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Danaos Corporation Reports Second Quarter and Half Year Results for the Period Ended June 30, 2024

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Danaos (NYSE: DAC) announced its financial results for Q2 and H1 2024. The total operating revenues for Q2 were $246.3 million, up 2% from Q2 2023. Net income for Q2 2024 was $141.2 million, a slight decline from $147 million in Q2 2023. Earnings per diluted share decreased to $7.23 from $7.32. The company reported $3.2 billion in contracted operating revenues and a robust balance sheet with $786.7 million in total liquidity. Danaos secured multi-year charters for its new vessels and expanded its newbuilding program to 20 vessels, emphasizing eco-friendly designs. For H1 2024, net income was $291.7 million, down from $293.2 million in H1 2023. Operating expenses rose significantly, impacting adjusted EBITDA, which stood at $176.8 million for Q2 2024, down slightly from $177.3 million. Danaos also repurchased shares worth $104.4 million and declared a $0.80 per share dividend, payable on August 29, 2024.

Danaos (NYSE: DAC) ha annunciato i risultati finanziari per il secondo trimestre e il primo semestre del 2024. I ricavi operativi totali per il secondo trimestre sono stati di 246,3 milioni di dollari, con un aumento del 2% rispetto al secondo trimestre del 2023. L'utile netto per il secondo trimestre del 2024 è stato di 141,2 milioni di dollari, con una leggera flessione rispetto ai 147 milioni di dollari del secondo trimestre del 2023. L'utile per azione diluito è sceso a 7,23 dollari da 7,32 dollari. L'azienda ha registrato 3,2 miliardi di dollari in ricavi operativi contrattualizzati e un bilancio solido con 786,7 milioni di dollari in liquidità totale. Danaos ha ottenuto contratti pluriennali per le sue nuove navi ed ha ampliato il suo programma di costruzione a 20 navi, sottolineando l'importanza dei design ecologici. Per il primo semestre del 2024, l'utile netto è stato di 291,7 milioni di dollari, in calo rispetto ai 293,2 milioni di dollari del primo semestre del 2023. Le spese operative sono aumentate significativamente, influenzando l'EBITDA rettificato, che si è attestato a 176,8 milioni di dollari per il secondo trimestre del 2024, in lieve calo rispetto ai 177,3 milioni di dollari. Danaos ha anche riacquistato azioni per un valore di 104,4 milioni di dollari e ha dichiarato un dividendo di 0,80 dollari per azione, che sarà pagato il 29 agosto 2024.

Danaos (NYSE: DAC) anunció sus resultados financieros para el segundo trimestre y el primer semestre de 2024. Los ingresos operativos totales para el segundo trimestre fueron de 246.3 millones de dólares, un aumento del 2% en comparación con el segundo trimestre de 2023. La ganancia neta para el segundo trimestre de 2024 fue de 141.2 millones de dólares, una ligera disminución respecto a los 147 millones de dólares en el segundo trimestre de 2023. Las ganancias por acción diluida cayeron a 7.23 dólares desde 7.32 dólares. La empresa reportó 3.2 mil millones de dólares en ingresos operativos contratados y un sólido balance con 786.7 millones de dólares en liquidez total. Danaos aseguró contratos de arrendamiento a varios años para sus nuevos buques y amplió su programa de construcción a 20 buques, enfatizando diseños ecológicos. Para el primer semestre de 2024, la ganancia neta fue de 291.7 millones de dólares, en comparación con los 293.2 millones de dólares del primer semestre de 2023. Los gastos operativos aumentaron significativamente, afectando el EBITDA ajustado, que se situó en 176.8 millones de dólares para el segundo trimestre de 2024, una ligera disminución respecto a los 177.3 millones de dólares. Danaos también recompró acciones por un valor de 104.4 millones de dólares y declaró un dividendo de 0.80 dólares por acción, que se pagará el 29 de agosto de 2024.

다나오스(Danaos, NYSE: DAC)는 2024년 2분기 및 상반기 재무 결과를 발표했습니다. 2분기 총 운영 수익은 2억 4,630만 달러로, 2023년 2분기보다 2% 증가했습니다. 2024년 2분기 순이익은 1억 4,120만 달러로, 2023년 2분기 1억 4,700만 달러에서 약간 감소했습니다. 희석 주당 순이익은 7.23달러로, 7.32달러에서 하락했습니다. 이 회사는 32억 달러의 계약된 운영 수익과 7억 8,670만 달러의 총 유동성을 갖춘 탄탄한 대차대조표를 보고했습니다. 다나오스는 새로운 선박에 대한 다년간의 계약을 확보하고, 친환경 디자인을 강조하여 새로운 건조 프로그램을 20척으로 확대했습니다. 2024년 상반기 순이익은 2억 9,170만 달러로, 2023년 상반기 2억 9,320만 달러에서 감소했습니다. 운영 비용이 크게 증가하여 조정 EBITDA에 영향을 미쳤고, 이는 2024년 2분기에 1억 7,680만 달러로, 1억 7,730만 달러에서 다소 감소했습니다. 다나오스는 또한 1억 4,440만 달러 상당의 자사주를 매입하였고, 1주당 0.80달러의 배당금을 선언했으며, 이는 2024년 8월 29일에 지급될 예정입니다.

Danaos (NYSE: DAC) a annoncé ses résultats financiers pour le deuxième trimestre et le premier semestre de 2024. Les revenus d'exploitation totaux pour le deuxième trimestre s'élevaient à 246,3 millions de dollars, en hausse de 2 % par rapport au deuxième trimestre 2023. Le résultat net pour le deuxième trimestre 2024 était de 141,2 millions de dollars, en légère baisse par rapport à 147 millions de dollars au deuxième trimestre 2023. Le résultat par action diluée a diminué à 7,23 dollars, contre 7,32 dollars. La société a déclaré un chiffre d'affaires contracté de 3,2 milliards de dollars et un bilan solide avec une liquidité totale de 786,7 millions de dollars. Danaos a obtenu des contrats de location pluriannuels pour ses nouveaux navires et a étendu son programme de construction à 20 navires, en mettant l'accent sur des conceptions écologiques. Pour le premier semestre 2024, le résultat net était de 291,7 millions de dollars, en baisse par rapport à 293,2 millions de dollars au premier semestre 2023. Les dépenses d'exploitation ont augmenté de manière significative, impactant l'EBITDA ajusté, qui s'est élevé à 176,8 millions de dollars pour le deuxième trimestre 2024, légèrement en baisse par rapport à 177,3 millions de dollars. Danaos a également racheté des actions d'une valeur de 104,4 millions de dollars et a déclaré un dividende de 0,80 $ par action, qui sera versé le 29 août 2024.

