Danaos Corporation Reports Results for the Fourth Quarter and Year Ended December 31, 2024
Danaos (NYSE: DAC) reported its Q4 and full-year 2024 results. Q4 operating revenues increased 3.6% to $258.2 million, while adjusted net income reached $133.3 million ($6.93 per diluted share). The company's container vessel fleet achieved 96.4% utilization, with contracted charter coverage at 97% for 2025 and 79% for 2026.
Key financial metrics include total cash liquidity and marketable securities of $806.7 million, gross debt of $744.5 million, and a net debt to LTM Adjusted EBITDA ratio of 0.40x. The company secured a new $850 million syndicated loan facility to finance remaining newbuilding vessels and added $336 million to contracted revenue backlog through new charters.
Danaos declared a Q4 dividend of $0.85 per share and has repurchased 2,458,024 shares for $168.8 million under its $200 million buyback program. The company's total contracted cash operating revenues stand at $3.4 billion, with an average charter duration of 3.7 years for the containership fleet.
Danaos (NYSE: DAC) ha riportato i risultati del quarto trimestre e dell'intero anno 2024. I ricavi operativi del quarto trimestre sono aumentati del 3,6%, raggiungendo i 258,2 milioni di dollari, mentre l'utile netto rettificato ha raggiunto i 133,3 milioni di dollari (6,93 dollari per azione diluita). La flotta di navi portacontainer dell'azienda ha raggiunto un tasso di utilizzo del 96,4%, con una copertura da charter contrattualizata del 97% per il 2025 e del 79% per il 2026.
I principali indicatori finanziari includono una liquidità totale in contante e titoli negoziabili di 806,7 milioni di dollari, un debito lordo di 744,5 milioni di dollari e un rapporto debito netto su EBITDA rettificato degli ultimi dodici mesi di 0,40x. L'azienda ha ottenuto una nuova linea di prestito sindacato da 850 milioni di dollari per finanziare le navi in costruzione rimanenti e ha aggiunto 336 milioni di dollari al portafoglio di reddito da charter contrattualizzato attraverso nuovi contratti di noleggio.
Danaos ha dichiarato un dividendo per il quarto trimestre di 0,85 dollari per azione e ha riacquistato 2.458.024 azioni per 168,8 milioni di dollari nell'ambito del suo programma di riacquisto di 200 milioni di dollari. I ricavi operativi contrattualizzati totali dell'azienda ammontano a 3,4 miliardi di dollari, con una durata media del contratto di 3,7 anni per la flotta di portacontainer.
Danaos (NYSE: DAC) reportó sus resultados del cuarto trimestre y del año completo 2024. Los ingresos operativos del cuarto trimestre aumentaron un 3,6% a 258,2 millones de dólares, mientras que el ingreso neto ajustado alcanzó los 133,3 millones de dólares (6,93 dólares por acción diluida). La flota de buques portacontenedores de la empresa alcanzó una utilización del 96,4%, con cobertura de charter contratada del 97% para 2025 y del 79% para 2026.
Las métricas financieras clave incluyen una liquidez total de efectivo y valores negociables de 806,7 millones de dólares, una deuda bruta de 744,5 millones de dólares y un ratio de deuda neta sobre EBITDA ajustado de los últimos doce meses de 0,40x. La empresa aseguró una nueva línea de préstamos sindicados de 850 millones de dólares para financiar la construcción de barcos restantes y agregó 336 millones de dólares al backlog de ingresos de charters contratados a través de nuevos contratos de arrendamiento.
Danaos declaró un dividendo del cuarto trimestre de 0,85 dólares por acción y ha recomprado 2.458.024 acciones por 168,8 millones de dólares bajo su programa de recompra de 200 millones de dólares. Los ingresos operativos contractuales totales de la empresa son de 3,4 mil millones de dólares, con una duración media de contrato de 3,7 años para la flota de portacontenedores.
다나오스 (NYSE: DAC)는 2024년 4분기 및 전체 연도 실적을 발표했습니다. 4분기 운영 수익은 3.6% 증가하여 2억 5820만 달러에 달했으며, 조정된 순이익은 1억 3330만 달러(희석주당 6.93달러)에 달했습니다. 회사의 화물선 함대는 96.4%의 활용도를 달성했으며, 2025년과 2026년의 계약된 차터 커버리지는 각각 97%와 79%에 달합니다.
주요 재무 지표에는 8억 670만 달러의 현금 유동성과 시장성 있는 증권, 7억 4450만 달러의 총 부채, 및 LTM 조정 EBITDA 대비 순부채 비율이 0.40배가 포함됩니다. 회사는 남아있는 신조선 투자를 위해 8억 5000만 달러의 새로운 신디케이트 대출 시설을 확보하고, 새로운 차터를 통해 3억 3600만 달러를 계약된 수익 백로그에 추가했습니다.
다나오스는 4분기 주당 0.85달러의 배당금을 발표했으며, 2,458,024주를 1억 6880만 달러에 재매입했습니다. 회사의 총 계약된 현금 운영 수익은 34억 달러에 이르며, 화물선 함대의 평균 차터 기간은 3.7년입니다.
Danaos (NYSE: DAC) a annoncé ses résultats pour le quatrième trimestre et l'année 2024 dans son ensemble. Les revenus d'exploitation du quatrième trimestre ont augmenté de 3,6 % pour atteindre 258,2 millions de dollars, tandis que le revenu net ajusté a atteint 133,3 millions de dollars (6,93 dollars par action diluée). La flotte de navires porte-conteneurs de la société a atteint un taux d'utilisation de 96,4 %, avec une couverture de charter contractée de 97 % pour 2025 et de 79 % pour 2026.
Les principaux indicateurs financiers incluent une liquidité totale en espèces et en titres négociables de 806,7 millions de dollars, une dette brute de 744,5 millions de dollars, et un ratio de dette nette par rapport à l'EBITDA ajusté sur 12 mois de 0,40x. L'entreprise a sécurisé une nouvelle ligne de crédit syndiqué de 850 millions de dollars pour financer la construction des navires restants et a ajouté 336 millions de dollars au carnet de commandes de revenus contractuels grâce à de nouveaux contrats de location.
Danaos a déclaré un dividende pour le quatrième trimestre de 0,85 dollar par action et a racheté 2 458 024 actions pour un total de 168,8 millions de dollars dans le cadre de son programme de rachat d'actions de 200 millions de dollars. Les revenus d'exploitation contractuels totaux de la société s'élèvent à 3,4 milliards de dollars, avec une durée moyenne des contrats de 3,7 ans pour la flotte de porte-conteneurs.
Danaos (NYSE: DAC) hat die Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 bekannt gegeben. Die Betriebseinnahmen im vierten Quartal stiegen um 3,6% auf 258,2 Millionen Dollar, während der bereinigte Nettoertrag 133,3 Millionen Dollar (6,93 Dollar pro verwässerter Aktie) betrug. Die Containerschiff-Flotte des Unternehmens erreichte eine Auslastung von 96,4%, wobei der vertraglich vereinbarte Charter-Abdeckung für 2025 bei 97% und für 2026 bei 79% liegt.
