Document_and_Entity_Informatio
Document and Entity Information | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Document Information [Line Items] | ||
Document Type | 20-F | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Dec-14 | |
Document Fiscal Year Focus | 2014 | |
Document Fiscal Period Focus | FY | |
Trading Symbol | SSW | |
Entity Registrant Name | Seaspan CORP | |
Entity Central Index Key | 1332639 | |
Current Fiscal Year End Date | -19 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Preferred Stock, Shares Outstanding | 24,170,531 | 18,970,531 |
Class A Common Shares [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 96,662,928 | |
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 | 5,400,000 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $201,755 | $476,380 |
Short-term investments | 1,212 | 11,675 |
Accounts receivable (note 4) | 23,742 | 14,149 |
Loans to affiliate (note 4) | 237,908 | 54,068 |
Prepaid expenses | 31,139 | 22,671 |
Gross investment in lease (note 5) | 21,170 | 21,170 |
Total current assets | 516,926 | 600,113 |
Vessels (note 6) | 5,095,723 | 4,992,271 |
Deferred charges (note 7) | 64,655 | 53,971 |
Gross investment in lease (note 5) | 37,783 | 58,953 |
Goodwill | 75,321 | 75,321 |
Other assets (note 8) | 67,308 | 106,944 |
Fair value of financial instruments (note 18(d)) | 37,677 | 60,188 |
Total assets | 5,895,393 | 5,947,761 |
Current liabilities: | ||
Accounts payable and accrued liabilities (note 15(a)) | 65,208 | 65,634 |
Current portion of deferred revenue (note 9) | 27,671 | 27,683 |
Current portion of long-term debt (note 10) | 298,010 | 388,159 |
Current portion of other long-term liabilities (note 11) | 18,543 | 38,930 |
Fair value of financial instruments (note 18(d)) | 7,505 | |
Total current liabilities | 416,937 | 520,406 |
Deferred revenue (note 9) | 7,343 | 4,143 |
Long-term debt (note 10) | 3,084,409 | 2,853,459 |
Other long-term liabilities (note 11) | 253,542 | 572,673 |
Fair value of financial instruments (note 18(d)) | 387,938 | 425,375 |
Share capital (note 12): | ||
Common and Preferred Shares | 1,209 | 882 |
Treasury shares | -379 | -379 |
Additional paid in capital | 2,238,872 | 2,023,622 |
Deficit | -459,161 | -411,792 |
Accumulated other comprehensive loss | -35,317 | -40,628 |
Total Shareholders' equity | 1,745,224 | 1,571,705 |
Total liabilities and shareholders' equity | 5,895,393 | 5,947,761 |
Commitments and contingent obligations (note 16) | ||
Subsequent events (note 19) | $0 | $0 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Preferred shares, par value | $0.01 | $0.01 |
Preferred shares, authorized | 150,000,000 | 65,000,000 |
Preferred shares, issued | 24,170,531 | 18,970,531 |
Preferred shares, outstanding | 24,170,531 | 18,970,531 |
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 | 96,662,928 | 69,208,888 |
Common shares, outstanding | 96,662,928 | 69,208,888 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||
Revenue | $717,170 | $677,090 | $660,794 |
Operating expenses: | |||
Ship operating (note 4) | 166,097 | 150,105 | 138,655 |
Depreciation and amortization | 181,527 | 172,459 | 165,541 |
General and administrative | 30,462 | 34,783 | 24,617 |
Operating leases (note 11(c)) | 9,544 | 4,388 | 3,145 |
Gain on vessel (notes 6) | -9,773 | ||
Total operating expenses | 387,630 | 361,735 | 322,185 |
Operating earnings | 329,540 | 315,355 | 338,609 |
Other expenses (income): | |||
Interest expense | 88,159 | 60,496 | 71,996 |
Interest income | -10,653 | -2,045 | -1,190 |
Undrawn credit facility fees | 3,109 | 2,725 | 1,516 |
Amortization of deferred charges (note 7) | 10,342 | 9,477 | 8,574 |
Refinancing expenses and recoveries (note 7) | 70 | 4,038 | |
Change in fair value of financial instruments (note 18(b)) | 105,694 | -60,504 | 135,998 |
Equity (income) loss on investment (note 8(a)) | -256 | 670 | 259 |
Other expenses | 1,828 | 1,470 | 151 |
Total Other expenses (income) | 198,293 | 16,327 | 217,304 |
Net earnings | $131,247 | $299,028 | $121,305 |
Earnings per share (note 13): | |||
Class A common share, basic | $0.80 | $3.36 | $0.84 |
Class A common share, diluted | $0.79 | $2.93 | $0.81 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net earnings | $131,247 | $299,028 | $121,305 |
Other comprehensive income: | |||
Amounts reclassified to net earnings during the period relating to cash flow hedging instruments (note 18 (b)) | 5,311 | 6,212 | 9,146 |
Comprehensive income | $136,558 | $305,240 | $130,451 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Total | Series D Preferred Shares [Member] | Class A Common Shares [Member] | Series C Preferred Shares [Member] | Series E Preferred Shares [Member] | Series C, Series D, and Series E Preferred Share [Member] | Series C and D Preferred Share [Member] | Class A Common Shares [Member] | Class C common Shares [Member] | Series A Preferred Shares [Member] | Series C Preferred Shares [Member] | Series D Preferred Shares [Member] | Series E Preferred Shares [Member] | Common Shares [Member] | Common Shares [Member] | Preferred Shares [Member] | Preferred Shares [Member] | Preferred Shares [Member] | Treasury Shares [Member] | Treasury Shares [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Deficit [Member] | Deficit [Member] | Deficit [Member] | Deficit [Member] | Deficit [Member] | Accumulated Other Comprehensive Loss [Member] |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Class A Common Shares [Member] | USD ($) | Series D Preferred Shares [Member] | Series E Preferred Shares [Member] | USD ($) | Class A Common Shares [Member] | USD ($) | Series D Preferred Shares [Member] | Class A Common Shares [Member] | Series C Preferred Shares [Member] | Series E Preferred Shares [Member] | USD ($) | Class A Common Shares [Member] | Series C Preferred Shares [Member] | Series C, Series D, and Series E Preferred Share [Member] | Series C and D Preferred Share [Member] | USD ($) | |||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||||||||||||
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 | 121,305,000 | 121,305,000 | |||||||||||||||||||||||||||||
Other comprehensive income | 9,146,000 | 9,146,000 | |||||||||||||||||||||||||||||
Shares issued and retired on acquisition (note 3) | 83,275,000 | 42,000 | 83,233,000 | ||||||||||||||||||||||||||||
Shares issued and retired on acquisition (note 3), shares | 4,220,728 | -100 | |||||||||||||||||||||||||||||
Shares issued, value | 77,625,000 | 31,000 | 77,594,000 | ||||||||||||||||||||||||||||
Dividends on preferred shares | -33,250,000 | -33,250,000 | |||||||||||||||||||||||||||||
Shares issued, shares | 3,105,000 | ||||||||||||||||||||||||||||||
Dividends on class A common shares | -58,940,000 | -58,940,000 | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
Shares repurchased, including related expenses, shares | -148,101 | -11,448,101 | |||||||||||||||||||||||||||||
Shares issued through dividend reinvestment program (note 12(a)) | 7,168,000 | 5,000 | 7,163,000 | ||||||||||||||||||||||||||||
Shares issued through dividend reinvestment program (note 12(a)), shares | 474,249 | ||||||||||||||||||||||||||||||
Other share-based compensation | 839,000 | 839,000 | |||||||||||||||||||||||||||||
Share-based compensation expense (note 14): | |||||||||||||||||||||||||||||||
Restricted class A common shares, phantom share units, stock appreciation rights issued and restricted stock units | 4,028,000 | 3,000 | 4,025,000 | ||||||||||||||||||||||||||||
Restricted class A common shares, phantom share units, stock appreciation rights issued and restricted stock units, shares | 194,714 | ||||||||||||||||||||||||||||||
Treasury shares, value | -313,000 | -1,000 | -312,000 | ||||||||||||||||||||||||||||
Treasury shares | -19,433 | ||||||||||||||||||||||||||||||
Shares repurchased, including related expenses | -172,812,000 | -2,203,000 | -114,000 | -172,698,000 | |||||||||||||||||||||||||||
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 | 299,028,000 | 299,028,000 | |||||||||||||||||||||||||||||
Other comprehensive income | 6,212,000 | 6,212,000 | |||||||||||||||||||||||||||||
Shares issued, value | 50,000,000 | 77,000,000 | 35,000 | 20,000 | 49,980,000 | 76,965,000 | |||||||||||||||||||||||||
Dividends on preferred shares | -38,493,000 | -38,493,000 | |||||||||||||||||||||||||||||
Shares issued, shares | 3,500,000 | 2,000,000 | |||||||||||||||||||||||||||||
Dividends on class A common shares | -76,340,000 | -76,340,000 | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
Shares repurchased, including related expenses, shares | -334,469 | ||||||||||||||||||||||||||||||
Shares issued through dividend reinvestment program (note 12(a)) | 31,961,000 | 16,000 | 31,945,000 | ||||||||||||||||||||||||||||
Shares issued through dividend reinvestment program (note 12(a)), shares | 1,561,838 | ||||||||||||||||||||||||||||||
Other share-based compensation | 4,742,000 | 2,000 | 4,740,000 | ||||||||||||||||||||||||||||
Share-based compensation expense (note 14): | |||||||||||||||||||||||||||||||
Restricted class A common shares, phantom share units, stock appreciation rights issued and restricted stock units | 14,004,000 | 14,004,000 | |||||||||||||||||||||||||||||
Restricted class A common shares, phantom share units, stock appreciation rights issued and restricted stock units, shares | 79,088 | ||||||||||||||||||||||||||||||
Other share-based compensation, shares | 206,200 | ||||||||||||||||||||||||||||||
Fleet growth payments | 8,000 | -8,000 | |||||||||||||||||||||||||||||
Fleet growth payments (note 3),shares | 820,697 | ||||||||||||||||||||||||||||||
Treasury shares, value | -67,000 | -67,000 | |||||||||||||||||||||||||||||
Treasury shares | -1,152 | ||||||||||||||||||||||||||||||
Shares repurchased, including related expenses | -8,950,000 | -3,000 | -8,287,000 | -660,000 | |||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
Net earnings | 131,247,000 | 131,247,000 | |||||||||||||||||||||||||||||
Other comprehensive income | 5,311,000 | 5,311,000 | |||||||||||||||||||||||||||||
Conversion of Series A preferred shares (note 12(b)) | 232,000 | -2,000 | -230,000 | ||||||||||||||||||||||||||||
Conversion of Series A preferred shares (note 12(b)),shares | 23,177,175 | -200,000 | |||||||||||||||||||||||||||||
Shares issued, value | 4,733,000 | 135,000,000 | 2,000 | 54,000 | 4,731,000 | 134,946,000 | |||||||||||||||||||||||||
Dividends on preferred shares | -50,443,000 | -50,443,000 | |||||||||||||||||||||||||||||
Shares issued, shares | 206,600 | 206,600 | 5,400,000 | ||||||||||||||||||||||||||||
Dividends on class A common shares | -127,007,000 | -127,007,000 | |||||||||||||||||||||||||||||
Amortization of Series C issuance costs | 1,166,000 | -1,166,000 | |||||||||||||||||||||||||||||
Fees and expenses in connection with issuance of common and preferred shares | -5,073,000 | -5,073,000 | |||||||||||||||||||||||||||||
Shares issued through dividend reinvestment program (note 12(a)) | 64,697,000 | 31,000 | 64,666,000 | ||||||||||||||||||||||||||||
Shares issued through dividend reinvestment program (note 12(a)), shares | 3,043,731 | ||||||||||||||||||||||||||||||
Other share-based compensation | 7,353,000 | 3,000 | 7,350,000 | ||||||||||||||||||||||||||||
Share-based compensation expense (note 14): | |||||||||||||||||||||||||||||||
Restricted class A common shares, phantom share units, stock appreciation rights issued and restricted stock units | 7,701,000 | 2,000 | 7,699,000 | ||||||||||||||||||||||||||||
Restricted class A common shares, phantom share units, stock appreciation rights issued and restricted stock units, shares | 214,464 | ||||||||||||||||||||||||||||||
Other share-based compensation, shares | 344,438 | ||||||||||||||||||||||||||||||
Fleet growth payments | 5,000 | -5,000 | |||||||||||||||||||||||||||||
Fleet growth payments (note 3),shares | 468,968 | ||||||||||||||||||||||||||||||
Treasury shares | -1,336 | ||||||||||||||||||||||||||||||
Balance at Dec. 31, 2014 | $1,745,224,000 | $967,000 | $242,000 | ($379,000) | $2,238,872,000 | ($459,161,000) | ($35,317,000) | ||||||||||||||||||||||||
Balance, shares at Dec. 31, 2014 | 96,662,928 | 13,665,531 | 5,105,000 | 5,400,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating activities: | |||
Net earnings | $131,247 | $299,028 | $121,305 |
Items not involving cash: | |||
Depreciation and amortization | 181,527 | 172,459 | 165,541 |
Share-based compensation (note 14) | 8,301 | 14,604 | 4,779 |
Amortization of deferred charges (note 7) | 10,342 | 9,477 | 8,574 |
Amounts reclassified from other comprehensive loss to interest expense | 4,259 | 5,330 | 8,310 |
Unrealized change in fair value of financial instruments | -13,064 | -187,522 | 11,215 |
Gain on vessel | -9,773 | ||
Equity (income) loss on investment (note 8(a)) | -256 | 670 | 259 |
Refinancing expenses and recoveries (note 7) | -398 | 2,017 | |
Operating leases (note 11(c)) | -1,428 | ||
Other | 10,614 | 720 | |
Changes in assets and liabilities: | |||
Accounts receivable | -9,593 | -4,577 | 5,773 |
Lease receivable | 21,170 | 15,675 | 14,640 |
Prepaid expenses | 856 | -1,769 | 6,226 |
Other assets and deferred charges | -9,380 | -2,716 | -5,846 |
Accounts payable and accrued liabilities | 9,046 | 6,071 | -18,247 |
Deferred revenue | 3,188 | -1,188 | -2,746 |
Other long-term liabilities | -3,472 | -610 | 1,173 |
Cash from operating activities | 342,959 | 327,669 | 311,183 |
Financing activities: | |||
Senior unsecured notes issued (note 10(c)) | 345,000 | ||
Preferred shares issued, net of issuance costs (note 12(b)) | 130,415 | 47,862 | 74,700 |
Common shares issued, net of issuance costs (note 12(a)) | 4,245 | 73,179 | |
Draws on credit facilities | 507,040 | 164,000 | 113,672 |
Repayment of credit facilities | -872,659 | -67,406 | -44,569 |
Repayment of other long-term liabilities (note 11) | -393,382 | -39,988 | -53,516 |
Shares repurchased, including related expenses (note 12(b)) | -8,950 | -172,812 | |
Financing fees (note 7) | -17,405 | -23,334 | -3,817 |
Dividends on common shares | -62,310 | -44,379 | -51,772 |
Dividends on preferred shares | -50,443 | -38,493 | -33,250 |
Proceeds from sale-leaseback of vessels (note 11(c)) | 330,000 | ||
Swaption premium payment | -10,000 | ||
Cash from (used in) financing activities | -79,499 | 62,491 | -181,364 |
Investing activities: | |||
Expenditures for vessels | -371,135 | -255,593 | -209,599 |
Short-term investments | 10,463 | 24,425 | -35,737 |
Cash acquired on acquisition of Seaspan Management Services Ltd. | 23,911 | ||
Restricted cash | 60,000 | -1,755 | -7,100 |
Loans to affiliate (note 4) | -210,713 | -93,700 | |
Repayment from loans to affiliate (note 4) | 850 | 39,633 | |
Other assets | -27,550 | -3,724 | -1,039 |
Investment in affiliate (note 8(a)) | -4,444 | ||
Cash used in investing activities | -538,085 | -295,158 | -229,564 |
Increase (decrease) in cash and cash equivalents | -274,625 | 95,002 | -99,745 |
Cash and cash equivalents, beginning of year | 476,380 | 381,378 | 481,123 |
Cash and cash equivalents, end of year | 201,755 | 476,380 | 381,378 |
Supplemental cash flow information (note 14(b)) | $0 | $0 | $0 |
General
General | 12 Months Ended | |
Dec. 31, 2014 | ||
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, 2014 | ||||
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. | ||||
(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 in 2005 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 is 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: | |||
The Company derives its revenues primarily from the charter of its vessels. Each charter agreement is evaluated and classified as an operating or capital lease. For time charters classified as operating leases, revenue for the lease and service components is recognized each day the vessel is on-hire and when collection is reasonably assured. | ||||
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. 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. | ||||
Revenue from vessel management is recognized each day the vessel is managed and when collection is reasonably assured. | ||||
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 recorded as deferred revenue. | ||||
(j) | Leases: | |||
Leases, where the Company is the lessee, are classified as either capital leases or operating leases based on an assessment of the terms of the lease. | ||||
For sale-leaseback transactions, the Company, as seller-lessee, would recognize a gain or loss over the term of the lease as an adjustment to the lease expense, unless the loss is required to be recognized immediately by accounting standards. The term of the lease includes the fixed non-cancelable term of the lease plus all renewal periods such that renewal appears reasonably assured. | ||||
