ' |
Document Information [Line Items] | ' | ' |
Entity Preferred Stock, Shares Outstanding | 5,105,000 | ' |
Series E Preferred Shares [Member] | ' | ' |
Document Information [Line Items] | ' | ' |
Entity Preferred Stock, Shares Outstanding | 0 | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $476,380 | $381,378 |
Short-term investments | 11,675 | 36,100 |
Accounts receivable (note 4) | 68,217 | 9,573 |
Prepaid expenses | 22,671 | 20,902 |
Gross investment in lease (note 5) | 21,170 | 15,977 |
Total current assets | 600,113 | 463,930 |
Vessels (note 6) | 4,992,271 | 4,863,273 |
Deferred charges (note 7) | 53,971 | 43,816 |
Gross investment in lease (note 5) | 58,953 | 79,821 |
Goodwill | 75,321 | 75,321 |
Other assets (note 8) | 106,944 | 83,661 |
Fair value of financial instruments (note 18(b)) | 60,188 | 41,031 |
Total assets | 5,947,761 | 5,650,853 |
Current liabilities: | ' | ' |
Accounts payable and accrued liabilities (note 15(a)) | 65,634 | 49,997 |
Current portion of deferred revenue (note 9) | 27,683 | 25,111 |
Current portion of long-term debt (note 10) | 388,159 | 66,656 |
Current portion of other long-term liabilities (note 11) | 38,930 | 38,542 |
Total current liabilities | 520,406 | 180,306 |
Deferred revenue (note 9) | 4,143 | 7,903 |
Long-term debt (note 10) | 2,853,459 | 3,024,288 |
Other long-term liabilities (note 11) | 572,673 | 613,049 |
Fair value of financial instruments (note 18(b)) | 425,375 | 606,740 |
Share capital (note 12): | ' | ' |
Common and Preferred Shares | 882 | 804 |
Treasury shares | -379 | -312 |
Additional paid in capital | 2,023,622 | 1,859,068 |
Deficit | -411,792 | -594,153 |
Accumulated other comprehensive loss | -40,628 | -46,840 |
Total Shareholders' equity | 1,571,705 | 1,218,567 |
Total liabilities and shareholders' equity | 5,947,761 | 5,650,853 |
Commitments and contingent obligations (note 16) | ' | ' |
Subsequent events (note 19) | ' | ' |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Nov. 25, 2013 | Dec. 31, 2012 |
Preferred shares, par value | $0.01 | ' | $0.01 |
Preferred shares, authorized | 65,000,000 | ' | 65,000,000 |
Preferred shares, issued | 18,970,531 | ' | 17,305,000 |
Preferred shares, outstanding | 18,970,531 | ' | 17,305,000 |
Class A common shares [Member] | ' | ' | ' |
Common shares, par value | $0.01 | ' | $0.01 |
Common shares, authorized | 200,000,000 | ' | 200,000,000 |
Common shares, issued | 69,208,888 | 3,500,000 | 63,042,217 |
Common shares, outstanding | 69,208,888 | ' | 63,042,217 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
Revenue | $677,090 | $660,794 | $565,610 |
Operating expenses: | ' | ' | ' |
Ship operating (note 4) | 150,105 | 138,655 | 135,696 |
Depreciation and amortization | 172,459 | 165,541 | 140,354 |
General and administrative | 34,783 | 24,617 | 16,818 |
Operating lease | 4,388 | 3,145 | ' |
(Gain) loss on vessels (notes 5 and 6) | ' | -9,773 | 16,237 |
Total operating expenses | 361,735 | 322,185 | 309,105 |
Operating earnings | 315,355 | 338,609 | 256,505 |
Other expenses (income): | ' | ' | ' |
Interest expense | 60,496 | 71,996 | 50,849 |
Interest income | -2,045 | -1,190 | -854 |
Undrawn credit facility fees | 2,725 | 1,516 | 4,282 |
Amortization of deferred charges (note 7) | 9,477 | 8,574 | 3,421 |
Refinancing expenses and costs (note 7) | 4,038 | ' | ' |
Change in fair value of financial instruments (note 18(b)) | -60,504 | 135,998 | 281,027 |
Equity loss on investment (note 8(b)) | 670 | 259 | 1,180 |
Other expenses | 1,470 | 151 | ' |
Total Other expenses (income) | 16,327 | 217,304 | 339,905 |
Net earnings (loss) | $299,028 | $121,305 | ($83,400) |
Earnings (loss) per share (note 13): | ' | ' | ' |
Class A common share, basic | $3.36 | $0.84 | ($2.04) |
Class A common share, diluted | $2.93 | $0.81 | ($2.04) |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' |
Net earnings (loss) | $299,028 | $121,305 | ($83,400) |
Other comprehensive income: | ' | ' | ' |
Amounts reclassified to net earnings (loss) during the period relating to cash flow hedging instruments | 6,212 | 9,146 | 12,175 |
Comprehensive income (loss) | $305,240 | $130,451 | ($71,225) |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Total | Series C preferred shares [Member] | Series B preferred shares [Member] | Class A common shares [Member] | Series D preferred shares [Member] | Series C and D preferred share [Member] | Class A common shares [Member] | Class C common shares [Member] | Series A preferred shares [Member] | Series B preferred shares [Member] | Series C preferred shares [Member] | Series D preferred shares [Member] | Common shares [Member] | Common shares [Member] | Preferred shares [Member] | Preferred shares [Member] | Preferred shares [Member] | Treasury shares | Treasury shares | Additional paid-in capital [Member] | Additional paid-in capital [Member] | Additional paid-in capital [Member] | Additional paid-in capital [Member] | Additional paid-in capital [Member] | Deficit [Member] | Deficit [Member] | Deficit [Member] | Deficit [Member] | Accumulated other comprehensive loss [Member] |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Class A common shares [Member] | USD ($) | Series C preferred shares [Member] | Series D preferred shares [Member] | USD ($) | Class A common shares [Member] | USD ($) | Series C preferred shares [Member] | Series B preferred shares [Member] | Class A common shares [Member] | Series D preferred shares [Member] | USD ($) | Series C preferred shares [Member] | Series B preferred shares [Member] | Series C and D preferred share [Member] | USD ($) | |||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||||||||||||||||||
Balance at Dec. 31, 2010 | $989,736,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $686,000 | ' | $5,000 | ' | ' | ' | ' | $1,526,822,000 | ' | ' | ' | ' | ($469,616,000) | ' | ' | ' | ($68,161,000) |
Balance, shares at Dec. 31, 2010 | ' | ' | ' | ' | ' | ' | 68,601,240 | 100 | 200,000 | 260,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Premium on issuance of Series C preferred shares | ' | 4,289,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,289,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Net earnings (loss) | -83,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -83,400,000 | ' | ' | ' | ' |
Other comprehensive income | 12,175,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,175,000 |
Shares issued, value | ' | 350,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 140,000 | ' | ' | ' | ' | 349,860,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued, value | ' | 350,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 140,000 | ' | ' | ' | ' | 349,860,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption of Series B preferred shares (note 12(b)) | -24,600,000 | ' | -24,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,000 | ' | ' | ' | ' | ' | ' | -27,470,000 | ' | ' | 2,873,000 | ' | ' | ' | ' |
Shares issued, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued through dividend reinvestment program | 13,039,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,029,000 | ' | ' | ' | ' | ' | ' |
Redemption of Series B preferred shares (note 12(b)), shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | -260,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued through dividend reinvestment program, shares | ' | ' | ' | ' | ' | ' | 975,620 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends on preferred shares | ' | -22,206,000 | -972,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 841,000 | ' | ' | ' | -22,206,000 | -1,813,000 | ' | ' |
Share-based compensation (note 14): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted class A common shares and phantom share units issued | ' | ' | ' | 2,528,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,528,000 | ' | ' | ' | ' | ' | ' |
Restricted class A common shares and phantom share units issued, shares | ' | ' | ' | ' | ' | ' | 43,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of Series C issuance costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 830,000 | ' | ' | ' | ' | -830,000 | ' | ' | ' |
Fees and expenses in connection with issuance of common and preferred shares | -9,750,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -9,750,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends on class A common shares | -47,414,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -47,414,000 | ' | ' | ' | ' |
Balance at Dec. 31, 2011 | 1,183,425,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 696,000 | ' | 142,000 | ' | ' | ' | ' | 1,860,979,000 | ' | ' | ' | ' | -622,406,000 | ' | ' | ' | -55,986,000 |
Balance, shares at Dec. 31, 2011 | ' | ' | ' | ' | ' | ' | 69,620,060 | 100 | 200,000 | ' | 14,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net earnings (loss) | 121,305,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 121,305,000 | ' | ' | ' | ' |
Other comprehensive income | 9,146,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,146,000 |
Shares issued, value | ' | ' | ' | ' | 77,625,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31,000 | ' | ' | ' | ' | ' | ' | 77,594,000 | ' | ' | ' | ' | ' |
Shares issued and retired on acquisition (note 3) | 83,275,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 42,000 | ' | ' | ' | ' | ' | ' | 83,233,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,105,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued, value | ' | ' | ' | ' | 77,625,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31,000 | ' | ' | ' | ' | ' | ' | 77,594,000 | ' | ' | ' | ' | ' |
Shares issued and retired on acquisition (note 3), shares | ' | ' | ' | ' | ' | ' | 4,220,728 | -100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,105,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued through dividend reinvestment program | 7,168,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000 | ' | ' | ' | ' | ' | -312,000 | ' | ' | ' | 7,163,000 | ' | ' | ' | ' | ' | ' |
Shares issued through dividend reinvestment program, shares | ' | ' | ' | ' | ' | ' | 474,249 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -312 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends on preferred shares | ' | -33,250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -33,250,000 | ' | ' | ' |
Share-based compensation (note 14): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted class A common shares and phantom share units issued | 4,028,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,025,000 | ' | ' | ' | ' | ' | ' |
Restricted class A common shares and phantom share units issued, shares | ' | ' | ' | ' | ' | ' | 194,714 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of Series C issuance costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 862,000 | ' | ' | ' | ' | -862,000 | ' | ' | ' |
Fees and expenses in connection with issuance of common and preferred shares | -2,929,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,929,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other share-based compensation | ' | ' | ' | 839,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 839,000 | ' | ' | ' | ' | ' | ' |
Dividends on class A common shares | -58,940,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -58,940,000 | ' | ' | ' | ' |
Shares repurchased, including related expenses | -172,812,000 | ' | ' | -2,203,000 | ' | ' | ' | ' | ' | ' | ' | ' | -114,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -172,698,000 | ' | ' | ' | ' | ' | ' |
Shares repurchased, including related expenses, shares | ' | ' | ' | -148,101 | ' | ' | -11,448,101 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Treasury shares, value | -313,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,000 | ' | ' | ' | ' | ' | -312,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Treasury shares | ' | ' | ' | ' | ' | ' | -19,433 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2012 | 1,218,567,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 631,000 | ' | 173,000 | ' | ' | -312,000 | ' | 1,859,068,000 | ' | ' | ' | ' | -594,153,000 | ' | ' | ' | -46,840,000 |
Balance, shares at Dec. 31, 2012 | ' | ' | ' | ' | ' | ' | 63,042,217 | ' | 200,000 | ' | 14,000,000 | 3,105,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net earnings (loss) | 299,028,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 299,028,000 | ' | ' | ' | ' |
Other comprehensive income | 6,212,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,212,000 |
Shares issued, value | ' | ' | ' | 77,000,000 | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 35,000 | ' | ' | 20,000 | ' | ' | ' | ' | ' | 76,965,000 | 49,980,000 | ' | ' | ' | ' | ' |
Shares issued, shares | ' | ' | ' | ' | ' | ' | 3,500,000 | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued, value | ' | ' | ' | 77,000,000 | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 35,000 | ' | ' | 20,000 | ' | ' | ' | ' | ' | 76,965,000 | 49,980,000 | ' | ' | ' | ' | ' |
Shares issued, shares | ' | ' | ' | ' | ' | ' | 3,500,000 | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued through dividend reinvestment program | 31,961,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31,945,000 | ' | ' | ' | ' | ' | ' |
Shares issued through dividend reinvestment program, shares | ' | ' | ' | ' | ' | ' | 1,561,838 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends on preferred shares | ' | ' | ' | ' | ' | -38,493,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -38,493,000 | ' |
Share-based compensation (note 14): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted class A common shares and phantom share units issued | 14,004,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,004,000 | ' | ' | ' | ' | ' | ' |
Restricted class A common shares and phantom share units issued, shares | ' | ' | ' | ' | ' | ' | 79,088 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of Series C issuance costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,174,000 | ' | ' | ' | ' | -1,174,000 | ' | ' | ' |
Fees and expenses in connection with issuance of common and preferred shares | -5,959,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5,959,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other share-based compensation | 4,742,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,740,000 | ' | ' | ' | ' | ' | ' |
Dividends on class A common shares | -76,340,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -76,340,000 | ' | ' | ' | ' |
Other share-based compensation, shares | ' | ' | ' | ' | ' | ' | 206,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fleet growth payments (note 3) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -8,000 | ' | ' | ' | ' | ' | ' |
Fleet growth payments (note 3), shares | ' | ' | ' | ' | ' | ' | 820,697 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares repurchased, including related expenses | -8,950,000 | -390,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,000 | ' | ' | ' | ' | ' | -8,287,000 | ' | ' | ' | ' | -660,000 | ' | ' | ' |
Shares repurchased, including related expenses, shares | ' | -14,469 | ' | ' | ' | ' | ' | ' | ' | ' | -334,469 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Treasury shares, value | -67,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -67,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Treasury shares | ' | ' | ' | ' | ' | ' | -1,152 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2013 | $1,571,705,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $692,000 | ' | $190,000 | ' | ' | ($379,000) | ' | $2,023,622,000 | ' | ' | ' | ' | ($411,792,000) | ' | ' | ' | ($40,628,000) |
Balance, shares at Dec. 31, 2013 | ' | ' | ' | ' | ' | ' | 69,208,888 | ' | 200,000 | ' | 13,665,531 | 5,105,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating activities: | ' | ' | ' |
Net earnings (loss) | $299,028 | $121,305 | ($83,400) |
Items not involving cash: | ' | ' | ' |
Depreciation and amortization | 172,459 | 165,541 | 140,354 |
Share-based compensation (note 14) | 14,604 | 4,779 | 3,278 |
Amortization of deferred charges (note 7) | 9,477 | 8,574 | 3,421 |
Amounts reclassified from other comprehensive loss to interest expense | 5,330 | 8,310 | 11,670 |
Unrealized change in fair value of financial instruments | -187,522 | 11,215 | 156,671 |
(Gain) loss on vessels | ' | -9,773 | 16,237 |
Equity loss on investment (note 8(b)) | 670 | 259 | 1,180 |
Refinancing expenses and costs (note 7) | 2,017 | ' | ' |
Other | 720 | ' | ' |
Changes in assets and liabilities: | ' | ' | ' |
Accounts receivable | 12,073 | 20,413 | 946 |
Prepaid expenses | -1,769 | 6,226 | -5,908 |
Other assets and deferred charges | -2,716 | -5,846 | -11,860 |
Accounts payable and accrued liabilities | 6,071 | -18,247 | 13,225 |
Deferred revenue | -1,188 | -2,746 | 6,328 |
Other long-term liabilities (note 11) | -610 | 1,173 | -12,278 |
Cash from operating activities | 328,644 | 311,183 | 239,864 |
Financing activities: | ' | ' | ' |
Preferred shares issued, net of issuance costs (note 12(b)) | 47,862 | 74,700 | 344,539 |
Common shares issued, net of issuance costs (note 12(a)) | 73,179 | ' | ' |
Preferred shares redeemed, including costs (note 12(b)) | ' | ' | -24,600 |
Draws on credit facilities | 164,000 | 113,672 | 601,577 |
Repayment of credit facilities | -67,406 | -44,569 | -2,619 |
Other long-term liabilities (note 11) | -39,988 | -53,516 | -19,061 |
Shares repurchased, including related expenses (note 12(b)) | -8,950 | -172,812 | ' |
Financing fees (note 7) | -23,334 | -3,817 | -9,990 |
Dividends on common shares | -44,379 | -51,772 | -34,375 |
Dividends on preferred shares | -38,493 | -33,250 | -23,178 |
Swaption premium payment | ' | -10,000 | ' |
Cash from (used in) financing activities | 62,491 | -181,364 | 832,293 |
Investing activities: | ' | ' | ' |
Expenditures for vessels | -255,593 | -209,599 | -621,947 |
Short term investments | 24,425 | -35,737 | ' |
Cash acquired on acquisition of Seaspan Management Services Ltd. (note 3) | ' | 23,911 | ' |
Restricted cash | -1,755 | -7,100 | ' |
Other assets | -3,724 | -1,039 | -1,342 |
Recoverable from affiliate (note 4) | -55,042 | ' | ' |
Investment in affiliate (note 8(b)) | -4,444 | ' | -1,964 |
Cash used in investing activities | -296,133 | -229,564 | -625,253 |
Increase (decrease) in cash and cash equivalents | 95,002 | -99,745 | 446,904 |
Cash and cash equivalents, beginning of year | 381,378 | 481,123 | 34,219 |
Cash and cash equivalents, end of year | 476,380 | 381,378 | 481,123 |
Supplementary information (note 15(b)) | ' | ' | ' |
General
General | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
General | ' | |
1 | General: | |
Seaspan Corporation (the “Company”) was incorporated on May 3, 2005 in the Marshall Islands and owns and operates containerships pursuant to primarily long-term, fixed-rate time charters to major container liner companies. |
Summary_of_significant_account
Summary of significant accounting policies | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Accounting Policies [Abstract] | ' | |||
Summary of significant accounting policies | ' | |||
2 | Summary of significant accounting policies: | |||
(a) | Basis of presentation: | |||
These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the following accounting policies have been consistently applied in the preparation of the consolidated financial statements. | ||||
(b) | Principles of consolidation: | |||
The accompanying consolidated financial statements include the accounts of Seaspan Corporation and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated upon consolidation. | ||||
The Company also consolidates any variable interest entities (“VIEs”) of which it is the primary beneficiary. The primary beneficiary is the enterprise that has both the power to make decisions that most significantly affect the economic performance of the VIE and has the right to receive benefits or the obligation to absorb losses that in either case could potentially be significant to the VIE. The impact of the consolidation of these VIEs is described in note 11. | ||||
The Company accounts for its investment in companies in which it has significant influence by the equity method. The Company’s proportionate share of earnings (loss) is included in earnings and added to or deducted from the cost of the investment. | ||||
(c) | Foreign currency translation: | |||
The functional and reporting currency of the Company is the United States dollar. Transactions involving other currencies are converted into United States dollars using the exchange rates in effect at the time of the transactions. At the balance sheet date, monetary assets and liabilities that are denominated in currencies other than the United States dollar are translated into United States dollars using exchange rates at that date. Exchange gains and losses are included in net earnings (loss). | ||||
(d) | Cash equivalents: | |||
Cash equivalents include highly liquid securities with terms to maturity of three months or less when acquired. | ||||
(e) | Vessels: | |||
Except as described below, vessels are recorded at their cost, which consists of the purchase price, acquisition and delivery costs, less accumulated depreciation. | ||||
Vessels purchased from the predecessor upon completion of the Company’s initial public offering were initially recorded at the predecessor’s carrying value. | ||||
Vessels under construction include deposits, installment payments, interest, financing costs, construction design, supervision costs, and other pre-delivery costs incurred during the construction period. | ||||
Depreciation is calculated on a straight-line basis over the estimated useful life of each vessel, which is 30 years from the date of completion. The Company calculates depreciation based on the estimated remaining useful life and the expected salvage value of the vessel. | ||||
