Seaspan Corporation's Earnings Sank, but the Tide Might Be Turning

Seaspan Corporation (NYSE: SSW) continues to navigate the rough seas of a weak shipping market, which weighed on its second-quarter results versus the year-ago period. That said, the results showed some improvement from the first quarter thanks to higher vessel utilization and lower costs. Furthermore, the company continued to strengthen its balance sheet, which gives it more financial flexibility to capture opportunities that might arise during the industry's current rough patch.

Financial results aside, the big story this quarter is that co-founder and CEO Gerry Wang will retire by the end of the year. That leaves the company with a bit of uncertainty until it finds a replacement.

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Source: Fool.com