(k) | 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. | ||||
(l) | 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. | |||
(m) | Share-based compensation: | |||
The Company has granted restricted shares, phantom share units, stock appreciation rights (“SARs”) and restricted stock units 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, phantom share units and restricted stock 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. | ||||
(n) | Earnings 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 was used to compute the dilutive effect of the Company’s Series A preferred shares until January 30, 2014, the date the Company’s outstanding 200,000 Series A preferred shares automatically converted into Class A common shares. Under the if-converted method, dividends applicable to the Series A preferred shares were added back to earnings attributable to common shareholders, and the Series A preferred shares and paid-in kind dividends were assumed to have been converted at the share price applicable at the end of the period. The if-converted method was applied to the computation of diluted EPS only if the effect was dilutive. | ||||
The dividends applicable to the Series C, D and E preferred shares reduce the earnings available to common shareholders, even if not declared, since the dividends are cumulative. | ||||
(o) | 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. | ||||
(p) | Comparative information: | |||
Certain information has been reclassified to conform with the financial statement presentation adopted for the current year. | ||||
(q) | Recent accounting pronouncements: | |||
In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update, or ASU 2014-09, Revenue from Contracts with Customers, that introduced a new five-step revenue recognition model to be used to determine how an entity should recognize revenue related to the transfer of goods or services to customers in an amount that reflects the consideration the entity is entitled to receive for those goods or services. | ||||
This ASU also requires disclosures sufficient to enable users to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. This standard is effective for fiscal years beginning after December 15, 2016, including interim periods within that reporting period. We are currently evaluating the new guidance to determine the impact it will have on our consolidated financial statements. |
Acquisition_of_Seaspan_Managem
Acquisition of Seaspan Management Services Limited | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
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, 2014, total shares issued related to this contingent consideration arrangement were 195,404 (2013—820,697). | |||||
For the year ended December 31, 2014, no acquisition-related costs (2013—nil; 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, 2014 | |||||||||||||
Related Party Transactions [Abstract] | |||||||||||||
Related party transactions | 4 | Related party transactions: | |||||||||||
(a) | At December 31, 2014, the Company had $237,908,000 (2013—$54,068,000) due from GCI recorded as loans to affiliate. This amount includes the following: | ||||||||||||
• | The Company had $219,841,000 (2013—$53,309,000) due from GCI for payments made in connection with vessels that GCI will acquire pursuant to a right of first refusal. These loans, which are due on demand, bear interest at rates ranging from 5% to 7% per annum. | ||||||||||||
• | In August 2014, GCI issued a promissory note to the Company for $25,000,000 which bears interest at 7% per annum. In September 2014, the Company entered into an agreement with GCI to reallocate two of the Company’s vessels for two of the vessels that GCI had previously selected under the right of first refusal, resulting in a payable to GCI of which $9,780,000 which was applied against the promissory note. In December 2014, the Company made a capital contribution of $6,667,000 which was applied against the promissory note (notes 8(a) and 15(b)). | ||||||||||||
• | The interest receivable on these amounts is $9,514,000 (2013—$759,000). | ||||||||||||
The Company also had $8,195,000 (2013—$2,084,000) due from GCI included in accounts receivable and $6,788,000 (2013—$611,000) due to GCI included in accounts payable and accrued liabilities. | |||||||||||||
The Company also had $1,454,000 (2013—$1,614,000) due from other related parties included in accounts receivable. | |||||||||||||
(b) | The Company incurred the following income or expenses with related parties: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Fees paid: | |||||||||||||
Arrangement fees | $ | 4,520 | $ | 6,631 | $ | 1,790 | |||||||
Transaction fees | 7,323 | 3,532 | 123 | ||||||||||
Reimbursed expenses | 237 | 72 | — | ||||||||||
Income received: | |||||||||||||
Interest income | 9,888 | 1,150 | — | ||||||||||
Management fees | 913 | 69 | — | ||||||||||
The income or expenses with related parties relate to amounts paid to or received from individuals or entities that are associated with the Company’s directors or officers and these transactions are governed by pre-arranged contracts. | |||||||||||||
Arrangement fees are paid to related parties in connection with services associated with debt or lease financing and are generally recorded as deferred financing fees and amortized over the term of the related debt or lease. | |||||||||||||
Transaction fees are paid to related parties in connection with services they provided related to newbuild contracts, purchase or sale contracts and are capitalized to vessels. | |||||||||||||
Arrangement fees and transaction fees are paid either in cash or, at the Company’s discretion, a combination of cash and up to 50% in the Company’s common shares (note 14(iv)). | |||||||||||||
Interest income is earned on loans to affiliate. | |||||||||||||
Management fees are earned from GCI for the management of GCI’s vessels and are included in revenue. | |||||||||||||
(c) | Prior to the acquisition of the Manager on January 27, 2012, the Company had management agreements with the Manager for the provision of certain services and incurred costs of $9,700,000 (technical services, including $421,000 relating to dry-dock activities) and $410,000 (other services) for the 26 days prior to acquisition in 2012. |
Gross_investment_in_lease
Gross investment in lease | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Leases [Abstract] | |||||||||
Gross investment in lease | 5 | Gross investment in lease: | |||||||
2014 | 2013 | ||||||||
Gross investment in lease | $ | 58,953 | $ | 80,123 | |||||
Current portion | (21,170 | ) | (21,170 | ) | |||||
$ | 37,783 | $ | 58,953 | ||||||
In 2011, the Company entered into five-year bareboat charters for four of its vessels whereby the lessee will purchase the vessels for $5,000,000 each at the end of each lease term. Each lease is considered a sales type lease and was accounted for as a disposition of the vessel upon its delivery in 2011. The gross investment is offset by deferred interest on lease receivable. |
Vessels
Vessels | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||
Vessels | 6 | Vessels: | |||||||||||
December 31, 2014 | Cost | Accumulated | Net book | ||||||||||
depreciation | value | ||||||||||||
Vessels | $ | 5,708,685 | $ | 894,964 | $ | 4,813,721 | |||||||
Vessels under construction | 282,002 | — | 282,002 | ||||||||||
Vessels | $ | 5,990,687 | $ | 894,964 | $ | 5,095,723 | |||||||
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 | |||||||
During the year ended December 31, 2014, the Company capitalized interest costs of $8,184,000 (2013—$2,873,000; 2012—$2,983,000) 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, 2014 | |||||||||||||
Text Block [Abstract] | |||||||||||||
Deferred charges | 7 | Deferred charges: | |||||||||||
Dry-docking | Financing | Total | |||||||||||
fees | |||||||||||||
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 | |||||||
Cost incurred | 11,318 | 19,445 | 30,763 | ||||||||||
Amortization expensed(a) | (5,059 | ) | (10,342 | ) | (15,401 | ) | |||||||
Refinancing expenses and recoveries(b) | — | (3,279 | ) | (3,279 | ) | ||||||||
Amortization capitalized | — | (1,399 | ) | (1,399 | ) | ||||||||
December 31, 2014 | $ | 18,506 | $ | 46,149 | $ | 64,655 | |||||||
(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 2014, the Company negotiated an early termination of its lease financing structure related to five 4500 TEU vessels. In connection with the early termination, the Company wrote off deferred financing fees of approximately $945,000. | ||||||||||||
On April 3, 2014, the Company issued senior unsecured notes for gross proceeds of $345,000,000. A portion of these proceeds was used to repay its $125,000,000 credit facility. As a result, the Company incurred refinancing expenses and costs of approximately $2,334,000. | |||||||||||||
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, 2014 | |||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||
Other assets | 8 | Other assets: | |||||||
2014 | 2013 | ||||||||
Equity investment in affiliate(a) | $ | 19,555 | $ | 4,299 | |||||
Restricted cash(b) | 13,855 | 73,855 | |||||||
Intangible assets | 2,525 | 2,695 | |||||||
Capital assets | 1,579 | 471 | |||||||
Other | 29,794 | 25,624 | |||||||
Other assets | $ | 67,308 | $ | 106,944 | |||||
(a) | 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 10.8% investment in GCI using the equity method. The investment of $19,555,000 is comprised of the Company’s capital contribution of $21,408,000 (2013—$6,408,000) less its cumulative equity loss on investment of $1,853,000 (2013—$2,109,000). | ||||||||
(b) | Included in this amount is nil (2013—$60,000,000) which was placed in a deposit account over which the former lessor had a first priority interest (note 11(a)(i)). |
Deferred_revenue
Deferred revenue | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Revenue Recognition [Abstract] | |||||||||
Deferred revenue | 9 | Deferred revenue: | |||||||
2014 | 2013 | ||||||||
Deferred revenue on time charters | $ | 21,889 | $ | 21,099 | |||||
Deferred interest on lease receivable | 4,143 | 7,903 | |||||||
Other deferred revenue | 8,982 | 2,824 | |||||||
Deferred revenue | 35,014 | 31,826 | |||||||
Current portion | (27,671 | ) | (27,683 | ) | |||||
Deferred revenue | $ | 7,343 | $ | 4,143 | |||||
Longterm_debt
Long-term debt | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Long-term debt | 10 | Long-term debt: | |||||||
2014 | 2013 | ||||||||
Long-term debt: | |||||||||
Revolving credit facilities(a) | $ | 1,301,920 | $ | 2,268,841 | |||||
Term loan credit facilities(b) | 1,735,499 | 972,777 | |||||||
Senior unsecured notes(c) | 345,000 | — | |||||||
Long-term debt | 3,382,419 | 3,241,618 | |||||||
Current portion | (298,010 | ) | (388,159 | ) | |||||
Long-term debt | $ | 3,084,409 | $ | 2,853,459 | |||||
(a) | Revolving credit facilities: | ||||||||
As of December 31, 2014, the Company had four long-term revolving credit facilities (“Revolvers”) available and a line of credit, which provided for aggregate borrowings of up to $1,307,046,000 (2013—$2,388,284,000), of which $5,126,000 (2013—$119,443,000) 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. | |||||||||
At 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 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. | |||||||||
On March 27, 2014, the Company cancelled its $150,000,000 revolving credit facility. No amounts were drawn under this facility as of that date. | |||||||||
On May 1, 2014, the Company entered into a 364-day unsecured revolving credit facility with various banks for up to $100,000,000. The facility bears interest at LIBOR plus a margin. At December 31, 2014, $100,000,000 has been drawn under this facility. | |||||||||
The Revolvers mature between April 30, 2015 and December 31, 2023. | |||||||||
Based on the Revolvers outstanding at December 31, 2014, the minimum repayments for the balances outstanding are as follows: | |||||||||
2015 | $ | 167,593 | |||||||
2016 | 70,417 | ||||||||
2017 | 111,201 | ||||||||
2018 | 73,355 | ||||||||
2019 | 205,188 | ||||||||
Thereafter | 674,166 | ||||||||
$ | 1,301,920 | ||||||||
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, 2014, the one month and three month LIBOR was 0.2% (2013—0.2%) and the margins ranged between 0.5% and 1.3% (2013—0.5% and 0.9%). The weighted average rate of interest, including the margin, was 0.8% at December 31, 2014 (2013—0.8%). | |||||||||
The Company is subject to commitment fees ranging between 0.2% and 0.4% 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. | |||||||||
(b) | Term loan credit facilities: | ||||||||
As of December 31, 2014, the Company had 13 Term Loans available, which provided for aggregate borrowings of up to $2,075,499,000 (2013—$1,739,497,000), of which $340,000,000 (2013—$766,720,000) was undrawn. One of the Term Loans has a revolving loan component and this component has been included in the Revolvers. | |||||||||
On June 30, 2014, the Company entered into a term loan facility with a European bank for up to $83,000,000 to finance the construction of one newbuilding containership. The loan bears interest at LIBOR plus a margin. At December 31, 2014, no amount has been drawn under this facility. | |||||||||
On December 24, 2014, the Company entered into a term loan facility with a U.S. bank and an Australian bank for up to $67,040,000 to re-finance the purchase of two 4500 TEU containerships. The loan bears interest at LIBOR plus a margin. At December 31, 2014, $67,040,000 has been drawn under this facility. | |||||||||
The Term Loans mature between July 9, 2017 and April 23, 2025. | |||||||||
Based on the Term Loans outstanding at December 31, 2014, the minimum repayments for the balances outstanding are as follows: | |||||||||
2015 | $ | 130,417 | |||||||
2016 | 140,207 | ||||||||
2017 | 164,757 | ||||||||
2018 | 142,905 | ||||||||
2019 | 355,249 | ||||||||
Thereafter | 801,964 | ||||||||
$ | 1,735,499 | ||||||||
For certain of our Term Loans with a total principal outstanding of $1,614,394,000 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, 2014, the one month, three month and six month LIBOR was 0.2%, 0.2% and 0.3%, respectively (2013—0.2%, 0.2% and 0.4%, respectively) and the margins ranged between 0.4% and 4.8% (2013—0.4% and 4.8%). | |||||||||
For certain of our Term Loans with a total principal outstanding of $116,605,000, 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 $4,500,000, the loans bear interest of 6% per annum. | |||||||||
The weighted average rate of interest, including the margin, was 2.8% at December 31, 2014 (2013— 2.7%). | |||||||||
The Company is subject to commitment fees ranging between 0.2% and 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 $4,500,000 payment is due on the third anniversary of the delivery date of the underlying vessel. | |||||||||
(c) | Senior unsecured notes: | ||||||||
On April 3, 2014, the Company issued 13,800,000 senior unsecured notes (“the Notes”) at a price of $25.00 per note for gross proceeds of $345,000,000. A portion of the Notes were used to repay a $125,000,000 term loan credit facility. The Notes mature on April 30, 2019 and bear interest at a rate of 6.375% per annum, payable quarterly. | |||||||||
(d) | General: | ||||||||
The security for each of the Company’s current credit facilities, except for 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 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 re-borrowed, 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, 2014. |
Other_longterm_liabilities
Other long-term liabilities | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Other Liabilities Disclosure [Abstract] | |||||||||
Other long-term liabilities | 11 | Other long-term liabilities: | |||||||
2014 | 2013 | ||||||||
Long term obligations under capital lease(a) | $ | 214,458 | $ | 611,603 | |||||
Deferred gain on sale-leasebacks(c) | 57,627 | — | |||||||
Other long-term liabilities | 272,085 | 611,603 | |||||||
Current portion | (18,543 | ) | (38,930 | ) | |||||
$ | 253,542 | $ | 572,673 | ||||||
(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. | |||||||||
Under these arrangements, the Company has agreed to transfer the vessels to the lessors and, commencing on the delivery date of the vessels by the shipyard, lease the vessels 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 vessels are recorded as an asset and the lease obligations are 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 considered to be the primary beneficiary of the lessors and consolidates the lessors for financial reporting purposes. The terms of the leases are as follows: | |||||||||