Wichtige finanzielle Kennzahlen sind die Gesamtliquidität in Bar und handelbaren Wertpapieren von 806,7 Millionen Dollar, eine Bruttoschuld von 744,5 Millionen Dollar und ein Netto-Schuldenverhältnis zu LTM bereinigtem EBITDA von 0,40x. Das Unternehmen sicherte sich eine neue syndizierte Kreditfazilität von 850 Millionen Dollar zur Finanzierung der verbleibenden Neubauten und fügte durch neue Charterverträge 336 Millionen Dollar zum vertraglichen Umsatzrückstand hinzu.
Danaos erklärte eine Dividende für das vierte Quartal von 0,85 Dollar pro Aktie und hat im Rahmen seines Rückkaufprogramms von 200 Millionen Dollar 2.458.024 Aktien für insgesamt 168,8 Millionen Dollar zurückgekauft. Die gesamten vertraglich vereinbarten Betriebseinnahmen des Unternehmens belaufen sich auf 3,4 Milliarden Dollar, mit einer durchschnittlichen Charterlaufzeit von 3,7 Jahren für die Containerschiff-Flotte.
- Operating revenues increased 3.6% to $258.2 million in Q4 2024
- Strong liquidity position with $806.7 million in cash and marketable securities
- Secured $850 million syndicated loan facility for newbuilding financing
- Added $336 million to contracted revenue backlog
- High charter coverage: 97% for 2025 and 79% for 2026
- Low leverage with Net Debt/LTM Adjusted EBITDA of 0.40x
- Net income decreased to $90.4 million in Q4 2024 from $149.9 million in Q4 2023
- Container vessel utilization declined to 96.4% from 97.7% year-over-year
- $35.6 million loss on marketable securities in Q4 2024
- Interest expense increased by $6.3 million to $9.9 million
Insights
The Q4 2024 results demonstrate Danaos's strategic positioning and financial resilience in a challenging market environment. Key strengths include:
- Strong liquidity position with
$806.7 million in total cash and marketable securities - Conservative leverage with Net Debt/LTM Adjusted EBITDA of 0.40x, providing significant financial flexibility
- Robust charter coverage protecting future cash flows, with
$3.4 billion contracted revenue backlog - Strategic fleet modernization through 15 newbuilding containerships with advanced eco-features
The company's operational metrics remain strong with container vessel utilization at
While adjusted net income showed a marginal decrease from
The strategic focus on modern, fuel-efficient vessels positions Danaos well for upcoming environmental regulations, while the long-term charter coverage provides earnings visibility through market cycles. The company's prudent balance sheet management and strategic fleet expansion present a compelling investment case despite near-term market uncertainties.
Highlights for the Fourth Quarter and Year Ended December 31, 2024:
Financial Summary Three Months Ended December 31, 2024 and Three Months Ended December 31, 2023 Unaudited (Expressed in thousands of | ||||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||
December 31, 2024 | December 31, 2023 | |||||||||||||||||
Financial & Operating Metrics | Container | Drybulk | Other | Total | Container | Drybulk | Other | Total | ||||||||||
Operating Revenues | - | - | ||||||||||||||||
Voyage Expenses, excl. commissions | - | - | ||||||||||||||||
Time Charter Equivalent Revenues (1) | - | - | ||||||||||||||||
Net income/(loss) | ||||||||||||||||||
Adjusted net income / (loss) (2) | ||||||||||||||||||
Earnings per share, basic | ||||||||||||||||||
Earnings per share, diluted | ||||||||||||||||||
Adjusted earnings per share, diluted (2) | ||||||||||||||||||
Operating Days | 6,467 | 775 | - | 6,109 | 337 | - | ||||||||||||
Time Charter Equivalent $/day (1) | - | - | ||||||||||||||||
Ownership days | 6,706 | 920 | - | 6,256 | 412 | - | ||||||||||||
Average number of vessels | 72.9 | 10.0 | - | 68.0 | 4.5 | - | ||||||||||||
Fleet Utilization | 96.4 % | 84.2 % | - | 97.7 % | 81.8 % | - | ||||||||||||
Adjusted EBITDA (2) | ||||||||||||||||||
Consolidated Balance Sheet & Leverage Metrics | As of December 31,2024 | As of December 31, 2023 | ||||||||||||||||
Cash and cash equivalents | ||||||||||||||||||
Availability under Revolving Credit Facility | ||||||||||||||||||
Marketable securities(3) | ||||||||||||||||||
Total cash liquidity & marketable securities(4) | ||||||||||||||||||
Debt, gross of deferred finance costs | ||||||||||||||||||
Net Debt (5) | ||||||||||||||||||
LTM Adjusted EBITDA (6) | ||||||||||||||||||
Net Debt / LTM Adjusted EBITDA | 0.40x | 0.20x | ||||||||||||||||
1. | Time charter equivalent revenues and time charter equivalent US$/day are non-GAAP measures. Refer to the reconciliation provided in the appendix. |
2. | Adjusted net income/(loss), adjusted earnings per share and adjusted EBITDA are non-GAAP measures. Refer to the reconciliation of net income to adjusted net income and adjusted earnings per share; and net income to adjusted EBITDA provided below. |
3. | Marketable securities refer to fair value of 4,070,214 shares of common stock of SBLK on December 31, 2024 and 1,552,865 shares of common stock of EGLE on December 31, 2023. |
4. | Total cash liquidity & marketable securities includes: (i) cash and cash equivalents, (ii) availability under our Revolving Credit Facility and (iii) marketable securities. |
5. | Net Debt is defined as total debt gross of deferred finance costs less cash and cash equivalents |
6. | Last twelve months Adjusted EBITDA. Refer to the reconciliation provided below. |
For management purposes, the Company is organized based on operating revenues generated from container vessels and dry-bulk vessels and has two reporting segments: (1) a container vessels segment and (2) a dry-bulk vessels segment. The Company measures segment performance based on net income. Items included in the applicable segment's net income are directly allocated to the extent that the items are directly or indirectly attributable to the segments. With regards to the items that are allocated by indirect calculations, their allocation is commensurate to the utilization of key resources. The Other column includes components that are not allocated to any of the Company's reportable segments and includes investments in an affiliate accounted for using the equity method of accounting and investments in marketable securities.