Vessels that are held for use are evaluated for impairment when events or circumstances indicate that their carrying amounts may not be recoverable from future undiscounted cash flows. Such evaluations include the comparison of current and anticipated operating cash flows, assessment of future operations and other relevant factors. If the carrying amount of the vessel exceeds the estimated net undiscounted future cash flows expected to be generated over the vessel’s remaining useful life, the carrying amount of the vessel is reduced to its estimated fair value. | ||||
(f) | Dry-dock activities: | |||
Classification rules require that vessels be dry-docked for inspection including planned major maintenance and overhaul activities for ongoing certification. The Company generally dry-docks its vessels once every five years. Dry-docking activities include the inspection, refurbishment and replacement of steel, engine components, electrical, pipes and valves, and other parts of the vessel. The Company has adopted the deferral method of accounting for dry-dock activities whereby costs incurred are deferred and amortized on a straight-line basis over the period until the next scheduled dry-dock activity. | ||||
(g) | Goodwill and intangible assets: | |||
Goodwill represents the excess of the purchase price of an acquired enterprise over the fair value assigned to assets acquired and liabilities assumed in a business combination. Goodwill and indefinite-lived intangible assets are not amortized, but reviewed for impairment annually or more frequently if impairment indicators arise. When goodwill is reviewed for impairment, the Company may elect to assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. Alternatively, the Company may bypass this step and use a fair value approach to identify potential goodwill impairment and, when necessary, measure the amount of impairment. The Company uses a discounted cash flow model to determine the fair value of reporting units, unless there is a readily determinable fair market value. | ||||
Intangible assets with finite lives are amortized over their useful lives. Intangible assets with finite lives are assessed for impairment when and if impairment indicators exist. An impairment loss is recognized if the carrying amount of an intangible asset is not recoverable and its carrying amount exceeds its fair value. | ||||
(h) | Deferred financing fees: | |||
Deferred financing fees represent the unamortized costs incurred on issuance of the Company’s credit and lease facilities. Amortization of deferred financing fees on leases is provided on the effective interest rate method over the term of the underlying obligation. Amortization of deferred financing fees on credit facilities is provided on the effective interest rate method over the term of the facility based on amounts available under the facilities. | ||||
(i) | Revenue recognition: | |||
Revenue from time charter is recognized each day the vessel is on-hire and when collection is reasonably assured. Cash received in excess of earned revenue is recorded as deferred revenue. | ||||
For capital leases that are sales-type leases, the difference between the gross investment in lease and the present value of its components, i.e. the minimum lease payments and the estimated residual value, is recorded as unearned lease interest income. The discount rate used in determining the present values is the interest rate implicit in the lease. The present value of the minimum lease payments, computed using the interest rate implicit in the lease, is recorded as the sales price, from which the carrying value of the vessel at the commencement of the lease is deducted in order to determine the profit or loss on sale. As is the case for direct financing leases, the unearned lease interest income is amortized to income over the period of the lease so as to produce a constant periodic rate of return on the net investment in lease. | ||||
Project revenue is recorded on the completed contract basis when the project is substantially complete and the collectability of any outstanding funds is reasonably assured. Funds received from customers prior to substantial completion of the contract are recognized as deferred revenue. | ||||
(j) | Derivative financial instruments: | |||
The Company’s hedging policies permit the use of various derivative financial instruments to manage interest rate risk. The Company has entered into interest rate swaps and swaptions to reduce the Company’s exposure to changing interest rates on its credit and lease facilities. | ||||
All of the Company’s derivatives are measured at their fair value at the end of each period. For derivatives not designated as accounting hedges, changes in their fair value are recorded in earnings. | ||||
The Company had previously designated certain of its interest rate swaps as accounting hedges and applied hedge accounting to those instruments. While hedge accounting was applied, the effective portion of the unrealized gains or losses on those designated interest rate swaps was recorded in other comprehensive loss. | ||||
By September 30, 2008, the Company de-designated all of the interest rate swaps it had accounted for as hedges to that date. Subsequent to their de-designation dates, changes in their fair value are recorded in earnings. | ||||
The Company evaluates whether the occurrence of any of the previously hedged interest payments are considered to be remote. When the previously hedged interest payments are not considered remote of occurring, unrealized gains or losses in accumulated other comprehensive income associated with the previously designated interest rate swaps are recognized in earnings when and where the interest payments are recognized. If such interest payments are identified as being remote, the accumulated other comprehensive income balance pertaining to these amounts is reversed through earnings immediately. | ||||
(k) | Fair value measurement: | |||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. The hierarchy is broken down into three levels based on the observability of inputs as follows: | ||||
• | Level 1—Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation adjustments and block discounts are not applied to Level 1 instruments. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. | |||
• | Level 2—Valuations based on one or more quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. | |||
• | Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement. | |||
(l) | Share-based compensation: | |||
The Company has granted restricted shares, phantom share units and stock appreciation rights (“SARs”) to certain of its officers, members of management and directors as compensation. Compensation cost is measured at their grant date fair values. Under this method, restricted shares and phantom share units are measured based on the quoted market price of the Company’s Class A common shares at date of the grant, and SARs are measured at fair value using the Monte Carlo model. The fair value of each grant is recognized straight-line over the requisite service period. | ||||
(m) | Earnings (loss) per share: | |||
The Company had multiple classes of common shares with different participation rights and applied the two-class method to compute basic earnings per share (“EPS”) until the acquisition and cancellation of those shares in January, 2012. | ||||
The treasury stock method is used to compute the dilutive effect of the Company’s share-based compensation awards. Under this method, the incremental number of shares used in computing diluted EPS is the difference between the number of shares assumed issued and purchased using assumed proceeds. | ||||
The if-converted method is used to compute the dilutive effect of the Company’s Series A preferred shares. Under this method, dividends applicable to the Series A preferred shares are added back to earnings attributable to common shareholders, and the Series A preferred shares and paid-in kind dividends are assumed to have been converted at the share price applicable at the end of the period. The if-converted method is applied to the computation of diluted EPS only if the effect is dilutive. The dividends recorded in the financial statements that were applicable to the Series B preferred shares reduced the earnings available to common shareholders. The dividends applicable to the Series C and D preferred shares reduce the earnings available to common shareholders, even if not declared, since the dividends are cumulative. | ||||
(n) | Use of estimates: | |||
The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the balance sheet dates and the reported amounts of revenue and expenses during the reporting fiscal periods. Areas where accounting judgments and estimates are significant to the Company include the assessment of the vessel useful lives, expected salvage values and the recoverability of the carrying value of vessels which are subject to future market events, carrying value of goodwill and the fair value of interest rate derivative financial instruments and share-based awards. Actual results could differ from those estimates. | ||||
(o) | Comparative information: | |||
Certain information has been reclassified to conform with the financial statement presentation adopted for the current year. The Company has recast the 2012 consolidated balance sheet and statement of cash flows for the year ended December 31, 2012 to separately present balances of and movements in restricted cash, included in other assets, from cash and cash equivalents. This reclassification, which is immaterial, had no impact on the comparative consolidated statements of operations, total assets or shareholders’ equity. |
Acquisition_of_Seaspan_Managem
Acquisition of Seaspan Management Services Limited | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Business Combinations [Abstract] | ' | ||||
Acquisition of Seaspan Management Services Limited | ' | ||||
3 | Acquisition of Seaspan Management Services Limited: | ||||
On January 27, 2012, the Company acquired 100 percent of Seaspan Management Services Limited (the “Manager”), an affiliated privately owned company that has provided technical, administrative and strategic services to the Company. The Company’s acquisition of the Manager has increased its control over access to the fixed-rate services that the Manager provides to the Company on a long-term basis, and reduced certain conflicts between the Company and its directors who have interests in the Manager. | |||||
The aggregate purchase price was $106,518,000, including: | |||||
4,220,728 of the Company’s Class A common shares | $ | 66,899 | |||
Contingent consideration | 18,437 | ||||
Settlement of intercompany balances | 20,022 | ||||
Stock based compensation | 1,160 | ||||
Aggregate purchase price | $ | 106,518 | |||
Under the Share Purchase Agreement, $7,500,000 or 586,212 shares of Class A common shares were deposited in escrow for settlement of potential indemnifiable damages. The escrowed shares were released on January 30, 2013, the end of the escrow period. | |||||
The value of the Company’s Class A common shares issued was determined based on the closing market price of those common shares on January 26, 2012. | |||||
The contingent consideration arrangement requires the Company to pay the former owners of the Manager additional consideration of 39,081 of the Company’s Class A common shares for each of certain containerships ordered or acquired by the Company, Greater China Intermodal Investments LLC (“GCI”) or Blue Water Commerce, LLC (collectively, the “Contingency Parties”) after December 12, 2011 and prior to August 15, 2014 and which are to be managed by the Manager or the Company. The fair value of the contingent consideration is based on the estimated containership orders and acquisitions of each of the Contingency Parties prior to August 15, 2014. For the year ended December 31, 2013, total shares issued related to this contingent consideration arrangement were 820,701. At December 31, 2013, 273,564 contingent shares are issuable in January 2014. | |||||
For the year ended December 31, 2013, no acquisition-related costs (2012—$1,184,000) have been included in general and administrative expense in the Company’s consolidated statements of operations. |
Related_party_transactions
Related party transactions | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||
Related party transactions | ' | ||||||||||||
4 | Related party transactions: | ||||||||||||
Prior to the acquisition of the Manager on January 27, 2012, the ultimate beneficial owners of the Manager directly and indirectly owned common shares, or common shares and preferred shares, of the Company. | |||||||||||||
The Company had management agreements with the Manager for the provision of certain technical, strategic and administrative services for fees: | |||||||||||||
• | Technical Services—The Manager was responsible for providing ship operating services to the Company in exchange for a fixed fee per day per vessel as described below. The technical services fee did not include certain extraordinary items, as defined in the management agreements. | ||||||||||||
• | Administrative and Strategic Services—The Manager provided administrative and strategic services to the Company for the management of the business for a fixed fee of $72,000 per year. The Company also reimbursed all reasonable expenses incurred by the Manager in providing these services to the Company. | ||||||||||||
The Company incurred the following costs under the management agreements with the Manager which were incurred prior to the date of acquisition: | |||||||||||||
2013 | 2012(1) | 2011 | |||||||||||
Technical and other services | $ | — | $ | 9,700 | $ | 135,381 | |||||||
Dry-dock activities included in technical services | — | 421 | 5,855 | ||||||||||
Other services | — | 410 | 6,202 | ||||||||||
-1 | Relates to the 26 days prior to acquisition | ||||||||||||
The Company incurred the following costs with the Manager and other related parties thereto: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Consulting services | $ | — | $ | — | $ | 84 | |||||||
Arrangement fees | 6,631 | 1,790 | 1,832 | ||||||||||
Technical service fees advance | — | — | 2,947 | ||||||||||
Transaction fees | 3,532 | 123 | 369 | ||||||||||
Reimbursed expenses | 72 | — | — | ||||||||||
Arrangement fees and transaction fees are paid to related parties in connection with debt or lease financing and pursuant to new build contracts, purchase or sale contracts, respectively. | |||||||||||||
At December 31, 2013, the Company had $56,152,000 (2012—nil) due from GCI of which $54,068,000 is in connection with vessels GCI will acquire pursuant to a right of first refusal which bears interest at 4% per annum. The Company also had $1,614,000 (2012—$1,501,000) due from other related parties included in accounts receivable and $611,000 (2012—nil) due to other related parties included in accounts payable. |
Gross_investment_in_lease
Gross investment in lease | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Leases [Abstract] | ' | ||||||||
Gross investment in lease | ' | ||||||||
5 | Gross investment in lease: | ||||||||
2013 | 2012 | ||||||||
Gross investment in lease | $ | 80,123 | $ | 95,798 | |||||
Current portion | (21,170 | ) | (15,977 | ) | |||||
$ | 58,953 | $ | 79,821 | ||||||
The Company entered into an agreement with MSC Mediterranean Shipping Company S.A. (“MSC”) to bareboat charter four 4800 TEU vessels for a five-year term, beginning from the vessel delivery dates that occurred in October and November 2011. At the end of each five-year lease term, MSC has agreed to purchase the vessels for $5,000,000 each. Each transaction is considered a sales type lease and accounted for as a disposition of vessels upon delivery of each vessel. | |||||||||
In 2011, the Company recorded gross proceeds of $112,808,000 as a gross investment in lease, $18,551,000 as deferred revenue, $822,000 as broker commissions and legal costs and removed the net book value of the vessels of $109,672,000, resulting in a total loss on vessels of $16,237,000. The gross investment in lease is offset by deferred interest on lease receivable. |
Vessels
Vessels | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||||||
Vessels | ' | ||||||||||||
6 | Vessels: | ||||||||||||
December 31, 2013 | Cost | Accumulated | Net book | ||||||||||
depreciation | value | ||||||||||||
Vessels | $ | 5,391,713 | $ | 720,814 | $ | 4,670,899 | |||||||
Vessels under construction | 321,372 | — | 321,372 | ||||||||||
Vessels | $ | 5,713,085 | $ | 720,814 | $ | 4,992,271 | |||||||
December 31, 2012 | Cost | Accumulated | Net book | ||||||||||
depreciation | value | ||||||||||||
Vessels | $ | 5,339,550 | $ | 553,582 | $ | 4,785,968 | |||||||
Vessels under construction | 77,305 | — | 77,305 | ||||||||||
Vessels | $ | 5,416,855 | $ | 553,582 | $ | 4,863,273 | |||||||
Included in vessels under construction is capitalized interest costs of $2,873,000 (2012—$2,983,000; 2011—$12,952,000) to vessels under construction. | |||||||||||||
On June 1, 2012, the $53,000,000 term loan credit facility with a U.S. bank matured upon expiration of the UASC Madinah time charter. On June 27, 2012, the Company sold the UASC Madinah to that U.S. bank for $52,104,000, the amount outstanding under the term loan resulting in a gain on vessel of $9,773,000. The Company is leasing the vessel back for approximately nine years under an operating lease. |
Deferred_charges
Deferred charges | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Text Block [Abstract] | ' | ||||||||||||
Deferred charges | ' | ||||||||||||
7 | Deferred charges: | ||||||||||||
Dry-docking | Financing | Total | |||||||||||
fees | |||||||||||||
December 31, 2011 | $ | 9,370 | $ | 36,547 | $ | 45,917 | |||||||
Cost incurred | 6,520 | 4,713 | 11,233 | ||||||||||
Amortization expensed | (3,196 | ) | (8,574 | ) | (11,770 | ) | |||||||
Amortization capitalized | — | (1,564 | ) | (1,564 | ) | ||||||||
December 31, 2012 | $ | 12,694 | $ | 31,122 | $ | 43,816 | |||||||
Cost incurred | 3,500 | 25,131 | 28,631 | ||||||||||
Amortization expensed(a) | (3,947 | ) | (9,477 | ) | (13,424 | ) | |||||||
Refinancing expenses and costs(b) | — | (4,038 | ) | (4,038 | ) | ||||||||
Amortization capitalized | — | (1,014 | ) | (1,014 | ) | ||||||||
December 31, 2013 | $ | 12,247 | $ | 41,724 | $ | 53,971 | |||||||
(a) | Amortization of dry-docking amounts is included in depreciation and amortization. Amortization of financing fees is included in amortization of deferred charges, unless it qualifies for capitalization. | ||||||||||||
(b) | In December 2013, the Company entered into an agreement to extend and refinance its $1.0 billion revolving credit facility, or the Facility (note 10). In connection with the refinancing, the Company incurred refinancing expenses and costs of approximately $4,038,000. |
Other_assets
Other assets | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ' | ||||||||
Other assets | ' | ||||||||
8 | Other assets: | ||||||||
2013 | 2012 | ||||||||
Restricted cash(a) | $ | 73,855 | $ | 72,100 | |||||
Equity Investment in affiliate(b) | 4,299 | 525 | |||||||
Intangible assets | 2,695 | 2,993 | |||||||
Capital assets | 471 | 505 | |||||||
Other | 25,624 | 7,538 | |||||||
Other assets | $ | 106,944 | $ | 83,661 | |||||
(a) | Included in this amount is $60,000,000 which has been placed in a deposit account over which the lessor (note 11) has a first priority interest. | ||||||||
(b) | On March 14, 2011, the Company entered into an agreement to participate in GCI, an investment vehicle established by an affiliate of The Carlyle Group. GCI will invest up to $900,000,000 equity capital in containership assets strategic to the People’s Republic of China, Taiwan, Hong Kong and Macau. The Company agreed to make a minority investment in GCI of up to $100,000,000 during the investment period, which is anticipated to be up to five years. The Company accounts for its 10.3% investment in GCI using the equity method. The investment of $4,299,000 is comprised of its capital contribution of $6,408,000 less its cumulative equity loss on investment of $2,109,000. |
Deferred_revenue
Deferred revenue | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Revenue Recognition [Abstract] | ' | ||||||||
Deferred revenue | ' | ||||||||
9 | Deferred revenue: | ||||||||
2013 | 2012 | ||||||||
Deferred revenue on time charters | $ | 21,099 | $ | 19,861 | |||||
Deferred interest on lease receivable (note 5) | 7,903 | 12,503 | |||||||
Other deferred revenue | 2,824 | 650 | |||||||
Deferred revenue | 31,826 | 33,014 | |||||||
Current portion | (27,683 | ) | (25,111 | ) | |||||
Deferred revenue | $ | 4,143 | $ | 7,903 | |||||
Longterm_debt
Long-term debt | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-term debt | ' | ||||||||
10 | Long-term debt: | ||||||||
2013 | 2012 | ||||||||
Long-term debt: | |||||||||
Revolving credit facilities(a) | $ | 2,268,841 | $ | 2,287,942 | |||||
Term loan credit facilities(b) | 972,777 | 803,002 | |||||||
Long-term debt | 3,241,618 | 3,090,944 | |||||||
Current portion | (388,159 | ) | (66,656 | ) | |||||
Long-term debt | $ | 2,853,459 | $ | 3,024,288 | |||||
(a) | Revolving credit facilities: | ||||||||
As of December 31, 2013, the Company had five long-term revolving credit facilities (“Revolvers”) available and a line of credit, which provided for aggregate borrowings of up to $2,388,284,000 (2012—$2,392,685,000), of which $119,443,000 (2012—$104,743,000) was undrawn. One of the term loan credit facilities (“Term Loans”) has a revolving loan component and this component has been included in the Revolvers. | |||||||||
