---

Seaspan Corporation - owner of Vancouver-based bunker supplier Marine Petrobulk - reports that net earnings increased by $32.9 million, year-on-year, to $40.0 million during the first quarter of 2017.

Normalized net earnings declined by $14.2 million, or 30.8 percent, to $31,829 million between January and March, whilst earnings before interest, taxes, depreciation, and amortization (EBITDA) fell by $44.3 million, or 25 percent, to $119.3 compared to the previous year's figure of $163.7 million.

Total revenue dipped $14.2 million, or 6.6 percent year-on-year, to $201.3 million.

Commenting on the results, Gerry Wang, chief executive officer, co-chairman and co-founder of Seaspan, said: "During the first quarter, our modern fleet on long-term time charters continued to provide Seaspan with a solid and stable foundation. Complementing our $5.0 billion contracted revenue backlog, Seaspan's short-term fleet allows the company to benefit from a containership market recovery, which we believe has begun."

As previously reported by Bunker Index, Seaspan Ferries Corporation (SFC) announced the arrival of the LNG-powered Seaspan Reliant - the second of two new dual-fuel hybrid ferries to its fleet - during the first quarter of this year.

Like its sister ship the Seaspan Swift, the Seaspan Reliant features two Wartsila LNG-diesel dual-fuel engines, LNG generators for its main propulsion and a Corvus lithium-ion energy storage system (ESS) which operates as spinning reserve and provides propulsion power for low-speed manoeuvres.

Seaspan also accepted delivery of the 4250-TEU vessel Seaspan Alps in January. In total, Seaspan Corporation says it had 88 vessels in operation as at March 31, 2017.

Bunker supplier Marine Petrobulk specializes in carrying out fuel deliveries in Vancouver, New Westminster, Victoria, Nanaimo, Prince Rupert and Kitimat. The company operates the barges Petrobulker, PB 32 and PB 34 - each with a maximum capacity of 32,000 barrels.

Image: Marine Petrobulk's bunker barge Petrobulker performing a delivery of marine fuel.