Financial Summary Year Ended December 31, 2024 and Year Ended December 31, 2023 Unaudited (Expressed in thousands of | ||||||||||||||||||||
Year Ended | Year Ended | |||||||||||||||||||
December 31, 2024 | December 31, 2023 | |||||||||||||||||||
Financial & Operating Metrics | Container | Drybulk | Other | Total | Container | Drybulk | Other | Total | ||||||||||||
Operating Revenues | - | - | ||||||||||||||||||
Voyage Expenses, excl. commissions | - | - | ||||||||||||||||||
Time Charter Equivalent Revenues (1) | - | - | ||||||||||||||||||
Net income/(loss) | ||||||||||||||||||||
Adjusted net income / (loss) (2) | ||||||||||||||||||||
Earnings per share, basic | ||||||||||||||||||||
Earnings per share, diluted | ||||||||||||||||||||
Adjusted earnings per share, diluted (2) | ||||||||||||||||||||
Operating Days | 24,961 | 2,753 | - | 24,286 | 337 | - | ||||||||||||||
Time Charter Equivalent $/day (1) | - | - | ||||||||||||||||||
Ownership days | 25,684 | 3,164 | - | 24,850 | 417 | - | ||||||||||||||
Average number of vessels | 70.2 | 8.6 | - | 68.1 | 1.1 | - | ||||||||||||||
Fleet Utilization | 97.2 % | 87.0 % | - | 97.7 % | 80.8 % | - | ||||||||||||||
Adjusted EBITDA (2) | ||||||||||||||||||||
1. | Time charter equivalent revenues and time charter equivalent US$/day are non-GAAP measures. Refer to the reconciliation provided in the appendix. |
2. | Adjusted net income/(loss), adjusted earnings per share and adjusted EBITDA are non-GAAP measures. Refer to the reconciliation of net income to adjusted net income and adjusted earnings per share; and net income to adjusted EBITDA provided below. |
- In December 2024, we added two 9,200 TEU newbuilding containerships to our orderbook, which have expected deliveries in 2027. We took delivery of 6 newbuilding containerships in 2024 and 1 in January 2025.
- In February 2025, we entered into a syndicated loan facility agreement for an amount of up to
$850 million - Our remaining orderbook currently consists of a further 15 newbuilding containership vessels with an aggregate capacity of 128,220 TEU with expected deliveries of one vessel in 2025, three vessels in 2026, nine vessels in 2027 and two vessels in 2028. All the vessels in our orderbook are designed with the latest eco characteristics, will be methanol fuel ready, fitted with open loop scrubbers and Alternative Maritime Power (AMP) units and will be built in accordance with the latest requirements of the International Maritime Organization (IMO) in relation to Tier III emission standards and Energy Efficiency Design Index (EEDI) Phase III.
- We have secured multi-year charter arrangements for 13 of the remaining 15 newbuilding vessels orderbook, with an average charter duration of approximately 5.1 years weighted by aggregate contracted charter hire.
- Over the past three months, we added approximately
$336 million - As a result, total contracted cash operating revenues, on the basis of concluded charter contracts through the date of this release, currently stand at
$3.4 billion - Contracted operating days charter coverage for our container vessel fleet is currently
97% for 2025 and79% for 2026. This includes newbuildings based on their scheduled delivery dates. - We took delivery of all of our contracted capesize drybulk carriers by taking delivery of two vessels in the second quarter of 2024 and one vessel in July 2024. As a result, our capesize drybulk fleet currently stands at 10 vessels with an aggregate capacity of approximately 1.8 million DWT.
- As of the date of this release, Danaos has repurchased a total of 2,458,024 shares of its common stock in the open market for
$168.8 million $200 million - Danaos has declared a dividend of
$0.85
Danaos' CEO Dr. John Coustas commented:
"The world is entering uncharted territory and any near-term predictions about the direction of shipping markets are inherently unreliable. The tariff war is bound to generate disruptions, which have historically benefited shipping. However, an economic slowdown might negate these benefits.
The dry bulk market continues to suffer from ongoing malaise due to the pace of the recovery of the Chinese economy, which has not shown signs of accelerating. The delivery of new tonnage starting this year will add to this weakness, particularly in the panamax and smaller segments, where the orderbook is concentrated. The capesize segment, where our fleet is concentrated, continues to have an orderbook that remains at historically low levels.
The container charter market remains healthy, albeit liners are exhibiting more caution, particularly with respect to more forward dates. While box rates are weakening, they are still much higher than pre-pandemic levels. We will have to wait until after Chinese New Year to gauge the effect of the front-loading of exports that occurred in anticipation of tariffs and the demand pattern in the new trade environment.
Danaos is highly insulated from near-term market uncertainty, with
Our profitability remains consistent, and we are using our strong balance sheet to increase dividends, continue our share buyback program, and source opportunities to grow our company for the benefit of our shareholders.
Our strategic focus remains on maintaining a robust financial position, securing long-term contracts for vessels coming off charter, and investing in modern, fuel-efficient container vessels to enhance our competitive position in the market. We are committed to delivering value to our shareholders through prudent financial management and strategic growth initiatives."
Three months ended December 31, 2024 compared to the three months ended December 31, 2023
During the three months ended December 31, 2024, Danaos had an average of 72.9 container vessels and 10.0 drybulk vessels compared to 68.0 container vessels and 4.5 drybulk vessels during the three months ended December 31, 2023. Our container vessels utilization for the three months ended December 31, 2024 was
Our adjusted net income amounted to
Adjusted net income of our container vessels segment amounted to
Adjusted net income of our drybulk vessels segment amounted to
The
Please refer to the Adjusted Net Income reconciliation tables, which appear later in this earnings release.
On a non-adjusted basis, our net income amounted to
Operating Revenues
Operating revenues increased by
Operating revenues of our container vessels segment decreased by
- a
$21.6 million - a
$3.7 million - a
$19.9 million - a
$2.4 million - a
$4.4 million
Operating revenues of our drybulk vessels segment added an incremental
Vessel Operating Expenses
Vessel operating expenses increased by
Depreciation & Amortization
Depreciation & Amortization includes Depreciation and Amortization of Deferred Dry-docking and Special Survey Costs.
Depreciation
Depreciation expense increased by
Amortization of Deferred Dry-docking and Special Survey Costs
Amortization of deferred dry-docking and special survey costs increased by
General and Administrative Expenses
General and administrative expenses decreased by
Other Operating Expenses
Other Operating Expenses include Voyage Expenses.
Voyage Expenses
Voyage expenses decreased by
Voyage expenses of container vessels segment decreased by
Voyage expenses of drybulk vessels segment decreased by
Net gain on disposal/sale of vessels
In March 2024, we sold for scrap the vessel Stride, which had been off-hire since January 8, 2024 due to damage from a fire in the engine room that was subsequently contained. In the three months ended December 31, 2024, we recognized an additional
Interest Expense and Interest Income
Interest expense increased by
- a
$5.3 million $332.1 million 0.78% , mainly as a result of a reduction in SOFR rates between the two periods. Average indebtedness was$747.2 million $415.1 million - a
$0.3 million - a
$0.7 million
As of December 31, 2024, our outstanding debt, gross of deferred finance costs, was
Interest income increased to
Gain/(loss) on investments
Following the all-stock merger of Eagle Bulk Shipping Inc. ("EGLE") with Star Bulk Carriers Corp. ("SBLK") completed on April 9, 2024, we currently own 4,070,214 shares of common stock of SBLK. The
Equity loss on investments
Equity loss on investments amounting to
Other finance expenses
Other finance expenses remained stable at
Loss on derivatives
Amortization of deferred realized losses on interest rate swaps remained stable at
Other income/(expenses), net
Other income, net amounted to
Adjusted EBITDA
Adjusted EBITDA increased by
Adjusted EBITDA of container vessels segment increased by
Adjusted EBITDA of drybulk vessels segment increased by
Year ended December 31, 2024 compared to the year ended December 31, 2023
During the year ended December 31, 2024, Danaos had an average of 70.2 container vessels and 8.6 drybulk vessels compared to 68.1 container vessels and 1.1 drybulk vessels during the year ended December 31, 2023. Our container vessels utilization for the year ended December 31, 2024 was
Our adjusted net income amounted to
Adjusted net income of our container vessels segment amounted to
Adjusted net income of our drybulk vessels segment amounted to
The
Please refer to the Adjusted Net Income reconciliation tables, which appear later in this earnings release.