In December 2013, the Company had an outstanding balance of approximately $1.0 billion under a revolving credit facility that matures in May 2015. In December 2013, the Company entered into an agreement to extend and refinance the Facility. Effective January 31, 2014, the maturity date for the Facility was extended from May 2015 to May 2019, the outstanding amount of the Facility was reduced to $433,800,000 term loan and the margin was increased. The reduction in the outstanding amount of the Facility was funded by drawing $340,000,000 under existing credit facilities, one of which is secured by certain vessels that were pledged as collateral under the Facility, and approximately $260,000,000 of cash on hand. | |||||||||
The Revolvers mature between July 5, 2017 and December 31, 2023. Based on the Revolvers outstanding at December 31, 2013, and reflecting the reduction to the Facility and the revised repayment schedule under the amended Facility that will occur in January 2014, the minimum repayments for the balances outstanding are as follows: | |||||||||
2014 | $ | 336,374 | |||||||
2015 | 129,920 | ||||||||
2016 | 139,478 | ||||||||
2017 | 181,794 | ||||||||
2018 | 145,521 | ||||||||
Thereafter | 1,335,754 | ||||||||
$2,268,841 | |||||||||
Interest is calculated as one month or three month LIBOR plus a margin per annum, depending on the interest period selected by the Company. At December 31, 2013, the one month and three month LIBOR was 0.2% (2012—one month-0.2% and three month-0.3%) and the margins ranged between 0.5% and 0.9% (2012—0.5% and 0.9%). The weighted average rate of interest, including the margin, was 0.8% at December 31, 2013 (2012—0.9%). | |||||||||
The Company is subject to commitment fees ranging between 0.2%—0.3% calculated on the undrawn amounts under the various facilities. | |||||||||
The Revolver loan payments are made in quarterly or semi-annual payments commencing six or thirty-six months after delivery of the associated newbuilding containership. For one of our Revolvers, payments commence four months after the amendment date of the loan agreement. | |||||||||
As of December 31, 2013, the Company had twelve Term Loans available, which provided for aggregate borrowings of up to $1,739,497,000 (2012—$1,026,802,000), of which $766,720,000 (2012—$223,800,000) was undrawn. One of the Term Loans has a revolving loan component and this component has been included in the Revolvers. | |||||||||
During the year ended December 31, 2013, the Company entered into several LIBOR based term loans with various banks for a total of $627,000,000 to be used toward the financing of existing vessels and the construction of newbuilding containerships. The loans bear interest at LIBOR plus a margin and are subject to commitment fees of between 0.4% and 1.1% per annum calculated on the undrawn amounts of the loans. At December 31, 2013, $30,000,000 has been drawn under these facilities. | |||||||||
In addition, the Company entered into fixed rate, unsecured, term loans, or Unsecured Term Loans, for a total of $134,000,000 to be used towards the construction of newbuilding containerships and for general corporate purposes. At December 31, 2013, these facilities were fully drawn. | |||||||||
The Term Loans mature between March 12, 2017 and February 27, 2025. | |||||||||
Based on the Term Loans outstanding at December 31, 2013, the minimum repayments for the balances outstanding are as follows: | |||||||||
2014 | $ | 51,785 | |||||||
2015 | 54,668 | ||||||||
2016 | 56,455 | ||||||||
2017 | 98,129 | ||||||||
2018 | 179,340 | ||||||||
Thereafter | 532,400 | ||||||||
$972,777 | |||||||||
For certain of our Term Loans with a total principal outstanding of $694,400,000 interest is calculated as one month, three month or six month LIBOR plus a margin per annum, depending on the interest period selected by the Company. At December 31, 2013, the one month, three month and six month LIBOR was 0.2%, 0.2% and 0.4%, respectively (2012—one month-0.2%, three month-0.3% and six month-0.7%) and the margins ranged between 0.4% and 4.8% (2012—0.4% and 4.8%). | |||||||||
For certain of our Term Loans with a total principal outstanding of $129,377,000, interest is calculated based on the Export-Import Bank of Korea (KEXIM) plus 0.7% per annum. | |||||||||
For certain of our Term Loans with a total principal outstanding of $149,000,000, the loans bear interest between 6% to 7% per annum. | |||||||||
The weighted average rate of interest, including the margin, was 2.7% at December 31, 2013 (2012—2.3%). | |||||||||
The Company is subject to commitment fees ranging between 0.2%—1.1% calculated on the undrawn amounts under the various facilities. | |||||||||
The Term Loan payments are made in quarterly or semi-annual payments commencing three, six or thirty-six months after delivery of the associated newbuilding containership or utilization date. For certain of our Term Loans with a total principal outstanding of $149,000,000 payments are due on either the third anniversary of the delivery date of the underlying vessel or at maturity. | |||||||||
(c) | General: | ||||||||
The security for each of the Company’s credit facilities, except for the Facility and the Unsecured Term Loans, includes: | |||||||||
• | A first priority mortgage on the collateral vessels funded by the related credit facility; | ||||||||
• | An assignment of the Company’s time charters and earnings related to the related collateral vessels; | ||||||||
• | An assignment of the insurance on each of the vessels that are subject to a related mortgage; | ||||||||
• | An assignment of the Company’s related shipbuilding contracts; and | ||||||||
• | A pledge of the related retention accounts. | ||||||||
The security for the Facility includes, among others: | |||||||||
• | First priority mortgages on 23 of the Company’s vessels; and | ||||||||
• | First-priority assignment of earnings related to the above noted vessels, including time charter revenues, and a first-priority assignment of any insurance proceeds. | ||||||||
The Company may prepay certain amounts outstanding without penalty, other than breakage costs in certain circumstances. Under each of our credit facilities, in certain circumstances a prepayment may be required as a result of certain events including the sale or loss of a vessel, a termination or expiration of a charter (and the inability to enter into a charter suitable to lenders within a period of time) or termination of a shipbuilding contract. The amount that must be prepaid may be calculated based on the loan to market value ratio or some other ratio that takes into account the market value of the relevant vessels. In these circumstances, valuations of our vessels are conducted on a “without charter” basis as required under the relevant credit facility agreement. Amounts prepaid in accordance with these provisions may be reborrowed, subject to certain conditions. | |||||||||
Each credit facility contains financial covenants requiring the Company maintain minimum liquidity, tangible net worth, interest coverage ratios, interest and principal coverage ratios, and debt to assets ratios, as defined. The Company is in compliance with these covenants at December 31, 2013. |
Other_longterm_liabilities
Other long-term liabilities | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||||
Other long-term liabilities | ' | ||||||||
11 | Other long-term liabilities: | ||||||||
2013 | 2012 | ||||||||
Long term obligations under capital lease | $ | 611,603 | $ | 651,591 | |||||
Current portion | (38,930 | ) | (38,542 | ) | |||||
$ | 572,673 | $ | 613,049 | ||||||
(a) | Long-term obligations under capital lease: | ||||||||
The Company, through certain of its wholly-owned subsidiaries, has entered into non-recourse or limited recourse sale-leaseback arrangements with financial institutions to fund the construction of certain vessels under existing shipbuilding contracts. | |||||||||
In these arrangements, the Company has agreed to transfer the vessels to the lessors and, commencing from the delivery of the vessels from the shipyard, lease the vessel back from the lessor over the applicable lease term. In the arrangements where the shipbuilding contracts are novated to the lessors, the lessors assume responsibility for the remaining payments under the shipbuilding contracts. | |||||||||
The leases are accounted for as capital leases. The vessel under construction is recorded as an asset and the lease obligation is recorded as a liability. | |||||||||
In certain of the arrangements, the lessors are companies whose only assets and operations are to hold the Company’s leases and vessels. The Company operates the vessels during the lease term and supervises the vessels’ construction before the lease term begins. As a result, the Company is the primary beneficiary of the lessors and consolidates the lessors for financial reporting purposes. | |||||||||
In certain of the arrangements, the liabilities of the lessor are loans from associated companies of the lessor and are non-recourse to the Company. The amounts funded to the lessors materially match the funding received by the Company’s subsidiaries. As a result, the amounts due by the Company’s subsidiaries to the lessors have been included in Other Long-term Liabilities as representing the lessor’s loans due to associated companies of the lessor. | |||||||||
The terms of the leases are as follows: | |||||||||
(i) | Leases for five 4500 TEU vessels: | ||||||||
Under this arrangement, the Company has five capital leases with a subsidiary of a financial institution. The leases are five-year terms that commenced on each vessel’s delivery date, which occurred between October 2010 and August 2011. At the end of each lease term, the remaining balances of approximately $64,000,000 will be due. The Company has placed $60,000,000 in a cash deposit account over which the lessor has a first priority interest. | |||||||||
At the end of each lease term, the Company, who is the lessee, will be appointed to sell the vessels. The Company will receive 99.9% of the proceeds from the sale of each vessel and can choose to purchase the vessels. | |||||||||
(ii) | COSCO Pride—13100 TEU vessel: | ||||||||
Under this arrangement, the lessor has provided financing of $144,185,000. The term of the lease is 12 years beginning from the vessel’s delivery date of June 29, 2011. Lease payments include an interest component based on three month LIBOR plus a 2.6% margin. At the end of the lease, the outstanding balance of up to $48,000,000 will be due and title of the vessel will transfer to the Company. | |||||||||
(iii) | COSCO Faith—13100 TEU vessel: | ||||||||
Under this arrangement, the lessor has provided financing of $109,000,000. The term of the lease is 12 years beginning from the vessel’s delivery date of March 14, 2012. Lease payments include an interest component based on three month LIBOR plus a 3.0% margin. At the end of the lease, the Company will have the option to purchase the vessel from the lessor for $1. | |||||||||
As of December 31, 2013, the carrying value of the seven vessels funded under these facilities was $768,652,000 (2012—$794,847,000). | |||||||||
(b) | Based on maximum amounts funded, payments due to the lessors would be as follows: | ||||||||
2014 | $ | 60,079 | |||||||
2015 | 126,383 | ||||||||
2016 | 293,025 | ||||||||
2017 | 23,387 | ||||||||
2018 | 23,731 | ||||||||
Thereafter | 170,894 | ||||||||
697,499 | |||||||||
Less amounts representing interest | (85,896 | ) | |||||||
$611,603 | |||||||||
Share_capital
Share capital | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Share capital | ' | ||||||||||||||||
12 | Share capital: | ||||||||||||||||
(a) | Common shares: | ||||||||||||||||
The Company has 25,000,000 Class B common shares and 100 Class C common shares authorized. For each of these classes of common share, there are nil shares issued and outstanding at December 31, 2013 (2012—nil). | |||||||||||||||||
The Company has a dividend reinvestment program (“DRIP”) that allows interested shareholders to reinvest all or a portion of cash dividends received on the Company’s common shares. If new common shares are issued by the Company, the reinvestment price is equal to the average price of the Company’s common shares for the five days immediately prior to the reinvestment, less a discount. The discount rate is set by the Board of Directors and is currently 3%. If common shares are purchased in the open market, the reinvestment price is equal to the average price per share paid. | |||||||||||||||||
On January 19, 2012, the Company accepted the re-purchase of 11,300,000 Class A common shares at a price of $15.00 per share, for an aggregate cost of $170,609,000 including fees and expenses of $1,110,000 relating to the tender offer. | |||||||||||||||||
On February 26, 2012, the Company adopted an open market share repurchase plan of up to $50,000,000 of its Class A common shares. During year ended December 31, 2012, 148,101 Class A common shares were repurchased via the open market repurchase plan for $2,203,000. | |||||||||||||||||
On November 25, 2013, the Company issued 3,500,000 Class A common shares at a price of $22.00 per share for gross proceeds of approximately $77,000,000. | |||||||||||||||||
(b) | Preferred shares: | ||||||||||||||||
The Company had the following preferred shares outstanding: | |||||||||||||||||
Liquidation preference | |||||||||||||||||
Shares | December 31, | December 31, | |||||||||||||||
Series | Authorized | Issued | 2013 | 2012 | |||||||||||||
A | 315,000 | 200,000 | $ | 344,262 | $ | 305,872 | |||||||||||
B | 260,000 | — | — | — | |||||||||||||
C | 40,000,000 | 13,665,531 | 341,638 | 350,000 | |||||||||||||
D | 20,000,000 | 5,105,000 | 127,625 | 77,625 | |||||||||||||
R | 1,000,000 | — | — | — | |||||||||||||
(i) | Series A preferred shares: | ||||||||||||||||
The Series A preferred shares accrue a 12% non-cash cumulative dividend per annum until January 31, 2014, which may increase to 15% per annum thereafter as described below. | |||||||||||||||||
The Series A preferred shares automatically convert to class A common shares at a price of $15.00 per share (the “Exercise Price”) at any time on or after January 31, 2014 if the trailing 30 day average trading price of the common shares is equal to or above the Exercise Price. | |||||||||||||||||
On January 30, 2014, the Company’s outstanding 200,000 Series A preferred shares automatically converted into a total of 23,177,175 Class A common shares. | |||||||||||||||||
(ii) | Series B preferred shares: | ||||||||||||||||
The Series B preferred shares were issued for cash and paid cumulative quarterly dividends in cash at a rate of 5% per annum from their issuance date of May 27, 2010 to June 30, 2012, 8% per annum from July 1, 2012 to June 30, 2013 and 10% per annum thereafter. On November 30, 2011, the outstanding Series B preferred shares were redeemed for $24,600,000. | |||||||||||||||||
(iii) | Series C preferred shares: | ||||||||||||||||
In 2011, the Company issued 14,000,000 Series C preferred shares for gross proceeds of $350,000,000 which excludes accrued dividends to May 25, 2011. The Series C preferred shares were issued for cash and pay cumulative quarterly dividends at a rate of 9.5% per annum from their date of issuance. At any time on or after January 30, 2016, the Series C preferred shares may be redeemed, in whole or in part at a redemption price of $25.00 per share plus unpaid dividends. If the Company fails to comply with certain covenants, default on any of its credit facilities, fails to pay dividends or if the Series C preferred shares are not redeemed at the option of the Company, in whole by January 30, 2017, the dividend rate payable on the Series C preferred shares increases quarterly, subject to an aggregate maximum rate per annum of 25% prior to January 30, 2016 and 30% thereafter, to a rate that is 1.25 times the dividend rate payable on the Series C preferred shares. The Series C preferred shares are not convertible into common shares and are not redeemable at the option of the holder. The initial dividend on the Series C preferred shares was paid on May 2, 2011. | |||||||||||||||||
In September 2013, the Company repurchased 320,000 of its 9.5% Series C Preferred Shares at $26.50 per share for a total of approximately $8,560,000. On September 11, 2013, the Company authorized the repurchase of up to $25,000,000 of its 9.5% Series C preferred shares. The share repurchase authorization expires in July 2014 and repurchase activity will depend on factors such as working capital needs, repayment of debt, Series C preferred share price and economic and market conditions. Share repurchases may be effected from time to time through open market purchases, and the repurchase program may be suspended, delayed or discontinued at any time. During the year ended December 31, 2013, 14,469 Series C preferred shares were repurchased for a total of approximately $390,000 via the open market repurchase plan. | |||||||||||||||||
(iv) | Series R preferred shares: | ||||||||||||||||
On April 19, 2011, the Company authorized 1,000,000 shares of Series R participating preferred stock with a par value of $0.01 per share. Each share of the Series R participating preferred stock entitles the holder to 1,000 votes on all matters submitted to a vote of the shareholders of the Company. The Series R participating preferred shares rank junior to all other series of the Company’s preferred shares. As of December 31, 2013, there are no Series R participating preferred stock outstanding (2012—nil). | |||||||||||||||||
(v) | Series D preferred shares: | ||||||||||||||||
On December 13, 2012, the Company issued 3,105,000 Series D preferred shares for gross proceeds of $77,625,000. On November 8, 2013, the Company issued an additional 2,000,000 Series D preferred shares for gross proceeds of $50,000,000. The Series D preferred shares were issued for cash and pay cumulative quarterly dividends at a rate of 7.95% per annum from their date of issuance. At any time on or after January 30, 2018, the Series D preferred shares may be redeemed by the Company, in whole or in part at a redemption price of $25.00 per share plus unpaid dividends. The Series D preferred shares are not convertible into common shares and are not redeemable at the option of the holder. |
Earnings_per_share
Earnings per share | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings per share | ' | ||||||||||||
13 | Earnings per share: | ||||||||||||
(a) | Earnings per share computation: | ||||||||||||
The Company applies the if-converted method to determine the EPS impact for the convertible Series A preferred shares. The following is a reconciliation of the numerator and denominator used in the basic and diluted EPS computations. | |||||||||||||
For the year ended December 31, 2013 | Earnings (loss) | Shares | Per share | ||||||||||
(numerator) | (denominator) | amount | |||||||||||
Net earnings | $ | 299,028 | |||||||||||
Less: | |||||||||||||
Series A preferred share dividends | (38,390 | ) | |||||||||||
Series C preferred share dividends | (34,035 | ) | |||||||||||
Series D preferred share dividends | (6,744 | ) | |||||||||||
Series C preferred share repurchases | (660 | ) | |||||||||||
Basic EPS: | |||||||||||||
Earnings attributable to common shareholders | $ | 219,199 | 65,273,000 | $ | 3.36 | ||||||||
Effect of dilutive securities: | |||||||||||||
Share-based compensation | — | 306,000 | |||||||||||
Contingent consideration (note 3) | — | 567,000 | |||||||||||
Shares held in escrow (note 3) | — | 47,000 | |||||||||||
Convertible Series A preferred shares | 38,390 | 21,641,000 | |||||||||||
Diluted EPS: | |||||||||||||
Earnings attributable to common shareholders plus assumed conversion | $ | 257,589 | 87,834,000 | $ | 2.93 | ||||||||
For the year ended December 31, 2012 | Earnings (loss) | Shares | Per share | ||||||||||
(numerator) | (denominator) | amount | |||||||||||
Net earnings | $ | 121,305 | |||||||||||
Less: | |||||||||||||
Series A preferred share dividends | (34,195 | ) | |||||||||||
Series C preferred share dividends | (34,112 | ) | |||||||||||
Series D preferred share dividends | (309 | ) | |||||||||||
Basic EPS: | |||||||||||||
Earnings attributable to common shareholders | $ | 52,689 | 62,923,240 | $ | 0.84 | ||||||||
Effect of dilutive securities: | |||||||||||||
Share-based compensation | — | 238,000 | |||||||||||
Contingent consideration (note 3) | — | 1,236,000 | |||||||||||
Shares held in escrow (note 3) | — | 545,000 | |||||||||||
Diluted EPS(1): | |||||||||||||
Earnings attributable to common shareholders plus assumed conversion | $ | 52,689 | 64,942,240 | $ | 0.81 | ||||||||
For the year ended December 31, 2011 | Earnings (loss) | Shares | Per share | ||||||||||
(numerator) | (denominator) | amount | |||||||||||
Net loss | $ | (83,400 | ) | ||||||||||
Less: | |||||||||||||
Series A preferred share dividends | (30,295 | ) | |||||||||||
Series B preferred share dividends | 1,060 | ||||||||||||
Series C preferred share dividends | (28,497 | ) | |||||||||||
Basic and diluted EPS(2): | |||||||||||||
Loss attributable to common shareholders | $ | (141,132 | ) | 69,217,000 | $ | (2.04 | ) | ||||||
-1 | The convertible Series A preferred shares are not included in the computation of diluted EPS because their effects are anti-dilutive for the year. | ||||||||||||
-2 | The convertible Series A preferred shares, contingent consideration, shares held in escrow and share-based compensation are not included in the computation of diluted EPS because their effects are anti-dilutive for the year. |
Sharebased_compensation
Share-based compensation | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||||||||||
Share-based compensation | ' | ||||||||||||||||||||||||
14 | Share-based compensation: | ||||||||||||||||||||||||
