As to actual cash transactions, the payment from or to the swap counterparty will approximate, or coincide with, the interest payment on the debt facility. This makes the cash flow make sense.

The accruals we see are a different issue; but, of course, those are just accruals and we have seen them move in and out, like tides, for several years now.

That those movements play hob with the numbers that go into EPS is at least at some level a detriment to the price here (as the first poster on this string alluded to).

Much to Seaspan's credit, there was a quarter a ways back where they showed a big plus in the swap area and they played down the gain as much as they had played down the "losses" on that line in previous quarters............Dave