(i) | Leases for five 4500 TEU vessels: | ||||||||
Under this lease financing arrangement, the Company had five leases with a subsidiary of a financial institution. The leases were five-year terms that commenced between October 2010 and August 2011. In December 2014, the Company negotiated an early termination of the lease financing structure and, through a series of agreements, regained legal title to the vessels. As a result, the Company paid the termination amounts, funded by cash and the $60,000,000 that was in a cash deposit account over which the lessor had a first priority interest, realized a net gain of $3,763,000 and wrote off deferred financing fees of $945,000. | |||||||||
(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 June 29, 2011, which was the vessel’s delivery date. 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 March 14, 2012, which was the vessel’s delivery date. 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, 2014, the carrying value of the two vessels funded under remaining facilities was $315,600,000 (2013—7 vessels $766,321,000). | |||||||||
(b) | Based on maximum amounts funded, payments due to the lessors would be as follows: | ||||||||
2015 | $ | 20,226 | |||||||
2016 | 23,044 | ||||||||
2017 | 23,387 | ||||||||
2018 | 23,731 | ||||||||
2019 | 24,101 | ||||||||
Thereafter | 146,794 | ||||||||
261,283 | |||||||||
Less amounts representing interest | (46,825 | ) | |||||||
$ | 214,458 | ||||||||
(c) | Deferred gain on sale-leaseback: | ||||||||
During 2014, the Company entered into lease financing arrangements with Asian special purpose companies (“SPCs”) for four 10000 TEU newbuilding vessels that are chartered to Mitsui O.S.K. Lines Ltd. (“MOL”). The lease financing arrangements are expected to provide gross financing proceeds of approximately $110,000,000 per vessel or $440,000,000 in total, upon delivery of the vessels. Under the lease financing arrangements, the Company will sell the vessels to the SPCs and lease the vessels back from the SPCs over a term of approximately 8.5 years, with an option to purchase the vessels at the end of the lease term for a pre-determined fair value purchase price. If the purchase option is not exercised, the lease term will be automatically extended for an additional two years. | |||||||||
During 2014, the Company financed three of the vessels through the lease financing arrangements, received gross proceeds of $330,000,000 and recorded a total deferred gain of $59,055,000 on the sale-leasebacks. The deferred gain will be recorded as a reduction of the related operating lease expense over 10.5 years, representing the initial lease term of 8.5 years plus the two year extension. |
Share_capital
Share capital | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Equity [Abstract] | |||||||||||||||||
Share capital | 12 | Share capital: | |||||||||||||||
(a) | Common shares: | ||||||||||||||||
In addition to Class 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 shares, there are nil shares issued and outstanding at December 31, 2014 (2013—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 May 22, 2014, the Company announced that it had entered into an equity distribution agreement with sales agents under which the Company may, from time to time, issue Class A common shares in one or more at-the-market (“ATM”) offerings up to an aggregate of $75,000,000 in gross sales proceeds. Sales of such Class A common shares will be made by means of ordinary brokers’ transactions on the New York Stock Exchange at market prices, in block transactions, or as otherwise agreed between the Company and the sales agents. During the year ended December 31, 2014, the Company issued 206,600 Class A common shares under the ATM program for gross proceeds of $4,733,000. | |||||||||||||||||
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. | |||||||||||||||||
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 the year ended December 31, 2012, 148,101 Class A common shares were repurchased via the open market repurchase plan for $2,203,000. | |||||||||||||||||
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. | |||||||||||||||||
(b) | Preferred shares: | ||||||||||||||||
On January 28, 2014, the Company held a special meeting of shareholders and approved an increase to 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. | |||||||||||||||||
As at December 31, 2014, the Company had the following preferred shares outstanding: | |||||||||||||||||
Liquidation preference | |||||||||||||||||
Shares | December 31, | December 31, | |||||||||||||||
Series | Authorized | Issued | 2014 | 2013 | |||||||||||||
A | 315,000 | — | $ | — | $ | 344,262 | |||||||||||
B | 260,000 | — | — | — | |||||||||||||
C | 40,000,000 | 13,665,531 | 341,638 | 341,638 | |||||||||||||
D | 20,000,000 | 5,105,000 | 127,625 | 127,625 | |||||||||||||
E | 15,000,000 | 5,400,000 | 135,000 | — | |||||||||||||
R | 1,000,000 | — | — | — | |||||||||||||
(i) | Series A preferred shares: | ||||||||||||||||
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 C preferred shares: | ||||||||||||||||
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. | |||||||||||||||||
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 expired in July 2014. During the year ended December 31, 2014, nil Series C preferred shares (2013—14,469) were repurchased for a total of approximately nil (2013—$390,000) via the open market repurchase plan. | |||||||||||||||||
(iv) | 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. | |||||||||||||||||
(v) | Series E preferred shares: | ||||||||||||||||
On February 13, 2014, the Company issued 5,400,000 Series E preferred shares for gross proceeds of $135,000,000. The Series E preferred shares were issued for cash and pay cumulative quarterly dividends at a rate of 8.25% per annum from their date of issuance. At any time on or after February 13, 2019, the Series E 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 E 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, 2014 | |||||||||||||
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 for those periods prior to the conversion of the Series A preferred shares on January 30, 2014. The following is a reconciliation of the numerator and denominator used in the basic and diluted EPS computations. | |||||||||||||
For the year ended December 31, 2014 | Earnings | Shares | Per share | ||||||||||
(numerator) | (denominator) | amount | |||||||||||
Net earnings | $ | 131,247 | |||||||||||
Less: | |||||||||||||
Preferred share dividends: | |||||||||||||
Series A | (3,395 | ) | |||||||||||
Series C | (33,623 | ) | |||||||||||
Series D | (10,036 | ) | |||||||||||
Series E | (9,776 | ) | |||||||||||
Basic EPS: | |||||||||||||
Earnings attributable to common shareholders | $ | 74,417 | 93,402,000 | $ | 0.8 | ||||||||
Effect of dilutive securities: | |||||||||||||
Share-based compensation | — | 131,000 | |||||||||||
Contingent consideration | — | 117,000 | |||||||||||
Diluted EPS(1): | |||||||||||||
Earnings attributable to common shareholders | $ | 74,417 | 93,650,000 | $ | 0.79 | ||||||||
For the year ended December 31, 2013 | Earnings | Shares | Per share | ||||||||||
(numerator) | (denominator) | amount | |||||||||||
Net earnings | $ | 299,028 | |||||||||||
Less: | |||||||||||||
Preferred share dividends: | |||||||||||||
Series A | (38,390 | ) | |||||||||||
Series C | (34,035 | ) | |||||||||||
Series D | (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 | — | 567,000 | |||||||||||
Shares held in escrow | — | 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 | Shares | Per share | ||||||||||
(numerator) | (denominator) | amount | |||||||||||
Net earnings | $ | 121,305 | |||||||||||
Less: | |||||||||||||
Preferred share dividends: | |||||||||||||
Series A | (34,195 | ) | |||||||||||
Series C | (34,112 | ) | |||||||||||
Series D | (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 | — | 1,236,000 | |||||||||||
Shares held in escrow | — | 545,000 | |||||||||||
Diluted EPS(1): | |||||||||||||
Earnings attributable to common shareholders plus assumed conversion | $ | 52,689 | 64,942,240 | $ | 0.81 | ||||||||
-1 | The convertible Series A preferred shares are not included in the computation of diluted EPS because their effects are anti-dilutive for the period the shares were outstanding. |
Sharebased_compensation
Share-based compensation | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based 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, 2014, there are 578,598 (2013—764,848) remaining shares left for issuance under this Plan. | |||||||||||||||||||||||||||||||||
A summary of the Company’s outstanding restricted shares, phantom share units, SARs and restricted stock units as of December 31, 2014 is presented below: | |||||||||||||||||||||||||||||||||
Restricted shares | Phantom share units | Stock appreciation rights | Restricted stock units | ||||||||||||||||||||||||||||||
Number | W.A. grant | Number | W.A. grant | Number of | W.A. grant | Number | W.A. grant | ||||||||||||||||||||||||||
of shares | date FV | of units | date FV | SARs | date FV | of units | date FV | ||||||||||||||||||||||||||
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 | — | — | |||||||||||||||||||||||||
Granted | 43,936 | 22.57 | 70,000 | 23.04 | — | — | 72,314 | 23.03 | |||||||||||||||||||||||||
Vested | (48,880 | ) | 17.01 | — | — | — | — | (37,238 | ) | 23.03 | |||||||||||||||||||||||
Exercised | — | — | — | — | (1,193,529 | ) | 2.42 | — | — | ||||||||||||||||||||||||
Exchanged | — | — | (20,000 | ) | 19 | — | — | — | — | ||||||||||||||||||||||||
Cancelled | |||||||||||||||||||||||||||||||||
December 31, 2014 | 43,936 | $ | 22.57 | 707,000 | $ | 14.77 | 5,879,416 | $ | 2.3 | 35,076 | $ | 23.03 | |||||||||||||||||||||
During 2014, the Company recognized $7,701,000 (2013—$14,004,000; 2012—$3,278,000) in compensation cost related to the above share-based compensation awards. | |||||||||||||||||||||||||||||||||
At December 31, 2014, there was $3,041,000 (2013—$6,472,000) of total unrecognized compensation costs relating to unvested share-based compensation awards which are expected to be recognized over a weighted average period of 18 months. | |||||||||||||||||||||||||||||||||
(i) | Restricted shares and phantom share units: | ||||||||||||||||||||||||||||||||
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. During 2014, the total fair value of restricted shares vested was $831,000 (2013—$935,000; 2012—$563,000) and the total fair value of shares cancelled was nil (2013—$71,000; 2012—nil). | |||||||||||||||||||||||||||||||||
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, 2014, 560,000 (2013—460,000) of the outstanding phantom share units were vested and available for exchange by the holder. | |||||||||||||||||||||||||||||||||
(ii) | Share appreciation rights: | ||||||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||||||
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: | |||||||||||||||||||||||||||||||||
Number of SARs granted | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||
(iii) | Restricted stock units: | ||||||||||||||||||||||||||||||||
On June 12, 2014, under the Company’s Cash and Share Bonus Plan, the Company granted a total of 72,314 restricted stock units to eligible participants, of which 39,399 restricted stock units relate to 2012 and 32,915 restricted stock units relate to 2013. The restricted stock units generally vest over three years, in equal one-third amounts on each anniversary date of the date of the grant. The restricted stock units are valued at the market price of the underlying securities on the grant date and the compensation expense, based on the estimated number of awards expected to vest, is recognized over the three-year vesting period. Upon vesting of the restricted stock units, the participant will receive shares. | |||||||||||||||||||||||||||||||||
(iv) | Other share-based awards: | ||||||||||||||||||||||||||||||||
During the year the Company incurred $7,323,000 (2013—$3,532,000; 2012—$123,000) in transaction fees that were capitalized to vessels of which $3,662,000 (2013—$1,766,000; 2012—$62,000) were paid in Class A common shares. | |||||||||||||||||||||||||||||||||
During the year the Company incurred $4,520,000 (2013—$6,631,000; 2012—$1,790,000) in arrangement fees that were primarily capitalized to deferred financing fees of which $2,260,000 (2013—$2,666,000; 2012—$895,000) were paid in Class A common shares. | |||||||||||||||||||||||||||||||||
The Company also recognized $600,000 (2013—$600,000; 2012—$750,000) in share-based compensation expenses related to the accrued portion of performance based bonuses that are expected to be settled in stock-based awards in future periods. The number of shares issued under each of these arrangements are based on volume weighted average share prices as defined in the underlying agreements. |
Other_information
Other information | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Additional Financial Information Disclosure [Abstract] | |||||||||||||
Other information | 15 | Other information: | |||||||||||
(a) | Accounts payable and accrued liabilities: | ||||||||||||
The principal components of accounts payable and accrued liabilities are: | |||||||||||||
2014 | 2013 | ||||||||||||
Due to related parties (note 4) | $ | 6,788 | $ | 611 | |||||||||
Accrued interest | 20,723 | 22,273 | |||||||||||
Accounts payable and other accrued liabilities | 37,697 | 42,750 | |||||||||||
$ | 65,208 | $ | 65,634 | ||||||||||
(b) | Supplemental cash flow information: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Interest paid on debt | $ | 91,450 | $ | 59,999 | $ | 64,123 | |||||||
Interest received | 1,211 | 1,265 | 634 | ||||||||||
Undrawn credit facility fee paid | 3,512 | 1,656 | 900 | ||||||||||
Non-cash transactions: | |||||||||||||
Long-term debt for vessels under construction | 161,420 | 54,080 | 71,400 | ||||||||||
Dividends on Series A preferred shares | 3,395 | 38,390 | 34,195 | ||||||||||
Dividend reinvestment | 64,697 | 31,961 | 7,168 | ||||||||||
Loan repayment for vessels under construction | 29,680 | 6,560 | — | ||||||||||
Arrangement and transaction fees (note 14) | 6,753 | 3,342 | 1,141 | ||||||||||
Vessel reallocation (note 4) | 11,533 | — | — | ||||||||||
Fair value of financial instruments | 50,278 | — | — | ||||||||||
Capital contribution through loans to affiliate | 15,000 | — | — | ||||||||||
Other long-term liabilities for vessels under construction | — | — | 84,787 | ||||||||||
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, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Commitments and contingent obligations | 16 | Commitments and contingent obligations: | |||
(a) | As of December 31, 2014, the minimum future revenues to be received on committed time charter party agreements and interest income from sales-type capital leases are approximately: | ||||
2015 | $ | 799,800 | |||
2016 | 836,448 | ||||
2017 | 786,780 | ||||
2018 | 771,564 | ||||
2019 | 743,100 | ||||
Thereafter | 2,482,431 | ||||
$6,420,123 | |||||
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, 2014, based on the contractual delivery dates, the Company has outstanding commitments for installment payments for vessels under construction as follows: | ||||
2015 | $ | 651,469 | |||
2016 | 402,622 | ||||
$ | 1,054,091 | ||||
(c) | As of December 31, 2014, the commitment under operating leases for vessels is $320,020,000 for 2015 to 2025 and office space is $8,311,000 for 2015 to 2019. Total commitments under these leases are as follows: | ||||
2015 | $ | 32,794 | |||
2016 | 33,079 | ||||
2017 | 33,504 | ||||
2018 | 33,172 | ||||
2019 | 32,738 | ||||
Thereafter | 163,044 | ||||
$328,331 | |||||
Concentrations
Concentrations | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Risks and Uncertainties [Abstract] | |||||||||||||
Concentrations | 17 | Concentrations: | |||||||||||
The Company’s revenue is derived from the following customers: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
COSCON | $ | 303,357 | $ | 301,842 | $ | 281,469 | |||||||
CSCL Asia | 126,399 | 134,434 | 151,658 | ||||||||||
Hapag Lloyd | 77,675 | 65,463 | 58,980 | ||||||||||
K-Line | 76,130 | 76,148 | 76,359 | ||||||||||
Other | 133,609 | 99,203 | 92,328 | ||||||||||
$ | 717,170 | $ | 677,090 | $ | 660,794 | ||||||||
Financial_instruments
Financial instruments | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