In December 2005, the Company’s Board of Directors adopted the Seaspan Corporation Stock Incentive Plan (the “Plan”), under which our officers, employees and directors may be granted options, restricted shares, phantom shares, and other stock-based awards as may be determined by the Company’s Board of Directors. A total of 2,000,000 shares of common stock are reserved for issuance under the Plan, which is administered by the Company’s Board of Directors. The Plan expires ten years from the date of its adoption. At December 31, 2013, there are 738,514 (December 31, 2012—884,319) remaining shares left for issuance under this Plan. | |||||||||||||||||||||||||
Class A common shares are issued on a one for one basis in exchange for the cancellation of vested restricted shares and phantom share units. The restricted shares generally vest over one year and the phantom share units generally vest over three years. | |||||||||||||||||||||||||
A summary of the Company’s outstanding restricted shares, phantom share units and SARs as of December 31, 2013 is presented below: | |||||||||||||||||||||||||
Restricted shares | Phantom share units | Stock appreciation rights | |||||||||||||||||||||||
Number | W.A. grant | Number | W.A. grant | Number | W.A grant | ||||||||||||||||||||
of shares | date FV | of shares | date FV | of SARs | date FV | ||||||||||||||||||||
December 31, 2010 | 45,904 | $ | 10.06 | 332,000 | $ | 11.26 | — | $ | — | ||||||||||||||||
Granted | 43,200 | 13.04 | 190,000 | 15.43 | — | — | |||||||||||||||||||
Vested | (45,904 | ) | 10.06 | — | — | — | — | ||||||||||||||||||
December 31, 2011 | 43,200 | 13.04 | 522,000 | 12.78 | — | — | |||||||||||||||||||
Granted | 63,653 | 14.17 | 40,000 | 17.68 | 5,674,148 | 2.03 | |||||||||||||||||||
Vested | (43,200 | ) | 13.04 | — | — | — | — | ||||||||||||||||||
December 31, 2012 | 63,653 | 14.17 | 562,000 | 13.13 | 5,674,148 | 2.03 | |||||||||||||||||||
Granted | 54,990 | 17.01 | 95,000 | 19.3 | 1,664,457 | 3.51 | |||||||||||||||||||
Vested | (65,578 | ) | 14.25 | — | — | — | — | ||||||||||||||||||
Exercised | — | — | — | — | (241,906 | ) | 3.65 | ||||||||||||||||||
Cancelled | (4,185 | ) | 17.01 | — | — | (23,754 | ) | 3.51 | |||||||||||||||||
December 31, 2013 | 48,880 | $ | 17.01 | 657,000 | $ | 14.02 | 7,072,945 | $ | 2.32 | ||||||||||||||||
As vested outstanding phantom share units are only exchanged for common shares upon written notice from the holder, the phantom share units that are exchanged for common shares may include units that vested in prior periods. At December 31, 2013, 460,000 (2012—340,000) of the outstanding phantom share units were vested and available for exchange by the holder. | |||||||||||||||||||||||||
During 2013, the Company recognized $2,688,000 (2012—$2,838,000; 2011—$2,528,000) in compensation cost related to restricted share units and phantom share units. | |||||||||||||||||||||||||
During 2013, the total fair value of restricted shares vested was $935,000 (2012—$563,000; 2011—$462,000) and the total fair value of shares cancelled was $71,000 (2012—nil; 2011—nil). | |||||||||||||||||||||||||
On December 7, 2012, the Company granted 5,674,148 SARs to an executive of the Company which vest and become exercisable in three tranches when and if the fair market value of the common shares equals or exceeds the applicable base price for each tranche for any 20 consecutive trading days on or before the expiration date of each tranche. The executive may exercise each vested tranche of SARs and receive common shares with a value equal to the difference between the applicable base price and the fair market value of the common shares on the exercise date. | |||||||||||||||||||||||||
On March 27, 2013, the Company granted 1,664,457 SARs to certain members of management (the “Participants”) which vest and become exercisable in three tranches when and if the fair market value of the common shares equals or exceeds the applicable base price for each tranche for any 20 consecutive trading days on or before the expiration date of each tranche. The Participants may exercise each vested tranche of SARs and receive common shares with a value equal to the difference between the applicable base price and the fair market value of the common shares on the exercise date. The common shares received on the exercise of SARs are subject to a retention requirement where the Participant is required to retain ownership of 50% of the net after tax number of shares until the later of March 22, 2018 or 120 days after the exercise date. | |||||||||||||||||||||||||
At December 31, 2013, there was $6,472,000 (2012—$12,519,000) of total unrecognized compensation costs relating to unvested share-based compensation awards and SARs, which are expected to be recognized over a weighted average period of 18 months. | |||||||||||||||||||||||||
The assumptions used in the Monte Carlo model to calculate the grant date fair value of the SARs were as follows: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Average expected term | 3.8 years | 1.5 years | |||||||||||||||||||||||
Expected volatility | 39.73% | 40.12% | |||||||||||||||||||||||
Dividend yield | 4.97% | 5.74% | |||||||||||||||||||||||
Average risk free rate | 0.50% | 0.47% | |||||||||||||||||||||||
The following table provides information about the three tranches of SARs granted during the year: | |||||||||||||||||||||||||
Number of SARs | |||||||||||||||||||||||||
Base price | Expiration date | 2013 | 2012 | ||||||||||||||||||||||
Tranche 1 | $ | 21.5 | December 7, 2015 | 531,885 | 1,846,154 | ||||||||||||||||||||
Tranche 2 | 24 | 7-Dec-16 | 556,946 | 1,898,734 | |||||||||||||||||||||
Tranche 3 | 26.5 | 7-Dec-17 | 575,626 | 1,929,260 | |||||||||||||||||||||
Total | 1,664,457 | 5,674,148 | |||||||||||||||||||||||
During 2013, the first tranche of SARs vested earlier than the estimate derived from the Monte Carlo model used to value the units. As a result, $2,550,000 (2012—nil; 2011—nil) in share-based compensation expense related to the first tranche of SARs was accelerated and recognized during the year ended December 31, 2013. The total share-based compensation expense related to SARs, including the accelerated expense of $2,550,000 described above, for the year ended December 31, 2013 was $11,316,000 (2012—$440,000; 2011—nil). | |||||||||||||||||||||||||
In addition, the Company recognized $1,543,000 (2012—$246,000; 2011—nil) in transaction fees that were capitalized to vessels under construction and $1,797,000 (2012—$895,000; 2011—nil) in arrangement fees that were capitalized to deferred charges. These fees were paid in class A common shares. The Company also recognized $600,000 (2012—$750,000; 2011—$750,000) in share-based compensation expenses related to other stock-based awards. |
Other_information
Other information | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ||||||||||||
Other information | ' | ||||||||||||
15 | Other information: | ||||||||||||
(a) | Accounts payable and accrued liabilities: | ||||||||||||
The principal components of accounts payable and accrued liabilities are: | |||||||||||||
2013 | 2012 | ||||||||||||
Due to related parties (note 4) | $ | 611 | $ | — | |||||||||
Accrued interest | 22,273 | 20,656 | |||||||||||
Accounts payable and other accrued liabilities | 42,750 | 29,341 | |||||||||||
$ | 65,634 | $ | 49,997 | ||||||||||
(b) | Supplementary information to the statement of cash flows consists of: | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Interest paid on debt | $ | 59,999 | $ | 64,123 | $ | 33,947 | |||||||
Interest received | 1,265 | 634 | 815 | ||||||||||
Undrawn credit facility fee paid | 1,656 | 900 | 1,813 | ||||||||||
Non-cash transactions: | |||||||||||||
Long-term debt for vessels under construction | 54,080 | 71,400 | — | ||||||||||
Dividends on Series A preferred shares | 38,390 | 34,195 | 30,295 | ||||||||||
Dividend reinvestment | 31,961 | 7,168 | 13,039 | ||||||||||
Loan repayment for vessels under construction | 6,560 | — | — | ||||||||||
Arrangement and transaction fees | 5,082 | 957 | — | ||||||||||
Other long-term liabilities for vessels under construction | — | 84,787 | 108,374 | ||||||||||
Acquisition of the Manager for shares, excluding cash received | — | 82,607 | — | ||||||||||
Proceeds on sale of vessel | — | 52,104 | — |
Commitments_and_contingent_obl
Commitments and contingent obligations | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Commitments and contingent obligations | ' | ||||
16 | Commitments and contingent obligations: | ||||
(a) | As of December 31, 2013, the minimum future revenues to be received on committed time charter party agreements and interest income from sales-type capital leases are approximately: | ||||
2014 | $ | 714,681 | |||
2015 | 755,982 | ||||
2016 | 731,411 | ||||
2017 | 670,645 | ||||
2018 | 654,960 | ||||
Thereafter | 2,533,145 | ||||
$6,060,824 | |||||
The minimum future revenues are based on 100% utilization, relate to committed time charter party agreements currently in effect and assume no renewals or extensions. | |||||
(b) | As of December 31, 2013, based on the contractual delivery dates, the Company has outstanding commitments for installment payments for vessels under construction as follows: | ||||
2014 | $ | 476,420 | |||
2015 | 959,159 | ||||
2016 | 168,747 | ||||
$ | 1,604,326 | ||||
(c) | As of December 31, 2013, the commitment under operating leases is as follows: | ||||
2014 | $ | 6,856 | |||
2015 | 6,867 | ||||
2016 | 6,885 | ||||
2017 | 6,941 | ||||
2018 | 6,645 | ||||
Thereafter | 17,408 | ||||
$51,602 | |||||
Concentrations
Concentrations | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Risks And Uncertainties [Abstract] | ' | ||||||||||||
Concentrations | ' | ||||||||||||
17 | Concentrations: | ||||||||||||
The Company’s revenue is derived from the following customers: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
COSCON | $ | 301,842 | $ | 281,469 | $ | 168,395 | |||||||
CSCL Asia | 134,434 | 151,658 | 161,218 | ||||||||||
K-Line | 76,148 | 76,359 | 62,519 | ||||||||||
HL USA | 59,115 | 58,980 | 57,406 | ||||||||||
MOL | 52,997 | 42,011 | 42,165 | ||||||||||
Other | 52,554 | 50,317 | 73,907 | ||||||||||
$ | 677,090 | $ | 660,794 | $ | 565,610 | ||||||||
Financial_instruments
Financial instruments | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Financial instruments | ' | ||||||||||||||||
18 | Financial instruments: | ||||||||||||||||
(a) | Fair value: | ||||||||||||||||
The carrying values of cash and cash equivalents, short-term investments, restricted cash, accounts receivable and accounts payable and accrued liabilities approximate their fair values because of their short term to maturity. As of December 31, 2013, the fair value of the Company’s long-term debt is $2,897,650,000 (2012—$2,641,016,000) and the carrying value is $3,241,618,000 (2012—$3,090,944,000). As of December 31, 2013, the fair value of the Company’s other long-term liabilities is $587,733,000 (2012—$631,041,000) and the carrying value is $611,603,000 (2012—$651,591,000). The fair value of long-term debt and other long-term liabilities are estimated based on expected interest and principal repayments, discounted by forward rates plus a margin appropriate to the credit risk of the Company. Therefore, the Company has categorized the fair value of these derivative instruments as Level 3 in the fair value hierarchy. | |||||||||||||||||
The Company’s interest rate derivative financial instruments are re-measured to fair value at the end of each reporting period. The fair values of the interest rate derivative financial instruments have been calculated by discounting the future cash flow of both the fixed rate and variable rate interest rate payments. The discount rate was derived from a yield curve created by nationally recognized financial institutions adjusted for the associated credit risk, related to the credit risk of the counterparties or our non-performance risk. The fair values of the interest rate derivative financial instruments are determined based on inputs that are readily available in public markets or can be derived from information available in publicly quoted markets. Therefore, the Company has categorized the fair value of these derivative financial instruments as Level 2 in the fair value hierarchy. | |||||||||||||||||
(b) | Interest rate derivative financial instruments: | ||||||||||||||||
The Company uses derivative financial instruments, consisting of interest rate swaps and interest rate swaptions, to manage its interest rate risk associated with its variable rate debt. Prior to 2008, the Company applied hedge accounting to certain of its interest rate swaps. In 2008, the Company voluntarily de-designated all such interest rate swaps as accounting hedges such that the Company no longer applies hedge accounting. The amounts in accumulated other comprehensive loss related to the interest rate swaps to which hedge accounting was previously applied are recognized in earnings when and where the related interest is recognized in earnings. | |||||||||||||||||
Counterparties to the derivative financial instruments are major financial institutions. As of December 31, 2013, the Company had the following outstanding interest rate derivatives: | |||||||||||||||||
Fixed per | Notional | Maximum | Effective date | Ending date | |||||||||||||
annum rate | amount as of | notional | |||||||||||||||
swapped | December 31, | amount (1) | |||||||||||||||
for LIBOR | 2013 | ||||||||||||||||
5.64% | $ | 714,500 | $ | 714,500 | August 31, 2007 | 31-Aug-17 | (2) | ||||||||||
5.18% | 569,649 | 569,649 | 16-Jul-12 | 15-Jul-16 | (3) | ||||||||||||
5.42% | 438,462 | 438,462 | 6-Sep-07 | 31-May-24 | |||||||||||||
5.60% | 188,000 | 188,000 | 23-Jun-10 | December 23, 2021 | (2) | ||||||||||||
5.03% | 111,000 | 111,000 | 31-May-07 | September 30, 2015 | |||||||||||||
5.60% | 106,800 | 106,800 | 28-Aug-09 | 28-Aug-20 | |||||||||||||
5.26% | 106,800 | 106,800 | 3-Jul-06 | February 26, 2021 | (2)(4) | ||||||||||||
5.20% | 86,400 | 86,400 | December 18, 2006 | October 2, 2015 | |||||||||||||
5.50% | 57,400 | 57,400 | 31-Jul-12 | 31-Jul-19 | |||||||||||||
5.17% | 24,000 | 24,000 | 30-Apr-07 | 29-May-20 | |||||||||||||
5.87% | — | 620,390 | 31-Aug-17 | November 28, 2025 | |||||||||||||
-1 | Over the term of the interest rate swaps, the notional amounts increase and decrease. These amounts represent the peak notional over the remaining term of the swap. | ||||||||||||||||
-2 | Prospectively de-designated as an accounting hedge in 2008. | ||||||||||||||||
-3 | On January 30, 2014, this swap was terminated and the Company entered into a new swap with an effective date of January 30, 2014 and a pay fixed rate of 5.945%. The outstanding notional amount on the effective date was $281,970,000 and is subject to amortization. The swap’s end date is May 31, 2019. | ||||||||||||||||
-4 | The Company has entered into a swaption agreement with a bank (Swaption Counterparty A) whereby Swaption Counterparty A has the option to require the Company to enter into an interest rate swap to pay LIBOR and receive a fixed rate of 5.26%. This is a European option and is open for a two hour period on February 26, 2014 after which it expires. The notional amount of the underlying swap is $106,800,000 with an effective date of February 28, 2014 and an expiration of February 26, 2021. If Swaption Counterparty A exercises the swaption, the underlying swap effectively offsets the Company’s 5.26% pay fixed LIBOR swap from February 28, 2014 to February 26, 2021. This option was not exercised by Swaption Counterparty A. | ||||||||||||||||
In addition, the Company has entered into swaption agreements with a bank (Swaption Counterparty B) whereby Swaption Counterparty B has the option to require the Company to enter into interest rate swaps to pay LIBOR and receive a fixed rate of 1.183% and to pay 0.5% and receive LIBOR, respectively. The notional amounts of the underlying swaps are each $200,000,000 with an effective date of March 2, 2017 and an expiration of March 2, 2027. | |||||||||||||||||
The swaption agreements with Swaption Counterparty B are subject to a master netting agreement but are each recorded at the gross amount on the balance sheet. At December 31, 2013, these swaptions had asset and liability values of $60,181,000 and $49,534,000, respectively (2012—asset of $41,031,000 and liability of $30,547,000). | |||||||||||||||||
The following provides information about the Company’s interest rate derivatives: | |||||||||||||||||
Fair value of asset and liability derivatives: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Fair value of financial instruments asset | $ | 60,188 | $ | 41,031 | |||||||||||||
Fair value of financial instruments liability | 425,375 | 606,740 | |||||||||||||||
The following table provides information about losses included in net earnings and reclassified from accumulated other comprehensive loss (“AOCL”) into earnings: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Gain/(Loss) on derivatives recognized in net earnings: | |||||||||||||||||
Change in fair value of financial instruments | $ | 60,504 | $ | (135,998 | ) | $ | (281,027 | ) | |||||||||
Loss recognized from AOCL to net earnings(1) | |||||||||||||||||
Interest expense | $ | (5,330 | ) | $ | (8,310 | ) | $ | (11,670 | ) | ||||||||
Depreciation and amortization | (882 | ) | (836 | ) | (505 | ) | |||||||||||
-1 | The effective portion of changes in unrealized loss on interest rate swaps was recorded in accumulated other comprehensive income until September 30, 2008 when these contracts were de-designated as accounting hedges. The amounts in accumulated other comprehensive income will be recognized in earnings when and where the previously hedged interest is recognized in earnings. | ||||||||||||||||
The estimated amount of AOCL expected to be reclassified to net earnings within the next twelve months is approximately $5,172,000. | |||||||||||||||||
(c) | Foreign exchange derivative instruments: | ||||||||||||||||
The Company is exposed to market risk from foreign currency fluctuations. The Company has entered into foreign currency forward contracts to manage foreign currency fluctuations. At December 31, 2013, the notional amount of the foreign exchange forward contracts is $12,200,000 (2012—$7,000,000) and the fair value liability is $286,000 (2012—$12,000). |
Subsequent_events
Subsequent events | 12 Months Ended | ||
Dec. 31, 2013 | |||
Subsequent Events [Abstract] | ' | ||
Subsequent events | ' | ||
19 | Subsequent events: | ||
(a) | On January 10, 2014, the Company declared a quarterly dividend of $0.59375 and $0.496875 per Series C and Series D preferred share, representing a total distribution of $10,650,000. The dividends were paid on January 30, 2014 to all shareholders of record on January 29, 2014. | ||
(b) | On January 28, 2014, the Company held a special meeting of shareholders and a proposal was passed to increase the number of the Company’s authorized shares of preferred stock from 65,000,000 to 150,000,000 with a corresponding increase in the number of authorized shares of capital stock from 290,000,100 to 375,000,100. | ||
(c) | On January 30, 2014, the Company’s outstanding 200,000 Series A preferred shares automatically converted into a total of 23,177,175 Class A common shares. | ||
(d) | On February 6, 2014, the Company declared a quarterly dividend of $0.3125 per common share. The dividend was paid on February 26, 2014 to all shareholders of record on February 18, 2014. Of the $28,993,000 distribution, $14,319,000 was paid in cash and $14,674,000 was re-invested through the DRIP. | ||
(e) | On February 13, 2014, the Company issued 5,400,000 Series E Cumulative Redeemable Perpetual Preferred Shares at a price of $25.00 per share for net proceeds of approximately $131,000,000. These proceeds include approximately $9,700,000 from the exercise of the underwriter’s option to purchase additional Series E Preferred Shares. The Company will use the net proceeds from this offering for general corporate purposes. |
Summary_of_significant_account1
Summary of significant accounting policies (Policies) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Accounting Policies [Abstract] | ' | |||
Basis of presentation | ' | |||
(a) | Basis of presentation: | |||
These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the following accounting policies have been consistently applied in the preparation of the consolidated financial statements. | ||||
Principles of consolidation | ' | |||
(b) | Principles of consolidation: | |||
The accompanying consolidated financial statements include the accounts of Seaspan Corporation and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated upon consolidation. | ||||
The Company also consolidates any variable interest entities (“VIEs”) of which it is the primary beneficiary. The primary beneficiary is the enterprise that has both the power to make decisions that most significantly affect the economic performance of the VIE and has the right to receive benefits or the obligation to absorb losses that in either case could potentially be significant to the VIE. The impact of the consolidation of these VIEs is described in note 11. | ||||
The Company accounts for its investment in companies in which it has significant influence by the equity method. The Company’s proportionate share of earnings (loss) is included in earnings and added to or deducted from the cost of the investment. | ||||
Foreign currency translation | ' | |||
(c) | Foreign currency translation: | |||
The functional and reporting currency of the Company is the United States dollar. Transactions involving other currencies are converted into United States dollars using the exchange rates in effect at the time of the transactions. At the balance sheet date, monetary assets and liabilities that are denominated in currencies other than the United States dollar are translated into United States dollars using exchange rates at that date. Exchange gains and losses are included in net earnings (loss). | ||||
Cash equivalents | ' | |||
