SSW is structured as a REIT and thus must pay out most of its income in order to avoid corporate taxes - a structure I agree with since its forces citizens to pay their taxes right away. Anyway, here's a blog by Larry MacDonald about Seaspan. I don't know where he gets the fact that Seaspan is trading at a 50% discount to replacement value, since they are in the middle issuing equity and of buying more ships. And while I think that Seaspan's recent equity offering will increase liquidity and thus its valuation, I'm also worried that the new equity issued may dilute earnings for a bit until the new ships can come online. I'll likely hold off on aggressively buying unless I can buy shares around or below the current offering price of $21.50.
SSW 1-yr chart:
Disclosures and confessions: I own SSW in my trading account and my IRA. I also own Greek shipper Tsakos Energy Navigation (TNP).