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, loans to affiliate and accounts payable and accrued liabilities approximate their fair values because of their short term to maturity. As of December 31, 2014, the fair value of the Company’s Revolving and Term loan credit facilities is $2,911,330,000 (2013—$2,897,650,000) and the carrying value is $3,037,419,000 (2013—$3,241,618,000). As of December 31, 2014, the fair value of the Company’s other long-term liabilities, excluding the deferred gains, is $217,134,000 (2013—$587,733,000) and the carrying value is $214,458,000 (2013—$611,603,000). The fair value of the Revolving credit facilities, Term loan credit facilities and other long-term liabilities, excluding the deferred gains, are estimated based on expected principal repayments and interest, discounted by relevant forward rates plus a margin appropriate to the credit risk of the Company. Therefore, the Company has categorized the fair value of these financial instruments as Level 3 in the fair value hierarchy. | |||||||||||||||||
As of December 31, 2014, the fair value of the Company’s senior unsecured notes is $342,240,000 (December 31, 2013—nil) and the carrying value is $345,000,000 (December 31, 2013—nil). The fair value of senior unsecured notes is calculated based on a quoted price that is readily and regularly available in an active market. Therefore, the Company has categorized the fair value of these financial instruments as Level 1 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. 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 interest rate 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. | |||||||||||||||||
As of December 31, 2014, 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 | 2014 | ||||||||||||||||
5.64% | $ | 714,500 | $ | 714,500 | August 31, 2007 | August 31, 2017 | (2) | ||||||||||
5.42% | 438,462 | 438,462 | September 6, 2007 | 31-May-24 | |||||||||||||
5.95% | 266,944 | 266,944 | January 30, 2014 | May 31, 2019 | (3) | ||||||||||||
5.60% | 175,200 | 175,200 | 23-Jun-10 | December 23, 2021 | (2) | ||||||||||||
5.03% | 111,000 | 111,000 | 31-May-07 | September 30, 2015 | |||||||||||||
5.60% | 103,500 | 103,500 | 28-Aug-09 | August 28, 2020 | |||||||||||||
5.26% | 103,500 | 103,500 | 3-Jul-06 | February 26, 2021 | (2)(4) | ||||||||||||
5.20% | 80,640 | 80,640 | December 18, 2006 | October 2, 2015 | |||||||||||||
5.50% | 52,400 | 52,400 | 31-Jul-12 | July 31, 2019 | |||||||||||||
5.17% | 24,000 | 24,000 | 30-Apr-07 | May 29, 2020 | |||||||||||||
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, the Company terminated its swap that had an effective date of July 16, 2012 and a pay fixed rate of 5.175% and entered into a new swap with an effective date of January 30, 2014 and a pay fixed rate of 5.945%. The early termination of the swap resulted in a loss of $4,492,000 recorded in change in fair value of financial instruments. | ||||||||||||||||
-4 | The Company entered into a swaption agreement with a bank (Swaption Counterparty A) whereby Swaption Counterparty A had 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 was a European option and was open for a two hour period on February 26, 2014 after which it expired. The notional amount of the underlying swap was $106,800,000 with an effective date of February 28, 2014 and an expiration of February 26, 2021. If Swaption Counterparty A exercised the swaption, the underlying swap would effectively offset 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 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 following table provides information about losses included in net earnings and reclassified from accumulated other comprehensive loss (“AOCL”) into earnings: | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Gain/(Loss) on derivatives recognized in net earnings: | |||||||||||||||||
Change in fair value of financial instruments | $ | (105,694 | ) | $ | 60,504 | $ | (135,998 | ) | |||||||||
Loss reclassified from AOCL to net earnings(1) | |||||||||||||||||
Interest expense | $ | (4,259 | ) | $ | (5,330 | ) | $ | (8,310 | ) | ||||||||
Depreciation and amortization | (1,052 | ) | (882 | ) | (836 | ) | |||||||||||
-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 $4,402,000. | |||||||||||||||||
(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, 2014, the notional amount of the foreign exchange forward contracts is $14,200,000 (2013—$12,200,000) and the fair value liability is $638,000 (2013—$286,000). | |||||||||||||||||
Included in short-term investments is $1,100,000 of restricted cash held as collateral for these foreign currency forward contracts. | |||||||||||||||||
(d) | Fair value of asset and liability derivatives: | ||||||||||||||||
The following provides information about the Company’s derivatives: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Fair value of financial instruments asset | $ | 37,677 | $ | 60,188 | |||||||||||||
Fair value of financial instruments liability | 395,443 | 425,375 | |||||||||||||||
The following provides information about the effect of the master netting agreement: | |||||||||||||||||
December 31, 2014 | Gross amounts | Amounts subject | Net amount | ||||||||||||||
of recognized | to master netting | ||||||||||||||||
assets and | agreement | ||||||||||||||||
liabilities | |||||||||||||||||
Derivative assets | $ | 37,677 | $ | 26,625 | $ | 11,052 | |||||||||||
Derivative liabilities | 395,443 | 26,625 | 368,818 | ||||||||||||||
Net asset (liability) | $ | (357,766 | ) | $ | — | $ | (357,766 | ) | |||||||||
December 31, 2013 | Gross amounts | Amounts subject | Net amount | ||||||||||||||
of recognized | to master netting | ||||||||||||||||
assets and | agreement | ||||||||||||||||
liabilities | |||||||||||||||||
Derivative assets | $ | 60,188 | $ | 49,534 | $ | 10,654 | |||||||||||
Derivative liabilities | 425,375 | 49,534 | 375,841 | ||||||||||||||
Net asset (liability) | $ | (365,187 | ) | $ | — | $ | (365,187 | ) | |||||||||
Subsequent_events
Subsequent events | 12 Months Ended | ||
Dec. 31, 2014 | |||
Subsequent Events [Abstract] | |||
Subsequent events | 19 | Subsequent events: | |
(a) | On January 13, 2015, the Company declared a quarterly dividend of $0.59375, $0.496875 and $0.515625 per Series C, Series D and Series E preferred share, respectively, representing a total distribution of $13,435,000. The dividends were paid on January 30, 2015 to all shareholders of record on January 29, 2015. | ||
(b) | On January 13, 2015, the Company declared a quarterly dividend of $0.345 per common share. The dividend was paid on January 30, 2015 to all shareholders of record on January 22, 2015. Of the $33,377,000 distribution, $16,310,000 was paid in cash and $17,067,000 was re-invested through the DRIP. |
Summary_of_significant_account1
Summary of significant accounting policies (Policies) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
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. | ||||
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 in 2005 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 is 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: | ||
The Company derives its revenues primarily from the charter of its vessels. Each charter agreement is evaluated and classified as an operating or capital lease. For time charters classified as operating leases, revenue for the lease and service components is recognized each day the vessel is on-hire and when collection is reasonably assured. | ||||
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. 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. | ||||
Revenue from vessel management is recognized each day the vessel is managed and when collection is reasonably assured. | ||||
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 recorded as deferred revenue. | ||||
Leases | (j) | Leases: | ||
Leases, where the Company is the lessee, are classified as either capital leases or operating leases based on an assessment of the terms of the lease. | ||||
For sale-leaseback transactions, the Company, as seller-lessee, would recognize a gain or loss over the term of the lease as an adjustment to the lease expense, unless the loss is required to be recognized immediately by accounting standards. The term of the lease includes the fixed non-cancelable term of the lease plus all renewal periods such that renewal appears reasonably assured. | ||||
Derivative financial instruments | (k) | 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 | (l) | 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 | (m) | Share-based compensation: | ||
The Company has granted restricted shares, phantom share units, stock appreciation rights (“SARs”) and restricted stock units 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, phantom share units and restricted stock 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 per share | (n) | Earnings 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 was used to compute the dilutive effect of the Company’s Series A preferred shares until January 30, 2014, the date the Company’s outstanding 200,000 Series A preferred shares automatically converted into Class A common shares. Under the if-converted method, dividends applicable to the Series A preferred shares were added back to earnings attributable to common shareholders, and the Series A preferred shares and paid-in kind dividends were assumed to have been converted at the share price applicable at the end of the period. The if-converted method was applied to the computation of diluted EPS only if the effect was dilutive. | ||||
The dividends applicable to the Series C, D and E preferred shares reduce the earnings available to common shareholders, even if not declared, since the dividends are cumulative. | ||||
Use of estimates | (o) | 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 | (p) | Comparative information: | ||
Certain information has been reclassified to conform with the financial statement presentation adopted for the current year. | ||||
Recent accounting pronouncements | (q) | Recent accounting pronouncements: | ||
In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update, or ASU 2014-09, Revenue from Contracts with Customers, that introduced a new five-step revenue recognition model to be used to determine how an entity should recognize revenue related to the transfer of goods or services to customers in an amount that reflects the consideration the entity is entitled to receive for those goods or services. | ||||
This ASU also requires disclosures sufficient to enable users to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. This standard is effective for fiscal years beginning after December 15, 2016, including interim periods within that reporting period. We are currently evaluating the new guidance to determine the impact it will have on our consolidated financial statements. |
Acquisition_of_Seaspan_Managem1
Acquisition of Seaspan Management Services Limited (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
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, 2014 | |||||||||||||
Related Party Transactions [Abstract] | |||||||||||||
Schedule of Income or Expenses with Related Parties | The Company incurred the following income or expenses with related parties: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Fees paid: | |||||||||||||
Arrangement fees | $ | 4,520 | $ | 6,631 | $ | 1,790 | |||||||
Transaction fees | 7,323 | 3,532 | 123 | ||||||||||
Reimbursed expenses | 237 | 72 | — | ||||||||||
Income received: | |||||||||||||
Interest income | 9,888 | 1,150 | — | ||||||||||
Management fees | 913 | 69 | — |
Gross_investment_in_lease_Tabl
Gross investment in lease (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Leases [Abstract] | |||||||||
Schedule of Gross Investment in Lease | |||||||||
2014 | 2013 | ||||||||
Gross investment in lease | $ | 58,953 | $ | 80,123 | |||||
Current portion | (21,170 | ) | (21,170 | ) | |||||
$ | 37,783 | $ | 58,953 | ||||||
Vessels_Tables
Vessels (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||
Schedule of Vessels | |||||||||||||
December 31, 2014 | Cost | Accumulated | Net book | ||||||||||
depreciation | value | ||||||||||||
Vessels | $ | 5,708,685 | $ | 894,964 | $ | 4,813,721 | |||||||
Vessels under construction | 282,002 | — | 282,002 | ||||||||||
Vessels | $ | 5,990,687 | $ | 894,964 | $ | 5,095,723 | |||||||
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 | |||||||
Deferred_charges_Tables
Deferred charges (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Text Block [Abstract] | |||||||||||||
Deferred Charges | |||||||||||||
Dry-docking | Financing | Total | |||||||||||
fees | |||||||||||||
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 | |||||||
Cost incurred | 11,318 | 19,445 | 30,763 | ||||||||||
Amortization expensed(a) | (5,059 | ) | (10,342 | ) | (15,401 | ) | |||||||
Refinancing expenses and recoveries(b) | — | (3,279 | ) | (3,279 | ) | ||||||||
Amortization capitalized | — | (1,399 | ) | (1,399 | ) | ||||||||
December 31, 2014 | $ | 18,506 | $ | 46,149 | $ | 64,655 | |||||||
(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 2014, the Company negotiated an early termination of its lease financing structure related to five 4500 TEU vessels. In connection with the early termination, the Company wrote off deferred financing fees of approximately $945,000. |
Other_assets_Tables
Other assets (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||
Schedule of Other Assets | |||||||||
2014 | 2013 | ||||||||
Equity investment in affiliate(a) | $ | 19,555 | $ | 4,299 | |||||
Restricted cash(b) | 13,855 | 73,855 | |||||||
Intangible assets | 2,525 | 2,695 | |||||||
Capital assets | 1,579 | 471 | |||||||
Other | 29,794 | 25,624 | |||||||
Other assets | $ | 67,308 | $ | 106,944 | |||||
(a) | 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 10.8% investment in GCI using the equity method. The investment of $19,555,000 is comprised of the Company’s capital contribution of $21,408,000 (2013—$6,408,000) less its cumulative equity loss on investment of $1,853,000 (2013—$2,109,000). | ||||||||
(b) | Included in this amount is nil (2013—$60,000,000) which was placed in a deposit account over which the former lessor had a first priority interest (note 11(a)(i)). |
Deferred_revenue_Tables
Deferred revenue (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Revenue Recognition [Abstract] | |||||||||
Deferred Revenue | |||||||||
2014 | 2013 | ||||||||
Deferred revenue on time charters | $ | 21,889 | $ | 21,099 | |||||
Deferred interest on lease receivable | 4,143 | 7,903 | |||||||
Other deferred revenue | 8,982 | 2,824 | |||||||
Deferred revenue | 35,014 | 31,826 | |||||||
Current portion | (27,671 | ) | (27,683 | ) | |||||
Deferred revenue | $ | 7,343 | $ | 4,143 | |||||
Longterm_debt_Tables
Long-term debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Schedule of Long-Term Debt | |||||||||
2014 | 2013 | ||||||||
Long-term debt: | |||||||||
Revolving credit facilities(a) | $ | 1,301,920 | $ | 2,268,841 | |||||
Term loan credit facilities(b) | 1,735,499 | 972,777 | |||||||
Senior unsecured notes(c) | 345,000 | — | |||||||
Long-term debt | 3,382,419 | 3,241,618 | |||||||
Current portion | (298,010 | ) | (388,159 | ) | |||||
Long-term debt | $ | 3,084,409 | $ | 2,853,459 | |||||
(a) | Revolving credit facilities: | ||||||||
As of December 31, 2014, the Company had four long-term revolving credit facilities (“Revolvers”) available and a line of credit, which provided for aggregate borrowings of up to $1,307,046,000 (2013—$2,388,284,000), of which $5,126,000 (2013—$119,443,000) 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. | |||||||||
At 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 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. | |||||||||
On March 27, 2014, the Company cancelled its $150,000,000 revolving credit facility. No amounts were drawn under this facility as of that date. | |||||||||
On May 1, 2014, the Company entered into a 364-day unsecured revolving credit facility with various banks for up to $100,000,000. The facility bears interest at LIBOR plus a margin. At December 31, 2014, $100,000,000 has been drawn under this facility. | |||||||||
The Revolvers mature between April 30, 2015 and December 31, 2023. | |||||||||
Based on the Revolvers outstanding at December 31, 2014, the minimum repayments for the balances outstanding are as follows: | |||||||||
2015 | $ | 167,593 | |||||||
2016 | 70,417 | ||||||||
2017 | 111,201 | ||||||||
2018 | 73,355 | ||||||||
2019 | 205,188 | ||||||||
Thereafter | 674,166 | ||||||||
$ | 1,301,920 | ||||||||