(d) | Cash equivalents: | |||
Cash equivalents include highly liquid securities with terms to maturity of three months or less when acquired. | ||||
Vessels | ' | |||
(e) | Vessels: | |||
Except as described below, vessels are recorded at their cost, which consists of the purchase price, acquisition and delivery costs, less accumulated depreciation. | ||||
Vessels purchased from the predecessor upon completion of the Company’s initial public offering were initially recorded at the predecessor’s carrying value. | ||||
Vessels under construction include deposits, installment payments, interest, financing costs, construction design, supervision costs, and other pre-delivery costs incurred during the construction period. | ||||
Depreciation is calculated on a straight-line basis over the estimated useful life of each vessel, which is 30 years from the date of completion. The Company calculates depreciation based on the estimated remaining useful life and the expected salvage value of the vessel. | ||||
Vessels that are held for use are evaluated for impairment when events or circumstances indicate that their carrying amounts may not be recoverable from future undiscounted cash flows. Such evaluations include the comparison of current and anticipated operating cash flows, assessment of future operations and other relevant factors. If the carrying amount of the vessel exceeds the estimated net undiscounted future cash flows expected to be generated over the vessel’s remaining useful life, the carrying amount of the vessel is reduced to its estimated fair value. | ||||
Dry-dock activities | ' | |||
(f) | Dry-dock activities: | |||
Classification rules require that vessels be dry-docked for inspection including planned major maintenance and overhaul activities for ongoing certification. The Company generally dry-docks its vessels once every five years. Dry-docking activities include the inspection, refurbishment and replacement of steel, engine components, electrical, pipes and valves, and other parts of the vessel. The Company has adopted the deferral method of accounting for dry-dock activities whereby costs incurred are deferred and amortized on a straight-line basis over the period until the next scheduled dry-dock activity. | ||||
Goodwill and intangible assets | ' | |||
(g) | Goodwill and intangible assets: | |||
Goodwill represents the excess of the purchase price of an acquired enterprise over the fair value assigned to assets acquired and liabilities assumed in a business combination. Goodwill and indefinite-lived intangible assets are not amortized, but reviewed for impairment annually or more frequently if impairment indicators arise. When goodwill is reviewed for impairment, the Company may elect to assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. Alternatively, the Company may bypass this step and use a fair value approach to identify potential goodwill impairment and, when necessary, measure the amount of impairment. The Company uses a discounted cash flow model to determine the fair value of reporting units, unless there is a readily determinable fair market value. | ||||
Intangible assets with finite lives are amortized over their useful lives. Intangible assets with finite lives are assessed for impairment when and if impairment indicators exist. An impairment loss is recognized if the carrying amount of an intangible asset is not recoverable and its carrying amount exceeds its fair value. | ||||
Deferred financing fees | ' | |||
(h) | Deferred financing fees: | |||
Deferred financing fees represent the unamortized costs incurred on issuance of the Company’s credit and lease facilities. Amortization of deferred financing fees on leases is provided on the effective interest rate method over the term of the underlying obligation. Amortization of deferred financing fees on credit facilities is provided on the effective interest rate method over the term of the facility based on amounts available under the facilities. | ||||
Revenue recognition | ' | |||
(i) | Revenue recognition: | |||
Revenue from time charter is recognized each day the vessel is on-hire and when collection is reasonably assured. Cash received in excess of earned revenue is recorded as deferred revenue. | ||||
For capital leases that are sales-type leases, the difference between the gross investment in lease and the present value of its components, i.e. the minimum lease payments and the estimated residual value, is recorded as unearned lease interest income. The discount rate used in determining the present values is the interest rate implicit in the lease. The present value of the minimum lease payments, computed using the interest rate implicit in the lease, is recorded as the sales price, from which the carrying value of the vessel at the commencement of the lease is deducted in order to determine the profit or loss on sale. As is the case for direct financing leases, the unearned lease interest income is amortized to income over the period of the lease so as to produce a constant periodic rate of return on the net investment in lease. | ||||
Project revenue is recorded on the completed contract basis when the project is substantially complete and the collectability of any outstanding funds is reasonably assured. Funds received from customers prior to substantial completion of the contract are recognized as deferred revenue. | ||||
Derivative financial instruments | ' | |||
(j) | Derivative financial instruments: | |||
The Company’s hedging policies permit the use of various derivative financial instruments to manage interest rate risk. The Company has entered into interest rate swaps and swaptions to reduce the Company’s exposure to changing interest rates on its credit and lease facilities. | ||||
All of the Company’s derivatives are measured at their fair value at the end of each period. For derivatives not designated as accounting hedges, changes in their fair value are recorded in earnings. | ||||
The Company had previously designated certain of its interest rate swaps as accounting hedges and applied hedge accounting to those instruments. While hedge accounting was applied, the effective portion of the unrealized gains or losses on those designated interest rate swaps was recorded in other comprehensive loss. | ||||
By September 30, 2008, the Company de-designated all of the interest rate swaps it had accounted for as hedges to that date. Subsequent to their de-designation dates, changes in their fair value are recorded in earnings. | ||||
The Company evaluates whether the occurrence of any of the previously hedged interest payments are considered to be remote. When the previously hedged interest payments are not considered remote of occurring, unrealized gains or losses in accumulated other comprehensive income associated with the previously designated interest rate swaps are recognized in earnings when and where the interest payments are recognized. If such interest payments are identified as being remote, the accumulated other comprehensive income balance pertaining to these amounts is reversed through earnings immediately. | ||||
Fair value measurement | ' | |||
(k) | Fair value measurement: | |||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. The hierarchy is broken down into three levels based on the observability of inputs as follows: | ||||
• | Level 1—Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation adjustments and block discounts are not applied to Level 1 instruments. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. | |||
• | Level 2—Valuations based on one or more quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. | |||
• | Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement. | |||
Share-based compensation | ' | |||
(l) | Share-based compensation: | |||
The Company has granted restricted shares, phantom share units and stock appreciation rights (“SARs”) to certain of its officers, members of management and directors as compensation. Compensation cost is measured at their grant date fair values. Under this method, restricted shares and phantom share units are measured based on the quoted market price of the Company’s Class A common shares at date of the grant, and SARs are measured at fair value using the Monte Carlo model. The fair value of each grant is recognized straight-line over the requisite service period. | ||||
Earnings (loss) per share | ' | |||
(m) | Earnings (loss) per share: | |||
The Company had multiple classes of common shares with different participation rights and applied the two-class method to compute basic earnings per share (“EPS”) until the acquisition and cancellation of those shares in January, 2012. | ||||
The treasury stock method is used to compute the dilutive effect of the Company’s share-based compensation awards. Under this method, the incremental number of shares used in computing diluted EPS is the difference between the number of shares assumed issued and purchased using assumed proceeds. | ||||
The if-converted method is used to compute the dilutive effect of the Company’s Series A preferred shares. Under this method, dividends applicable to the Series A preferred shares are added back to earnings attributable to common shareholders, and the Series A preferred shares and paid-in kind dividends are assumed to have been converted at the share price applicable at the end of the period. The if-converted method is applied to the computation of diluted EPS only if the effect is dilutive. The dividends recorded in the financial statements that were applicable to the Series B preferred shares reduced the earnings available to common shareholders. The dividends applicable to the Series C and D preferred shares reduce the earnings available to common shareholders, even if not declared, since the dividends are cumulative. | ||||
Use of estimates | ' | |||
(n) | Use of estimates: | |||
The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the balance sheet dates and the reported amounts of revenue and expenses during the reporting fiscal periods. Areas where accounting judgments and estimates are significant to the Company include the assessment of the vessel useful lives, expected salvage values and the recoverability of the carrying value of vessels which are subject to future market events, carrying value of goodwill and the fair value of interest rate derivative financial instruments and share-based awards. Actual results could differ from those estimates. | ||||
Comparative information | ' | |||
(o) | Comparative information: | |||
Certain information has been reclassified to conform with the financial statement presentation adopted for the current year. The Company has recast the 2012 consolidated balance sheet and statement of cash flows for the year ended December 31, 2012 to separately present balances of and movements in restricted cash, included in other assets, from cash and cash equivalents. This reclassification, which is immaterial, had no impact on the comparative consolidated statements of operations, total assets or shareholders’ equity. |
Acquisition_of_Seaspan_Managem1
Acquisition of Seaspan Management Services Limited (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Business Combinations [Abstract] | ' | ||||
Aggregate Purchase Price | ' | ||||
The aggregate purchase price was $106,518,000, including: | |||||
4,220,728 of the Company’s Class A common shares | $ | 66,899 | |||
Contingent consideration | 18,437 | ||||
Settlement of intercompany balances | 20,022 | ||||
Stock based compensation | 1,160 | ||||
Aggregate purchase price | $ | 106,518 | |||
Related_party_transactions_Tab
Related party transactions (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||
Schedule of Costs Incurred under Management Agreements | ' | ||||||||||||
The Company incurred the following costs under the management agreements with the Manager which were incurred prior to the date of acquisition: | |||||||||||||
2013 | 2012(1) | 2011 | |||||||||||
Technical and other services | $ | — | $ | 9,700 | $ | 135,381 | |||||||
Dry-dock activities included in technical services | — | 421 | 5,855 | ||||||||||
Other services | — | 410 | 6,202 | ||||||||||
-1 | Relates to the 26 days prior to acquisition | ||||||||||||
Schedule of Costs Incurred with Manager and Other Related Parties Thereto | ' | ||||||||||||
The Company incurred the following costs with the Manager and other related parties thereto: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Consulting services | $ | — | $ | — | $ | 84 | |||||||
Arrangement fees | 6,631 | 1,790 | 1,832 | ||||||||||
Technical service fees advance | — | — | 2,947 | ||||||||||
Transaction fees | 3,532 | 123 | 369 | ||||||||||
Reimbursed expenses | 72 | — | — |
Gross_investment_in_lease_Tabl
Gross investment in lease (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Leases [Abstract] | ' | ||||||||
Schedule of Gross Investment in Lease | ' | ||||||||
2013 | 2012 | ||||||||
Gross investment in lease | $ | 80,123 | $ | 95,798 | |||||
Current portion | (21,170 | ) | (15,977 | ) | |||||
$ | 58,953 | $ | 79,821 | ||||||
Vessels_Tables
Vessels (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||||||
Schedule of Vessels | ' | ||||||||||||
December 31, 2013 | Cost | Accumulated | Net book | ||||||||||
depreciation | value | ||||||||||||
Vessels | $ | 5,391,713 | $ | 720,814 | $ | 4,670,899 | |||||||
Vessels under construction | 321,372 | — | 321,372 | ||||||||||
Vessels | $ | 5,713,085 | $ | 720,814 | $ | 4,992,271 | |||||||
December 31, 2012 | Cost | Accumulated | Net book | ||||||||||
depreciation | value | ||||||||||||
Vessels | $ | 5,339,550 | $ | 553,582 | $ | 4,785,968 | |||||||
Vessels under construction | 77,305 | — | 77,305 | ||||||||||
Vessels | $ | 5,416,855 | $ | 553,582 | $ | 4,863,273 | |||||||
Deferred_charges_Tables
Deferred charges (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Text Block [Abstract] | ' | ||||||||||||
Deferred Charges | ' | ||||||||||||
Dry-docking | Financing | Total | |||||||||||
fees | |||||||||||||
December 31, 2011 | $ | 9,370 | $ | 36,547 | $ | 45,917 | |||||||
Cost incurred | 6,520 | 4,713 | 11,233 | ||||||||||
Amortization expensed | (3,196 | ) | (8,574 | ) | (11,770 | ) | |||||||
Amortization capitalized | — | (1,564 | ) | (1,564 | ) | ||||||||
December 31, 2012 | $ | 12,694 | $ | 31,122 | $ | 43,816 | |||||||
Cost incurred | 3,500 | 25,131 | 28,631 | ||||||||||
Amortization expensed(a) | (3,947 | ) | (9,477 | ) | (13,424 | ) | |||||||
Refinancing expenses and costs(b) | — | (4,038 | ) | (4,038 | ) | ||||||||
Amortization capitalized | — | (1,014 | ) | (1,014 | ) | ||||||||
December 31, 2013 | $ | 12,247 | $ | 41,724 | $ | 53,971 | |||||||
(a) | Amortization of dry-docking amounts is included in depreciation and amortization. Amortization of financing fees is included in amortization of deferred charges, unless it qualifies for capitalization. | ||||||||||||
(b) | In December 2013, the Company entered into an agreement to extend and refinance its $1.0 billion revolving credit facility, or the Facility (note 10). In connection with the refinancing, the Company incurred refinancing expenses and costs of approximately $4,038,000. |
Other_assets_Tables
Other assets (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ' | ||||||||
Schedule of Other Assets | ' | ||||||||
2013 | 2012 | ||||||||
Restricted cash(a) | $ | 73,855 | $ | 72,100 | |||||
Equity Investment in affiliate(b) | 4,299 | 525 | |||||||
Intangible assets | 2,695 | 2,993 | |||||||
Capital assets | 471 | 505 | |||||||
Other | 25,624 | 7,538 | |||||||
Other assets | $ | 106,944 | $ | 83,661 | |||||
(a) | Included in this amount is $60,000,000 which has been placed in a deposit account over which the lessor (note 11) has a first priority interest. | ||||||||
(b) | On March 14, 2011, the Company entered into an agreement to participate in GCI, an investment vehicle established by an affiliate of The Carlyle Group. GCI will invest up to $900,000,000 equity capital in containership assets strategic to the People’s Republic of China, Taiwan, Hong Kong and Macau. The Company agreed to make a minority investment in GCI of up to $100,000,000 during the investment period, which is anticipated to be up to five years. The Company accounts for its 10.3% investment in GCI using the equity method. The investment of $4,299,000 is comprised of its capital contribution of $6,408,000 less its cumulative equity loss on investment of $2,109,000. |
Deferred_revenue_Tables
Deferred revenue (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Revenue Recognition [Abstract] | ' | ||||||||
Deferred Revenue | ' | ||||||||
2013 | 2012 | ||||||||
Deferred revenue on time charters | $ | 21,099 | $ | 19,861 | |||||
Deferred interest on lease receivable (note 5) | 7,903 | 12,503 | |||||||
Other deferred revenue | 2,824 | 650 | |||||||
Deferred revenue | 31,826 | 33,014 | |||||||
Current portion | (27,683 | ) | (25,111 | ) | |||||
Deferred revenue | $ | 4,143 | $ | 7,903 | |||||
Longterm_debt_Tables
Long-term debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of Long-Term Debt | ' | ||||||||
2013 | 2012 | ||||||||
Long-term debt: | |||||||||
Revolving credit facilities(a) | $ | 2,268,841 | $ | 2,287,942 | |||||
Term loan credit facilities(b) | 972,777 | 803,002 | |||||||
Long-term debt | 3,241,618 | 3,090,944 | |||||||
Current portion | (388,159 | ) | (66,656 | ) | |||||
Long-term debt | $ | 2,853,459 | $ | 3,024,288 | |||||
(a) | Revolving credit facilities: | ||||||||
As of December 31, 2013, the Company had five long-term revolving credit facilities (“Revolvers”) available and a line of credit, which provided for aggregate borrowings of up to $2,388,284,000 (2012—$2,392,685,000), of which $119,443,000 (2012—$104,743,000) was undrawn. One of the term loan credit facilities (“Term Loans”) has a revolving loan component and this component has been included in the Revolvers. | |||||||||
In December 2013, the Company had an outstanding balance of approximately $1.0 billion under a revolving credit facility that matures in May 2015. In December 2013, the Company entered into an agreement to extend and refinance the Facility. Effective January 31, 2014, the maturity date for the Facility was extended from May 2015 to May 2019, the outstanding amount of the Facility was reduced to $433,800,000 term loan and the margin was increased. The reduction in the outstanding amount of the Facility was funded by drawing $340,000,000 under existing credit facilities, one of which is secured by certain vessels that were pledged as collateral under the Facility, and approximately $260,000,000 of cash on hand. | |||||||||
The Revolvers mature between July 5, 2017 and December 31, 2023. Based on the Revolvers outstanding at December 31, 2013, and reflecting the reduction to the Facility and the revised repayment schedule under the amended Facility that will occur in January 2014, the minimum repayments for the balances outstanding are as follows: | |||||||||
2014 | $ | 336,374 | |||||||
2015 | 129,920 | ||||||||
2016 | 139,478 | ||||||||
2017 | 181,794 | ||||||||
2018 | 145,521 | ||||||||
Thereafter | 1,335,754 | ||||||||
$2,268,841 | |||||||||
Interest is calculated as one month or three month LIBOR plus a margin per annum, depending on the interest period selected by the Company. At December 31, 2013, the one month and three month LIBOR was 0.2% (2012—one month-0.2% and three month-0.3%) and the margins ranged between 0.5% and 0.9% (2012—0.5% and 0.9%). The weighted average rate of interest, including the margin, was 0.8% at December 31, 2013 (2012—0.9%). | |||||||||
The Company is subject to commitment fees ranging between 0.2%—0.3% calculated on the undrawn amounts under the various facilities. | |||||||||
The Revolver loan payments are made in quarterly or semi-annual payments commencing six or thirty-six months after delivery of the associated newbuilding containership. For one of our Revolvers, payments commence four months after the amendment date of the loan agreement. | |||||||||
As of December 31, 2013, the Company had twelve Term Loans available, which provided for aggregate borrowings of up to $1,739,497,000 (2012—$1,026,802,000), of which $766,720,000 (2012—$223,800,000) was undrawn. One of the Term Loans has a revolving loan component and this component has been included in the Revolvers. | |||||||||
During the year ended December 31, 2013, the Company entered into several LIBOR based term loans with various banks for a total of $627,000,000 to be used toward the financing of existing vessels and the construction of newbuilding containerships. The loans bear interest at LIBOR plus a margin and are subject to commitment fees of between 0.4% and 1.1% per annum calculated on the undrawn amounts of the loans. At December 31, 2013, $30,000,000 has been drawn under these facilities. | |||||||||
In addition, the Company entered into fixed rate, unsecured, term loans, or Unsecured Term Loans, for a total of $134,000,000 to be used towards the construction of newbuilding containerships and for general corporate purposes. At December 31, 2013, these facilities were fully drawn. | |||||||||
The Term Loans mature between March 12, 2017 and February 27, 2025. | |||||||||
Based on the Term Loans outstanding at December 31, 2013, the minimum repayments for the balances outstanding are as follows: | |||||||||
2014 | $ | 51,785 | |||||||
2015 | 54,668 | ||||||||
2016 | 56,455 | ||||||||
2017 | 98,129 | ||||||||
2018 | 179,340 | ||||||||
Thereafter | 532,400 | ||||||||
$972,777 | |||||||||
For certain of our Term Loans with a total principal outstanding of $694,400,000 interest is calculated as one month, three month or six month LIBOR plus a margin per annum, depending on the interest period selected by the Company. At December 31, 2013, the one month, three month and six month LIBOR was 0.2%, 0.2% and 0.4%, respectively (2012—one month-0.2%, three month-0.3% and six month-0.7%) and the margins ranged between 0.4% and 4.8% (2012—0.4% and 4.8%). | |||||||||