Danaos (NYSE: DAC) gab seine Finanzergebnisse für das zweite Quartal und das erste Halbjahr 2024 bekannt. Die gesamten Betriebseinnahmen für das zweite Quartal betrugen 246,3 Millionen Dollar, was einem Anstieg von 2% im Vergleich zum zweiten Quartal 2023 entspricht. Der Nettogewinn für das zweite Quartal 2024 betrug 141,2 Millionen Dollar, ein leichter Rückgang von 147 Millionen Dollar im zweiten Quartal 2023. Der Gewinn pro verwässerter Aktie fiel auf 7,23 Dollar von 7,32 Dollar. Das Unternehmen berichtete von 3,2 Milliarden Dollar an vertraglichen Betriebseinnahmen und einer soliden Bilanz mit insgesamt 786,7 Millionen Dollar an Liquidität. Danaos sicherte sich mehrjährige Charterverträge für seine neuen Schiffe und erweiterte sein Neubauprogramm auf 20 Schiffe, wobei umweltfreundliche Designs betont wurden. Für das erste Halbjahr 2024 betrug der Nettogewinn 291,7 Millionen Dollar, ein Rückgang gegenüber 293,2 Millionen Dollar im ersten Halbjahr 2023. Die Betriebsausgaben stiegen erheblich, was sich negativ auf das bereinigte EBITDA auswirkte, das im zweiten Quartal 2024 bei 176,8 Millionen Dollar lag, leicht rückläufig gegenüber 177,3 Millionen Dollar. Danaos kaufte außerdem eigene Aktien im Wert von 104,4 Millionen Dollar zurück und gab eine Dividende von 0,80 Dollar pro Aktie bekannt, die am 29. August 2024 ausgezahlt werden soll.

Positive
  • Total operating revenues increased by 2% to $246.3 million in Q2 2024.
  • Danaos secured multi-year charters for new vessels, improving revenue visibility.
  • Net income for H1 2024 was $291.7 million.
  • Danaos expanded its newbuilding program to 20 eco-friendly vessels.
  • Total liquidity increased to $786.7 million.
Negative
  • Net income for Q2 2024 decreased to $141.2 million from $147 million in Q2 2023.
  • Earnings per diluted share fell to $7.23 from $7.32 in Q2 2023.
  • Operating expenses increased significantly, impacting adjusted EBITDA.
  • Adjusted net income dropped to $132.3 million in Q2 2024 from $143.4 million in Q2 2023.

ATHENS, Greece, Aug. 5, 2024 /PRNewswire/ -- Danaos Corporation ("Danaos") (NYSE: DAC), one of the world's largest independent owners of container vessels and drybulk vessels, today reported unaudited results for the period ended June 30, 2024.

Highlights for the Second Quarter and Half Year Ended June 30, 2024:

Financial Summary

Three Months Ended June 30, 2024 and Three Months Ended June 30, 2023

 Unaudited

(Expressed in thousands of United States dollars, except as otherwise stated)



Three Months Ended



Three Months Ended



June 30, 2024



June 30, 2023

Financial & Operating Metrics


Container
Vessels


Drybulk
Vessels


Other


Total



Container
Vessels


Drybulk
Vessels


Other


Total

Operating Revenues


$230,586


$15,720


-


$246,306



$241,479


-


-


$241,479

Voyage Expenses, excl. commissions


$(448)


$(3,269)


-


$(3,717)



$(331)


-


-


$(331)

Time Charter Equivalent Revenues (1)


$230,138


$12,451


-


$242,589



$241,148


-


-


$241,148

Net income


$133,683


$2,290


$5,179


$141,152



$141,321


-


$5,700


$147,021

Adjusted net income / (loss) (2)


$127,063


$2,290


$2,955


$132,308



$144,143


-


$(738)


$143,405

Earnings per share, basic








$7.30









$7.32

Earnings per share, diluted








$7.23









$7.32

Adjusted earnings per share, diluted (2)








$6.78









$7.14

Operating Days


6,088


604


-





6,106


-


-



Time Charter Equivalent $/day (1)


$37,802


$20,614


-





$39,494


-


-



Ownership days


6,253


694


-





6,188


-


-



Average number of vessels


68.7


7.6


-





68.0


-


-



Fleet Utilization


97.4 %


87.0 %


-





98.7 %


-


-



Adjusted EBITDA (2)

 


$169,121


$4,712


$2,955


$176,788



$178,064


-


$(738)


$177,326

Consolidated Balance Sheet

& Leverage Metrics 

As of June 30, 2024







As of December 31, 2023

Cash and cash equivalents




$372,446









$271,809

Availability under Revolving Credit Facility




$315,000









$337,500

Marketable securities(3)




$99,232









-

Total cash liquidity & marketable securities(4)




$786,678









$609,309

Debt, gross of deferred finance costs




$577,766









$410,516

Net Debt (5)




$205,320









$138,707

LTM Adjusted EBITDA (6)




$704,627









$707,002

Net Debt / LTM Adjusted EBITDA




0.29x









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 June 30, 2024.

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

Six Months Ended June 30, 2024 and Six Months Ended June 30, 2023

 Unaudited

(Expressed in thousands of United States dollars, except as otherwise stated)



Six Months Ended



Six Months Ended



June 30, 2024



June 30, 2023

Financial & Operating Metrics


Container
Vessels


Drybulk
Vessels


Other


Total



Container
Vessels


Drybulk
Vessels


Other


Total

Operating Revenues


$463,997


$35,758


-


$499,755



$485,053


-


-


$485,053

Voyage Expenses, excl. commissions


$(936)


$(14,096)


-


$(15,032)



$(746)


-


-


$(746)

Time Charter Equivalent Revenues (1)


$463,061


$21,662


-


$484,723



$484,307


-


-


$484,307

Net income


$272,042


$2,627


$16,981


$291,650



$290,110


-


$3,112


$293,222

Adjusted net income / (loss) (2)


$265,919


$2,627


$3,778


$272,324



$291,986


-


$(3,326)


$288,660

Earnings per share, basic








$15.05









$14.51

Earnings per share, diluted








$14.92









$14.51

Adjusted earnings per share, diluted (2)








$13.93









$14.28

Operating Days


12,107


1,200


-





12,062


-


-



Time Charter Equivalent $/day (1)


$38,247


$18,052


-





$40,151


-


-



Ownership days


12,438


1,331


-





12,338


-


-



Average number of vessels


68.3


7.3


-





68.2


-


-



Fleet Utilization


97.3 %


90.2 %


-





97.8 %


-


-



Adjusted EBITDA (2)


$343,309


$6,904


$3,778


$353,991



$359,692


-


$(3,326)


$356,366



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.