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, 2014, the one month and three month LIBOR was 0.2% (2013—0.2%) and the margins ranged between 0.5% and 1.3% (2013—0.5% and 0.9%). The weighted average rate of interest, including the margin, was 0.8% at December 31, 2014 (2013—0.8%). | |||||||||
The Company is subject to commitment fees ranging between 0.2% and 0.4% 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. | |||||||||
(b) | Term loan credit facilities: | ||||||||
As of December 31, 2014, the Company had 13 Term Loans available, which provided for aggregate borrowings of up to $2,075,499,000 (2013—$1,739,497,000), of which $340,000,000 (2013—$766,720,000) was undrawn. One of the Term Loans has a revolving loan component and this component has been included in the Revolvers. | |||||||||
On June 30, 2014, the Company entered into a term loan facility with a European bank for up to $83,000,000 to finance the construction of one newbuilding containership. The loan bears interest at LIBOR plus a margin. At December 31, 2014, no amount has been drawn under this facility. | |||||||||
On December 24, 2014, the Company entered into a term loan facility with a U.S. bank and an Australian bank for up to $67,040,000 to re-finance the purchase of two 4500 TEU containerships. The loan bears interest at LIBOR plus a margin. At December 31, 2014, $67,040,000 has been drawn under this facility. | |||||||||
The Term Loans mature between July 9, 2017 and April 23, 2025. | |||||||||
Based on the Term Loans outstanding at December 31, 2014, the minimum repayments for the balances outstanding are as follows: | |||||||||
2015 | $ | 130,417 | |||||||
2016 | 140,207 | ||||||||
2017 | 164,757 | ||||||||
2018 | 142,905 | ||||||||
2019 | 355,249 | ||||||||
Thereafter | 801,964 | ||||||||
$ | 1,735,499 | ||||||||
For certain of our Term Loans with a total principal outstanding of $1,614,394,000 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, 2014, the one month, three month and six month LIBOR was 0.2%, 0.2% and 0.3%, respectively (2013—0.2%, 0.2% and 0.4%, respectively) and the margins ranged between 0.4% and 4.8% (2013—0.4% and 4.8%). | |||||||||
For certain of our Term Loans with a total principal outstanding of $116,605,000, 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 $4,500,000, the loans bear interest of 6% per annum. | |||||||||
The weighted average rate of interest, including the margin, was 2.8% at December 31, 2014 (2013— 2.7%). | |||||||||
The Company is subject to commitment fees ranging between 0.2% and 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 $4,500,000 payment is due on the third anniversary of the delivery date of the underlying vessel. | |||||||||
(c) | Senior unsecured notes: | ||||||||
On April 3, 2014, the Company issued 13,800,000 senior unsecured notes (“the Notes”) at a price of $25.00 per note for gross proceeds of $345,000,000. A portion of the Notes were used to repay a $125,000,000 term loan credit facility. The Notes mature on April 30, 2019 and bear interest at a rate of 6.375% per annum, payable quarterly. |
Other_longterm_liabilities_Tab
Other long-term liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Other Liabilities Disclosure [Abstract] | |||||||||
Schedule of Other Long-Term Liabilities | |||||||||
2014 | 2013 | ||||||||
Long term obligations under capital lease(a) | $ | 214,458 | $ | 611,603 | |||||
Deferred gain on sale-leasebacks(c) | 57,627 | — | |||||||
Other long-term liabilities | 272,085 | 611,603 | |||||||
Current portion | (18,543 | ) | (38,930 | ) | |||||
$ | 253,542 | $ | 572,673 | ||||||
(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. | |||||||||
Under these arrangements, the Company has agreed to transfer the vessels to the lessors and, commencing on the delivery date of the vessels by the shipyard, lease the vessels 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 vessels are recorded as an asset and the lease obligations are 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 considered to be the primary beneficiary of the lessors and consolidates the lessors for financial reporting purposes. The terms of the leases are as follows: | |||||||||
(i) | Leases for five 4500 TEU vessels: | ||||||||
Under this lease financing arrangement, the Company had five leases with a subsidiary of a financial institution. The leases were five-year terms that commenced between October 2010 and August 2011. In December 2014, the Company negotiated an early termination of the lease financing structure and, through a series of agreements, regained legal title to the vessels. As a result, the Company paid the termination amounts, funded by cash and the $60,000,000 that was in a cash deposit account over which the lessor had a first priority interest, realized a net gain of $3,763,000 and wrote off deferred financing fees of $945,000. | |||||||||
(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 June 29, 2011, which was the vessel’s delivery date. 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 March 14, 2012, which was the vessel’s delivery date. 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, 2014, the carrying value of the two vessels funded under remaining facilities was $315,600,000 (2013—7 vessels $766,321,000). | |||||||||
(b) | Based on maximum amounts funded, payments due to the lessors would be as follows: | ||||||||
2015 | $ | 20,226 | |||||||
2016 | 23,044 | ||||||||
2017 | 23,387 | ||||||||
2018 | 23,731 | ||||||||
2019 | 24,101 | ||||||||
Thereafter | 146,794 | ||||||||
261,283 | |||||||||
Less amounts representing interest | (46,825 | ) | |||||||
$ | 214,458 | ||||||||
(c) | Deferred gain on sale-leaseback: | ||||||||
During 2014, the Company entered into lease financing arrangements with Asian special purpose companies (“SPCs”) for four 10000 TEU newbuilding vessels that are chartered to Mitsui O.S.K. Lines Ltd. (“MOL”). The lease financing arrangements are expected to provide gross financing proceeds of approximately $110,000,000 per vessel or $440,000,000 in total, upon delivery of the vessels. Under the lease financing arrangements, the Company will sell the vessels to the SPCs and lease the vessels back from the SPCs over a term of approximately 8.5 years, with an option to purchase the vessels at the end of the lease term for a pre-determined fair value purchase price. If the purchase option is not exercised, the lease term will be automatically extended for an additional two years. | |||||||||
During 2014, the Company financed three of the vessels through the lease financing arrangements, received gross proceeds of $330,000,000 and recorded a total deferred gain of $59,055,000 on the sale-leasebacks. The deferred gain will be recorded as a reduction of the related operating lease expense over 10.5 years, representing the initial lease term of 8.5 years plus the two year extension. | |||||||||
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: | |||||||
2015 | $ | 20,226 | |||||||
2016 | 23,044 | ||||||||
2017 | 23,387 | ||||||||
2018 | 23,731 | ||||||||
2019 | 24,101 | ||||||||
Thereafter | 146,794 | ||||||||
261,283 | |||||||||
Less amounts representing interest | (46,825 | ) | |||||||
$ | 214,458 | ||||||||
Share_capital_Tables
Share capital (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Equity [Abstract] | |||||||||||||||||
Schedule of Preferred Shares Outstanding | As at December 31, 2014, the Company had the following preferred shares outstanding: | ||||||||||||||||
Liquidation preference | |||||||||||||||||
Shares | December 31, | December 31, | |||||||||||||||
Series | Authorized | Issued | 2014 | 2013 | |||||||||||||
A | 315,000 | — | $ | — | $ | 344,262 | |||||||||||
B | 260,000 | — | — | — | |||||||||||||
C | 40,000,000 | 13,665,531 | 341,638 | 341,638 | |||||||||||||
D | 20,000,000 | 5,105,000 | 127,625 | 127,625 | |||||||||||||
E | 15,000,000 | 5,400,000 | 135,000 | — | |||||||||||||
R | 1,000,000 | — | — | — |
Earnings_per_share_Tables
Earnings per share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
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, 2014 | Earnings | Shares | Per share | ||||||||||
(numerator) | (denominator) | amount | |||||||||||
Net earnings | $ | 131,247 | |||||||||||
Less: | |||||||||||||
Preferred share dividends: | |||||||||||||
Series A | (3,395 | ) | |||||||||||
Series C | (33,623 | ) | |||||||||||
Series D | (10,036 | ) | |||||||||||
Series E | (9,776 | ) | |||||||||||
Basic EPS: | |||||||||||||
Earnings attributable to common shareholders | $ | 74,417 | 93,402,000 | $ | 0.8 | ||||||||
Effect of dilutive securities: | |||||||||||||
Share-based compensation | — | 131,000 | |||||||||||
Contingent consideration | — | 117,000 | |||||||||||
Diluted EPS(1): | |||||||||||||
Earnings attributable to common shareholders | $ | 74,417 | 93,650,000 | $ | 0.79 | ||||||||
For the year ended December 31, 2013 | Earnings | Shares | Per share | ||||||||||
(numerator) | (denominator) | amount | |||||||||||
Net earnings | $ | 299,028 | |||||||||||
Less: | |||||||||||||
Preferred share dividends: | |||||||||||||
Series A | (38,390 | ) | |||||||||||
Series C | (34,035 | ) | |||||||||||
Series D | (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 | — | 567,000 | |||||||||||
Shares held in escrow | — | 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 | Shares | Per share | ||||||||||
(numerator) | (denominator) | amount | |||||||||||
Net earnings | $ | 121,305 | |||||||||||
Less: | |||||||||||||
Preferred share dividends: | |||||||||||||
Series A | (34,195 | ) | |||||||||||
Series C | (34,112 | ) | |||||||||||
Series D | (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 | — | 1,236,000 | |||||||||||
Shares held in escrow | — | 545,000 | |||||||||||
Diluted EPS(1): | |||||||||||||
Earnings attributable to common shareholders plus assumed conversion | $ | 52,689 | 64,942,240 | $ | 0.81 | ||||||||
-1 | The convertible Series A preferred shares are not included in the computation of diluted EPS because their effects are anti-dilutive for the period the shares were outstanding. |
Sharebased_compensation_Tables
Share-based compensation (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||
Summary of Outstanding Restricted Shares, Phantom Share Units, SARs and Restricted Stock Units | A summary of the Company’s outstanding restricted shares, phantom share units, SARs and restricted stock units as of December 31, 2014 is presented below: | ||||||||||||||||||||||||||||||||
Restricted shares | Phantom share units | Stock appreciation rights | Restricted stock units | ||||||||||||||||||||||||||||||
Number | W.A. grant | Number | W.A. grant | Number of | W.A. grant | Number | W.A. grant | ||||||||||||||||||||||||||
of shares | date FV | of units | date FV | SARs | date FV | of units | date FV | ||||||||||||||||||||||||||
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 | — | — | |||||||||||||||||||||||||
Granted | 43,936 | 22.57 | 70,000 | 23.04 | — | — | 72,314 | 23.03 | |||||||||||||||||||||||||
Vested | (48,880 | ) | 17.01 | — | — | — | — | (37,238 | ) | 23.03 | |||||||||||||||||||||||
Exercised | — | — | — | — | (1,193,529 | ) | 2.42 | — | — | ||||||||||||||||||||||||
Exchanged | — | — | (20,000 | ) | 19 | — | — | — | — | ||||||||||||||||||||||||
Cancelled | |||||||||||||||||||||||||||||||||
December 31, 2014 | 43,936 | $ | 22.57 | 707,000 | $ | 14.77 | 5,879,416 | $ | 2.3 | 35,076 | $ | 23.03 | |||||||||||||||||||||
Schedule of Assumptions to Calculate Fair Value of Stock Appreciation Rights | 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% | |||||||||||||||||||||||||||||||
Schedule of Information about Three Tranches of SARs Granted | The following table provides information about the three tranches of SARs granted: | ||||||||||||||||||||||||||||||||
Number of SARs granted | |||||||||||||||||||||||||||||||||
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, 2014 | |||||||||||||
Additional Financial Information Disclosure [Abstract] | |||||||||||||
Schedule of Accounts Payable and Accrued Liabilities | (a) | Accounts payable and accrued liabilities: | |||||||||||
The principal components of accounts payable and accrued liabilities are: | |||||||||||||
2014 | 2013 | ||||||||||||
Due to related parties (note 4) | $ | 6,788 | $ | 611 | |||||||||
Accrued interest | 20,723 | 22,273 | |||||||||||
Accounts payable and other accrued liabilities | 37,697 | 42,750 | |||||||||||
$ | 65,208 | $ | 65,634 | ||||||||||
Schedule of Supplemental Cash Flow Information | (b) | Supplemental cash flow information: | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Interest paid on debt | $ | 91,450 | $ | 59,999 | $ | 64,123 | |||||||
Interest received | 1,211 | 1,265 | 634 | ||||||||||
Undrawn credit facility fee paid | 3,512 | 1,656 | 900 | ||||||||||
Non-cash transactions: | |||||||||||||
Long-term debt for vessels under construction | 161,420 | 54,080 | 71,400 | ||||||||||
Dividends on Series A preferred shares | 3,395 | 38,390 | 34,195 | ||||||||||
Dividend reinvestment | 64,697 | 31,961 | 7,168 | ||||||||||
Loan repayment for vessels under construction | 29,680 | 6,560 | — | ||||||||||
Arrangement and transaction fees (note 14) | 6,753 | 3,342 | 1,141 | ||||||||||
Vessel reallocation (note 4) | 11,533 | — | — | ||||||||||
Fair value of financial instruments | 50,278 | — | — | ||||||||||
Capital contribution through loans to affiliate | 15,000 | — | — | ||||||||||
Other long-term liabilities for vessels under construction | — | — | 84,787 | ||||||||||
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, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Schedule of Future Minimum Revenues to be Received on Committed Agreements | (a) | As of December 31, 2014, the minimum future revenues to be received on committed time charter party agreements and interest income from sales-type capital leases are approximately: | |||
2015 | $ | 799,800 | |||
2016 | 836,448 | ||||
2017 | 786,780 | ||||
2018 | 771,564 | ||||
2019 | 743,100 | ||||
Thereafter | 2,482,431 | ||||
$6,420,123 | |||||
Schedule of Outstanding Commitments for Installment Payments for Vessels | (b) | As of December 31, 2014, based on the contractual delivery dates, the Company has outstanding commitments for installment payments for vessels under construction as follows: | |||
2015 | $ | 651,469 | |||
2016 | 402,622 | ||||
$ | 1,054,091 | ||||
Schedule of Commitment Under Operating Leases | (c) | As of December 31, 2014, the commitment under operating leases for vessels is $320,020,000 for 2015 to 2025 and office space is $8,311,000 for 2015 to 2019. Total commitments under these leases are as follows: | |||
2015 | $ | 32,794 | |||
2016 | 33,079 | ||||
2017 | 33,504 | ||||
2018 | 33,172 | ||||
2019 | 32,738 | ||||
Thereafter | 163,044 | ||||
$328,331 | |||||
Concentrations_Tables
Concentrations (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Risks and Uncertainties [Abstract] | |||||||||||||
Schedule of Revenue Derived from Customers | The Company’s revenue is derived from the following customers: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
COSCON | $ | 303,357 | $ | 301,842 | $ | 281,469 | |||||||
CSCL Asia | 126,399 | 134,434 | 151,658 | ||||||||||
Hapag Lloyd | 77,675 | 65,463 | 58,980 | ||||||||||
K-Line | 76,130 | 76,148 | 76,359 | ||||||||||
Other | 133,609 | 99,203 | 92,328 | ||||||||||
$ | 717,170 | $ | 677,090 | $ | 660,794 | ||||||||
Financial_instruments_Tables
Financial instruments (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Schedule of Outstanding Interest Rate Derivatives | As of December 31, 2014, 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 | 2014 | ||||||||||||||||
5.64% | $ | 714,500 | $ | 714,500 | August 31, 2007 | August 31, 2017 | (2) | ||||||||||
5.42% | 438,462 | 438,462 | September 6, 2007 | 31-May-24 | |||||||||||||
5.95% | 266,944 | 266,944 | January 30, 2014 | May 31, 2019 | (3) | ||||||||||||
5.60% | 175,200 | 175,200 | 23-Jun-10 | December 23, 2021 | (2) | ||||||||||||
5.03% | 111,000 | 111,000 | 31-May-07 | September 30, 2015 | |||||||||||||
5.60% | 103,500 | 103,500 | 28-Aug-09 | August 28, 2020 | |||||||||||||
5.26% | 103,500 | 103,500 | 3-Jul-06 | February 26, 2021 | (2)(4) | ||||||||||||
5.20% | 80,640 | 80,640 | December 18, 2006 | October 2, 2015 | |||||||||||||
5.50% | 52,400 | 52,400 | 31-Jul-12 | July 31, 2019 | |||||||||||||
5.17% | 24,000 | 24,000 | 30-Apr-07 | May 29, 2020 | |||||||||||||
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, the Company terminated its swap that had an effective date of July 16, 2012 and a pay fixed rate of 5.175% and entered into a new swap with an effective date of January 30, 2014 and a pay fixed rate of 5.945%. The early termination of the swap resulted in a loss of $4,492,000 recorded in change in fair value of financial instruments. | ||||||||||||||||