For certain of our Term Loans with a total principal outstanding of $129,377,000, interest is calculated based on the Export-Import Bank of Korea (KEXIM) plus 0.7% per annum. | |||||||||
For certain of our Term Loans with a total principal outstanding of $149,000,000, the loans bear interest between 6% to 7% per annum. | |||||||||
The weighted average rate of interest, including the margin, was 2.7% at December 31, 2013 (2012—2.3%). | |||||||||
The Company is subject to commitment fees ranging between 0.2%—1.1% calculated on the undrawn amounts under the various facilities. | |||||||||
The Term Loan payments are made in quarterly or semi-annual payments commencing three, six or thirty-six months after delivery of the associated newbuilding containership or utilization date. For certain of our Term Loans with a total principal outstanding of $149,000,000 payments are due on either the third anniversary of the delivery date of the underlying vessel or at maturity. |
Other_longterm_liabilities_Tab
Other long-term liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||||
Schedule of Other Long-Term Liabilities | ' | ||||||||
2013 | 2012 | ||||||||
Long term obligations under capital lease | $ | 611,603 | $ | 651,591 | |||||
Current portion | (38,930 | ) | (38,542 | ) | |||||
$ | 572,673 | $ | 613,049 | ||||||
Based on Maximum Amounts Funded Payments Under Leases Due to Lessors | ' | ||||||||
(b) | Based on maximum amounts funded, payments due to the lessors would be as follows: | ||||||||
2014 | $ | 60,079 | |||||||
2015 | 126,383 | ||||||||
2016 | 293,025 | ||||||||
2017 | 23,387 | ||||||||
2018 | 23,731 | ||||||||
Thereafter | 170,894 | ||||||||
697,499 | |||||||||
Less amounts representing interest | (85,896 | ) | |||||||
$611,603 | |||||||||
Share_capital_Tables
Share capital (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Schedule of Preferred Shares Outstanding | ' | ||||||||||||||||
The Company had the following preferred shares outstanding: | |||||||||||||||||
Liquidation preference | |||||||||||||||||
Shares | December 31, | December 31, | |||||||||||||||
Series | Authorized | Issued | 2013 | 2012 | |||||||||||||
A | 315,000 | 200,000 | $ | 344,262 | $ | 305,872 | |||||||||||
B | 260,000 | — | — | — | |||||||||||||
C | 40,000,000 | 13,665,531 | 341,638 | 350,000 | |||||||||||||
D | 20,000,000 | 5,105,000 | 127,625 | 77,625 | |||||||||||||
R | 1,000,000 | — | — | — |
Earnings_per_share_Tables
Earnings per share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Schedule of Reconciliation of Numerator and Denominator Used in Basic and Diluted EPS Computations | ' | ||||||||||||
The following is a reconciliation of the numerator and denominator used in the basic and diluted EPS computations. | |||||||||||||
For the year ended December 31, 2013 | Earnings (loss) | Shares | Per share | ||||||||||
(numerator) | (denominator) | amount | |||||||||||
Net earnings | $ | 299,028 | |||||||||||
Less: | |||||||||||||
Series A preferred share dividends | (38,390 | ) | |||||||||||
Series C preferred share dividends | (34,035 | ) | |||||||||||
Series D preferred share dividends | (6,744 | ) | |||||||||||
Series C preferred share repurchases | (660 | ) | |||||||||||
Basic EPS: | |||||||||||||
Earnings attributable to common shareholders | $ | 219,199 | 65,273,000 | $ | 3.36 | ||||||||
Effect of dilutive securities: | |||||||||||||
Share-based compensation | — | 306,000 | |||||||||||
Contingent consideration (note 3) | — | 567,000 | |||||||||||
Shares held in escrow (note 3) | — | 47,000 | |||||||||||
Convertible Series A preferred shares | 38,390 | 21,641,000 | |||||||||||
Diluted EPS: | |||||||||||||
Earnings attributable to common shareholders plus assumed conversion | $ | 257,589 | 87,834,000 | $ | 2.93 | ||||||||
For the year ended December 31, 2012 | Earnings (loss) | Shares | Per share | ||||||||||
(numerator) | (denominator) | amount | |||||||||||
Net earnings | $ | 121,305 | |||||||||||
Less: | |||||||||||||
Series A preferred share dividends | (34,195 | ) | |||||||||||
Series C preferred share dividends | (34,112 | ) | |||||||||||
Series D preferred share dividends | (309 | ) | |||||||||||
Basic EPS: | |||||||||||||
Earnings attributable to common shareholders | $ | 52,689 | 62,923,240 | $ | 0.84 | ||||||||
Effect of dilutive securities: | |||||||||||||
Share-based compensation | — | 238,000 | |||||||||||
Contingent consideration (note 3) | — | 1,236,000 | |||||||||||
Shares held in escrow (note 3) | — | 545,000 | |||||||||||
Diluted EPS(1): | |||||||||||||
Earnings attributable to common shareholders plus assumed conversion | $ | 52,689 | 64,942,240 | $ | 0.81 | ||||||||
For the year ended December 31, 2011 | Earnings (loss) | Shares | Per share | ||||||||||
(numerator) | (denominator) | amount | |||||||||||
Net loss | $ | (83,400 | ) | ||||||||||
Less: | |||||||||||||
Series A preferred share dividends | (30,295 | ) | |||||||||||
Series B preferred share dividends | 1,060 | ||||||||||||
Series C preferred share dividends | (28,497 | ) | |||||||||||
Basic and diluted EPS(2): | |||||||||||||
Loss attributable to common shareholders | $ | (141,132 | ) | 69,217,000 | $ | (2.04 | ) | ||||||
-1 | The convertible Series A preferred shares are not included in the computation of diluted EPS because their effects are anti-dilutive for the year. | ||||||||||||
-2 | The convertible Series A preferred shares, contingent consideration, shares held in escrow and share-based compensation are not included in the computation of diluted EPS because their effects are anti-dilutive for the year. |
Sharebased_compensation_Tables
Share-based compensation (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||||||||||
Summary of Outstanding Restricted Shares, Phantom Share Units and SARs | ' | ||||||||||||||||||||||||
A summary of the Company’s outstanding restricted shares, phantom share units and SARs as of December 31, 2013 is presented below: | |||||||||||||||||||||||||
Restricted shares | Phantom share units | Stock appreciation rights | |||||||||||||||||||||||
Number | W.A. grant | Number | W.A. grant | Number | W.A grant | ||||||||||||||||||||
of shares | date FV | of shares | date FV | of SARs | date FV | ||||||||||||||||||||
December 31, 2010 | 45,904 | $ | 10.06 | 332,000 | $ | 11.26 | — | $ | — | ||||||||||||||||
Granted | 43,200 | 13.04 | 190,000 | 15.43 | — | — | |||||||||||||||||||
Vested | (45,904 | ) | 10.06 | — | — | — | — | ||||||||||||||||||
December 31, 2011 | 43,200 | 13.04 | 522,000 | 12.78 | — | — | |||||||||||||||||||
Granted | 63,653 | 14.17 | 40,000 | 17.68 | 5,674,148 | 2.03 | |||||||||||||||||||
Vested | (43,200 | ) | 13.04 | — | — | — | — | ||||||||||||||||||
December 31, 2012 | 63,653 | 14.17 | 562,000 | 13.13 | 5,674,148 | 2.03 | |||||||||||||||||||
Granted | 54,990 | 17.01 | 95,000 | 19.3 | 1,664,457 | 3.51 | |||||||||||||||||||
Vested | (65,578 | ) | 14.25 | — | — | — | — | ||||||||||||||||||
Exercised | — | — | — | — | (241,906 | ) | 3.65 | ||||||||||||||||||
Cancelled | (4,185 | ) | 17.01 | — | — | (23,754 | ) | 3.51 | |||||||||||||||||
December 31, 2013 | 48,880 | $ | 17.01 | 657,000 | $ | 14.02 | 7,072,945 | $ | 2.32 | ||||||||||||||||
Assumptions Used in Monte Carlo Model to Calculate Grant Date Fair Value of SARs | ' | ||||||||||||||||||||||||
The assumptions used in the Monte Carlo model to calculate the grant date fair value of the SARs were as follows: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Average expected term | 3.8 years | 1.5 years | |||||||||||||||||||||||
Expected volatility | 39.73% | 40.12% | |||||||||||||||||||||||
Dividend yield | 4.97% | 5.74% | |||||||||||||||||||||||
Average risk free rate | 0.50% | 0.47% | |||||||||||||||||||||||
The following table provides information about the three tranches of SARs granted during the year: | |||||||||||||||||||||||||
Number of SARs | |||||||||||||||||||||||||
Base price | Expiration date | 2013 | 2012 | ||||||||||||||||||||||
Tranche 1 | $ | 21.5 | December 7, 2015 | 531,885 | 1,846,154 | ||||||||||||||||||||
Tranche 2 | 24 | 7-Dec-16 | 556,946 | 1,898,734 | |||||||||||||||||||||
Tranche 3 | 26.5 | 7-Dec-17 | 575,626 | 1,929,260 | |||||||||||||||||||||
Total | 1,664,457 | 5,674,148 | |||||||||||||||||||||||
Other_information_Tables
Other information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ||||||||||||
Schedule of Accounts Payable and Accrued Liabilities | ' | ||||||||||||
(a) | Accounts payable and accrued liabilities: | ||||||||||||
The principal components of accounts payable and accrued liabilities are: | |||||||||||||
2013 | 2012 | ||||||||||||
Due to related parties (note 4) | $ | 611 | $ | — | |||||||||
Accrued interest | 22,273 | 20,656 | |||||||||||
Accounts payable and other accrued liabilities | 42,750 | 29,341 | |||||||||||
$ | 65,634 | $ | 49,997 | ||||||||||
Schedule of Supplemental Cash Flow Information | ' | ||||||||||||
(b) | Supplementary information to the statement of cash flows consists of: | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Interest paid on debt | $ | 59,999 | $ | 64,123 | $ | 33,947 | |||||||
Interest received | 1,265 | 634 | 815 | ||||||||||
Undrawn credit facility fee paid | 1,656 | 900 | 1,813 | ||||||||||
Non-cash transactions: | |||||||||||||
Long-term debt for vessels under construction | 54,080 | 71,400 | — | ||||||||||
Dividends on Series A preferred shares | 38,390 | 34,195 | 30,295 | ||||||||||
Dividend reinvestment | 31,961 | 7,168 | 13,039 | ||||||||||
Loan repayment for vessels under construction | 6,560 | — | — | ||||||||||
Arrangement and transaction fees | 5,082 | 957 | — | ||||||||||
Other long-term liabilities for vessels under construction | — | 84,787 | 108,374 | ||||||||||
Acquisition of the Manager for shares, excluding cash received | — | 82,607 | — | ||||||||||
Proceeds on sale of vessel | — | 52,104 | — |
Commitments_and_contingent_obl1
Commitments and contingent obligations (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Schedule of Future Minimum Revenues to be Received on Committed Agreements | ' | ||||
(a) | As of December 31, 2013, the minimum future revenues to be received on committed time charter party agreements and interest income from sales-type capital leases are approximately: | ||||
2014 | $ | 714,681 | |||
2015 | 755,982 | ||||
2016 | 731,411 | ||||
2017 | 670,645 | ||||
2018 | 654,960 | ||||
Thereafter | 2,533,145 | ||||
$6,060,824 | |||||
Schedule of Outstanding Commitments for Installment Payments for Vessels | ' | ||||
(b) | As of December 31, 2013, based on the contractual delivery dates, the Company has outstanding commitments for installment payments for vessels under construction as follows: | ||||
2014 | $ | 476,420 | |||
2015 | 959,159 | ||||
2016 | 168,747 | ||||
$ | 1,604,326 | ||||
Schedule of Commitment Under Operating Leases | ' | ||||
(c) | As of December 31, 2013, the commitment under operating leases is as follows: | ||||
2014 | $ | 6,856 | |||
2015 | 6,867 | ||||
2016 | 6,885 | ||||
2017 | 6,941 | ||||
2018 | 6,645 | ||||
Thereafter | 17,408 | ||||
$51,602 | |||||
Concentrations_Tables
Concentrations (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Risks And Uncertainties [Abstract] | ' | ||||||||||||
Schedule of Revenue Derived from Customers | ' | ||||||||||||
The Company’s revenue is derived from the following customers: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
COSCON | $ | 301,842 | $ | 281,469 | $ | 168,395 | |||||||
CSCL Asia | 134,434 | 151,658 | 161,218 | ||||||||||
K-Line | 76,148 | 76,359 | 62,519 | ||||||||||
HL USA | 59,115 | 58,980 | 57,406 | ||||||||||
MOL | 52,997 | 42,011 | 42,165 | ||||||||||
Other | 52,554 | 50,317 | 73,907 | ||||||||||
$ | 677,090 | $ | 660,794 | $ | 565,610 | ||||||||
Financial_instruments_Tables
Financial instruments (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Schedule of Outstanding Interest Rate Derivatives | ' | ||||||||||||||||
As of December 31, 2013, the Company had the following outstanding interest rate derivatives: | |||||||||||||||||
Fixed per | Notional | Maximum | Effective date | Ending date | |||||||||||||
annum rate | amount as of | notional | |||||||||||||||
swapped | December 31, | amount (1) | |||||||||||||||
for LIBOR | 2013 | ||||||||||||||||
5.64% | $ | 714,500 | $ | 714,500 | August 31, 2007 | 31-Aug-17 | (2) | ||||||||||
5.18% | 569,649 | 569,649 | 16-Jul-12 | 15-Jul-16 | (3) | ||||||||||||
5.42% | 438,462 | 438,462 | 6-Sep-07 | 31-May-24 | |||||||||||||
5.60% | 188,000 | 188,000 | 23-Jun-10 | December 23, 2021 | (2) | ||||||||||||
5.03% | 111,000 | 111,000 | 31-May-07 | September 30, 2015 | |||||||||||||
5.60% | 106,800 | 106,800 | 28-Aug-09 | 28-Aug-20 | |||||||||||||
5.26% | 106,800 | 106,800 | 3-Jul-06 | February 26, 2021 | (2)(4) | ||||||||||||
5.20% | 86,400 | 86,400 | December 18, 2006 | October 2, 2015 | |||||||||||||
5.50% | 57,400 | 57,400 | 31-Jul-12 | 31-Jul-19 | |||||||||||||
5.17% | 24,000 | 24,000 | 30-Apr-07 | 29-May-20 | |||||||||||||
5.87% | — | 620,390 | 31-Aug-17 | November 28, 2025 | |||||||||||||
-1 | Over the term of the interest rate swaps, the notional amounts increase and decrease. These amounts represent the peak notional over the remaining term of the swap. | ||||||||||||||||
-2 | Prospectively de-designated as an accounting hedge in 2008. | ||||||||||||||||
-3 | On January 30, 2014, this swap was terminated and the Company entered into a new swap with an effective date of January 30, 2014 and a pay fixed rate of 5.945%. The outstanding notional amount on the effective date was $281,970,000 and is subject to amortization. The swap’s end date is May 31, 2019. | ||||||||||||||||
-4 | The Company has entered into a swaption agreement with a bank (Swaption Counterparty A) whereby Swaption Counterparty A has the option to require the Company to enter into an interest rate swap to pay LIBOR and receive a fixed rate of 5.26%. This is a European option and is open for a two hour period on February 26, 2014 after which it expires. The notional amount of the underlying swap is $106,800,000 with an effective date of February 28, 2014 and an expiration of February 26, 2021. If Swaption Counterparty A exercises the swaption, the underlying swap effectively offsets the Company’s 5.26% pay fixed LIBOR swap from February 28, 2014 to February 26, 2021. This option was not exercised by Swaption Counterparty A. | ||||||||||||||||
Schedule of Interest Rate Derivatives | ' | ||||||||||||||||
The following provides information about the Company’s interest rate derivatives: | |||||||||||||||||
Fair value of asset and liability derivatives: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Fair value of financial instruments asset | $ | 60,188 | $ | 41,031 | |||||||||||||
Fair value of financial instruments liability | 425,375 | 606,740 | |||||||||||||||
Schedule of Losses Reclassified from Accumulated Other Comprehensive Loss into Earnings | ' | ||||||||||||||||
The following table provides information about losses included in net earnings and reclassified from accumulated other comprehensive loss (“AOCL”) into earnings: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Gain/(Loss) on derivatives recognized in net earnings: | |||||||||||||||||
Change in fair value of financial instruments | $ | 60,504 | $ | (135,998 | ) | $ | (281,027 | ) | |||||||||
Loss recognized from AOCL to net earnings(1) | |||||||||||||||||
Interest expense | $ | (5,330 | ) | $ | (8,310 | ) | $ | (11,670 | ) | ||||||||
Depreciation and amortization | (882 | ) | (836 | ) | (505 | ) | |||||||||||
-1 | The effective portion of changes in unrealized loss on interest rate swaps was recorded in accumulated other comprehensive income until September 30, 2008 when these contracts were de-designated as accounting hedges. The amounts in accumulated other comprehensive income will be recognized in earnings when and where the previously hedged interest is recognized in earnings. |
General_Additional_Information
General - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Company incorporation date | 3-May-05 |
Summary_of_significant_account2
Summary of significant accounting policies - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Y | |
Summary Of Significant Accounting Policies [Line Items] | ' |
Number of years between dry-docking for each vessel | 5 |
Vessels [Member] | ' |
Summary Of Significant Accounting Policies [Line Items] | ' |
Estimated useful life of each vessel | '30 years |
Acquisition_of_Seaspan_Managem2
Acquisition of Seaspan Management Services Limited - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Jan. 27, 2012 | |
Business Acquisition [Line Items] | ' | ' | ' |
Amount deposited in escrow | ' | ' | $7,500,000 |
Aggregate purchase price | ' | ' | 106,518,000 |
Acquisition-related costs | ' | $1,184,000 | ' |
Share issued pertaining to contingent consideration arrangement | 820,701 | ' | ' |
Contingent consideration shares issuable | 273,564 | ' | ' |
Seaspan Management Services Limited [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Business acquisition percentage of voting interests acquired | ' | ' | 100.00% |
Class A common shares [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Shares deposited in escrow | ' | ' | 586,212 |
Additional contingent consideration | ' | ' | 39,081 |
Acquisition_of_Seaspan_Managem3
Acquisition of Seaspan Management Services Limited - Aggregate Purchase Price (Detail) (USD $) | 0 Months Ended |
In Thousands, unless otherwise specified | Jan. 27, 2012 |
Business Combinations [Abstract] | ' |
4,220,728 of the Company's Class A common shares | $66,899 |
Contingent consideration | 18,437 |
Settlement of intercompany balances | 20,022 |
Stock based compensation | 1,160 |
Aggregate purchase price | $106,518 |
Acquisition_of_Seaspan_Managem4
Acquisition of Seaspan Management Services Limited - Aggregate Purchase Price (Parenthetical) (Detail) | Jan. 27, 2012 |
Business Combinations [Abstract] | ' |
Business acquisition cost of acquired entity number of shares issued | 4,220,728 |
Related_party_transactions_Add
Related party transactions - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | ||||
Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
GCI [Member] | GCI [Member] | GCI [Member] | ||||
Vessels [Member] | ||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' |
Administrative and strategic services | $72,000 | ' | ' | ' | ' | ' |
Amounts due from related parties included in accounts receivable | ' | 1,614,000 | 1,501,000 | ' | ' | ' |
Amounts payable to related parties included in accounts payable | ' | 611,000 | ' | ' | ' | ' |
Due from related parties | ' | ' | ' | $56,152,000 | ' | $54,068,000 |
Receivable interest rate | ' | ' | ' | ' | ' | 4.00% |
Related_party_transactions_Sch
Related party transactions - Schedule of Costs Incurred under Management Agreements (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Technical and other services [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Costs incurred under the management agreements | ' | $9,700 | $135,381 |
Dry-dock activities included in technical services [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Costs incurred under the management agreements | ' | 421 | 5,855 |
Other services [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Costs incurred under the management agreements | ' | $410 | $6,202 |
Related_party_transactions_Sch1
Related party transactions - Schedule of Costs Incurred with Manager and Other Related Parties Thereto (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Consulting services [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Costs incurred with the Manager and parties related thereto | ' | ' | $84 |
Arrangement fees [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Costs incurred with the Manager and parties related thereto | 6,631 | 1,790 | 1,832 |
Technical service fees advance [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Costs incurred with the Manager and parties related thereto | ' | ' | 2,947 |
Transaction fees [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Costs incurred with the Manager and parties related thereto | 3,532 | 123 | 369 |
Reimbursed expenses [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Costs incurred with the Manager and parties related thereto | $72 | ' | ' |
Gross_investment_in_lease_Sche
Gross investment in lease - Schedule of Gross Investment in Lease (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Leases [Abstract] | ' | ' |
Gross investment in lease | $80,123 | $95,798 |
Current portion | -21,170 | -15,977 |
Gross investment in lease, non-current portion | $58,953 | $79,821 |
Gross_investment_in_lease_Addi
Gross investment in lease - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2011 | |
Vessel | ||
Y | ||
Leases [Abstract] | ' | ' |
Number of vessels | ' | 4 |
Capacity of vessel class | ' | 4,800 |
Term of agreement | ' | 5 |
Purchase price of vessels | ' | $5,000,000 |
Gross proceeds from sale of vessel | ' | 112,808,000 |
Deferred revenue | ' | 18,551,000 |
Broker commissions and legal costs | ' | 822,000 |
Net book value of the vessels | ' | 109,672,000 |
(Gain) loss on vessels | ($9,773,000) | $16,237,000 |
Vessels_Schedule_of_Vessels_De
Vessels - Schedule of Vessels (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Cost | $5,713,085 | $5,416,855 |
Accumulated depreciation | 720,814 | 553,582 |
Net book value | 4,992,271 | 4,863,273 |
Vessels [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Cost | 5,391,713 | 5,339,550 |
Accumulated depreciation | 720,814 | 553,582 |
Net book value | 4,670,899 | 4,785,968 |
Vessels under construction [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Cost | 321,372 | 77,305 |
Accumulated depreciation | ' | ' |
Net book value | $321,372 | $77,305 |
Vessels_Additional_Information