 

  • During the second quarter of 2024, we took delivery of the first three newbuilding containerships, namely one 7,165 TEU and two 8,010 TEU vessels that have commenced their three-year charters. Additionally, during the second quarter of 2024 and through the date of this release, we added 6 newbuilding containerships to our orderbook. These six newbuilding orders comprise of one additional 8,258 container vessel to be built at Yangzijiang shipyard in China expected to be delivered in 2027 and five 9,200 TEU container vessels to be built at Dalian shipyard in China, three of which have expected deliveries in 2027 and two in 2028.
  • As a result, our remaining orderbook currently consists of a further 17 newbuilding containership vessels with an aggregate capacity of 139,019 TEU with expected deliveries of three additional vessels in 2024, two vessels in 2025, three vessels in 2026, seven 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 now secured multi-year charter arrangements for all of the vessels in our newbuilding orderbook with an average charter duration of approximately 4.5 years weighted by aggregate contracted charter hire.
  • Over the past two months, we added approximately $900 million to our contracted revenue backlog, which includes (i) approximately $203 million through forward two-year charter fixtures for nine existing container vessels and (ii) approximately $697 million of revenue backlog through a combination of new charters and charter extensions for 12 of our newbuildings.
  • As a result, total contracted cash operating revenues, on the basis of concluded charter contracts through the date of this release, currently stand at $3.2 billion. The remaining average contracted charter duration for our containership fleet is 3.4 years, weighted by aggregate contracted charter hire.
  • Contracted operating days charter coverage for our container vessel fleet is currently 99% for 2024 and 80% for 2025. This includes newbuildings based on their scheduled delivery dates.
  • We have now taken delivery of all of our contracted capesize bulk carriers by taking delivery of two vessels in the second quarter of 2024 and one vessel in July 2024. As a result, our capesize dry bulk fleet currently stands at 10 vessels with an aggregate DWT capacity of approximately 1.8 million DWT.
  • As of the date of this release, Danaos has repurchased a total of 1,671,059 shares of its common stock in the open market for $104.4 million under its $200 million authorized share repurchase program that was originally introduced in June 2022 and upsized in November 2023.
  • Danaos has declared a dividend of $0.80 per share of common stock for the second quarter of 2024, which is payable on August 29, 2024, to stockholders of record as of August 20, 2024.

Danaos' CEO Dr. John Coustas commented:

"The last few months brought continued market disruption as conditions in the Red Sea remained challenged and the Ukraine war persisted. Panama canal crossings, however, returned to normal levels, eliminating that source of disruption for now. Market conditions have led liner companies to reassess their capacity requirement and rushed to secure tonnage, including tonnage with forward deliveries. The forthcoming environmental legislation has further incentivized liner companies to secure modern newbuilding tonnage for medium term requirements without making long-term commitments in the majority of cases.

In this environment we have secured charter extensions for a number of our existing ships and further we extended our newbuilding program to a total of 20 vessels, three of which were delivered in the second quarter. We have secured multi-year charters with an average charter duration of approximately 4.5 years, weighted by aggregate contracted charter hire, for all of our newbuilding vessels and we are very well positioned for the future.  As a result, the Company's total contracted cash operating revenues are $3.2 billion. Contracted charter coverage for our container vessel fleet, including newbuildings, is currently 99% for 2024 and 80% for 2025, providing us excellent revenue visibility.

With respect to our activities in the dry bulk sector, we have recently taken delivery of all 10 capesize vessels. We have been gearing up our operations to ensure the integration within our fleet during this building phase before we continue to explore opportunities to further our reach in this sector. Our revenues from the dry bulk sector have been steadily increasing, and we look forward to further diversifying our revenues and creating upside through the spot market exposure offered by the sector.

Despite our recent fleet growth, renewal, and diversification activities, our balance sheet remains very strong, with a low net debt position.

We will continue to work tirelessly to ensure accretive performance of our assets and to deliver industry-leading returns to our shareholders over the long term."

Three months ended June 30, 2024 compared to the three months ended June 30, 2023

During the three months ended June 30, 2024, Danaos had an average of 68.7 container vessels and 7.6 Capesize drybulk vessels compared to 68.0 container vessels and no drybulk vessels during the three months ended June 30, 2023. Our container vessels utilization for the three months ended June 30, 2024 was 97.4% compared to 98.7% for the three months ended June 30, 2023.

Our adjusted net income amounted to $132.3 million, or $6.78 per diluted share, for the three months ended June 30, 2024 compared to $143.4 million, or $7.14 per diluted share, for the three months ended June 30, 2023. We have adjusted our net income in the three months ended June 30, 2024 for a $7.1 million gain on vessel disposal, a $2.2 million change in fair value of investments and a $0.5 million non-cash finance fees amortization.

Adjusted net income of our container vessels segment amounted to $127.1 million for the three months ended June 30, 2024 compared to $144.1 million for the three months ended June 30, 2023. We adjusted net income of container vessels segment in the three months ended June 30, 2024 for a $7.1 million gain on vessel disposal and a $0.5 million non-cash finance fees amortization.

Adjusted net income of our drybulk vessels segment amounted to $2.3 million for the three months ended June 30, 2024 compared to none for the three months ended June 30, 2023, as we were not engaged in the drybulk vessels segment during that period.

The $11.1 million decrease in adjusted net income for the three months ended June 30, 2024 compared to the three months ended June 30, 2023 is primarily attributable to a $19.9 million increase in total operating expenses, which was partially offset by a $4.8 million increase in operating revenues, a $3.1 million increase in dividends received, a $0.6 million decrease in equity loss on investments and a $0.3 million decrease in net finance expenses.

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 $141.2 million, or $7.23 earnings per diluted share, for the three months ended June 30, 2024 compared to net income of $147.0 million, or $7.32 earnings per diluted share, for the three months ended June 30, 2023. On a non-adjusted basis, the net income of our container vessels segment amounted to $133.7 million and the net income of our drybulk vessels segment amounted to $2.3 million for the three months ended June 30, 2024.

Operating Revenues
Operating revenues increased by 2.0%, or $4.8 million, to $246.3 million in the three months ended June 30, 2024 from $241.5 million in the three months ended June 30, 2023.

Operating revenues of our container vessels segment decreased by 4.6%, or $11.0 million, to $230.5 million in the three months ended June 30, 2024 from $241.5 million in the three months ended June 30, 2023, analyzed as follows:

  • a $4.9 million increase in revenues in the three months ended June 30, 2024 compared to the three months ended June 30, 2023 as a result of vessel additions;
  • a $5.7 million decrease in revenues in the three months ended June 30, 2024 compared to the three months ended June 30, 2023 as a result of decreased vessel utilization and lower charter rates;
  • a $2.4 million decrease in revenues in the three months ended June 30, 2024 compared to the three months ended June 30, 2023 due to vessel disposals;
  • a $4.8 million decrease in revenues in the three months ended June 30, 2024 compared to the three months ended June 30, 2023 due to decreased amortization of assumed time charters; and
  • a $3.0 million decrease in revenue in the three months ended June 30, 2024 compared to the three months ended June 30, 2023 due to lower non-cash revenue recognition in accordance with US GAAP.

Operating revenues of our drybulk vessels segment added an incremental $15.8 million of revenues in the three months ended June 30, 2024 compared to no such operating revenues in the three months ended June 30, 2023.

Vessel Operating Expenses
Vessel operating expenses increased by $5.2 million to $47.1 million in the three months ended June 30, 2024 from $41.9 million in the three months ended June 30, 2023, primarily as a result of the increase in the average number of vessels in our fleet due to recent container newbuilds deliveries and dry bulk vessels acquisitions. The average daily operating cost of our vessels remained stable at $6,961 per vessel per day for the three months ended June 30, 2024 compared to $6,970 per vessel per day for the three months ended June 30, 2023. Management believes that our daily operating costs remain among the most competitive in the industry.