On a non-adjusted basis, our net income amounted to
Operating Revenues
Operating revenues increased by
Operating revenues of our container vessels segment decreased by
- a
$40.5 million - a
$40.4 million - a
$9.9 million - a
$16.7 million - a
$0.4 million
Operating revenues of our drybulk vessels segment added an incremental
Vessel Operating Expenses
Vessel operating expenses increased by
Depreciation & Amortization
Depreciation & Amortization includes Depreciation and Amortization of Deferred Dry-docking and Special Survey Costs.
Depreciation
Depreciation expense increased by
Amortization of Deferred Dry-docking and Special Survey Costs
Amortization of deferred dry-docking and special survey costs increased by
General and Administrative Expenses
General and administrative expenses increased by
Other Operating Expenses
Other Operating Expenses include Voyage Expenses.
Voyage Expenses
Voyage expenses increased by
Voyage expenses of container vessels segment decreased by
Voyage expenses of drybulk vessels segment increased by
Net gain on disposal/sale of vessels
In March 2024, we sold for scrap the vessel Stride, which had been off-hire since January 8, 2024 due to damage from a fire in the engine room that was subsequently contained. We recognized
In January 2023, we completed the sale of the container vessel Amalia C for net proceeds of
Interest Expense and Interest Income
Interest expense increased by
- a
$9.7 million $129.7 million $580.6 million $450.9 million - a
$0.1 million - a
$4.1 million
As of December 31, 2024, our outstanding debt, gross of deferred finance costs, was
Interest income increased by
Gain/(loss) on investments
Following the all-stock merger of Eagle Bulk Shipping Inc. (EGLE) with Star Bulk Carriers Corp. ("SBLK") completed on April 9, 2024, we currently own 4,070,214 shares of common stock of SBLK. The loss on investments of
Loss on debt extinguishment
A
Equity loss on investments
Equity loss on investments amounting to
Other finance expenses
Other finance expenses decreased by
Loss on derivatives
Amortization of deferred realized losses on interest rate swaps remained stable at
Other income/(expenses), net
Other income, net amounted to
Adjusted EBITDA
Adjusted EBITDA increased by
Adjusted EBITDA of container vessels segment decreased by
Adjusted EBITDA of drybulk vessels segment increased by
Dividend Payment
Danaos has declared a dividend of
Recent Developments
Subsequent to December 31, 2024, we repurchased 198,926 shares of our common stock in the open market for
In January 2025, we took delivery of our 7th newbuilding containership, the Phoebe, which was deployed on a seven-year time charter.
Conference Call and Webcast
On Tuesday, February 11, 2025 at 9:00 A.M. ET, the Company's management will host a conference call to discuss the results.
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 844 802 2437 (US Toll Free Dial In), 0800 279 948 9 (
A telephonic replay of the conference call will be available until February 28, 2025 by dialing 1 877 344 7529 (US Toll Free Dial In) or 1-412-317-0088 (Standard International Dial In) and using 5409898# as the access code.
Audio Webcast
There will also be a live and then archived webcast of the conference call on the Danaos website (www.danaos.com). Participants of the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
Slide Presentation
A slide presentation regarding the Company and the container and drybulk industry will also be available on the Danaos website (www.danaos.com).
About Danaos Corporation
Danaos Corporation is one of the largest independent owners of modern, large-size container vessels. Our current fleet of 74 container vessels aggregating 471,477 TEUs and 15 under construction container vessels aggregating 128,220 TEUs ranks Danaos among the largest container vessels charter owners in the world based on total TEU capacity. Danaos has also recently invested in the drybulk sector with the acquisition of 10 capesize drybulk vessels aggregating 1,760,861 DWT. Our container vessels fleet is chartered to many of the world's largest liner companies on fixed-rate charters. Our long track record of success is predicated on our efficient and rigorous operational standards and environmental controls. Danaos Corporation's shares trade on the New York Stock Exchange under the symbol "DAC".