Vessels - Additional Information (Detail) (USD $) | 12 Months Ended | 6 Months Ended | |||
Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Jun. 30, 2012 | Jun. 30, 2012 | |
Term loan credit facilities [Member] | Term loan credit facilities [Member] | ||||
Vessels [Member] | |||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Capitalized interest costs to vessels | $2,983,000 | $12,952,000 | $2,873,000 | ' | ' |
Term loan | ' | ' | ' | 53,000,000 | ' |
Loan amount outstanding | ' | ' | ' | 52,104,000 | ' |
Gain (loss) on vessels | $9,773,000 | ($16,237,000) | ' | $9,773,000 | ' |
Leasing Period for the Vessel | ' | ' | ' | ' | '9 years |
Deferred_charges_Deferred_Char
Deferred charges - Deferred Charges (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ' | ' |
Beginning Balance, Dry-docking | $12,694 | $9,370 |
Cost incurred, Dry-docking | 3,500 | 6,520 |
Amortization expensed, Dry-docking | -3,947 | -3,196 |
Ending Balance, Dry-docking | 12,247 | 12,694 |
Beginning Balance, Financing fees | 31,122 | 36,547 |
Cost incurred, Financing fees | 25,131 | 4,713 |
Amortization expensed, Financing fees | -9,477 | -8,574 |
Amortization capitalized, Financing fees | -1,014 | -1,564 |
Ending Balance, Financing fees | 41,724 | 31,122 |
Refinancing expenses and costs, Financing fees | -4,038 | ' |
Beginning Balance, Total | 43,816 | 45,917 |
Cost incurred, Total | 28,631 | 11,233 |
Amortization expensed, Total | -13,424 | -11,770 |
Amortization capitalized, Total | -1,014 | -1,564 |
Ending Balance, Total | 53,971 | 43,816 |
Refinancing expenses and costs, Total | ($4,038) | ' |
Deferred_charges_Deferred_Char1
Deferred charges - Deferred Charges (Parenthetical) (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Deferred Charges [Line Items] | ' |
Refinancing expenses and costs | $4,038,000 |
Revolving credit facilities [Member] | ' |
Deferred Charges [Line Items] | ' |
Agreement to extend and refinance revolving credit facility | 1,000,000,000 |
Refinancing expenses and costs | $4,038,000 |
Other_assets_Schedule_of_Other
Other assets - Schedule of Other Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Line Items] | ' | ' |
Equity Investment in affiliate | $4,299 | $525 |
Intangible assets | 2,695 | 2,993 |
Capital assets | 471 | 505 |
Other | 25,624 | 7,538 |
Other assets | 106,944 | 83,661 |
Deposit account over which lessor has first priority interest [Member] | ' | ' |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Line Items] | ' | ' |
Restricted cash | $73,855 | $72,100 |
Other_assets_Schedule_of_Other1
Other assets - Schedule of Other Assets (Parenthetical) (Detail) (USD $) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 14, 2011 | Mar. 14, 2011 | |
Deposit account over which lessor has first priority interest [Member] | Deposit account over which lessor has first priority interest [Member] | Maximum [Member] | GCI [Member] | |||
Maximum [Member] | ||||||
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Line Items] | ' | ' | ' | ' | ' | ' |
Restricted cash | ' | ' | $73,855,000 | $72,100,000 | ' | ' |
Amount of cash deposit account | 60,000,000 | ' | ' | ' | ' | ' |
Equity capital in containership assets | ' | ' | ' | ' | ' | 900,000,000 |
Minority investment in Vehicle during investment period | ' | ' | ' | ' | 100,000,000 | ' |
Anticipated investment period (in years) | ' | '5 years | ' | ' | ' | ' |
Capital contribution | 4,299,000 | ' | ' | ' | ' | ' |
Percentage of investment in Vehicle on equity method | 10.30% | ' | ' | ' | ' | ' |
Amount of investment comprised of capital contribution | 6,408,000 | ' | ' | ' | ' | ' |
Amount of equity loss on investment | $2,109,000 | ' | ' | ' | ' | ' |
Deferred_revenue_Deferred_Reve
Deferred revenue - Deferred Revenue (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred Revenue Disclosure [Abstract] | ' | ' |
Deferred revenue on time charters | $21,099 | $19,861 |
Deferred interest on lease receivable | 7,903 | 12,503 |
Other deferred revenue | 2,824 | 650 |
Deferred revenue | 31,826 | 33,014 |
Current portion | -27,683 | -25,111 |
Deferred revenue | $4,143 | $7,903 |
Longterm_debt_Schedule_of_Long
Long-term debt - Schedule of Long-Term Debt (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Long-term debt: | ' | ' |
Long-term debt | $3,241,618 | $3,090,944 |
Current portion | -388,159 | -66,656 |
Long-term debt Non Current | 2,853,459 | 3,024,288 |
Revolving credit facilities [Member] | ' | ' |
Long-term debt: | ' | ' |
Long-term debt | 2,268,841 | 2,287,942 |
Term loan credit facilities [Member] | ' | ' |
Long-term debt: | ' | ' |
Long-term debt | $972,777 | $803,002 |
Longterm_debt_Schedule_of_Long1
Long-term debt - Schedule of Long-Term Debt (Parenthetical) (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Revolving credit facilities [Member] | Revolving credit facilities [Member] | Revolving credit facilities [Member] | Revolving credit facilities [Member] | Revolving credit facilities [Member] | Revolving credit facilities [Member] | Revolving credit facilities [Member] | Term loan credit facilities [Member] | Term loan credit facilities [Member] | Term loan credit facilities [Member] | Term loan credit facilities [Member] | Term loan credit facilities [Member] | Term loan credit facilities [Member] | Term loan credit facilities [Member] | Term loan credit facilities [Member] | Term loan credit facilities [Member] | Term loan credit facilities [Member] | Term loan credit facilities [Member] | One and Three Month LIBOR [Member] | One Month LIBOR [Member] | One Month LIBOR [Member] | One Month LIBOR [Member] | Three Month LIBOR [Member] | Three Month LIBOR [Member] | Three Month LIBOR [Member] | LIBOR plus margin [Member] | LIBOR plus margin [Member] | LIBOR plus margin [Member] | LIBOR plus margin [Member] | LIBOR plus margin [Member] | Six Month Libor [Member] | Six Month Libor [Member] | |
CreditFacility | Subsequent events [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | CreditFacility | Subsequent events [Member] | Export Import Bank Of Korea [Member] | Interest Between 6% and 7% [Member] | Non-interest bearing until relevant vessel delivered [Member] | LIBOR [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Revolving credit facilities [Member] | Revolving credit facilities [Member] | Term loan credit facilities [Member] | Term loan credit facilities [Member] | Revolving credit facilities [Member] | Term loan credit facilities [Member] | Term loan credit facilities [Member] | Term loan credit facilities [Member] | Term loan credit facilities [Member] | Term loan credit facilities [Member] | Term loan credit facilities [Member] | Term loan credit facilities [Member] | Term loan credit facilities [Member] | Term loan credit facilities [Member] | |||
LIBOR [Member] | LIBOR [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facilities, maximum aggregate borrowings | $2,388,284,000 | $2,392,685,000 | ' | ' | ' | ' | ' | $1,739,497,000 | $1,026,802,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facilities, aggregate borrowings undrawn | 119,443,000 | 104,743,000 | ' | ' | ' | ' | ' | 766,720,000 | 223,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of long-term revolving credit facilities | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility, outstanding | 1,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 433,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility, maturity date | 31-May-15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility, maturity date extended | ' | ' | 'May 2015 to May 2019 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility, Reduction | 340,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility reduction funded by cash | 260,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility maturity start date | 5-Jul-17 | ' | ' | ' | ' | ' | ' | 12-Mar-17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility maturity end date | 31-Dec-23 | ' | ' | ' | ' | ' | ' | 27-Feb-25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate description | 'Interest is calculated as one month or three month LIBOR plus a margin per annum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Interest is calculated as one month, three month or six month LIBOR plus a margin per annum | ' | ' | ' | ' | ' | ' |
Debt instrument description | 'At December 31, 2013, the one month and three month LIBOR was 0.2% (2012-one month-0.2% and three month-0.3%) and the margins ranged between 0.5% and 0.9% (2012-0.5% and 0.9%). | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'At December 31, 2013, the one month, three month and six month LIBOR was 0.2%, 0.2% and 0.4%, respectively (2012-one month-0.2%, three month-0.3% and six month-0.7%) and the margins ranged between 0.4% and 4.8% (2012-0.4% and 4.8%). | ' | ' | ' | ' | ' | ' |
LIBOR interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.20% | 0.20% | 0.20% | 0.20% | 0.30% | 0.20% | 0.30% | ' | ' | ' | ' | ' | 0.40% | 0.70% |
Interest rate margin | ' | ' | ' | 0.50% | 0.50% | 0.90% | 0.90% | ' | ' | ' | 0.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.40% | 0.40% | 4.80% | 4.80% | ' | ' |
Weighted average rate of interest, including the margin | 0.80% | 0.90% | ' | ' | ' | ' | ' | 2.70% | 2.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment fee on undrawn amount | ' | ' | ' | 0.20% | ' | 0.30% | ' | ' | ' | ' | ' | ' | ' | ' | 0.20% | 0.40% | 1.10% | 1.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Description of the terms of a credit facility arrangement | 'The Revolver loan payments are made in quarterly or semi-annual payments commencing six or thirty-six months after delivery of the associated newbuilding containership. For one of our Revolvers, payments commence four months after the amendment date of the loan agreement. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of term loan credit facilities | ' | ' | ' | ' | ' | ' | ' | 12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facilities, LIBOR based term loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 627,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amounts drawn under term loans facilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional fixed rate term loans | ' | ' | ' | ' | ' | ' | ' | 134,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan principal outstanding amount | ' | ' | ' | ' | ' | ' | ' | 694,400,000 | ' | ' | 129,377,000 | 149,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate on debt instrument | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate on debt instrument if term is extended | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan, outstanding principal | ' | ' | ' | ' | ' | ' | ' | $149,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term Loan payments, Description | ' | ' | ' | ' | ' | ' | ' | 'Term Loan payments are made in quarterly or semi-annual payments commencing three, six or thirty-six months after delivery of the associated newbuilding containership or utilization date. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Longterm_debt_Schedule_of_Mini
Long-term debt - Schedule of Minimum Repayments for Balances Outstanding with Respect to Credit Facilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Long Term Debt | $3,241,618 | $3,090,944 |
Term loan credit facilities [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
2014 | 51,785 | ' |
2015 | 54,668 | ' |
2016 | 56,455 | ' |
2017 | 98,129 | ' |
2018 | 179,340 | ' |
Thereafter | 532,400 | ' |
Long Term Debt | 972,777 | 803,002 |
Revolving credit facilities [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
2014 | 336,374 | ' |
2015 | 129,920 | ' |
2016 | 139,478 | ' |
2017 | 181,794 | ' |
2018 | 145,521 | ' |
Thereafter | 1,335,754 | ' |
Long Term Debt | $2,268,841 | $2,287,942 |
Other_longterm_liabilities_Sch
Other long-term liabilities - Schedule of Other Long-Term Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other Noncurrent Liabilities [Abstract] | ' | ' |
Long term obligations under capital lease | $611,603 | $651,591 |
Current portion | -38,930 | -38,542 |
Total other long-term liabilities | $572,673 | $613,049 |
Other_longterm_liabilities_Add
Other long-term liabilities - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Other Long-Term Liabilities [Line Items] | ' | ' |
Amount of cash deposit account | $60,000,000 | ' |
Carrying value of vessels being funded | 768,652,000 | 794,847,000 |
Leases for five 4500 TEU vessels [Member] | ' | ' |
Other Long-Term Liabilities [Line Items] | ' | ' |
Terms of leases (in years) | 5 | ' |
Lease term, remaining balances due | 64,000,000 | ' |
Percentage of proceeds received by lessee | 99.90% | ' |
Amount of cash deposit account | 60,000,000 | ' |
COSCO Pride - 13100 TEU vessel [Member] | ' | ' |
Other Long-Term Liabilities [Line Items] | ' | ' |
Terms of leases (in years) | 12 | ' |
Financing from lessor | 144,185,000 | ' |
Lease payments include an interest component based on three month LIBOR plus margin percentage | 2.60% | ' |
COSCO Pride - 13100 TEU vessel [Member] | Maximum [Member] | ' | ' |
Other Long-Term Liabilities [Line Items] | ' | ' |
Outstanding balance at end of lease term | 48,000,000 | ' |
COSCO Faith - 13100 TEU vessel [Member] | ' | ' |
Other Long-Term Liabilities [Line Items] | ' | ' |
Terms of leases (in years) | 12 | ' |
Financing from lessor | 109,000,000 | ' |
Lease payments include an interest component based on three month LIBOR plus margin percentage | 3.00% | ' |
Amount of option to purchase the vessel from the lessor | $1 | ' |
Other_longterm_liabilities_Bas
Other long-term liabilities - Based on Maximum Amounts Funded Payments Under Leases Due to Lessors (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Other Noncurrent Liabilities [Abstract] | ' |
2014 | $60,079 |
2015 | 126,383 |
2016 | 293,025 |
2017 | 23,387 |
2018 | 23,731 |
Thereafter | 170,894 |
Capital Leases, Future Minimum payments Due, Total | 697,499 |
Less amounts representing interest | -85,896 |
Capital Lease Obligation | $611,603 |
Share_capital_Additional_Infor
Share capital - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Jan. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 25, 2013 | Feb. 26, 2012 | Jan. 19, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Jan. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 11, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Apr. 19, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 08, 2013 | Dec. 13, 2012 | Dec. 31, 2013 | |
Convertible Series A preferred shares [Member] | Convertible Series A preferred shares [Member] | Common Class B [Member] | Common Class B [Member] | Class C common shares [Member] | Class C common shares [Member] | Class A common shares [Member] | Class A common shares [Member] | Class A common shares [Member] | Class A common shares [Member] | Class A common shares [Member] | Class A common shares [Member] | Series A preferred shares [Member] | Series B preferred shares [Member] | Series B preferred shares [Member] | Series B preferred shares [Member] | Series B preferred shares [Member] | Series B preferred shares [Member] | Series C preferred shares [Member] | Series C preferred shares [Member] | Series C preferred shares [Member] | Series C preferred shares [Member] | Series C preferred shares [Member] | Series C preferred shares [Member] | Series R preferred stock [Member] | Series R preferred stock [Member] | Series R preferred stock [Member] | Series D preferred shares [Member] | Series D preferred shares [Member] | Series D preferred shares [Member] | ||||
Subsequent events [Member] | Subsequent events [Member] | Issuance date of May 27, 2010 to June 30, 2012 [Member] | Issuance date of July 1, 2012 to June 30, 2013 [Member] | Issuance date thereafter [Member] | Prior to January 30, 2016 [Member] | After January 30, 2016 [Member] | |||||||||||||||||||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock shares, Authorized | ' | ' | ' | ' | ' | 25,000,000 | 25,000,000 | 100 | 100 | ' | ' | ' | 200,000,000 | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class A common shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,500,000 | ' | ' | 63,042,217 | 69,208,888 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock shares, Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 63,042,217 | 69,208,888 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend reinvestment program discount rate percentage | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares re-purchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,300,000 | 148,101 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 320,000 | 14,469 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Re-purchase price per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $26.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of stock re-purchased | $8,950,000 | $172,812,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $170,609,000 | $2,203,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8,560,000 | $390,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock re-purchase fee and expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,110,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Open market shares Re-purchase, Authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class A common shares price per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | $22 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross proceeds from issue of shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | 77,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of accrued non-cash cumulative dividend per annum until January 31, 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of accrued non-cash cumulative dividend per annum thereafter | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class A common shares per share value | ' | ' | ' | $15 | ' | ' | ' | ' | ' | ' | ' | ' | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred shares, outstanding | 18,970,531 | 17,305,000 | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | 13,665,531 | ' | ' | ' | ' | ' | ' | ' | ' | 5,105,000 |
Number of Class A common shares issued upon conversion of Series A preferred shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,177,175 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend rate percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | 8.00% | 10.00% | ' | 9.50% | ' | 9.50% | ' | ' | ' | ' | ' | ' | 7.95% | ' |
Redemption of Series B preferred shares | ' | ' | 24,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred shares issued | 18,970,531 | 17,305,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | 13,665,531 | 14,000,000 | ' | ' | ' | ' | ' | 2,000,000 | 3,105,000 | 5,105,000 |
Gross proceeds from issuance of preferred shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 350,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption price per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25 | ' | ' | ' | ' | ' | ' | $25 | ' |
Aggregate maximum dividend rate payable per annum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | 30.00% | ' | ' | ' | ' | ' | ' |
Increase in dividend rate payable quarterly | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.25 | ' | ' | ' | ' | ' | ' | ' | ' |
Expiration of share repurchase authorization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2014-07 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred shares, authorized | 65,000,000 | 65,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 315,000 | ' | 260,000 | ' | ' | ' | ' | ' | 40,000,000 | ' | ' | ' | 1,000,000 | 1,000,000 | ' | ' | ' | 20,000,000 |
Preferred shares, par value | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.01 | ' | ' | ' | ' | ' |
Preferred shares, voting rights | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Each share of the Series R participating preferred stock entitles the holder to 1,000 votes on all matters submitted to a vote of the shareholders of the Company. | ' | ' | ' | ' | ' |
Gross proceeds of issuance of preferred shares | $47,862,000 | $74,700,000 | $344,539,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $50,000,000 | $77,625,000 | ' |
Share_capital_Schedule_of_Pref
Share capital - Schedule of Preferred Shares Outstanding (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Nov. 08, 2013 | Dec. 31, 2012 | Dec. 13, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 19, 2011 |
In Thousands, except Share data, unless otherwise specified | Series A preferred shares [Member] | Series A preferred shares [Member] | Series B preferred shares [Member] | Series B preferred shares [Member] | Series C preferred shares [Member] | Series C preferred shares [Member] | Series C preferred shares [Member] | Series D preferred shares [Member] | Series D preferred shares [Member] | Series D preferred shares [Member] | Series D preferred shares [Member] | Series R preferred stock [Member] | Series R preferred stock [Member] | Series R preferred stock [Member] | ||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares Authorized | 65,000,000 | 65,000,000 | 315,000 | ' | 260,000 | ' | 40,000,000 | ' | ' | 20,000,000 | ' | ' | ' | 1,000,000 | ' | 1,000,000 |
Shares Issued | 18,970,531 | 17,305,000 | 200,000 | ' | ' | ' | 13,665,531 | ' | 14,000,000 | 5,105,000 | 2,000,000 | ' | 3,105,000 | ' | ' | ' |
Liquidation preference | ' | ' | $344,262 | $305,872 | ' | ' | $341,638 | $350,000 | ' | $127,625 | ' | $77,625 | ' | ' | ' | ' |
Earnings_per_share_Schedule_of
Earnings per share - Schedule of Reconciliation of Numerator and Denominator Used in Basic and Diluted EPS Computations (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' |
Net earnings (loss) | $299,028 | $121,305 | ($83,400) |
Earnings attributable to common shareholders | 219,199 | 52,689 | ' |
Convertible Series A preferred shares | 38,390 | ' | ' |
Earnings attributable to common shareholders plus assumed conversion | 257,589 | 52,689 | ' |