-4 | The Company entered into a swaption agreement with a bank (Swaption Counterparty A) whereby Swaption Counterparty A had 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 was a European option and was open for a two hour period on February 26, 2014 after which it expired. The notional amount of the underlying swap was $106,800,000 with an effective date of February 28, 2014 and an expiration of February 26, 2021. If Swaption Counterparty A exercised the swaption, the underlying swap would effectively offset 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 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. | |||||||||||||||||
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: | ||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Gain/(Loss) on derivatives recognized in net earnings: | |||||||||||||||||
Change in fair value of financial instruments | $ | (105,694 | ) | $ | 60,504 | $ | (135,998 | ) | |||||||||
Loss reclassified from AOCL to net earnings(1) | |||||||||||||||||
Interest expense | $ | (4,259 | ) | $ | (5,330 | ) | $ | (8,310 | ) | ||||||||
Depreciation and amortization | (1,052 | ) | (882 | ) | (836 | ) | |||||||||||
-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. | ||||||||||||||||
Schedule of Derivatives | The following provides information about the Company’s derivatives: | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Fair value of financial instruments asset | $ | 37,677 | $ | 60,188 | |||||||||||||
Fair value of financial instruments liability | 395,443 | 425,375 | |||||||||||||||
Schedule of Financial Instruments, Effect of the Master Netting Agreement | The following provides information about the effect of the master netting agreement: | ||||||||||||||||
December 31, 2014 | Gross amounts | Amounts subject | Net amount | ||||||||||||||
of recognized | to master netting | ||||||||||||||||
assets and | agreement | ||||||||||||||||
liabilities | |||||||||||||||||
Derivative assets | $ | 37,677 | $ | 26,625 | $ | 11,052 | |||||||||||
Derivative liabilities | 395,443 | 26,625 | 368,818 | ||||||||||||||
Net asset (liability) | $ | (357,766 | ) | $ | — | $ | (357,766 | ) | |||||||||
December 31, 2013 | Gross amounts | Amounts subject | Net amount | ||||||||||||||
of recognized | to master netting | ||||||||||||||||
assets and | agreement | ||||||||||||||||
liabilities | |||||||||||||||||
Derivative assets | $ | 60,188 | $ | 49,534 | $ | 10,654 | |||||||||||
Derivative liabilities | 425,375 | 49,534 | 375,841 | ||||||||||||||
Net asset (liability) | $ | (365,187 | ) | $ | — | $ | (365,187 | ) | |||||||||
General_Additional_Information
General - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
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, 2014 | Dec. 31, 2013 | Jan. 30, 2014 | |
Summary Of Significant Accounting Policies [Line Items] | |||
Number of years between dry-docking for each vessel | 5 years | ||
Convertible Series A preferred shares, shares | 24,170,531 | 18,970,531 | |
Series A Preferred Shares [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Convertible Series A preferred shares, shares | 200,000 | ||
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 27, 2012 | |
Business Acquisition [Line Items] | ||||
Aggregate purchase price | $106,518,000 | |||
Amount deposited in escrow | 7,500,000 | |||
Shares issued pertaining to contingent consideration arrangement | 195,404 | 820,697 | ||
Acquisition-related costs | $0 | $1,184,000 | ||
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 $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |
Sep. 29, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Aug. 17, 2014 | Dec. 31, 2012 | Dec. 31, 2013 | |
Vessel | ||||||
Related Party Transaction [Line Items] | ||||||
Due from related parties, Current | $237,908,000 | $237,908,000 | $54,068,000 | |||
Number of vessels reallocated | 2 | |||||
Capital contribution in equity investee | 6,667,000 | |||||
Amounts due from related parties included in accounts receivable | 1,454,000 | 1,454,000 | 1,614,000 | |||
Related Party Transaction, Description | Arrangement fees and transaction fees are paid either in cash or, at the company's discretion, a combination of cash and up to 50% in the company's common shares (note 14(iv)). | |||||
Promissory Note [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Promissory note, issued | 25,000,000 | |||||
Promissory note, interest rate | 7.00% | |||||
Maximum [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Equity Methods Investment, Percentage | 50.00% | |||||
GCI [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Due from related parties | 237,908,000 | 237,908,000 | 53,309,000 | |||
Due from related parties, Current | 54,068,000 | |||||
Decrease in the loans to affiliate | 9,780,000 | |||||
Interest receivable on loans to affiliate | 9,514,000 | 9,514,000 | 759,000 | |||
Amounts due from related parties included in accounts receivable | 8,195,000 | 8,195,000 | 2,084,000 | |||
Amounts payable to related parties included in accounts payable and accrued liabilities | 6,788,000 | 6,788,000 | 611,000 | |||
GCI [Member] | Vessels [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Due from related parties | 219,841,000 | 219,841,000 | ||||
GCI [Member] | Vessels [Member] | Minimum [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Receivable interest rate | 5.00% | |||||
Receivable interest rate | Interest at 5% per annum | |||||
GCI [Member] | Vessels [Member] | Maximum [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Receivable interest rate | 7.00% | |||||
Receivable interest rate | Interest at 7% per annum | |||||
Technical and other services [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Costs incurred under the management agreements | 9,700,000 | |||||
Dry-dock activities included in technical services [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Costs incurred under the management agreements | 421,000 | |||||
Other services [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Costs incurred under the management agreements | $410,000 |
Related_party_transactions_Sch
Related party transactions - Schedule of Income or Expenses with Related Parties (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Arrangement fees [Member] | |||
Related Party Transaction [Line Items] | |||
Expenses incurred with related parties | $4,520,000 | $6,631,000 | $1,790,000 |
Transaction fees [Member] | |||
Related Party Transaction [Line Items] | |||
Expenses incurred with related parties | 7,323,000 | 3,532,000 | 123,000 |
Reimbursed expenses [Member] | |||
Related Party Transaction [Line Items] | |||
Expenses incurred with related parties | 237,000 | 72,000 | |
Interest Income [Member] | |||
Related Party Transaction [Line Items] | |||
Income received from related parties | 9,888,000 | 1,150,000 | |
Management Fees [Member] | |||
Related Party Transaction [Line Items] | |||
Income received from related parties | $913,000 | $69,000 |
Gross_investment_in_lease_Sche
Gross investment in lease - Schedule of Gross Investment in Lease (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Leases [Abstract] | ||
Gross investment in lease | $58,953 | $80,123 |
Current portion | -21,170 | -21,170 |
Gross investment in lease, non-current portion | $37,783 | $58,953 |
Gross_investment_in_lease_Addi
Gross investment in lease - Additional Information (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2011 | |
Vessel | |
Leases [Abstract] | |
Term of agreement | 5 years |
Number of vessels | 4 |
Purchase price of vessels | $5,000,000 |
Vessels_Schedule_of_Vessels_De
Vessels - Schedule of Vessels (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Cost | $5,990,687 | $5,713,085 |
Accumulated depreciation | 894,964 | 720,814 |
Net book value | 5,095,723 | 4,992,271 |
Vessels [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 5,708,685 | 5,391,713 |
Accumulated depreciation | 894,964 | 720,814 |
Net book value | 4,813,721 | 4,670,899 |
Vessels under construction [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 282,002 | 321,372 |
Net book value | $282,002 | $321,372 |
Vessels_Additional_Information
Vessels - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | |||
Dec. 31, 2012 | Jun. 27, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 01, 2012 | |
Property, Plant and Equipment [Line Items] | |||||
Capitalized interest costs to vessels | $2,983,000 | $8,184,000 | $2,873,000 | ||
Gain (loss) on vessels | 9,773,000 | ||||
Term Loan Credit Facilities [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Term loan | 53,000,000 | ||||
Loan amount outstanding | 52,104,000 | ||||
Gain (loss) on vessels | $9,773,000 | ||||
Term Loan Credit Facilities [Member] | Vessels [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Beginning Balance, Dry-docking | $12,247 | $12,694 | |
Cost incurred, Dry-docking | 11,318 | 3,500 | |
Amortization expensed, Dry-docking | -5,059 | -3,947 | |
Refinancing expenses and costs, Dry-docking | 0 | 0 | |
Amortization capitalized, Dry-docking | 0 | 0 | |
Ending Balance, Dry-docking | 18,506 | 12,247 | 12,694 |
Beginning Balance, Financing fees | 41,724 | 31,122 | |
Cost incurred, Financing fees | 19,445 | 25,131 | |
Amortization expensed, Financing fees | -10,342 | -9,477 | -8,574 |
Refinancing expenses and costs, Financing fees | -3,279 | -4,038 | |
Amortization capitalized, Financing fees | -1,399 | -1,014 | |
Ending Balance, Financing fees | 46,149 | 41,724 | 31,122 |
Beginning Balance, Total | 53,971 | 43,816 | |
Cost incurred, Total | 30,763 | 28,631 | |
Amortization expensed, Total | -15,401 | -13,424 | |
Refinancing expenses and costs, Total | -3,279 | -4,038 | |
Amortization capitalized, Total | -1,399 | -1,014 | |
Ending Balance, Total | $64,655 | $53,971 | $43,816 |
Deferred_charges_Deferred_Char1
Deferred charges - Deferred Charges (Parenthetical) (Detail) (Leases for five 4500 TEU vessels [Member], USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Leases for five 4500 TEU vessels [Member] | |
Deferred Costs And Other Assets [Line Items] | |
Deferred financing fees written off | $945,000 |
Deferred_charges_Additional_In
Deferred charges - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Apr. 03, 2014 | Mar. 27, 2014 | Jan. 31, 2014 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Line Items] | |||||
Gross proceeds from issuance of senior unsecured notes | $345,000,000 | ||||
Refinancing expenses and costs | 3,279,000 | 4,038,000 | |||
Refinancing expenses and costs | 70,000 | 4,038,000 | |||
Term Loan Credit Facilities [Member] | |||||
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Line Items] | |||||
Repayment of credit facility | 125,000,000 | ||||
Revolving Credit Facilities [Member] | |||||
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Line Items] | |||||
Agreement to extend and refinance revolving credit facility | 1,000,000,000 | 0 | 433,800,000 | ||
Senior Unsecured Notes [Member] | |||||
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Line Items] | |||||
Gross proceeds from issuance of senior unsecured notes | 345,000,000 | ||||
Refinancing expenses and costs | $2,334,000 |
Other_assets_Schedule_of_Other
Other assets - Schedule of Other Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Line Items] | ||
Equity investment in affiliate | $19,555 | $4,299 |
Intangible assets | 2,525 | 2,695 |
Capital assets | 1,579 | 471 |
Other | 29,794 | 25,624 |
Other assets | 67,308 | 106,944 |
Deposit account over which lessor has first priority interest [Member] | ||
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Line Items] | ||
Restricted cash | $13,855 | $73,855 |
Other_assets_Schedule_of_Other1
Other assets - Schedule of Other Assets (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Mar. 14, 2011 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Line Items] | |||
Anticipated investment period (in years) | 5 years | ||
Capital contribution | $19,555,000 | ||
Percentage of investment in vehicle on equity method | 10.80% | ||
Amount of investment comprised of capital contribution | 21,408,000 | 6,408,000 | |
Amount of equity loss on investment | 1,853,000 | 2,109,000 | |
Amount of cash deposit account | 0 | 60,000,000 | |
Maximum [Member] | |||
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Line Items] | |||
Minority investment in vehicle during investment period | 100,000,000 | ||
Maximum [Member] | GCI [Member] | |||
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Line Items] | |||
Equity capital in containership assets | $900,000,000 |
Deferred_revenue_Deferred_Reve
Deferred revenue - Deferred Revenue (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Revenue Disclosure [Abstract] | ||
Deferred revenue on time charters | $21,889 | $21,099 |
Deferred interest on lease receivable | 4,143 | 7,903 |
Other deferred revenue | 8,982 | 2,824 |
Deferred revenue | 35,014 | 31,826 |
Current portion | -27,671 | -27,683 |
Deferred revenue | 7,343 | 4,143 |
Deferred revenue | $35,014 | $31,826 |
Longterm_debt_Schedule_of_Long
Long-term debt - Schedule of Long-Term Debt (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Long-term debt | ||
Long-term debt | $3,382,419,000 | $3,241,618,000 |
Current portion | -298,010,000 | -388,159,000 |
Long-term debt Non Current | 3,084,409,000 | 2,853,459,000 |
Long Term Debt | 3,382,419,000 | 3,241,618,000 |
Revolving Credit Facilities [Member] | ||
Long-term debt | ||
Long-term debt | 1,301,920,000 | 2,268,841,000 |
Long Term Debt | 1,301,920,000 | 2,268,841,000 |
Term Loan Credit Facilities [Member] | ||
Long-term debt | ||
Long-term debt | 1,735,499,000 | 972,777,000 |
Long Term Debt | 1,735,499,000 | 972,777,000 |
Senior Unsecured Notes [Member] | ||
Long-term debt | ||
Long-term debt | 345,000,000 | |
Long Term Debt | $345,000,000 |
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 | |||||
Dec. 31, 2014 | Apr. 03, 2014 | Dec. 31, 2013 | Mar. 27, 2014 | Jan. 31, 2014 | 1-May-14 | Jun. 30, 2014 | Dec. 24, 2014 | |
Debt Instrument [Line Items] | ||||||||
Gross proceeds from issuance of senior unsecured notes | $345,000,000 | |||||||
Term Loan Credit Facilities [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit facilities, maximum aggregate borrowings | 2,075,499,000 | 1,739,497,000 | ||||||
Credit facilities, aggregate borrowings undrawn | 340,000,000 | 766,720,000 | ||||||
Credit facility maturity start date | 9-Jul-17 | |||||||
Credit facility maturity end date | 23-Apr-25 | |||||||
Weighted average rate of interest, including the margin | 2.80% | 2.70% | ||||||
Number of term loan credit facilities | 13 | |||||||
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. | |||||||
Term loan, outstanding principal | 4,500,000 | |||||||
Repayment of credit facility | 125,000,000 | |||||||
Term Loan Credit Facilities [Member] | LIBOR plus margin [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate description | Interest is calculated as one month, three month or six month LIBOR plus a margin per annum | |||||||
Debt instrument description | At December 31, 2014, the one month, three month and six month LIBOR was 0.2%, 0.2% and 0.3%, respectively (2013-0.2%, 0.2% and 0.4%, respectively) and the margins ranged between 0.4% and 4.8% (2013-0.4% and 4.8%). | |||||||
Term loan principal outstanding amount | 1,614,394,000 | |||||||
Term Loan Credit Facilities [Member] | Three Month LIBOR [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
LIBOR interest rate | 0.20% | 0.20% | ||||||
Term Loan Credit Facilities [Member] | One Month LIBOR [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
LIBOR interest rate | 0.20% | 0.20% | ||||||
Term Loan Credit Facilities [Member] | Six Month LIBOR [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
LIBOR interest rate | 0.30% | 0.40% | ||||||
Senior Unsecured Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate on debt instrument | 6.38% | |||||||
Issuance of senior unsecured notes | 13,800,000 | |||||||
Debt instrument price per share | 25 | |||||||
Gross proceeds from issuance of senior unsecured notes | 345,000,000 | |||||||
Notes, maturity date | 30-Apr-19 | |||||||
Export-Import Bank Of Korea [Member] | Term Loan Credit Facilities [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate margin | 0.70% | |||||||
Term loan principal outstanding amount | 116,605,000 | |||||||
Interest 6% [Member] | Term Loan Credit Facilities [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Term loan principal outstanding amount | 4,500,000 | |||||||