Forward-Looking Statements
Matters discussed in this release may constitute forward-looking statements within the meaning of the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions. Although Danaos Corporation believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, Danaos Corporation cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, geopolitical conditions, including any trade disruptions resulting from tariffs imposed by
Risks and uncertainties are further described in reports filed by Danaos Corporation with the
Visit our website at www.danaos.com
APPENDIX
Container vessels fleet utilization | ||||||||
Vessel Utilization (No. of Days) | Three months ended | Three months ended | Year ended | Year ended | ||||
December 31, | December 31, | December 31, | December 31, | |||||
2024 | 2023 | 2024 | 2023 | |||||
Ownership Days | 6,706 | 6,256 | 25,684 | 24,850 | ||||
Less Off-hire Days: | ||||||||
Scheduled Off-hire Days | (236) | (123) | (525) | (472) | ||||
Other Off-hire Days | (3) | (24) | (198) | (92) | ||||
Operating Days | 6,467 | 6,109 | 24,961 | 24,286 | ||||
Vessel Utilization | 96.4 % | 97.7 % | 97.2 % | 97.7 % | ||||
Operating Revenues (in '000s of US$) | ||||||||
Less: Voyage Expenses excluding commissions (in '000s of US$) | 925 | (437) | 746 | (1,662) | ||||
Time Charter Equivalent Revenues (in '000s of US$) | 238,435 | 238,487 | 937,823 | 961,530 | ||||
Time Charter Equivalent US$/per day | ||||||||
Drybulk vessels fleet utilization | ||||||||
Vessel Utilization (No. of Days) | Three months ended | Three months ended | Year ended | Year ended | ||||
December 31, | December 31, | December 31, | December 31, | |||||
2024 | 2023 | 2024 | 2023 | |||||
Ownership Days | 920 | 412 | 3,164 | 417 | ||||
Less Off-hire Days: | ||||||||
Scheduled Off-hire Days | (138) | (75) | (378) | (80) | ||||
Other Off-hire Days | (7) | - | (33) | - | ||||
Operating Days | 775 | 337 | 2,753 | 337 | ||||
Vessel Utilization | 84.2 % | 81.8 % | 87.0 % | 80.8 % | ||||
Operating Revenues (in '000s of US$) | ||||||||
Less: Voyage Expenses excluding commissions (in '000s of US$) | (4,960) | (6,446) | (27,075) | (6,446) | ||||
Time Charter Equivalent Revenues (in '000s of US$) | 15,709 | 3,945 | 49,958 | 3,945 | ||||
Time Charter Equivalent US$/per day |
1) | We define Operating Days as the total number of Ownership Days net of Scheduled off-hire days (days associated with scheduled repairs, drydockings or special or intermediate surveys or days) and net of off-hire days associated with unscheduled repairs or days waiting to find employment but including days our vessels were sailing for repositioning. The shipping industry uses Operating Days to measure the number of days in a period during which vessels actually generate revenues or are sailing for repositioning purposes. Our definition of Operating Days may not be comparable to that used by other companies in the shipping industry. |
2) | Time charter equivalent US$/per day ("TCE rate") represents the average daily TCE rate of our container vessels segment and drybulk vessels segment calculated dividing time charter equivalent revenues of each segment by operating days of each segment. TCE rate is a standard shipping industry performance measure used primarily to compare period to period changes in a shipping company's performance despite changes in the mix of charter types i.e., voyage charters, time charters, bareboat charters under which its vessels may be employed between the periods. Our method of computing TCE rate may not necessarily be comparable to TCE rates of other companies due to differences in methods of calculation. We include TCE rate, a non- GAAP measure, as it provides additional meaningful information in conjunction with operating revenues, the most directly comparable GAAP measure, and it assists our management in making decisions regarding the deployment and use of our operating vessels and assists investors and our management in evaluating our financial performance. |
Fleet List
The following table describes in detail our container vessels deployment profile as of February 7, 2025:
| |||||
Vessel Name | Vessel Size (TEU) (1) | Year Built | Expiration of Charter(2) | ||
Ambition (ex Hyundai Ambition) | 13,100 | 2012 | April 2027 | ||
Speed (ex Hyundai Speed) | 13,100 | 2012 | March 2027 | ||
Kota Plumbago (ex Hyundai Smart) | 13,100 | 2012 | July 2027 | ||
Kota Primrose (ex Hyundai Respect) | 13,100 | 2012 | April 2027 | ||
Kota Peony (ex Hyundai Honour) | 13,100 | 2012 | March 2027 | ||
Express | 10,100 | 2011 | May 2027 | ||
Express | 10,100 | 2011 | August 2026 | ||
Express | 10,100 | 2011 | May 2027 | ||
Le Havre | 9,580 | 2006 | June 2028 | ||
Pusan C | 9,580 | 2006 | May 2028 | ||
9,012 | 2009 | January 2028 | |||
C Hamburg | 9,012 | 2009 | January 2028 | ||
Niledutch Lion | 8,626 | 2008 | May 2026 | ||
Kota Manzanillo | 8,533 | 2005 | February 2026 | ||
Belita | 8,533 | 2006 | July 2026 | ||
CMA CGM Melisande | 8,530 | 2012 | January 2028 | ||
CMA CGM Attila | 8,530 | 2011 | May 2027 | ||
CMA CGM Tancredi | 8,530 | 2011 | July 2027 | ||
CMA CGM Bianca | 8,530 | 2011 | September 2027 | ||
CMA CGM Samson | 8,530 | 2011 | November 2027 | ||
America | 8,468 | 2004 | April 2028 | ||
8,468 | 2004 | May 2028 | |||
Kota Santos | 8,463 | 2005 | August 2026 | ||
Catherine C(3) | 8,010 | 2024 | June 2029 | ||
8,010 | 2024 | June 2027 | |||
8,010 | 2024 | August 2027 | |||
Greenfield(5) | 8,010 | 2024 | October 2027 | ||
Interasia Accelerate(3) | 7,165 | 2024 | April 2027 | ||
Interasia Amplify(4) | 7,165 | 2024 | September 2027 | ||
CMA CGM Moliere | 6,500 | 2009 | March 2027 | ||
CMA CGM Musset | 6,500 | 2010 | September 2025 | ||
CMA CGM Nerval | 6,500 | 2010 | November 2025 | ||
CMA CGM Rabelais | 6,500 | 2010 | January 2026 | ||
6,500 | 2010 | April 2026 | |||
YM Mandate | 6,500 | 2010 | January 2028 | ||
YM Maturity | 6,500 | 2010 | April 2028 | ||
Savannah (ex Zim Savannah) | 6,402 | 2002 | June 2027 | ||
Dimitra C | 6,402 | 2002 | April 2027 | ||
Phoebe(6) | 6,014 | 2025 | November 2031 | ||
Suez Canal | 5,610 | 2002 | April 2026 | ||
Kota | 5,544 | 2002 | September 2025 | ||
Wide Alpha | 5,466 | 2014 | July 2027 | ||
Stephanie C | 5,466 | 2014 | May 2028 | ||
Euphrates (ex Maersk Euphrates) | 5,466 | 2014 | September 2028 | ||
Wide Hotel | 5,466 | 2015 | September 2027 | ||
Wide | 5,466 | 2015 | October 2028 | ||
Wide Juliet | 5,466 | 2015 | September 2025 | ||
Seattle C | 4,253 | 2007 | October 2026 | ||
4,253 | 2007 | November 2026 | |||
Derby D | 4,253 | 2004 | January 2027 | ||
Tongala | 4,253 | 2004 | November 2026 | ||
Rio Grande | 4,253 | 2008 | November 2026 | ||
Merve A | 4,253 | 2008 | August 2027 | ||
4,253 | 2008 | June 2027 | |||
4,253 | 2009 | December 2026 | |||
4,253 | 2009 | March 2026 | |||
ZIM | 4,253 | 2009 | August 2028 | ||
Dimitris C | 3,430 | 2001 | September 2027 | ||
Express Black Sea | 3,400 | 2011 | January 2027 | ||
Express | 3,400 | 2011 | January 2027 | ||
Express | 3,400 | 2010 | December 2026 | ||
Express | 3,400 | 2010 | April 2027 | ||
Express | 3,400 | 2010 | July 2027 | ||
3,314 | 2004 | March 2027 | |||
3,314 | 2004 | January 2027 | |||
Zebra | 2,602 | 2001 | November 2025 | ||
Artotina | 2,524 | 2001 | January 2026 | ||
Advance | 2,200 | 1997 | June 2026 | ||
Future | 2,200 | 1997 | May 2026 | ||
Sprinter | 2,200 | 1997 | May 2026 | ||
Bridge | 2,200 | 1998 | January 2028 | ||
Progress C | 2,200 | 1998 | April 2026 | ||
Phoenix D | 2,200 | 1997 | March 2025 | ||
Highway | 2,200 | 1998 | January 2028 | ||
(1) Twenty-feet equivalent unit, the international standard measure for containers and container vessels capacity. |
(2) Earliest date charters could expire. Some charters include options for the charterer to extend their terms. |
(3) The newbuilding vessels were delivered in the second quarter of 2024. |
(4) The newbuilding vessels were delivered in the third quarter of 2024. |
(5) The newbuilding vessel was delivered in the fourth quarter 2024. |
(6) The newbuilding vessel was delivered in January 2025. |
Container vessels under construction as of February 7, 2025: | ||||||
Hull Number | Vessel Size (TEU) | Expected Delivery Year | Minimum Charter Duration | |||
Hull No. CV5900-08 | 6,014 | 2025 | 6.8 Years | |||
Hull No. YZJ2023-1556 | 8,258 | 2026 | 5 Years | |||
Hull No. YZJ2023-1557 | 8,258 | 2026 | 5 Years | |||
Hull No. YZJ2024-1612 | 8,258 | 2026 | 5 Years | |||
Hull No. YZJ2024-1613 | 8,258 | 2027 | 5 Years | |||
Hull No. YZJ2024-1625 | 8,258 | 2027 | 5 Years | |||
Hull No. YZJ2024-1626 | 8,258 | 2027 | 5 Years | |||
Hull No. YZJ2024-1668 | 8,258 | 2027 | 5 Years | |||
Hull No. C9200-7 | 9,200 | 2027 | 4.8 Years | |||
Hull No. C9200-8 | 9,200 | 2027 | 4.8 Years | |||
Hull No. C9200-9 | 9,200 | 2027 | 4.8 Years | |||
Hull No. C9200-10 | 9,200 | 2028 | 4.8 Years | |||
Hull No. C9200-11 | 9,200 | 2028 | 4.8 Years | |||
Hull No. H2596 | 9,200 | 2027 | ||||
Hull No. H2597 | 9,200 | 2027 | ||||
The following table describes the details of our Capesize drybulk vessels as of February 7, 2025: | ||||
Vessel Name | Capacity (DWT) (1) | Year Built | ||
Achievement | 175,966 | 2011 | ||
Genius | 175,580 | 2012 | ||
Ingenuity | 176,022 | 2011 | ||
Integrity | 175,966 | 2010 | ||
Peace | 175,858 | 2010 | ||
W Trader | 175,879 | 2009 | ||
E Trader | 175,886 | 2009 | ||
Gouverneur (ex Xin Hang) (2) | 178,043 | 2010 | ||
Valentine (ex Star Audrey) (2) | 175,125 | 2011 | ||
Danaos (ex Guo May) (3) | 176,536 | 2011 | ||
(1) DWT, dead weight tons, the international standard measure for drybulk vessels capacity. |
(2) The vessels were delivered in the second quarter of 2024. |
(3) The vessel was delivered in July 2024. |
DANAOS CORPORATION Condensed Consolidated Statements of Income - Unaudited (Expressed in thousands of
| ||||||||
Three months ended | Three months ended | Year ended | Year ended | |||||
December 31, | December 31, | December 31, | December 31, | |||||
2024 | 2023 | 2024 | 2023 | |||||
OPERATING REVENUES | ||||||||
OPERATING EXPENSES | ||||||||
Vessel operating expenses | (45,654) | (40,123) | (185,724) | (162,117) | ||||
Depreciation & amortization | (49,627) | (39,077) | (177,505) | (147,950) | ||||
General & administrative | (21,709) | (22,377) | (54,228) | (43,484) | ||||
Other operating expenses | (14,082) | (15,769) | (64,101) | (41,010) | ||||
Net gain on disposal/sale of vessels | 1,681 | - | 8,332 | 1,639 | ||||
Income From Operations | 128,788 | 131,969 | 540,884 | 580,661 | ||||
OTHER INCOME/(EXPENSES) | ||||||||
Interest income | 3,907 | 2,723 | 12,890 | 12,133 | ||||
Interest expense | (9,942) | (3,554) | (26,185) | (20,463) | ||||
Gain/(loss) on investments | (33,131) | 20,917 | (15,903) | 18,923 | ||||
Loss on debt extinguishment | - | - | - | (2,254) | ||||
Other finance expenses | (899) | (916) | (3,593) | (4,274) | ||||
Equity loss on investments | (191) | (141) | (1,629) | (3,993) | ||||
Other income/(expenses), net | 2,808 | (164) | 2,241 | (812) | ||||
Realized loss on derivatives | (913) | (913) | (3,632) | (3,622) | ||||
Total Other Income/(Expenses), net | (38,361) | 17,952 | (35,811) | (4,362) | ||||
Net Income | 90,427 | 149,921 | 505,073 | 576,299 | ||||
EARNINGS PER SHARE | ||||||||
Basic earnings per share | ||||||||
Diluted earnings per share | ||||||||
Basic weighted average number of common shares (in thousands of shares) | 19,162 | 19,406 | 19,316 | 19,879 | ||||
Diluted weighted average number of common shares (in thousands of shares) | 19,220 | 19,461 | 19,385 | 19,904 | ||||
Reconciliation of Net Income to Adjusted Net Income – Unaudited
| |||||||
Three months ended | Three months ended | Year ended | Year ended | ||||
December 31, | December 31, | December 31, | December 31, | ||||
2024 | 2023 | 2024 | 2023 | ||||
Net Income | |||||||
Change in fair value of investments | 35,574 | (20,762) | 25,179 | (17,867) | |||
Loss on debt extinguishment | - | - | - | 2,254 | |||
Net gain on disposal/sale of vessels | (1,681) | - | (8,332) | (1,639) | |||
Stock based compensation | 8,196 | 6,340 | 8,196 | 6,340 | |||
Amortization of financing fees | 757 | 466 | 2,326 | 2,201 | |||
Adjusted Net Income | |||||||
Adjusted Earnings Per Share, diluted | |||||||
Diluted weighted average number of shares (in thousands of shares) | 19,220 | 19,461 | 19,385 | 19,904 | |||
The Company reports its financial results in accordance with |
DANAOS CORPORATION Condensed Consolidated Balance Sheets - Unaudited (Expressed in thousands of
| |||||
As of | As of | ||||
December 31, | December 31, | ||||
2024 | 2023 | ||||
ASSETS | |||||
CURRENT ASSETS | |||||
Cash, cash equivalents and restricted cash | |||||
Accounts receivable, net | 25,578 | 9,931 | |||
Other current assets | 192,005 | 220,030 | |||
670,967 | 501,770 | ||||
NON-CURRENT ASSETS | |||||
Fixed assets, net | 3,290,309 | 2,746,541 | |||
Advances for vessels acquisition and vessels under construction | 265,838 | 301,916 | |||
Deferred charges, net | 58,759 | 38,012 | |||
Other non-current assets | 57,781 | 72,897 | |||
3,672,687 | 3,159,366 | ||||
TOTAL ASSETS | |||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||
CURRENT LIABILITIES | |||||
Long-term debt, current portion | |||||
Accounts payable, accrued liabilities & other current liabilities | 133,734 | 146,860 | |||
168,954 | 168,160 | ||||
LONG-TERM LIABILITIES | |||||
Long-term debt, net | 699,563 | 382,874 | |||
Other long-term liabilities | 50,337 | 93,785 | |||
749,900 | 476,659 | ||||
STOCKHOLDERS' EQUITY | |||||
Common stock | 190 | 194 | |||
Additional paid-in capital | 650,864 | 690,190 | |||
Accumulated other comprehensive loss | (70,430) | (75,979) | |||
Retained earnings | 2,844,176 | 2,401,912 | |||
3,424,800 | 3,016,317 | ||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | |||||
DANAOS CORPORATION Condensed Consolidated Statements of Cash Flows - Unaudited (Expressed in thousands of
| ||||||||
Three months ended | Three months ended | Year ended | Year ended | |||||
December 31, | December 31, | December 31, | December 31, | |||||
2024 | 2023 | 2024 | 2023 | |||||
Operating Activities: | ||||||||
Net income | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation | 40,375 | 33,523 | 148,344 | 129,287 | ||||
Amortization of deferred drydocking & special survey costs and finance costs | 10,009 | 6,020 | 31,487 | 20,864 | ||||
Amortization of assumed time charters | - | (4,416) | (4,534) | (21,222) | ||||
Prior service cost and periodic cost | (422) | 507 | 1,426 | 1,613 | ||||
(Gain)/loss on investments | 35,574 | (20,762) | 25,179 | (17,867) | ||||
Loss on debt extinguishment | - | - | - | 2,254 | ||||
Net gain on disposal/sale of vessels | (1,681) | - | (8,332) | (1,639) | ||||
Payments for drydocking/special survey | (21,878) | (9,568) | (50,568) | (31,121) | ||||
Amortization of deferred realized losses on cash flow interest rate swaps | 913 | 913 | 3,632 | 3,622 | ||||
Equity loss on investments | 191 | 141 | 1,629 | 3,993 | ||||
Stock based compensation | 9,812 | 12,680 | 14,559 | 12,680 | ||||
Accounts receivable | 1,176 | (2,580) | (5,403) | (4,296) | ||||
Other assets, current and non-current | (3,007) | (7,208) | 20,768 | (18,632) | ||||
Accounts payable and accrued liabilities | 11,207 | 7,651 | 10,246 | (154) | ||||
Other liabilities, current and long-term | (16,057) | (20,642) | (71,756) | (79,389) | ||||
Net Cash provided by Operating Activities | 156,639 | 146,180 | 621,750 | 576,292 | ||||
Investing Activities: | ||||||||
Vessel additions and advances for vessels under construction | (78,135) | (139,977) | (659,343) | (268,035) | ||||
Net proceeds and insurance proceeds from disposal/sale of vessels | - | - | 10,196 | 3,914 | ||||
Investments | (417) | - | (1,642) | (74,407) | ||||
Net Cash used in Investing Activities | (78,552) | (139,977) | (650,789) | (338,528) | ||||
Financing Activities: | ||||||||
Proceeds from long-term debt | 63,000 | - | 362,000 | - | ||||
Debt repayment | (7,930) | (6,875) | (27,970) | (27,500) | ||||
Payments of leaseback obligations | - | - | - | (72,925) | ||||
Dividends paid | (16,320) | (15,533) | (62,807) | (60,696) | ||||
Repurchase of common stock | (47,617) | (18,276) | (53,332) | (70,610) | ||||
Finance costs | (172) | - | (7,277) | (1,892) | ||||
Net Cash provided by/(used in) Financing Activities | (9,039) | (40,684) | 210,614 | (233,623) | ||||
Net increase/(decrease) in cash and cash equivalents | 69,048 | (34,481) | 181,575 | 4,141 | ||||
Cash and cash equivalents, beginning of period | 384,336 | 306,290 | 271,809 | 267,668 | ||||
Cash and cash equivalents, end of period | ||||||||
DANAOS CORPORATION Reconciliation of Net Income to Adjusted EBITDA - Unaudited (Expressed in thousands of
| |||||||
Three months ended | Three months ended | Year ended | Year ended | ||||
December 31, | December 31, | December 31, | December 31, | ||||
2024 | 2023 | 2024 | 2023 | ||||
Net income | |||||||
Depreciation | 40,375 | 33,523 | 148,344 | 129,287 | |||
Amortization of deferred drydocking & special survey costs | 9,252 | 5,554 | 29,161 | 18,663 | |||
Amortization of assumed time charters | - | (4,416) | (4,534) | (21,222) | |||
Amortization of finance costs and commitment fees | 1,371 | 1,171 | 4,905 | 5,136 | |||
Amortization of deferred realized losses on interest rate swaps | 913 | 913 | 3,632 | 3,622 | |||
Interest income | (3,907) | (2,723) | (12,890) | (12,133) | |||
Interest expense excluding amortization of finance costs | 9,185 | 3,088 | 23,859 | 18,262 | |||
Change in fair value of investments | 35,574 | (20,762) | 25,179 | (17,867) | |||
Loss on debt extinguishment | - | - | - | 2,254 | |||
Stock based compensation | 8,218 | 6,340 | 8,218 | 6,340 | |||
Net gain on disposal/sale of vessels | (1,681) | - | (8,332) | (1,639) | |||
Adjusted EBITDA(1) | |||||||
1) | Adjusted EBITDA represents net income before interest income and expense, depreciation, amortization of deferred drydocking & special survey costs, amortization of assumed time charters, amortization of deferred finance costs and commitment fees, amortization of deferred realized losses on interest rate swaps, adjusted for the change in fair value of investments, stock based compensation, loss on debt extinguishment and net gain on disposal/sale of vessels. However, Adjusted EBITDA is not a recognized measurement under |
Note: Items to consider for comparability include gains and charges. Gains positively impacting net income are reflected as deductions to net income. Charges negatively impacting net income are reflected as increases to net income. | |
The Company reports its financial results in accordance with |
DANAOS CORPORATION Reconciliation of Net Income to Adjusted EBITDA per segment Three Months Ended December 31, 2024 and Three Months Ended December 31, 2023 Unaudited (Expressed in thousands of
| |||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||
December 31, 2024 | December 31, 2023 | ||||||||||||||||
Container | Drybulk | Other | Total | Container | Drybulk | Other | Total | ||||||||||
Net income/(loss) | |||||||||||||||||
Depreciation | 37,048 | 3,327 | - | 40,375 | 32,343 | 1,180 | - | 33,523 | |||||||||
Amortization of deferred drydocking & special survey costs | 8,105 | 1,147 | - | 9,252 | 5,554 | - | - | 5,554 | |||||||||
Amortization of assumed time charters | - | - | - | - | (4,416) | - | - | (4,416) | |||||||||
Amortization of finance costs and commitment fees | 1,371 | - | - | 1,371 | 1,171 | - | - | 1,171 | |||||||||