Depreciation & Amortization
Depreciation & Amortization includes Depreciation and Amortization of Deferred Dry-docking and Special Survey Costs.

Depreciation
Depreciation expense increased by 11.0%, or $3.5 million, to $35.4 million in the three months ended June 30, 2024 from $31.9 million in the three months ended June 30, 2023 mainly due to depreciation expense related to 9 recently acquired Capesize drybulk vessels and 3 recently delivered container newbuilds.

Amortization of Deferred Dry-docking and Special Survey Costs
Amortization of deferred dry-docking and special survey costs increased by $2.5 million to $7.0 million in the three months ended June 30, 2024 from $4.5 million in the three months ended June 30, 2023.

General and Administrative Expenses
General and administrative expenses increased by $4.1 million, to $11.3 million in the three months ended June 30, 2024 from $7.2 million in the three months ended June 30, 2023. The increase was mainly attributable to increased stock-based compensation and management fees.

Other Operating Expenses
Other Operating Expenses include Voyage Expenses.

Voyage Expenses
Voyage expenses increased by $4.3 million to $12.7 million in the three months ended June 30, 2024 from $8.4 million in the three months ended June 30, 2023 primarily as a result of the $4.2 million in voyage expenses related to our recently acquired 9 Capesize drybulk vessels, which generated revenue partially from voyage charter agreements, compared to no such expenses of drybulk vessels in the three months ended June 30, 2023.

Voyage expenses of container vessels segment increased by $0.1 million to $8.5 million in the three months ended June 30, 2024 from $8.4 million in the three months ended June 30, 2023. Total voyage expenses of container vessels comprised $8.0 million commissions and $0.5 million other voyage expenses in the three months ended June 30, 2024.

Voyage expenses of drybulk vessels segment were $4.2 million in the three months ended June 30, 2024 compared to no voyage expenses in the three months ended June 30, 2023. Total voyage expenses of drybulk vessels comprised $0.9 million commissions and $3.3 million other voyage expenses, mainly bunkers consumption and port expenses, in the three months ended June 30, 2024.

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 collected $9.9 million net insurance proceeds for total loss of vessel and recognized a gain on disposal of this vessel amounting to $7.1 million in the three months ended June 30, 2024. The proceedings with the insurers are in progress as of June 30, 2024, and any additional gain will be recognized upon their finalization.

Interest Expense and Interest Income
Interest expense decreased by 13.6%, or $0.8 million, to $5.1 million in the three months ended June 30, 2024 from $5.9 million in the three months ended June 30, 2023. The decrease in interest expense is a result of:

  • a $1.9 million decrease in interest expense due to an increase in capitalized interest expense on our vessels under construction in the three months ended June 30, 2024; and
  • a $0.1 million decrease in the amortization of deferred finance costs; which were partially offset by
  • a $1.2 million increase in interest expense due to an increase in our average indebtedness by $52.1 million between the two periods and an increase in our debt service cost by approximately 0.14% as a result of higher SOFR rates. Average indebtedness was $512.0 million in the three months ended June 30, 2024, compared to average indebtedness of $459.9 million in the three months ended June 30, 2023.

As of June 30, 2024, our outstanding debt, gross of deferred finance costs, was $577.8 million, which included $262.8 million principal amount of our Senior Notes. These balances compare to debt of $424.3 million, which included $262.8 million principal amount of our Senior Notes as of June 30, 2023.

Interest income decreased by $0.7 million to $2.9 million in the three months ended June 30, 2024 compared to $3.6 million in the three months ended June 30, 2023.

Gain on investments
Following the all-stock merger of Eagle Bulk Shipping Inc. with Star Bulk Carriers Corp. ("SBLK") completed on April 9, 2024, we currently own 4,070,214 shares of common stock of SBLK. The gain on investments of $5.3 million in the three months ended June 30, 2024 consisted of the change in fair value of these marketable securities of $2.2 million and dividends recognized on these shares of $3.1 million. This compares to a $6.4 million gain on marketable securities in the three months ended June 30, 2023.

Loss on debt extinguishment
A $2.3 million loss on early extinguishment of our leaseback obligations in the three months ended June 30, 2023 compares to no such loss in the three months ended June 30, 2024.

Equity loss on investments
Equity loss on investments amounting to $0.1 million and $0.7 million in the three months June 30, 2024 and June 30, 2023, respectively, relates to our share of initial expenses of a recently established company, Carbon Termination Technologies Corporation ("CTTC"), currently engaged in the research and development of decarbonization technologies for the shipping industry.

Other finance expenses
Other finance expenses decreased by $0.2 million to $0.9 million in the three months ended June 30, 2024 compared to $1.1 million in the three months ended June 30, 2023.

Loss on derivatives
Amortization of deferred realized losses on interest rate swaps remained stable at $0.9 million in each of the three months ended June 30, 2024 and June 30, 2023.

Other income/(expenses), net
Other expenses, net amounted to $0.1 million in the three months ended June 30, 2024 compared to $0.3 million other income, net in the three months ended June 30, 2023.

Adjusted EBITDA
Adjusted EBITDA decreased by 0.3%, or $0.5 million, to $176.8 million in the three months ended June 30, 2024 from $177.3 million in the three months ended June 30, 2023. As outlined above, the decrease is mainly attributable to a $13.8 million increase in total operating expenses, which were partially offset by a $9.6 million increase in operating revenues, a $0.6 million decrease in equity loss on investments and a $3.1 million increase in dividends received. Adjusted EBITDA for the three months ended June 30, 2024 is adjusted for a $7.1 million net gain on disposal of vessel and a $2.2 million change in fair value of investments. Tables reconciling Adjusted EBITDA to Net Income can be found at the end of this earnings release.

Adjusted EBITDA of container vessels segment decreased by 5.0%, or $9.0 million, to $169.1 million in the three months ended June 30, 2024 from $178.1 million in the three months ended June 30, 2023.

Adjusted EBITDA of drybulk vessels segment was $4.7 million in the three months ended June 30, 2024. We did not have drybulk vessel operations in the three months ended June 30, 2023.

Six months ended June 30, 2024 compared to the six months ended June 30, 2023

During the six months ended June 30, 2024, Danaos had an average of 68.3 container vessels and 7.3 Capesize drybulk vessels compared to 68.2 container vessels and no drybulk vessels during the six months ended June 30, 2023. Our container vessels utilization for the six months ended June 30, 2024 was 97.3% compared to 97.8% for the six months ended June 30, 2023.

Our adjusted net income amounted to $272.3 million, or $13.93 per diluted share, for the six months ended June 30, 2024 compared to $288.7 million, or $14.28 per diluted share, for the six months ended June 30, 2023. We have adjusted our net income in the six months ended June 30, 2024 for a $13.2 million change in fair value of investments, a $7.1 million gain on vessel disposal and a $1.0 million non-cash finance fees amortization.

Adjusted net income of our container vessels segment amounted to $265.9 million for the six months ended June 30, 2024 compared to $292.0 million for the six months ended June 30, 2023. We adjusted net income of container vessels segment in the six months ended June 30, 2024 for a $7.1 million gain on vessel disposal and a $1.0 million non-cash finance fees amortization.