Interest rate on debt instrument | 6.00% | |||||||
Revolving Credit Facilities [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit facilities, maximum aggregate borrowings | 1,307,046,000 | 2,388,284,000 | ||||||
Credit facilities, aggregate borrowings undrawn | 5,126,000 | 119,443,000 | ||||||
Number of long-term revolving credit facilities | 4 | |||||||
Revolving credit facility amount outstanding | 1,000,000,000 | 0 | 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 | |||||||
Cancellation of revolving credit facility | 150,000,000 | |||||||
Credit facility maturity start date | 30-Apr-15 | |||||||
Credit facility maturity end date | 31-Dec-23 | |||||||
Interest rate description | Interest is calculated as one month or three month LIBOR plus a margin per annum | |||||||
Debt instrument description | At December 31, 2014, the one month and three month LIBOR was 0.2% (2013-0.2%) and the margins ranged between 0.5% and 1.3% (2013-0.5% and 0.9%). | |||||||
Weighted average rate of interest, including the margin | 0.80% | 0.80% | ||||||
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. | |||||||
Revolving Credit Facilities [Member] | One and Three Month LIBOR [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
LIBOR interest rate | 0.20% | 0.20% | ||||||
Three Hundred And Sixty Four Day Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit facilities, maximum aggregate borrowings | 100,000,000 | |||||||
Revolving credit facility amount outstanding | 100,000,000 | |||||||
European Bank [Member] | Term Loan Credit Facilities [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit facilities, LIBOR based term loan | 83,000,000 | |||||||
European Bank [Member] | Term Loan Credit Facilities [Member] | LIBOR [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Amounts drawn under term loan facilities | 0 | |||||||
U.S. Bank and Australian Bank [Member] | Term Loan Credit Facilities [Member] | LIBOR [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit facilities, LIBOR based term loan | 67,040,000 | |||||||
Amounts drawn under term loan facilities | $67,040,000 | |||||||
Minimum [Member] | Term Loan Credit Facilities [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Commitment fee on undrawn amount | 0.20% | |||||||
Minimum [Member] | Term Loan Credit Facilities [Member] | LIBOR plus margin [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate margin | 0.40% | 0.40% | ||||||
Minimum [Member] | Revolving Credit Facilities [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate margin | 0.50% | 0.50% | ||||||
Commitment fee on undrawn amount | 0.20% | |||||||
Maximum [Member] | Term Loan Credit Facilities [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Commitment fee on undrawn amount | 1.10% | |||||||
Maximum [Member] | Term Loan Credit Facilities [Member] | LIBOR plus margin [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate margin | 4.80% | 4.80% | ||||||
Maximum [Member] | Revolving Credit Facilities [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate margin | 1.30% | 0.90% | ||||||
Commitment fee on undrawn amount | 0.40% |
Longterm_debt_Schedule_of_Mini
Long-term debt - Schedule of Minimum Repayments for Balances Outstanding with Respect to Credit Facility (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ||
Long Term Debt | $3,382,419,000 | $3,241,618,000 |
Revolving Credit Facilities [Member] | ||
Debt Instrument [Line Items] | ||
2015 | 167,593,000 | |
2016 | 70,417,000 | |
2017 | 111,201,000 | |
2018 | 73,355,000 | |
2019 | 205,188,000 | |
Thereafter | 674,166,000 | |
Long Term Debt | 1,301,920,000 | 2,268,841,000 |
Term Loan Credit Facilities [Member] | ||
Debt Instrument [Line Items] | ||
2015 | 130,417,000 | |
2016 | 140,207,000 | |
2017 | 164,757,000 | |
2018 | 142,905,000 | |
2019 | 355,249,000 | |
Thereafter | 801,964,000 | |
Long Term Debt | $1,735,499,000 |
Other_longterm_liabilities_Sch
Other long-term liabilities - Schedule of Other Long-Term Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Long Term Liabilities [Abstract] | ||
Long term obligations under capital lease | $214,458 | $611,603 |
Deferred gain on sale-leasebacks | 57,627 | |
Other long-term liabilities | 272,085 | 611,603 |
Current portion | -18,543 | -38,930 |
Total other long-term liabilities | $253,542 | $572,673 |
Other_longterm_liabilities_Sch1
Other long-term liabilities - Schedule of Other Long-Term Liabilities (Parenthetical) (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Other Long-Term Liabilities [Line Items] | ||
Amount of cash deposit account | $0 | $60,000,000 |
Carrying value of vessels being funded | 315,600,000 | 766,321,000 |
Deferred gain on sale leaseback | 57,627,000 | |
COSCO Pride - 13100 TEU vessel [Member] | ||
Other Long-Term Liabilities [Line Items] | ||
Terms of leases (in years) | 12 years | |
Financing from lessor | 144,185,000 | |
Lease payments include an interest component based on three month LIBOR plus margin percentage | 2.60% | |
COSCO Faith - 13100 TEU vessel [Member] | ||
Other Long-Term Liabilities [Line Items] | ||
Terms of leases (in years) | 12 years | |
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 | |
Four 10000 TEU Vessels [Member] | ||
Other Long-Term Liabilities [Line Items] | ||
Proceeds from lease financing arrangements(in Dollars per vessel) | 110,000,000 | |
Proceeds from lease financing arrangements in total | 440,000,000 | |
Terms of leases | 8 years 6 months | |
Additional terms of leases | 2 years | |
Number of vessels | 4 | |
Sale leaseback transaction term description | Under the lease financing arrangements, the Company will sell the vessels to the SPCs and lease the vessels back from the SPCs over a term of approximately 8.5 years, with an option to purchase the vessels at the end of the lease term for a pre-determined fair value purchase price. If the purchase option is not exercised, the lease term will be automatically extended for an additional two years. | |
Number of vessel lease sold | 3 | |
Proceeds from lease financing arrangements in total | 330,000,000 | |
Deferred gain on sale leaseback | 59,055,000 | |
Total term lease period | 10 years 6 months | |
Leases for five 4500 TEU vessels [Member] | ||
Other Long-Term Liabilities [Line Items] | ||
Terms of leases (in years) | 5 years | |
Amount of cash deposit account | 60,000,000 | |
Realized net gain on termination of leases | 3,763,000 | |
Deferred financing fees wrote off | 945,000 | |
Maximum [Member] | COSCO Pride - 13100 TEU vessel [Member] | ||
Other Long-Term Liabilities [Line Items] | ||
Outstanding balance at end of lease term | $48,000,000 |
Other_longterm_liabilities_Bas
Other long-term liabilities - Based on Maximum Amounts Funded Payments Under Leases Due to Lessors (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Other Long Term Liabilities [Abstract] | |
2015 | $20,226 |
2016 | 23,044 |
2017 | 23,387 |
2018 | 23,731 |
2019 | 24,101 |
Thereafter | 146,794 |
Capital Leases, Future Minimum payments Due, Total | 261,283 |
Less amounts representing interest | -46,825 |
Capital Lease Obligation | $214,458 |
Share_Capital_Additional_Infor
Share Capital - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | ||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 22-May-14 | Nov. 25, 2013 | Jan. 19, 2012 | Sep. 30, 2013 | Nov. 08, 2013 | Dec. 13, 2012 | Feb. 13, 2014 | Jan. 28, 2014 | Jan. 30, 2014 | Feb. 26, 2012 | Sep. 11, 2013 | |
Class of Stock [Line Items] | ||||||||||||||
Dividend reinvestment program discount rate percentage | 3.00% | |||||||||||||
Value of stock repurchased | $8,950,000 | $172,812,000 | ||||||||||||
Preferred stock, authorized | 150,000,000 | 65,000,000 | ||||||||||||
Preferred stock outstanding | 24,170,531 | 18,970,531 | ||||||||||||
Preferred shares issued | 24,170,531 | 18,970,531 | ||||||||||||
Gross proceeds of issuance of preferred shares | 130,415,000 | 47,862,000 | 74,700,000 | |||||||||||
Minimum [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Preferred stock, authorized | 65,000,000 | |||||||||||||
Capital stock, authorized | 290,000,100 | |||||||||||||
Maximum [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Preferred stock, authorized | 150,000,000 | |||||||||||||
Capital stock, authorized | 375,000,100 | |||||||||||||
Class A Common Shares [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Common stock shares, Authorized | 200,000,000 | 200,000,000 | ||||||||||||
Common stock shares, Issued | 96,662,928 | 69,208,888 | 3,500,000 | |||||||||||
Common stock shares, Outstanding | 96,662,928 | 69,208,888 | ||||||||||||
Maximum sales proceeds from at the market offering | 75,000,000 | |||||||||||||
Number of shares issued | 206,600 | |||||||||||||
Gross proceeds from issue of shares | 77,000,000 | |||||||||||||
Class A common shares price per share | $22 | |||||||||||||
Value of shares authorized for repurchase | 50,000,000 | |||||||||||||
Number of shares repurchased | 148,101 | 11,300,000 | ||||||||||||
Value of stock repurchased | 2,203,000 | 170,609,000 | ||||||||||||
Repurchase price per share | $15 | |||||||||||||
Stock re-purchase fee and expenses | 1,110,000 | |||||||||||||
Number of Class A common shares issued upon conversion of Series A preferred shares | 23,177,175 | |||||||||||||
Class A Common Shares [Member] | At-the-Market [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Gross proceeds from issue of shares | 4,733,000 | |||||||||||||
Convertible Series A Preferred Stock [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Preferred stock outstanding | 200,000 | |||||||||||||
Series C Preferred Shares [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Preferred stock, authorized | 40,000,000 | |||||||||||||
Preferred stock outstanding | 13,665,531 | |||||||||||||
Dividend rate percentage | 9.50% | 9.50% | ||||||||||||
Redemption price per share | $25 | |||||||||||||
Increase in dividend rate payable quarterly | 1.25 | |||||||||||||
Expiration of share repurchase authorization | 2014-07 | |||||||||||||
Preferred shares issued | 13,665,531 | |||||||||||||
Series C Preferred Shares [Member] | Prior to January 30, 2016 [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Aggregate maximum dividend rate payable per annum | 25.00% | |||||||||||||
Series C Preferred Shares [Member] | After January 30, 2016 [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Aggregate maximum dividend rate payable per annum | 30.00% | |||||||||||||
Series C Preferred Shares [Member] | Open Market Repurchase Plan [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Value of shares authorized for repurchase | 25,000,000 | |||||||||||||
Number of shares repurchased | 14,469 | 320,000 | ||||||||||||
Value of stock repurchased | 390,000,000 | 8,560,000,000 | ||||||||||||
Repurchase price per share | 26.5 | |||||||||||||
Series D Preferred Shares [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Preferred stock, authorized | 20,000,000 | |||||||||||||
Preferred stock outstanding | 5,105,000 | |||||||||||||
Dividend rate percentage | 7.95% | |||||||||||||
Redemption price per share | $25 | |||||||||||||
Preferred shares issued | 5,105,000 | 2,000,000 | 3,105,000 | |||||||||||
Gross proceeds of issuance of preferred shares | 50,000,000 | 77,625,000 | ||||||||||||
Series E Preferred Shares [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Preferred stock, authorized | 15,000,000 | |||||||||||||
Preferred stock outstanding | 5,400,000 | |||||||||||||
Dividend rate percentage | 8.25% | |||||||||||||
Redemption price per share | $25 | |||||||||||||
Preferred shares issued | 5,400,000 | 5,400,000 | ||||||||||||
Gross proceeds of issuance of preferred shares | $135,000,000 | |||||||||||||
Common Class B [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Common stock shares, Authorized | 25,000,000 | 25,000,000 | ||||||||||||
Common stock shares, Issued | ||||||||||||||
Common stock shares, Outstanding | ||||||||||||||
Class C common Shares [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Common stock shares, Authorized | 100 | 100 | ||||||||||||
Common stock shares, Issued | ||||||||||||||
Common stock shares, Outstanding |
Share_Capital_Schedule_of_Pref
Share Capital - Schedule of Preferred Shares Outstanding (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Nov. 08, 2013 | Dec. 13, 2012 | Feb. 13, 2014 |
In Thousands, except Share data, unless otherwise specified | |||||
Class of Stock [Line Items] | |||||
Shares Authorized | 150,000,000 | 65,000,000 | |||
Shares Issued | 24,170,531 | 18,970,531 | |||
Series A Preferred Shares [Member] | |||||
Class of Stock [Line Items] | |||||
Shares Authorized | 315,000 | ||||
Liquidation preference | 344,262 | ||||
Series B Preferred Shares [Member] | |||||
Class of Stock [Line Items] | |||||
Shares Authorized | 260,000 | ||||
Series C Preferred Shares [Member] | |||||
Class of Stock [Line Items] | |||||
Shares Authorized | 40,000,000 | ||||
Shares Issued | 13,665,531 | ||||
Liquidation preference | 341,638 | 341,638 | |||
Series D Preferred Shares [Member] | |||||
Class of Stock [Line Items] | |||||
Shares Authorized | 20,000,000 | ||||
Shares Issued | 5,105,000 | 2,000,000 | 3,105,000 | ||
Liquidation preference | 127,625 | 127,625 | |||
Series E Preferred Shares [Member] | |||||
Class of Stock [Line Items] | |||||
Shares Authorized | 15,000,000 | ||||
Shares Issued | 5,400,000 | 5,400,000 | |||
Liquidation preference | 135,000 | ||||
Series R Preferred Shares [Member] | |||||
Class of Stock [Line Items] | |||||
Shares Authorized | 1,000,000 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Net earnings | $131,247 | $299,028 | $121,305 |
Earnings attributable to common shareholders | 74,417 | 219,199 | 52,689 |
Convertible Series A preferred shares | 38,390 | ||
Earnings attributable to common shareholders plus assumed conversion | 74,417 | 257,589 | 52,689 |
Earnings attributable to common shareholders, shares | 93,402,000 | 65,273,000 | 62,923,240 |
Share-based compensation, shares | 131,000 | 306,000 | 238,000 |
Contingent consideration, shares | 117,000 | 567,000 | 1,236,000 |
Shares held in escrow | 47,000 | 545,000 | |
Convertible Series A preferred shares, shares | 21,641,000 | ||
Earnings attributable to common shareholders plus assumed conversion, shares | 93,650,000 | 87,834,000 | 64,942,240 |
Earnings attributable to common shareholders, per share amount | $0.80 | $3.36 | $0.84 |
Earnings attributable to common shareholders plus assumed conversion, per share amount | $0.79 | $2.93 | $0.81 |
Series A Preferred Shares [Member] | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Preferred share dividends | -3,395 | -38,390 | -34,195 |
Series C Preferred Shares [Member] | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Series C preferred share repurchases | -660 | ||
Preferred share dividends | -33,623 | -34,035 | -34,112 |
Series D Preferred Shares [Member] | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Preferred share dividends | -10,036 | -6,744 | -309 |
Series E Preferred Shares [Member] | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Preferred share dividends | ($9,776) |
Sharebased_compensation_Additi
Share-based compensation - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 07, 2012 | Jun. 12, 2014 | |
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 | 578,598 | 764,848 | |||
Share-based compensation expenses | $7,701,000 | $14,004,000 | $3,278,000 | ||
Total unrecognized compensation costs relating to unvested share-based compensation awards | 3,041,000 | 6,472,000 | |||
Expected to be recognized over a weighted average period | 18 months | ||||
Granted, shares | 1,664,457 | 5,674,148 | |||
Share-based transaction fees capitalized to vessels | 3,662,000 | 1,766,000 | 62,000 | ||
Deferred financing fees | 64,655,000 | 53,971,000 | 43,816,000 | ||
Transaction fees [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expenses incurred | 7,323,000 | 3,532,000 | 123,000 | ||
Arrangement fees [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expenses incurred | 4,520,000 | 6,631,000 | 1,790,000 | ||
Deferred financing fees | 2,260,000 | 2,666,000 | 895,000 | ||
Restricted shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 1 year | ||||
Total fair value of shares vested | 831,000 | 935,000 | 563,000 | ||
Total fair value of shares cancelled | 71,000 | ||||
Granted, shares | 43,936 | 54,990 | 63,653 | ||
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 | 560,000 | 460,000 | |||
Granted, shares | 70,000 | 95,000 | 40,000 | ||
Stock appreciation rights (SARs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
