Deep Water Holdings increased its stake to 9,085,054 shares (13.49%), after purchasing 457,782 shares from Sept. 10 to Sept. 15 at $7.43 to $8.75 each. The firm also purchased $80 million of 12% Cumulative Preferred Shares-Series A on Oct. 1.

another necessary company with a low profile and engaged in a business line that will be around for a long time

Hold - Price 7.96 on April 28
by Maxim Group

[Major shipper] Seaspan reported normalized 1Q09 earnings per share of 24 cents....Revenues were $63.1 million, versus our estimate of $64 million and the consensus $63.4 million. Operating income amounted to $27.6 million, versus our estimate of $29.4 million; consensus anticipated $28 million. Management [lowered] the dividend [to] 10 cents, from 47.5 cents in the previous quarter....to preserve cash to fund their new building program. We think the dividend is an outsized part of what has made SSW attractive to investors, particularly retail investors. Due to uncertainty about the dividend, along with other issues...we are lowering our rating to Hold, from Buy, and removing our target of 13. Market cap: $535 million.

From a recent Mad Money show:"I like the dry bulk shippers but have been scaling back a bit. I'm bullish on China but I don't want to own any of these boat companies."

Over sold.
9.36

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Dividend Yield, IBD rating, cash cow

Credit Suisse said it is upgrading Seaspan (SSW) to Outperform from Neutral based on valuation. Sets $33 target price.

growth for the future

Excellent business plan