Loss attributable to common shareholders | ' | ' | -141,132 |
Earnings attributable to common shareholders, shares | 65,273,000 | 62,923,240 | ' |
Share-based compensation, shares | 306,000 | 238,000 | ' |
Contingent consideration , shares | 567,000 | 1,236,000 | ' |
Shares held in escrow (note 3) | 47,000 | 545,000 | ' |
Convertible Series A preferred shares, shares | 21,641,000 | ' | ' |
Earnings attributable to common shareholders plus assumed conversion, shares | 87,834,000 | 64,942,240 | ' |
Loss attributable to common shareholders, shares | ' | ' | 69,217,000 |
Earnings attributable to common shareholders, per share amount | $3.36 | $0.84 | ($2.04) |
Earnings attributable to common shareholders plus assumed conversion, per share amount | $2.93 | $0.81 | ($2.04) |
Loss attributable to common shareholders, per share amount | ' | ' | ($2.04) |
Series A preferred shares [Member] | ' | ' | ' |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' |
Preferred share dividends | -38,390 | -34,195 | -30,295 |
Series B preferred shares [Member] | ' | ' | ' |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' |
Preferred share dividends | ' | ' | 1,060 |
Series C preferred shares [Member] | ' | ' | ' |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' |
Preferred share dividends | -34,035 | -34,112 | -28,497 |
Series C preferred share repurchases | -660 | ' | ' |
Series D preferred shares [Member] | ' | ' | ' |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' |
Preferred share dividends | ($6,744) | ($309) | ' |
Sharebased_compensation_Additi
Share-based compensation - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | ||
Dec. 07, 2012 | Mar. 27, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Tranches | Tranches | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Total shares of common stock reserved for issuance under the plan | ' | ' | 2,000,000 | ' | ' |
Expiration period of plan, years | ' | ' | '10 years | ' | ' |
Remaining shares left for issuance under this plan | ' | ' | 738,514 | 884,319 | ' |
Granted, shares | ' | ' | 1,664,457 | 5,674,148 | ' |
Total unrecognized compensation costs relating to unvested share-based compensation awards and SARs | ' | ' | $6,472,000 | $12,519,000 | ' |
Expected to be recognized over a weighted average period | ' | ' | '18 months | ' | ' |
Deferred charges, ending balance | ' | ' | 53,971,000 | 43,816,000 | 45,917,000 |
Stock appreciation rights (SARs) [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Share-based compensation expenses | ' | ' | 11,316,000 | 440,000 | ' |
Conditions for exercise of tranches | 'If the fair market value of the common shares equals or exceeds the applicable base price for each tranche for any 20 consecutive trading days on or before the expiration date of each tranche. | ' | 'If the fair market value of the common shares equals or exceeds the applicable base price for each tranche for any 20 consecutive trading days on or before the expiration date of each tranche. | ' | ' |
Granted, shares | 5,674,148 | 1,664,457 | 1,664,457 | 5,674,148 | ' |
Number of tranches | 3 | ' | 3 | ' | ' |
Retention requirement description | ' | ' | 'The common shares received on the exercise of SARs are subject to a retention requirement where the Participant is required to retain ownership of 50% of the net after tax number of shares until the later of March 22, 2018 or 120 days after the exercise date. | ' | ' |
Accelerated share-based compensation expense | ' | ' | 2,550,000 | ' | ' |
Restricted shares [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Vesting period | ' | ' | '1 year | ' | ' |
Total fair value of shares vested | ' | ' | 935,000 | 563,000 | 462,000 |
Total fair value of shares cancelled | ' | ' | 71,000 | ' | ' |
Granted, shares | ' | ' | 54,990 | 63,653 | 43,200 |
Phantom share units [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Vesting period | ' | ' | '3 years | ' | ' |
Outstanding phantom share units vested and available for exchange | ' | ' | 460,000 | 340,000 | ' |
Granted, shares | ' | ' | 95,000 | 40,000 | 190,000 |
Restricted share units and phantom share units [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Share-based compensation expenses | ' | ' | 2,688,000 | 2,838,000 | 2,528,000 |
Other Stock Based Awards [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Share-based transaction fees capitalized to vessels under construction | ' | ' | 1,543,000 | 246,000 | ' |
Arrangement fees [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Deferred charges, ending balance | ' | ' | $1,797,000 | $895,000 | ' |
Sharebased_compensation_Summar
Share-based compensation - Summary of Outstanding Restricted Shares and Phantom Share Units and SARs (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | ||
Dec. 07, 2012 | Mar. 27, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Granted | ' | ' | 1,664,457 | 5,674,148 | ' |
Restricted shares [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Beginning balance, Number of shares | ' | ' | 63,653 | 43,200 | 45,904 |
Granted | ' | ' | 54,990 | 63,653 | 43,200 |
Vested | ' | ' | -65,578 | -43,200 | -45,904 |
Cancelled | ' | ' | -4,185 | ' | ' |
Ending balance, Number of shares | ' | ' | 48,880 | 63,653 | 43,200 |
Beginning balance, W.A. grant date FV | ' | ' | $14.17 | $13.04 | $10.06 |
Granted | ' | ' | $17.01 | $14.17 | $13.04 |
Vested | ' | ' | $14.25 | $13.04 | $10.06 |
Exercised | ' | ' | ' | ' | ' |
Cancelled | ' | ' | $17.01 | ' | ' |
Ending balance, W.A. grant date FV | ' | ' | $17.01 | $14.17 | $13.04 |
Phantom share units [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Beginning balance, Number of shares | ' | ' | 562,000 | 522,000 | 332,000 |
Granted | ' | ' | 95,000 | 40,000 | 190,000 |
Ending balance, Number of shares | ' | ' | 657,000 | 562,000 | 522,000 |
Beginning balance, W.A. grant date FV | ' | ' | $13.13 | $12.78 | $11.26 |
Granted | ' | ' | $19.30 | $17.68 | $15.43 |
Vested | ' | ' | ' | ' | ' |
Exercised | ' | ' | ' | ' | ' |
Cancelled | ' | ' | ' | ' | ' |
Ending balance, W.A. grant date FV | ' | ' | $14.02 | $13.13 | $12.78 |
Stock appreciation rights (SARs) [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Beginning balance, Number of shares | ' | ' | 5,674,148 | ' | ' |
Granted | 5,674,148 | 1,664,457 | 1,664,457 | 5,674,148 | ' |
Exercised | ' | ' | -241,906 | ' | ' |
Cancelled | ' | ' | -23,754 | ' | ' |
Ending balance, Number of shares | ' | ' | 7,072,945 | 5,674,148 | ' |
Beginning balance, W.A. grant date FV | ' | ' | $2.03 | ' | ' |
Granted | ' | ' | $3.51 | $2.03 | ' |
Vested | ' | ' | ' | ' | ' |
Exercised | ' | ' | $3.65 | ' | ' |
Cancelled | ' | ' | $3.51 | ' | ' |
Ending balance, W.A. grant date FV | ' | ' | $2.32 | $2.03 | ' |
Sharebased_compensation_Assump
Share-based compensation - Assumptions Used in Monte Carlo Model to Calculate Grant Date Fair Value of SARs (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Average expected term | '3 years 9 months 18 days | '1 year 6 months |
Expected volatility | 39.73% | 40.12% |
Dividend yield | 4.97% | 5.74% |
Average risk free rate | 0.50% | 0.47% |
Number of SARs | 1,664,457 | 5,674,148 |
Tranche 1 [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Base price | 21.5 | ' |
Expiration date | 7-Dec-15 | ' |
Number of SARs | 531,885 | 1,846,154 |
Tranche 2 [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Base price | 24 | ' |
Expiration date | 7-Dec-16 | ' |
Number of SARs | 556,946 | 1,898,734 |
Tranche 3 [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Base price | 26.5 | ' |
Expiration date | 7-Dec-17 | ' |
Number of SARs | 575,626 | 1,929,260 |
Other_information_Schedule_of_
Other information - Schedule of Accounts Payable and Accrued Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Payables And Accruals [Abstract] | ' | ' |
Due to related parties (note 4) | $611 | ' |
Accrued interest | 22,273 | 20,656 |
Accounts payable and other accrued liabilities | 42,750 | 29,341 |
Accounts payable and accrued liabilities, Total | $65,634 | $49,997 |
Other_information_Schedule_of_1
Other information - Schedule of Supplemental Cash Flow Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Supplemental Cash Flow Information [Line Items] | ' | ' | ' |
Interest paid on debt | $59,999 | $64,123 | $33,947 |
Interest received | 1,265 | 634 | 815 |
Undrawn credit facility fee paid | 1,656 | 900 | 1,813 |
Non-cash transactions: | ' | ' | ' |
Long-term debt for vessels under construction | 54,080 | 71,400 | ' |
Dividend reinvestment | 31,961 | 7,168 | 13,039 |
Loan repayment for vessels under construction | 6,560 | ' | ' |
Other long-term liabilities for vessels under construction | ' | 84,787 | 108,374 |
Acquisition of the Manager for shares, excluding cash received | ' | 82,607 | ' |
Proceeds on sale of vessel | ' | 52,104 | ' |
Arrangement and Transaction Fees [Member] | ' | ' | ' |
Non-cash transactions: | ' | ' | ' |
Arrangement and transaction fees | 5,082 | 957 | ' |
Series A preferred shares [Member] | ' | ' | ' |
Non-cash transactions: | ' | ' | ' |
Dividends on Series A preferred shares | $38,390 | $34,195 | $30,295 |
Commitments_and_contingent_obl2
Commitments and contingent obligations - Schedule of Future Minimum Revenues to be Received on Committed Agreements (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Leases [Abstract] | ' |
Percentage of future minimum revenues utilization | 100.00% |
2014 | $714,681 |
2015 | 755,982 |
2016 | 731,411 |
2017 | 670,645 |
2018 | 654,960 |
Thereafter | 2,533,145 |
Future minimum revenues receivable | $6,060,824 |
Commitments_and_contingent_obl3
Commitments and contingent obligations - Schedule of Outstanding Commitments for Installment Payments for Vessels (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies Disclosure [Abstract] | ' |
2014 | $476,420 |
2015 | 959,159 |
2016 | 168,747 |
Purchase obligations for additional vessels | $1,604,326 |
Commitments_and_contingent_obl4
Commitments and contingent obligations - Schedule of Commitment Under Operating Lease (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Leases [Abstract] | ' |
2014 | $6,856 |
2015 | 6,867 |
2016 | 6,885 |
2017 | 6,941 |
2018 | 6,645 |
Thereafter | 17,408 |
Operating leases, future minimum payments due | $51,602 |
Concentrations_Schedule_of_Rev
Concentrations - Schedule of Revenue Derived from Customers (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Revenue | $677,090 | $660,794 | $565,610 |
COSCON [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Revenue | 301,842 | 281,469 | 168,395 |
CSCL Asia [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Revenue | 134,434 | 151,658 | 161,218 |
K-Line [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Revenue | 76,148 | 76,359 | 62,519 |
HL USA [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Revenue | 59,115 | 58,980 | 57,406 |
MOL [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Revenue | 52,997 | 42,011 | 42,165 |
Other [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Revenue | $52,554 | $50,317 | $73,907 |
Financial_instruments_Addition
Financial instruments - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Derivative [Line Items] | ' | ' |
Fair value, long-term debt | $2,897,650,000 | $2,641,016,000 |
Fair value, other long-term liabilities | 587,733,000 | 631,041,000 |
Carrying value, long-term debt | 3,241,618,000 | 3,090,944,000 |
Carrying value, other long-term liabilities | 611,603,000 | 651,591,000 |
Fixed per annum rate swapped for LIBOR | 5.95% | ' |
Derivative, notional amount | 281,970,000 | ' |
Effective date | 30-Jan-14 | ' |
Ending date | 31-May-19 | ' |
Fair value of financial instruments asset | 60,188,000 | 41,031,000 |
Fair value of financial instruments liability | 425,375,000 | 606,740,000 |
Estimated accumulated other comprehensive income expected to be reclassified into earnings | 5,172,000 | ' |
Notional amount on foreign exchange forward contract | 12,200,000 | 7,000,000 |
Fair value liability of foreign exchange contract | 286,000 | 12,000 |
Swaption Counterparty B [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative, fixed interest rate | 1.18% | ' |
Fixed per annum rate swapped for LIBOR | 0.50% | ' |
Derivative, notional amount | 200,000,000 | ' |
Effective date | 2-Mar-17 | ' |
Ending date | 2-Mar-27 | ' |
Fair value of financial instruments asset | 60,181,000 | 41,031,000 |
Fair value of financial instruments liability | $49,534,000 | $30,547,000 |
Financial_instruments_Schedule
Financial instruments - Schedule of Outstanding Interest Rate Derivatives (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Derivative [Line Items] | ' |
Fixed per annum rate swapped for LIBOR | 5.95% |
Derivative, notional amount | $281,970 |
Effective date | 30-Jan-14 |
Ending date | 31-May-19 |
5.6400% [Member] | ' |
Derivative [Line Items] | ' |
Fixed per annum rate swapped for LIBOR | 5.64% |
Derivative, notional amount | 714,500 |
Effective date | 31-Aug-07 |
Ending date | 31-Aug-17 |
5.1750% [Member] | ' |
Derivative [Line Items] | ' |
Fixed per annum rate swapped for LIBOR | 5.18% |
Derivative, notional amount | 569,649 |
Effective date | 16-Jul-12 |
Ending date | 15-Jul-16 |
5.4200% [Member] | ' |
Derivative [Line Items] | ' |
Fixed per annum rate swapped for LIBOR | 5.42% |
Derivative, notional amount | 438,462 |
Effective date | 6-Sep-07 |
Ending date | 31-May-24 |
5.6000% [Member] | ' |
Derivative [Line Items] | ' |
Fixed per annum rate swapped for LIBOR | 5.60% |
Derivative, notional amount | 188,000 |
Effective date | 23-Jun-10 |
Ending date | 23-Dec-21 |
5.0275% [Member] | ' |
Derivative [Line Items] | ' |
Fixed per annum rate swapped for LIBOR | 5.03% |
Derivative, notional amount | 111,000 |
Effective date | 31-May-07 |
Ending date | 30-Sep-15 |
5.5950% [Member] | ' |
Derivative [Line Items] | ' |
Fixed per annum rate swapped for LIBOR | 5.60% |
Derivative, notional amount | 106,800 |
Effective date | 28-Aug-09 |
Ending date | 28-Aug-20 |
5.2600% [Member] | ' |
Derivative [Line Items] | ' |
Fixed per annum rate swapped for LIBOR | 5.26% |
Derivative, notional amount | 106,800 |
Effective date | 3-Jul-06 |
Ending date | 26-Feb-21 |
5.2000% [Member] | ' |
Derivative [Line Items] | ' |
Fixed per annum rate swapped for LIBOR | 5.20% |
Derivative, notional amount | 86,400 |
Effective date | 18-Dec-06 |
Ending date | 2-Oct-15 |
5.4975% [Member] | ' |
Derivative [Line Items] | ' |
Fixed per annum rate swapped for LIBOR | 5.50% |
Derivative, notional amount | 57,400 |
Effective date | 31-Jul-12 |
Ending date | 31-Jul-19 |
5.1700% [Member] | ' |
Derivative [Line Items] | ' |
Fixed per annum rate swapped for LIBOR | 5.17% |
Derivative, notional amount | 24,000 |
Effective date | 30-Apr-07 |
Ending date | 29-May-20 |
5.8700% [Member] | ' |
Derivative [Line Items] | ' |
Fixed per annum rate swapped for LIBOR | 5.87% |
Derivative, notional amount | ' |
Effective date | 31-Aug-17 |
Ending date | 28-Nov-25 |
Maximum [Member] | 5.6400% [Member] | ' |
Derivative [Line Items] | ' |
Derivative, notional amount | 714,500 |
Maximum [Member] | 5.1750% [Member] | ' |
Derivative [Line Items] | ' |
Derivative, notional amount | 569,649 |
Maximum [Member] | 5.4200% [Member] | ' |
Derivative [Line Items] | ' |
Derivative, notional amount | 438,462 |
Maximum [Member] | 5.6000% [Member] | ' |
Derivative [Line Items] | ' |
Derivative, notional amount | 188,000 |
Maximum [Member] | 5.0275% [Member] | ' |
Derivative [Line Items] | ' |
Derivative, notional amount | 111,000 |
Maximum [Member] | 5.5950% [Member] | ' |
Derivative [Line Items] | ' |
Derivative, notional amount | 106,800 |
Maximum [Member] | 5.2600% [Member] | ' |
Derivative [Line Items] | ' |
Derivative, notional amount | 106,800 |
Maximum [Member] | 5.2000% [Member] | ' |
Derivative [Line Items] | ' |
Derivative, notional amount | 86,400 |
Maximum [Member] | 5.4975% [Member] | ' |
Derivative [Line Items] | ' |
Derivative, notional amount | 57,400 |
Maximum [Member] | 5.1700% [Member] | ' |
Derivative [Line Items] | ' |
Derivative, notional amount | 24,000 |
Maximum [Member] | 5.8700% [Member] | ' |
Derivative [Line Items] | ' |
Derivative, notional amount | $620,390 |
Financial_instruments_Schedule1
Financial instruments - Schedule of Outstanding Interest Rate Derivatives (Parenthetical) (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Derivative [Line Items] | ' |
Fixed per annum rate swapped for LIBOR | 5.95% |
Derivative, notional amount | $281,970 |
Effective date | 30-Jan-14 |
Ending date | 31-May-19 |
5.1750% [Member] | ' |
Derivative [Line Items] | ' |
Fixed per annum rate swapped for LIBOR | 5.18% |
Derivative, notional amount | 569,649 |
Effective date | 16-Jul-12 |
Ending date | 15-Jul-16 |
Derivative termination date | 30-Jan-14 |
Swaption Counterparty A [Member] | ' |
Derivative [Line Items] | ' |
Fixed per annum rate swapped for LIBOR | 5.26% |
Derivative, notional amount | $106,800 |
Effective date | 28-Feb-14 |
Ending date | 26-Feb-21 |
Financial_instruments_Schedule2
Financial instruments - Schedule of Interest Rate Derivatives (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair value of asset and liability derivatives: | ' | ' |
Fair value of financial instruments asset | $60,188 | $41,031 |
Fair value of financial instruments liability | $425,375 | $606,740 |
Financial_instruments_Schedule3
Financial instruments - Schedule of Losses Reclassified from Accumulated Other Comprehensive Loss into Earnings (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Gain/(Loss) on derivatives recognized in net earnings: | ' | ' | ' |
Change in fair value of financial instruments | $60,504 | ($135,998) | ($281,027) |
Interest expense [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' |
Loss recognized from AOCL to net earnings | ' | ' | ' |
Depreciation and amortization/Interest expense | -5,330 | -8,310 | -11,670 |
Depreciation and amortization [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' |
Loss recognized from AOCL to net earnings | ' | ' | ' |
Depreciation and amortization/Interest expense | ($882) | ($836) | ($505) |
Subsequent_events_Additional_I
Subsequent events - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Feb. 26, 2014 | Feb. 06, 2014 | Jan. 30, 2014 | Jan. 30, 2014 | Feb. 13, 2014 | Feb. 13, 2014 | Jan. 28, 2014 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Jan. 10, 2014 | Nov. 08, 2013 | Dec. 13, 2012 | Dec. 31, 2013 | Jan. 10, 2014 | Dec. 31, 2013 | Jan. 10, 2014 | |
Class A common shares [Member] | Subsequent events [Member] | Subsequent events [Member] | Subsequent events [Member] | Subsequent events [Member] | Subsequent events [Member] | Subsequent events [Member] | Subsequent events [Member] | Series C preferred shares [Member] | Series C preferred shares [Member] | Series C preferred shares [Member] | Series C preferred shares [Member] | Series D preferred shares [Member] | Series D preferred shares [Member] | Series D preferred shares [Member] | Series D preferred shares [Member] | Series C and D preferred share [Member] | Series C and D preferred share [Member] | ||||
Series A preferred shares [Member] | Class A common shares [Member] | Series E Preferred Shares [Member] | Underwriters Option to Purchase Additional Shares [Member] | Maximum [Member] | Subsequent events [Member] | Subsequent events [Member] | Subsequent events [Member] | ||||||||||||||
Series E Preferred Shares [Member] | |||||||||||||||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends on preferred shares, per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.59 | ' | ' | ' | $0.50 | ' | ' |
Dividends on preferred shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $33,250,000 | $22,206,000 | ' | ' | ' | ' | ' | ' | $38,493,000 | $10,650,000 |
Dividends declared date | 6-Feb-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10-Jan-14 | ' | ' | ' | 10-Jan-14 | ' | ' |
Dividends date paid | 26-Feb-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30-Jan-14 | ' | ' | ' | 30-Jan-14 | ' | ' |
Dividends date of record | 18-Feb-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29-Jan-14 | ' | ' | ' | 29-Jan-14 | ' | ' |
Preferred stock, authorized | 65,000,000 | 65,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 150,000,000 | ' | ' | 40,000,000 | ' | ' | ' | 20,000,000 | ' | ' | ' |
Capital stock, authorized | 290,000,100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 375,000,100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, outstanding | 18,970,531 | 17,305,000 | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | 13,665,531 | ' | ' | ' | 5,105,000 | ' | ' | ' |
Preferred stock converted in to common stock | ' | ' | ' | ' | ' | ' | ' | 23,177,175 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends on common share, per share | ' | ' | ' | ' | ' | $0.31 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends, common stock | 76,340,000 | 58,940,000 | 47,414,000 | ' | 28,993,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends distribution was paid in cash | 44,379,000 | 51,772,000 | 34,375,000 | ' | 14,319,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend reinvestment | 31,961,000 | 7,168,000 | 13,039,000 | ' | 14,674,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cumulative Redeemable Perpetual Preferred Shares issued | ' | ' | ' | 3,500,000 | ' | ' | ' | ' | 5,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Series E Cumulative Redeemable Perpetual Preferred Shares per share value | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' | $25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from issuance of preferred shares | 47,862,000 | 74,700,000 | 344,539,000 | ' | ' | ' | ' | ' | 131,000,000 | ' | ' | ' | ' | ' | ' | 50,000,000 | 77,625,000 | ' | ' | ' | ' |
Proceeds raised through exercise of underwriters option | ' | ' | ' | ' | ' | ' | ' | ' | ' | $9,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |