Containership leasing giant Seaspan Corp. is continuing negotiations surrounding employment agreement modifications for Chief Executive Officer Gerry Wang and hopes to reach a deal before the end of July, the company said in a statement Friday.
Containership leasing giant Seaspan Corp. is continuing discussions surrounding the employment agreement modifications for Chief Executive Officer Gerry Wang and hopes to reach a deal before the end of July, the company said in a statement Friday.
In April, Seaspan and Wang amended his employment agreement to remove transaction fees. It was also agreed the company and Wang would further modify his employment agreement and overall compensation package by June 30.
“There is no assurance that Seaspan and Mr. Wang will reach any agreement on his employment terms,” Seapan said. “For now, Mr. Wang’s existing employment agreement, entered into in May 2016 and amended in April 2017, continues to apply.”
Founded by industrialist Dennis R. Washington, Washington Cos. – through its affiliates Deep Water Holdings and Copper Lion – is Seaspan’s largest shareholder.
Seaspan’s managed fleet consists of 114 containerships of more than 915,000 TEUs and includes 9 newbuilds scheduled for delivery at the end of 2018. The company’s current operating fleet of 89 containerships has an average age of six years, according to Seaspan.
Company executives earlier this year said they expected the company to benefit from the recent consolidation in the container shipping industry.
Seaspan in April reported it was back in the black in the first quarter of 2017 after a tumultuous 2016 in which the company took heavy losses. Seaspan recorded net earnings of $40 million in the first quarter, a massive 461 percent jump from just $7.1 million in the same quarter last year.
Seaspan continues discussion on CEO Wang’s future