Amortization of deferred realized losses on interest rate swaps | 913 | - | - | 913 | 913 | - | - | 913 | |||||||||
Interest income | (3,883) | - | (24) | (3,907) | (2,686) | (37) | - | (2,723) | |||||||||
Interest expense excluding amortization of finance costs | 9,185 | - | - | 9,185 | 3,088 | - | - | 3,088 | |||||||||
Change in fair value of investments | - | - | 35,574 | 35,574 | - | - | (20,762) | (20,762) | |||||||||
Stock based compensation | 7,657 | 561 | - | 8,218 | 6,120 | 220 | - | 6,340 | |||||||||
Net gain on disposal/sale of vessels | (1,681) | - | - | (1,681) | - | - | - | - | |||||||||
Adjusted EBITDA(1) | |||||||||||||||||
1) | Adjusted EBITDA represents net income before interest income and expense, depreciation, amortization of deferred drydocking & special survey costs, amortization of assumed time charters, amortization of deferred finance costs and commitment fees, amortization of deferred realized losses on interest rate swaps, adjusted for the change in fair value of investments and net gain on disposal/sale of vessels. However, Adjusted EBITDA is not a recognized measurement under |
Note: Items to consider for comparability include gains and charges. Gains positively impacting net income are reflected as deductions to net income. Charges negatively impacting net income are reflected as increases to net income. | |
The Company reports its financial results in accordance with |
DANAOS CORPORATION Reconciliation of Net Income to Adjusted EBITDA per segment Year Ended December 31, 2024 and Year Ended December 31, 2023 Unaudited (Expressed in thousands of
| |||||||||||||||||
Year Ended | Year Ended | ||||||||||||||||
December 31, 2024 | December 31, 2023 | ||||||||||||||||
Container | Drybulk | Other | Total | Container | Drybulk | Other | Total | ||||||||||
Net income/(loss) | |||||||||||||||||
Depreciation | 137,823 | 10,521 | - | 148,344 | 128,097 | 1,190 | - | 129,287 | |||||||||
Amortization of deferred drydocking & special survey costs | 27,167 | 1,994 | - | 29,161 | 18,663 | - | - | 18,663 | |||||||||
Amortization of assumed time charters | (4,534) | - | - | (4,534) | (21,222) | - | - | (21,222) | |||||||||
Amortization of finance costs and commitment fees | 4,905 | - | - | 4,905 | 5,136 | - | - | 5,136 | |||||||||
Amortization of deferred realized losses on interest rate swaps | 3,632 | - | - | 3,632 | 3,622 | - | - | 3,622 | |||||||||
Interest income | (12,843) | - | (47) | (12,890) | (12,096) | (37) | - | (12,133) | |||||||||
Interest expense excluding amortization of finance costs | 23,859 | - | - | 23,859 | 18,262 | - | - | 18,262 | |||||||||
Change in fair value of investments | - | - | 25,179 | 25,179 | - | - | (17,867) | (17,867) | |||||||||
Stock based compensation | 7,657 | 561 | - | 8,218 | 6,120 | 220 | 6,340 | ||||||||||
Loss on debt extinguishment | - | - | - | - | 2,254 | - | - | 2,254 | |||||||||
Net gain on disposal/sale of vessels | (8,332) | - | - | (8,332) | (1,639) | - | - | (1,639) | |||||||||
Adjusted EBITDA(1) | |||||||||||||||||
1) | Adjusted EBITDA represents net income before interest income and expense, depreciation, amortization of deferred drydocking & special survey costs, amortization of assumed time charters, amortization of deferred finance costs and commitment fees, amortization of deferred realized losses on interest rate swaps, adjusted for the change in fair value of investments and net gain on disposal/sale of vessels. However, Adjusted EBITDA is not a recognized measurement under |
Note: Items to consider for comparability include gains and charges. Gains positively impacting net income are reflected as deductions to net income. Charges negatively impacting net income are reflected as increases to net income. |
The Company reports its financial results in accordance with |
DANAOS CORPORATION Reconciliation of Net Income to Adjusted Net Income per segment Three Months Ended December 31, 2024 and Three Months Ended December 31, 2023 Unaudited (Expressed in thousands of
| |||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||
December 31, 2024 | December 31, 2023 | ||||||||||||||||
Container | Drybulk | Other | Total | Container | Drybulk | Other | Total | ||||||||||
Net income/(loss) | |||||||||||||||||
Change in fair value of investments | - | - | 35,574 | 35,574 | - | - | (20,762) | (20,762) | |||||||||
Amortization of financing fees | 757 | - | - | 757 | 466 | - | - | 466 | |||||||||
Stock based compensation | 7,636 | 560 | 8,196 | 6,120 | 220 | - | 6,340 | ||||||||||
Net gain on disposal/sale of vessels | (1,681) | - | - | (1,681) | - | - | - | - | |||||||||
Adjusted Net income/(loss)(1) | |||||||||||||||||
Adjusted Earnings per Share, diluted | |||||||||||||||||
Diluted weighted average number of shares (in thousands of shares) | 19,220 | 19,461 | |||||||||||||||
DANAOS CORPORATION Reconciliation of Net Income to Adjusted Net Income per segment Year Ended December 31, 2024 and Year Ended December 31, 2023 Unaudited (Expressed in thousands of
| |||||||||||||||||
Year Ended | Year Ended | ||||||||||||||||
December 31, 2024 | December 31, 2023 | ||||||||||||||||
Container | Drybulk | Other | Total | Container | Drybulk | Other | Total | ||||||||||
Net income/(loss) | |||||||||||||||||
Change in fair value of investments | - | - | 25,179 | 25,179 | - | - | (17,867) | (17,867) | |||||||||
Loss on debt extinguishment | - | - | - | - | 2,254 | - | - | 2,254 | |||||||||
Amortization of financing fees | 2,326 | - | - | 2,326 | 2,201 | - | - | 2,201 | |||||||||
Stock based compensation | 7,636 | 560 | 8,196 | 6,120 | 220 | 6,340 | |||||||||||
Net gain on disposal/sale of vessels | (8,332) | - | - | (8,332) | (1,639) | - | - | (1,639) | |||||||||
Adjusted Net income/(loss)(1) | |||||||||||||||||
Adjusted Earnings per Share, diluted | |||||||||||||||||
Diluted weighted average number of shares (in thousands of shares) | 19,385 | 19,904 | |||||||||||||||
1) | The Company reports its financial results in accordance with |
View original content:https://www.prnewswire.com/news-releases/danaos-corporation-reports-results-for-the-fourth-quarter-and-year-ended-december-31-2024-302372833.html
SOURCE Danaos Corporation
FAQ
What was Danaos 's (DAC) Q4 2024 revenue and how did it compare to Q4 2023?
What is DAC's current charter coverage for 2025 and 2026?
How much has DAC spent on share repurchases under its current program?
What is the size of DAC's new syndicated loan facility and its purpose?
What is DAC's current quarterly dividend payment?