Adjusted net income of our drybulk vessels segment amounted to $2.6 million for the six months ended June 30, 2024 compared to none for the six months ended June 30, 2023, as we were not engaged in the drybulk vessels segment during that period.

The $16.4 million decrease in adjusted net income for the six months ended June 30, 2024 compared to the six months ended June 30, 2023 is primarily attributable to a $42.2 million increase in total operating expenses, which was partially offset by a $14.7 million increase in operating revenues, a $4.0 million increase in dividends received, a $4.0 million decrease in net finance expenses and a $3.1 million decrease in equity loss on investments.

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 $291.7 million, or $14.92 earnings per diluted share, for the six months ended June 30, 2024 compared to net income of $293.2 million, or $14.51 earnings per diluted share, for the six months ended June 30, 2023. On a non-adjusted basis, the net income of our container vessels segment amounted to $272.0 million and the net income of our drybulk vessels segment amounted to $2.6 million for the six months ended June 30, 2024.

Operating Revenues
Operating revenues increased by 3.0%, or $14.7 million, to $499.8 million in the six months ended June 30, 2024 from $485.1 million in the six months ended June 30, 2023.

Operating revenues of our container vessels segment decreased by 4.3%, or $21.1 million, to $464.0 million in the six months ended June 30, 2024 from $485.1 million in the six months ended June 30, 2023, analyzed as follows:

  • a $4.9 million increase in revenues in the six months ended June 30, 2024 compared to the six months ended June 30, 2023 as a result of vessel additions;
  • a $2.6 million decrease in revenues in the six months ended June 30, 2024 compared to the six months ended June 30, 2023 mainly as a result of lower charter rates and decreased vessel utilization;
  • a $5.1 million decrease in revenues in the six months ended June 30, 2024 compared to the six months ended June 30, 2023 due to vessel disposals;
  • a $7.8 million decrease in revenues in the six months ended June 30, 2024 compared to the six months ended June 30, 2023 due to decreased amortization of assumed time charters; and
  • a $10.5 million decrease in revenue in the six months ended June 30, 2024 compared to the six months ended June 30, 2023 due to lower non-cash revenue recognition in accordance with US GAAP.

Operating revenues of our drybulk vessels segment added an incremental $35.8 million of revenues in the six months ended June 30, 2024 compared to no such operating revenues in the six months ended June 30, 2023.

Vessel Operating Expenses
Vessel operating expenses increased by $7.7 million to $90.2 million in the six months ended June 30, 2024 from $82.5 million in the six months ended June 30, 2023, primarily as a result of the increase in the average number of vessels in our fleet due to recent container newbuilds and dry bulk vessels acquisitions, which was partially offset by the decrease in the average daily operating cost of our vessels to $6,729 per vessel per day for the six months ended June 30, 2024 compared to $6,889 per vessel per day for the six months ended June 30, 2023. Management believes that our daily operating costs remain among the most competitive in the industry.

Depreciation & Amortization
Depreciation & Amortization includes Depreciation and Amortization of Deferred Dry-docking and Special Survey Costs.

Depreciation
Depreciation expense increased by 9.1%, or $5.8 million, to $69.2 million in the six months ended June 30, 2024 from $63.4 million in the six months ended June 30, 2023 mainly due to depreciation expense related to 9 recently acquired Capesize drybulk vessels and 3 recently delivered container newbuilds.

Amortization of Deferred Dry-docking and Special Survey Costs
Amortization of deferred dry-docking and special survey costs increased by $4.1 million to $12.4 million in the six months ended June 30, 2024 from $8.3 million in the six months ended June 30, 2023.

General and Administrative Expenses
General and administrative expenses increased by $7.5 million, to $21.5 million in the six months ended June 30, 2024 from $14.0 million in the six months ended June 30, 2023. The increase was mainly attributable to increased stock-based compensation and management fees.

Other Operating Expenses
Other Operating Expenses include Voyage Expenses.

Voyage Expenses
Voyage expenses increased by $16.7 million to $33.0 million in the six months ended June 30, 2024 from $16.3 million in the six months ended June 30, 2023 primarily as a result of the $16.3 million in voyage expenses related to our recently acquired 9 Capesize drybulk vessels, which generated revenue partially from voyage charter agreements, compared to no such expenses of drybulk vessels in the six months ended June 30, 2023.

Voyage expenses of container vessels segment increased by $0.4 million to $16.7 million in the six months ended June 30, 2024 from $16.3 million in the six months ended June 30, 2023 mainly due to increased commissions. Total voyage expenses of container vessels comprised $15.8 million commissions and $0.9 million other voyage expenses in the six months ended June 30, 2024.

Voyage expenses of drybulk vessels segment were $16.3 million in the six months ended June 30, 2024 compared to no voyage expenses in the six months ended June 30, 2023. Total voyage expenses of drybulk vessels comprised $2.2 million commissions and $14.1 million other voyage expenses, mainly bunkers consumption and port expenses, in the six months ended June 30, 2024.

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 collected $10.6 million net insurance proceeds for total loss of vessel and recognized a gain on disposal of this vessel amounting to $7.1 million in the six months ended June 30, 2024. The proceedings with the insurers are in progress as of June 30, 2024, and any additional gain will be recognized upon their finalization.

In January 2023, we completed the sale of the container vessel Amalia C for net proceeds of $4.9 million resulting in a gain of $1.6 million.

Interest Expense and Interest Income
Interest expense decreased by 34.9%, or $4.4 million, to $8.2 million in the six months ended June 30, 2024 from $12.6 million in the six months ended June 30, 2023. The decrease in interest expense is a result of:

  • a $4.3 million decrease in interest expense due to an increase in capitalized interest expense on our vessels under construction in the six months ended June 30, 2024; and
  • a $0.3 million decrease in the amortization of deferred finance costs; which were partially offset by
  • a $0.2 million increase in interest expense due to an increase in our debt service cost by approximately 0.38% as a result of higher SOFR rates, which was partially offset by a decrease in our average indebtedness by $20.8 million between the two periods. Average indebtedness was $462.8 million in the six months ended June 30, 2024, compared to average indebtedness of $483.6 million in the six months ended June 30, 2023.

As of June 30, 2024, our outstanding debt, gross of deferred finance costs, was $577.8 million, which included $262.8 million principal amount of our Senior Notes. These balances compare to debt of $424.3 million, which included $262.8 million principal amount of our Senior Notes as of June 30, 2023.

Interest income decreased by $0.5 million to $5.8 million in the six months ended June 30, 2024 compared to $6.3 million in the six months ended June 30, 2023.

Gain on investments
Following the all-stock merger of Eagle Bulk Shipping Inc. with Star Bulk Carriers Corp. ("SBLK") completed on April 9, 2024, we currently own 4,070,214 shares of common stock of SBLK. The gain on investments of $17.2 million in the six months ended June 30, 2024 consisted of the change in fair value of these marketable securities of $13.2 million and dividends recognized on these shares of $4.0 million. This compares to a $6.4 million gain on marketable securities in the six months ended June 30, 2023.

Loss on debt extinguishment
A $2.3 million loss on early extinguishment of our leaseback obligations in the six months ended June 30, 2023 compares to no such loss in the six months ended June 30, 2024.

Equity loss on investments
Equity loss on investments amounting to $0.2 million and $3.3 million in the six months June 30, 2024 and June 30, 2023, respectively, relates to our share of initial expenses of a recently established company, CTTC, currently engaged in the research and development of decarbonization technologies for the shipping industry.

Other finance expenses
Other finance expenses decreased by $0.4 million to $1.7 million in the six months ended June 30, 2024 compared to $2.1 million in the six months ended June 30, 2023.

Loss on derivatives
Amortization of deferred realized losses on interest rate swaps remained stable at $1.8 million in each of the six months ended June 30, 2024 and June 30, 2023.

Other income/(expenses), net
Other income, net amounted to $0.2 million in the six months ended June 30, 2024 compared to $0.5 million other income, net in the six months ended June 30, 2023.

Adjusted EBITDA
Adjusted EBITDA decreased by 0.7%, or $2.4 million, to $354.0 million in the six months ended June 30, 2024 from $356.4 million in the six months ended June 30, 2023. As outlined above, the decrease is mainly attributable to a $32.0 million increase in total operating expenses, which were partially offset by a $22.5 million increase in operating revenues, a $4.0 million increase in dividends received and a $3.1 million decrease in equity loss on investments. Adjusted EBITDA for the six months ended June 30, 2024 is adjusted for a $13.2 million change in fair value of investments and a $7.1 million net gain on disposal of vessel. Tables reconciling Adjusted EBITDA to Net Income can be found at the end of this earnings release.

Adjusted EBITDA of container vessels segment decreased by 4.6%, or $16.4 million, to $343.3 million in the six months ended June 30, 2024 from $359.7 million in the six months ended June 30, 2023.

Adjusted EBITDA of drybulk vessels segment was $6.9 million in the six months ended June 30, 2024. We did not have drybulk vessel operations in the six months ended June 30, 2023.

Dividend Payment

Danaos has declared a dividend of $0.80 per share of common stock for the second quarter of 2024, which is payable on August 29, 2024 to stockholders of record as of August 20, 2024.

Recent Developments

In July 2024, we took delivery of our 10th capsize drybulk carrier. As a result, aggregate DWT capacity of our capesize drybulk fleet currently stands at approximately 1.8 million DWT.

Conference Call and Webcast

On Tuesday, August 6, 2024 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 9489 (UK Toll Free Dial In) or +44 (0) 2075 441 375 (Standard International Dial In). Please indicate to the operator that you wish to join the Danaos Corporation earnings call.

A telephonic replay of the conference call will be available until August 13, 2024 by dialing 1 877 344 7529 (US Toll Free Dial In) or 1-412-317-0088 (Standard International Dial In) and using 4582407# 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 70 container vessels aggregating 442,278 TEUs and 17 under construction container vessels aggregating 139,019 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 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, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydocking, changes in Danaos Corporation's operating expenses, including bunker prices, drydocking and insurance costs, our ability to operate profitably in the drybulk sector, performance of shipyards constructing  our contracted newbuilding vessels, ability to obtain financing and comply with covenants in our financing arrangements, actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, including the conflict in Ukraine and related sanctions, the conflict in Israel and the Gaza Strip, potential disruption of shipping routes such as Houthi attacks in the Red Sea and the Gulf of Aden, due to accidents and political events or acts by terrorists. 

Risks and uncertainties are further described in reports filed by Danaos Corporation with the U.S. Securities and Exchange Commission.

Visit our website at www.danaos.com

 

APPENDIX

Container vessels fleet utilization









Vessel Utilization (No. of Days)


Three months
ended


Three months
ended


Six months
ended


Six months
ended


June 30,

June 30,


June 30,

June 30,


2024

2023


2024

2023

Ownership Days


6,253


6,188


12,438


12,338

Less Off-hire Days:









Scheduled Off-hire Days


(95)


(80)


(162)


(230)

Other Off-hire Days


(70)


(2)


(169)


(46)

Operating Days(1)


6,088


6,106


12,107


12,062

Vessel Utilization


97.4 %


98.7 %


97.3 %


97.8 %










Operating Revenues (in '000s of US$)


$230,586


$241,479


$463,997


$485,053

Less: Voyage Expenses excluding commissions (in '000s of US$)


(448)


(331)


(936)


(746)

Time Charter Equivalent Revenues (in '000s of US$)


230,138


241,148


463,061


484,307

Time Charter Equivalent US$/per day(2)


$37,802


$39,494


$38,247


$40,151










Drybulk vessels fleet utilization









Vessel Utilization (No. of Days)


Three months
ended


Three months
ended


Six months
ended


Six months
ended


June 30,

June 30,


June 30,

June 30,


2024

2023


2024

2023

Ownership Days


694


-


1,331


-

Less Off-hire Days:









Scheduled Off-hire Days


(90)


-


(121)


-

Other Off-hire Days


-


-


(10)


-

Operating Days(1)


604


-


1,200


-

Vessel Utilization


87.0 %




90.2 %












Operating Revenues (in '000s of US$)


$15,720


-


$35,758


-

Less: Voyage Expenses excluding commissions (in '000s of US$)


(3,269)


-


(14,096)


-

Time Charter Equivalent Revenues (in '000s of US$)


12,451


-


21,662


-

Time Charter Equivalent US$/per day(2)


$20,614


-


$18,052


-



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 August 2, 2024:

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 Rome

10,100


2011


April 2027

Express Berlin

10,100


2011


August 2026

Express Athens

10,100


2011


April 2027

Le Havre

9,580


2006


June 2028

Pusan C

9,580


2006


May 2028

Bremen

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

Europe

8,468


2004


May 2028

Kota Santos

8,463


2005


August 2026

Catherine C(3)

8,010


2024


May 2027

Greenland(3)

8,010


2024


June 2027

Interasia Accelerate (3)

7,165


2024


April 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

Racine

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 2025

Dimitra C

6,402


2002


February 2025

Suez Canal

5,610


2002


April 2026

Kota Lima

5,544


2002


November 2024

Wide Alpha 

5,466


2014


July 2027

Stephanie C

5,466


2014


June 2025

Maersk Euphrates

5,466


2014


July 2025

Wide Hotel

5,466


2015


September 2027

Wide India

5,466


2015


November 2025

Wide Juliet

5,466


2015


September 2025

Seattle C

4,253


2007


October 2026

Vancouver

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


September 2025

Kingston

4,253


2008


June 2025

Monaco (ex ZIM Monaco)

4,253


2009


September 2026

Dalian

4,253


2009


March 2026

ZIM Luanda

4,253


2009


August 2025

Dimitris C

3,430


2001


November 2025

Express Black Sea

3,400


2011


January 2027

Express Spain

3,400


2011


January 2027

Express Argentina

3,400


2010


December 2026

Express Brazil

3,400


2010


June 2025

Express France

3,400


2010


September 2025

Singapore

3,314


2004


March 2025

Colombo

3,314


2004


January 2027

Zebra

2,602


2001


November 2024

Artotina

2,524


2001


May 2025

Advance

2,200


1997


January 2025

Future

2,200


1997


December 2024

Sprinter

2,200


1997


December 2024

Bridge

2,200


1998


December 2024

Progress C

2,200


1998


November 2024

Phoenix D

2,200


1997


March 2025

Highway

2,200


1998


February 2025



(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 vessels were delivered in the second quarter of 2024.

Container vessels under construction as of August 2, 2024:

Hull Number

Vessel Size

(TEU)


Expected Delivery Year



Minimum Charter Duration

Hull No. C7100-8

7,165


2024



3 Years

Hull No. HN4011

8,010


2024



3 Years

Hull No. HN4012

8,010


2024



3 Years

Hull No. CV5900-07

6,014


2024



2 Years

Hull No. CV5900-08

6,014


2025



2 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



5 Years

Hull No. C9200-8

9,200


2027



5 Years

Hull No. C9200-9

9,200


2027



5 Years

Hull No. C9200-10

9,200


2028



5 Years

Hull No. C9200-11

9,200


2028



5 Years

The following table describes the details of our Capesize drybulk vessels as of August 2, 2024:

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 United States dollars, except per share amounts)




Three months
ended


Three months
ended


Six months
ended


Six months
ended

June 30,

June 30,

June 30,

June 30,



2024


2023


2024


2023










OPERATING REVENUES

$246,306


$241,479


$499,755


$485,053

OPERATING EXPENSES









Vessel operating expenses

(47,090)


(41,861)


(90,204)


(82,500)


Depreciation & amortization

(42,352)


(36,412)


(81,667)


(71,776)


General & administrative

(11,297)


(7,192)


(21,541)


(14,037)


Other operating expenses

(12,678)


(8,399)


(33,020)


(16,282)


Net gain on dispoal/sale of vessels

7,094


0


7,094


1,639

Income From Operations

139,983


147,615


280,417


302,097

OTHER INCOME/(EXPENSES)









Interest income

2,923


3,596


5,859


6,319


Interest expense

(5,106)


(5,881)


(8,230)


(12,603)


Gain on investments

5,276


6,438


17,187


6,438


Loss on debt extinguishment

-


(2,254)


-


(2,254)


Other finance expenses

(868)


(1,146)


(1,750)


(2,122)


Equity loss on investments

(97)


(738)


(206)


(3,326)


Other income/(expenses), net

(56)


294


179


469


Realized loss on derivatives

(903)


(903)


(1,806)


(1,796)

Total Other Income/(Expenses), net

1,169


(594)


11,233


(8,875)

Net Income

141,152


147,021


291,650


293,222

EARNINGS PER SHARE








Basic earnings per share

$7.30


$7.32


$15.05


$14.51

Diluted earnings per share

$7.23


$7.32


$14.92


$14.51

Basic weighted average number of common shares (in thousands of shares)

19,348


20,081


19,380


20,214

Diluted weighted average number of common shares (in thousands of shares)

19,520


20,081


19,552


20,214

 

Non-GAAP Measures1

Reconciliation of Net Income to Adjusted Net Income – Unaudited



Three months
ended


Three months
ended


Six months
ended


Six months
ended

June 30,

June 30,


June 30,

June 30,


2024


2023


2024


2023

Net Income

$141,152


$147,021


$291,650


$293,222

Change in fair value of investments

(2,224)


(6,438)


(13,203)


(6,438)

Loss on debt extinguishment

-


2,254


-


2,254

Net gain on dispoal/sale of vessels

(7,094)


-


(7,094)


(1,639)

Amortization of financing fees

474


568


971


1,261

Adjusted Net Income

$132,308


$143,405


$272,324


$288,660

Adjusted Earnings Per Share, diluted

$6.78


$7.14


$13.93


$14.28

Diluted weighted average number of shares (in thousands of shares)

19,520


20,081


19,552


20,214



1)

The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, management believes that certain non-GAAP financial measures used in managing the business may provide users of this financial information additional meaningful comparisons between current results and results in prior operating periods. Management believes that these non-GAAP financial measures can provide additional meaningful reflection of underlying trends of the business because they provide a comparison of historical information that excludes certain items that impact the overall comparability. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company's performance. See the Table above for supplemental financial data and corresponding reconciliations to GAAP financial measures for the three and six months ended June 30, 2024 and 2023. The non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company's reported results prepared in accordance with GAAP. The non-GAAP financial measures as presented above may not be comparable to similarly titled measures of other companies in the shipping or other industries.

 

DANAOS CORPORATION

Condensed Consolidated Balance Sheets - Unaudited

(Expressed in thousands of United States dollars)





As of


As of

June 30,

December 31,




2024


2023

ASSETS





CURRENT ASSETS






Cash, cash equivalents and restricted cash


$372,446


$271,809


Accounts receivable, net


22,726


9,931


Other current assets


222,947


220,030




618,119


501,770

NON-CURRENT ASSETS






Fixed assets, net


3,028,236


2,746,541


Advances for vessels acquisition and vessels under construction


283,260


301,916


Deferred charges, net


39,546


38,012


Other non-current assets


77,196


72,897




3,428,238


3,159,366

TOTAL ASSETS


$4,046,357


$3,661,136







LIABILITIES AND STOCKHOLDERS' EQUITY





CURRENT LIABILITIES






Long-term debt, current portion


$25,160


$21,300


Accounts payable, accrued liabilities & other current liabilities


122,588


146,860




147,748


168,160

LONG-TERM LIABILITIES






Long-term debt, net


544,543


382,874


Other long-term liabilities


76,848


93,785




621,391


476,659







STOCKHOLDERS' EQUITY






Common stock


193


194


Additional paid-in capital


688,122


690,190


Accumulated other comprehensive loss


(73,647)


(75,979)


Retained earnings


2,662,550


2,401,912




3,277,218


3,016,317

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY


$4,046,357


$3,661,136

 

DANAOS CORPORATION

Condensed Consolidated Statements of Cash Flows - Unaudited

(Expressed in thousands of United States dollars)




Three months
ended


Three months
ended


Six months
ended


Six months
ended

June 30,

June 30,

June 30,

June 30,



2024


2023


2024


2023

Operating Activities:









  Net income

$141,152


$147,021


$291,650


$293,222


  Adjustments to reconcile net income to net cash provided by operating activities:









  Depreciation

35,380


31,910


69,243


63,439


  Amortization of deferred drydocking & special survey costs and finance costs

7,446


5,070


13,395


9,598


  Amortization of assumed time charters

(1,036)


(5,854)


(4,534)


(12,390)


  Prior service cost and periodic cost

458


394


715


886


  Gain on investments

(2,224)


(6,438)


(13,203)


(6,438)


  Loss on debt extinguishment

-


2,254


-


2,254


  Net gain on disposal/sale of vessels

(7,094)


-


(7,094)


(1,639)


  Payments for drydocking/special survey

(10,449)


(4,818)


(14,618)


(14,560)


