Tuesday, April 14, 2020

Shipping: David Sokol's Atlas Filed Their Annual Report (ATCO)

Following up on yesterday's "Shipping, Energy: Former Buffett Heir-Apparent Is Turning SeaSpan Into A Mini-Berkshire (ATCO)"

It's a big old hog of a PDF, 190 pages, 33MB.
Here's the press release.
Here's the 20-F filed April 13:
Corporate Profile
In November 2019, we announced the reorganization of Seaspan Corporation (“Seaspan”) to create Atlas Corp. (“Atlas”), a leading global asset management company differentiated by its position as a best-in-class owner and operator with a focus on deploying capital to create sustainable shareholder value. Atlas’ management team, Board of Directors and major shareholders, the Washington Companies and Fairfax Financial Holdings, are aligned on our long-term growth strategy. Atlas’ wholly-owned subsidiaries, Seaspan and APR Energy Ltd. (“APR”), are unique, industry-leading operating platforms in the global maritime and energy space.

Seaspan is the largest independent owner and operator of container ships in the world,
with an industry-leading, fully-integrated operating platform that delivers unique and
differentiated value to our customers through a full life-cycle asset management approach. Seaspan’s fleet consists of 123 containerships, including one vessel we have agreed to purchase which has not yet been delivered, representing total capacity of approximately1,023,000 TEU1 (twenty-foot equivalent units are a measure of container capacity). Seaspan’s operating fleet of 123 vessels has an average age of approximately seven years, average remaining lease period of approximately four years, $4.6 billion of long term contracted revenue and a pro forma market share of 7.9% of the global chartered fleet2. Seaspan is well-positioned for sustainable long-term growth thanks to our resilient business model,attractive fleet, high quality customer base and financial strength, and our emphasis on operational excellence.

APR is the largest mobile gas turbine fleet owner and operator in the world, providing power solutions to customers including large corporations and government sponsored utilities. APR is the global leader in its asset class and offers a fully-integrated platform to both lease and operate its fleet, which consists of 850MW of mobile gas turbines and ~700MW of diesel/gas generators. Our global footprint includes over 600 staff operating 14 power plants in 10 countries on a 1.3GW installed base. APR focuses on maintaining high asset utilization through medium to long-term contracts to optimize cash flows across our global fleet.....
....MUCH MORE

Tomorrow,  big ATCO backer Fairfax Financial and Prem Watsa—he's not the Warren buffet of Canada, no matter what anybody says—but for now, here's one reason Sokol is going to be challenged going forward. As if  being in shipping and power generation weren't challenging enough:
Fairfax Financial warns of US$1.4-billion net loss in the first quarter