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. | ||||
Granted, shares | 1,664,457 | 5,674,148 | 5,674,148 | ||
Number of tranches | 3 | 3 | |||
Stock appreciation rights (SARs) [Member] | March 27, 2013 Grant [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
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. | ||||
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. | ||||
Restricted stock units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 3 years | ||||
Granted, shares | 72,314 | 72,314 | |||
Retention requirement description | The restricted stock units generally vest over three years, in equal one-third amounts on each anniversary date of the date of the grant. | ||||
2012 Restricted Stock Unit Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted, shares | 39,399 | ||||
2013 Restricted Stock Unit Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted, shares | 32,915 | ||||
Performance Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation expenses | $600,000 | $600,000 | $750,000 |
Sharebased_compensation_Summar
Share-based compensation - Summary of Outstanding Restricted Shares, Phantom Share Units, SARs and Restricted Stock Units (Detail) (USD $) | 12 Months Ended | 0 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 07, 2012 | Jun. 12, 2014 | |
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 | 48,880 | ||
Granted | 54,990 | 63,653 | 43,936 | ||
Vested | -65,578 | -43,200 | -48,880 | ||
Cancelled | -4,185 | ||||
Ending balance, Number of shares | 48,880 | 63,653 | 43,936 | ||
Beginning balance, W.A. grant date FV | 14.17 | 13.04 | $17.01 | ||
Granted | 17.01 | 14.17 | $22.57 | ||
Vested | 14.25 | 13.04 | $17.01 | ||
Cancelled | 17.01 | ||||
Ending balance, W.A. grant date FV | 17.01 | 14.17 | $22.57 | ||
Phantom share units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Beginning balance, Number of shares | 562,000 | 522,000 | 657,000 | ||
Granted | 95,000 | 40,000 | 70,000 | ||
Exchanged | -20,000 | ||||
Ending balance, Number of shares | 657,000 | 562,000 | 707,000 | ||
Beginning balance, W.A. grant date FV | 13.13 | 12.78 | $14.02 | ||
Granted | 19.3 | 17.68 | $23.04 | ||
Exchanged | $19 | ||||
Ending balance, W.A. grant date FV | 14.02 | 13.13 | $14.77 | ||
Stock appreciation rights (SARs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Beginning balance, Number of shares | 5,674,148 | 7,072,945 | |||
Granted | 1,664,457 | 5,674,148 | 5,674,148 | ||
Exercised | -241,906 | -1,193,529 | |||
Cancelled | -23,754 | ||||
Ending balance, Number of shares | 7,072,945 | 5,674,148 | 5,879,416 | ||
Beginning balance, W.A. grant date FV | 2.03 | $2.32 | |||
Granted | 3.51 | 2.03 | |||
Exercised | 3.65 | $2.42 | |||
Cancelled | 3.51 | ||||
Ending balance, W.A. grant date FV | 2.32 | 2.03 | $2.30 | ||
Restricted stock units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted | 72,314 | 72,314 | |||
Vested | -37,238 | ||||
Ending balance, Number of shares | 35,076 | ||||
Granted | $23.03 | ||||
Vested | $23.03 | ||||
Ending balance, W.A. grant date FV | $23.03 |
Sharebased_compensation_Schedu
Share-based compensation - Schedule of Assumptions to Calculate Fair Value of Stock Appreciation Rights (Detail) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
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% |
Sharebased_compensation_Schedu1
Share-based compensation - Schedule of Information about Three Tranches of SARs Granted (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
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 | $21.50 | ||
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 | $26.50 | ||
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, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ||
Due to related parties (note 4) | $6,788 | $611 |
Accrued interest | 20,723 | 22,273 |
Accounts payable and other accrued liabilities | 37,697 | 42,750 |
Accounts payable and accrued liabilities, Total | $65,208 | $65,634 |
Other_information_Schedule_of_1
Other information - Schedule of Supplemental Cash Flow Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Supplemental Cash Flow Information [Line Items] | |||
Interest paid on debt | $91,450,000 | $59,999,000 | $64,123,000 |
Interest received | 1,211,000 | 1,265,000 | 634,000 |
Undrawn credit facility fee paid | 3,512,000 | 1,656,000 | 900,000 |
Non-cash transactions: | |||
Long-term debt for vessels under construction | 161,420,000 | 54,080,000 | 71,400,000 |
Dividend reinvestment | 64,697,000 | 31,961,000 | 7,168,000 |
Loan repayment for vessels under construction | 29,680,000 | 6,560,000 | |
Vessel reallocation (note 4) | 11,533,000 | ||
Fair value of financial instruments | 50,278,000 | ||
Capital contribution through loans to affiliate | 15,000,000 | ||
Other long-term liabilities for vessels under construction | 84,787,000 | ||
Acquisition of the Manager for shares, excluding cash received | 82,607,000 | ||
Proceeds on sale of vessel | 52,104,000 | ||
Arrangement and Transaction Fees [Member] | |||
Non-cash transactions: | |||
Arrangement and transaction fees (note 14) | 6,753,000 | 3,342,000 | 1,141,000 |
Series A Preferred Shares [Member] | |||
Non-cash transactions: | |||
Dividends on Series A preferred shares | $3,395,000 | $38,390,000 | $34,195,000 |
Commitments_and_contingent_obl2
Commitments and contingent obligations - Schedule of Future Minimum Revenues to be Received on Committed Agreements (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Leases [Abstract] | |
2015 | $799,800 |
2016 | 836,448 |
2017 | 786,780 |
2018 | 771,564 |
2019 | 743,100 |
Thereafter | 2,482,431 |
Future minimum revenues receivable | $6,420,123 |
Commitments_and_contingent_obl3
Commitments and contingent obligations - Additional Information (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Leases [Line Items] | |
Percentage of future minimum revenues utilization | 100.00% |
Operating leases, future minimum payments due | $328,331,000 |
Vessels [Member] | |
Leases [Line Items] | |
Operating leases, future minimum payments due | 320,020,000 |
Operating leases, start year | 2015 |
Operating leases, expiration year | 2025 |
Office Space [Member] | |
Leases [Line Items] | |
Operating leases, future minimum payments due | $8,311,000 |
Operating leases, start year | 2015 |
Operating leases, expiration year | 2019 |
Commitments_and_contingent_obl4
Commitments and contingent obligations - Schedule of Outstanding Commitments for Installment Payments for Vessels (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | |
2015 | $651,469 |
2016 | 402,622 |
Purchase obligations for additional vessels | $1,054,091 |
Commitments_and_contingent_obl5
Commitments and contingent obligations - Schedule of Commitment Under Operating Leases (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Leases [Abstract] | |
2015 | $32,794 |
2016 | 33,079 |
2017 | 33,504 |
2018 | 33,172 |
2019 | 32,738 |
Thereafter | 163,044 |
Operating leases, future minimum payments due | $328,331 |
Concentrations_Schedule_of_Rev
Concentrations - Schedule of Revenue Derived from Customers (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenue, Major Customer [Line Items] | |||
Revenue | $717,170 | $677,090 | $660,794 |
COSCON [Member] | |||
Revenue, Major Customer [Line Items] | |||
Revenue | 303,357 | 301,842 | 281,469 |
CSCL Asia [Member] | |||
Revenue, Major Customer [Line Items] | |||
Revenue | 126,399 | 134,434 | 151,658 |
Hapag Lloyd [Member] | |||
Revenue, Major Customer [Line Items] | |||
Revenue | 77,675 | 65,463 | 58,980 |
K-Line [Member] | |||
Revenue, Major Customer [Line Items] | |||
Revenue | 76,130 | 76,148 | 76,359 |
Other [Member] | |||
Revenue, Major Customer [Line Items] | |||
Revenue | $133,609 | $99,203 | $92,328 |
Financial_instruments_Addition
Financial instruments - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative [Line Items] | ||
Carrying value, long-term debt | $3,382,419,000 | $3,241,618,000 |
Fair value of other long-term liabilities, excluding deferred gains | 217,134,000 | 587,733,000 |
Carrying value of other long-term liabilities, excluding deferred gains | 214,458,000 | 611,603,000 |
Estimated accumulated other comprehensive loss expected to be reclassified to net earnings | 4,402,000 | |
Fair value of financial instruments liability | 26,625,000 | 49,534,000 |
Restricted cash | 1,100,000 | |
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 | |
Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Notional amount on foreign exchange forward contract | 14,200,000 | 12,200,000 |
Fair value of financial instruments liability | 638,000 | 286,000 |
Revolving and Term Loan Credit Facilities [Member] | ||
Derivative [Line Items] | ||
Fair value, long-term debt | 2,911,330,000 | 2,897,650,000 |
Carrying value, long-term debt | 3,037,419,000 | 3,241,618,000 |
Senior Unsecured Notes [Member] | ||
Derivative [Line Items] | ||
Fair value, long-term debt | 342,240,000 | 0 |
Carrying value, long-term debt | $345,000,000 | $0 |
Financial_instruments_Schedule
Financial instruments - Schedule of Outstanding Interest Rate Derivatives (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Jan. 30, 2014 | |
5.6400% [Member] | ||
Derivative [Line Items] | ||
Fixed per annum rate swapped for LIBOR | 5.64% | |
Derivative, notional amount | $714,500,000 | |
Effective date | 31-Aug-07 | |
Ending date | 31-Aug-17 | |
5.4200% [Member] | ||
Derivative [Line Items] | ||
Fixed per annum rate swapped for LIBOR | 5.42% | |
Derivative, notional amount | 438,462,000 | |
Effective date | 6-Sep-07 | |
Ending date | 31-May-24 | |
5.9450% [Member] | ||
Derivative [Line Items] | ||
Fixed per annum rate swapped for LIBOR | 5.95% | 5.95% |
Derivative, notional amount | 266,944,000 | |
Effective date | 30-Jan-14 | |
Ending date | 31-May-19 | |
5.6000% [Member] | ||
Derivative [Line Items] | ||
Fixed per annum rate swapped for LIBOR | 5.60% | |
Derivative, notional amount | 175,200,000 | |
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 | 111,000,000 | |
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 | 103,500,000 | |
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 | 103,500,000 | |
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 | 80,640,000 | |
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 | 52,400,000 | |
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 | 24,000,000 | |
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% | |
Effective date | 31-Aug-17 | |
Ending date | 28-Nov-25 | |
Maximum [Member] | 5.6400% [Member] | ||
Derivative [Line Items] | ||
Derivative, notional amount | 714,500,000 | |
Maximum [Member] | 5.4200% [Member] | ||
Derivative [Line Items] | ||
Derivative, notional amount | 438,462,000 | |
Maximum [Member] | 5.9450% [Member] | ||
Derivative [Line Items] | ||
Derivative, notional amount | 266,944,000 | |
Maximum [Member] | 5.6000% [Member] | ||
Derivative [Line Items] | ||
Derivative, notional amount | 175,200,000 | |
Maximum [Member] | 5.0275% [Member] | ||
Derivative [Line Items] | ||
Derivative, notional amount | 111,000,000 | |
Maximum [Member] | 5.5950% [Member] | ||
Derivative [Line Items] | ||
Derivative, notional amount | 103,500,000 | |
Maximum [Member] | 5.2600% [Member] | ||
Derivative [Line Items] | ||
Derivative, notional amount | 103,500,000 | |
Maximum [Member] | 5.2000% [Member] | ||
Derivative [Line Items] | ||
Derivative, notional amount | 80,640,000 | |
Maximum [Member] | 5.4975% [Member] | ||
Derivative [Line Items] | ||
Derivative, notional amount | 52,400,000 | |
Maximum [Member] | 5.1700% [Member] | ||
Derivative [Line Items] | ||
Derivative, notional amount | 24,000,000 | |
Maximum [Member] | 5.8700% [Member] | ||
Derivative [Line Items] | ||
Derivative, notional amount | $620,390,000 |
Financial_instruments_Schedule1
Financial instruments - Schedule of Outstanding Interest Rate Derivatives (Parenthetical) (Detail) (USD $) | 0 Months Ended | 12 Months Ended | |
Jan. 30, 2014 | Dec. 31, 2014 | Jan. 30, 2014 | |
Swaption Counterparty A [Member] | |||
Derivative [Line Items] | |||
Derivative, notional amount | 106,800,000 | ||
Fixed per annum rate swapped for LIBOR | 5.26% | ||
Effective date | 28-Feb-14 | ||
Ending date | 26-Feb-21 | ||
5.9450% [Member] | |||
Derivative [Line Items] | |||
Derivative, notional amount | 266,944,000 | ||
Fixed per annum rate swapped for LIBOR | 5.95% | 5.95% | 5.95% |
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% | 5.18% | |
Effective date | 16-Jul-12 | ||
Early termination loss | $4,492,000 | ||
Derivative termination date | 30-Jan-14 |
Financial_instruments_Schedule2
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Gain/(Loss) on derivatives recognized in net earnings: | |||
Change in fair value of financial instruments | ($105,694) | $60,504 | ($135,998) |
Interest Expense [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Loss reclassified from AOCL to net earnings | |||
Depreciation and amortization/Interest expense | -4,259 | -5,330 | -8,310 |
Depreciation and Amortization [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Loss reclassified from AOCL to net earnings | |||
Depreciation and amortization/Interest expense | ($1,052) | ($882) | ($836) |
Financial_instruments_Schedule3
Financial instruments - Schedule of Derivatives (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair value of asset and liability derivatives: | ||
Fair value of financial instruments asset | $37,677 | $60,188 |
Fair value of financial instruments liability | $395,443 | $425,375 |
Financial_instruments_Schedule4
Financial instruments - Schedule of Financial Instruments, Effect of the Master Netting Agreement (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivative Instrument Detail [Abstract] | ||
Derivative assets, Gross amounts of recognized assets and liabilities | $37,677 | $60,188 |
Derivative liabilities, Gross amounts of recognized assets and liabilities | 395,443 | 425,375 |
Net asset (liability) | -357,766 | -365,187 |
Derivative assets, Amounts subject to master netting agreement | 26,625 | 49,534 |
Derivative liabilities, Amounts subject to master netting agreement | 26,625 | 49,534 |
Derivative assets, Net amount | 11,052 | 10,654 |
Derivative liabilities, Net amount | 368,818 | 375,841 |
Net asset (liability) | ($357,766) | ($365,187) |
Subsequent_events_Additional_I
Subsequent events - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 13, 2015 | |
Subsequent Event [Line Items] | ||||
Dividends distribution was paid in cash | $62,310,000 | $44,379,000 | $51,772,000 | |
Dividend reinvestment | 64,697,000 | 31,961,000 | 7,168,000 | |
Common Shares [Member] | ||||
Subsequent Event [Line Items] | ||||
Dividends declared date | 13-Jan-15 | |||
Dividend reinvestment | 31,000 | 16,000 | 5,000 | |
Series C Preferred Shares [Member] | ||||
Subsequent Event [Line Items] | ||||
Dividends on preferred shares | 33,250,000 | |||
Dividends declared date | 13-Jan-15 | |||
Series D Preferred Shares [Member] | ||||
Subsequent Event [Line Items] | ||||
Dividends declared date | 13-Jan-15 | |||
Series E Preferred Shares [Member] | ||||
Subsequent Event [Line Items] | ||||
Dividends declared date | 13-Jan-15 | |||
Series C, Series D, and Series E Preferred Share [Member] | ||||
Subsequent Event [Line Items] | ||||
Dividends on preferred shares | 50,443,000 | |||
Subsequent Events [Member] | ||||
Subsequent Event [Line Items] | ||||
Dividends on common share, per share | $0.35 | |||
Dividends, common stock | 33,377,000 | |||
Dividends distribution was paid in cash | 16,310,000 | |||
Subsequent Events [Member] | Common Shares [Member] | ||||
Subsequent Event [Line Items] | ||||
Dividends date paid | 30-Jan-15 | |||
Dividends date of record | 22-Jan-15 | |||
Dividend reinvestment | 17,067,000 | |||
Subsequent Events [Member] | Series C Preferred Shares [Member] | ||||
Subsequent Event [Line Items] | ||||
Dividends on preferred shares, per share | $0.59 | |||
Dividends date paid | 30-Jan-15 | |||
Dividends date of record | 29-Jan-15 | |||
Subsequent Events [Member] | Series D Preferred Shares [Member] | ||||
Subsequent Event [Line Items] | ||||
Dividends on preferred shares, per share | $0.50 | |||
Dividends date paid | 30-Jan-15 | |||
Dividends date of record | 29-Jan-15 | |||
Subsequent Events [Member] | Series E Preferred Shares [Member] | ||||
Subsequent Event [Line Items] | ||||
Dividends on preferred shares, per share | $0.52 | |||
Dividends date paid | 30-Jan-15 | |||
Dividends date of record | 29-Jan-15 | |||
Subsequent Events [Member] | Series C, Series D, and Series E Preferred Share [Member] | ||||
Subsequent Event [Line Items] | ||||
Dividends on preferred shares | $13,435,000 |