Fairfax Financial Holdings’ president expressed confidence in Poseidon Corp as the shipping unit contributed to profit growth in the first quarter.

Canada’s Fairfax said it earned $80.5m in profit from Poseidon, the ultimate parent of container ship owner Seaspan Corp, in the first three months of the year.

That is more than double the $34.8m earned in the same period of last year.

In an earnings call on Friday, CIBC Capital Markets analyst Nik Priebe asked about how Poseidon might be impacted by disruptions in global trade as a result of the US-China trade war.

Fairfax president Peter Clarke, who is also chief operating officer, said the company is “excited” about the prospects for Poseidon, which has long-term contracts for its container ship fleet.

“Talking to the management team, they are quite confident that the tariffs and economic uncertainty around the world will not have any significant effect on their business,” he said.

“The management team is outstanding and, by locking in these contracts, it was a huge plus for them, so we’re very excited about the prospects of Poseidon.”

Clarke did not mention the potential impact of fees imposed by the government of US President Donald Trump on Chinese-built and Chinese-owned ships. Seaspan Corp has headquarters in Hong Kong, which the US treats as indistinguishable from China, although it is a Marshall Islands-registered entity.

Growing profits

Total net earnings for Prem Watsa-backed Fairfax, which is also involved in property, insurance and banking, rose to $953m in the period, up from nearly $770m in the first three months of 2024.

Fairfax owns 43.3% of Poseidon, which acquired Atlas Corp and its Seaspan subsidiary in a take-private deal that closed in 2023.

The company’s quarterly financial filing with Canadian securities regulators shows the stake has a $2.05bn fair market value, unchanged from the annual report.