  Amortization of deferred realized losses on cash flow interest rate swaps

903


903


1,806


1,796


  Equity loss on investments

97


738


206


3,326


  Stock based compensation

1,577


-


3,153


-


  Accounts receivable

(9,343)


(517)


(12,795)


(2,456)


  Other assets, current and non-current

9,320


(3,612)


21,207


(12,406)


  Accounts payable and accrued liabilities

11,995


1,934


5,767


(3,151)


  Other liabilities, current and long-term

(23,907)


(15,973)


(47,331)


(40,875)

Net Cash provided by Operating Activities

154,275


153,012


307,567


280,606










Investing Activities:









  Vessel additions and advances for vessels under construction

(217,728)


(24,048)


(341,855)


(29,784)


  Net proceeds and insurance proceeds from disposal/sale of vessels

9,923


-


10,639


3,914


  Investments

-


(70,144)


-


(74,407)

Net Cash used in Investing Activities

(207,805)


(94,192)


(331,216)


(100,277)










Financing Activities:









  Proceeds from long-term debt

126,000


-


181,000


-


  Debt repayment

(6,875)


(6,875)


(13,750)


(13,750)


  Payments of leaseback obligations

-


(66,296)


-


(72,925)


  Dividends paid

(15,476)


(15,099)


(31,011)


(30,361)


  Repurchase of common stock

(1,094)


(35,157)


(5,223)


(35,738)


  Finance costs

(905)


(1,642)


(6,730)


(1,892)

Net Cash provided by/(used in) Financing Activities

101,650


(125,069)


124,286


(154,666)

Net increase in cash and cash equivalents

48,120


(66,249)


100,637


25,663

Cash and cash equivalents, beginning of period

324,326


359,580


271,809


267,668

Cash and cash equivalents, end of period

$372,446


$293,331


$372,446


$293,331

 

DANAOS CORPORATION

Reconciliation of Net Income to Adjusted EBITDA - Unaudited

(Expressed in thousands of United States dollars) 



Three months
ended


Three months
ended


Six months
ended


Six months
ended

June 30,

June 30,

June 30,

June 30,


2024


2023


2024


2023

Net income

$141,152


$147,021


$291,650


$293,222

Depreciation

35,380


31,910


69,243


63,439

Amortization of deferred drydocking & special survey costs

6,972


4,502


12,424


8,337

Amortization of assumed time charters

(1,036)


(5,854)


(4,534)


(12,390)

Amortization of finance costs and commitment fees

1,026


1,311


2,299


2,762

Amortization of deferred realized losses on interest rate swaps

903


903


1,806


1,796

Interest income

(2,923)


(3,596)


(5,859)


(6,319)

Interest expense excluding amortization of finance costs

4,632


5,313


7,259


11,342

Change in fair value of investments

(2,224)


(6,438)


(13,203)


(6,438)

Loss on debt extinguishment

-


2,254


-


2,254

Net gain on disposal/sale of vessels

(7,094)


-


(7,094)


(1,639)

Adjusted EBITDA(1)

$176,788


$177,326


$353,991


$356,366










Last twelve
months
ended


Last twelve
months
ended






June 30,

December 31,






2024


2023





Net income

$574,727


$576,299





Depreciation

135,091


129,287





Amortization of deferred drydocking & special survey costs

22,750


18,663





Amortization of assumed time charters

(13,366)


(21,222)





Amortization of finance costs and commitment fees

4,673


5,136





Amortization of deferred realized losses on interest rate swaps

3,632


3,622





Interest income

(11,673)


(12,133)





Interest expense excluding amortization of finance costs

14,179


18,262





Change in fair value of investments

(24,632)


(17,867)





Stock based compensation

6,340


6,340





Loss on debt extinguishment

-


2,254





Net gain on disposal/sale of vessels

(7,094)


(1,639)





Adjusted EBITDA(1)

$704,627


$707,002







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, 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 U.S. generally accepted accounting principles, or "GAAP." We believe that the presentation of Adjusted EBITDA is useful to investors because it is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. We also believe that Adjusted EBITDA is useful in evaluating our operating performance compared to that of other companies in our industry because the calculation of Adjusted EBITDA generally eliminates the effects of financings, income taxes and the accounting effects of capital expenditures and acquisitions, items which may vary for different companies for reasons unrelated to overall operating performance. In evaluating Adjusted EBITDA, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. The non-GAAP financial measures as presented above may not be comparable to similarly titled measures of other companies in the shipping or other industries.




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 U.S. generally accepted accounting principles (GAAP). However, management believes that certain non-GAAP financial measures used in managing the business may provide users of these financial information additional meaningful comparisons between current results and results in prior operating periods. Management believes that these non-GAAP financial measures can provide additional meaningful reflection of underlying trends of the business because they provide a comparison of historical information that excludes certain items that impact the overall comparability. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company's performance. See the Tables above for supplemental financial data and corresponding reconciliations to GAAP financial measures for the three and six months ended June 30, 2024 and June 30, 2023; and the last twelve months ended June 30, 2024 and December 31, 2023. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company's reported results prepared in accordance with GAAP.

 

DANAOS CORPORATION

Reconciliation of Net Income to Adjusted EBITDA per segment

Three Months Ended June 30, 2024 and Three Months Ended June 30, 2023

Unaudited

(Expressed in thousands of United States dollars)




Three Months Ended



Three Months Ended



June 30, 2024



June 30, 2023



Container
Vessels


Drybulk
Vessels


Other


Total



Container
Vessels


Drybulk
Vessels


Other


Total

Net income


$133,683


$2,290


$5,179


$141,152



$141,321


-


$5,700


$147,021

Depreciation


33,247


2,133


-


35,380



31,910


-


-


31,910

Amortization of deferred drydocking & special survey costs


6,683


289


-


6,972



4,502


-


-


4,502

Amortization of assumed time charters


(1,036)


-


-


(1,036)



(5,854)


-


-


(5,854)

Amortization of finance costs and commitment fees


1,026


-


-


1,026



1,311


-


-


1,311

Amortization of deferred realized losses on interest rate swaps


903


-


-


903



903


-


-


903

Interest income


(2,923)


-


-


(2,923)



(3,596)


-


-


(3,596)

Interest expense excluding amortization of finance costs


4,632


-


-


4,632



5,313


-


-


5,313

Change in fair value of investments


-


-


(2,224)


(2,224)



-


-


(6,438)


(6,438)

Loss on debt extinguishment


-


-


-


-



2,254


-


-


2,254

Net gain on disposal/sale of vessels


(7,094)


-


-


(7,094)



-


-


-


-

Adjusted EBITDA(1)


$169,121


$4,712


$2,955


$176,788



$178,064


-


$(738)


$177,326



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, change in fair value of investments and net gain on disposal/sale of vessels. However, Adjusted EBITDA is not a recognized measurement under U.S. generally accepted accounting principles, or "GAAP." We believe that the presentation of Adjusted EBITDA is useful to investors because it is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. We also believe that Adjusted EBITDA is useful in evaluating our operating performance compared to that of other companies in our industry because the calculation of Adjusted EBITDA generally eliminates the effects of financings, income taxes and the accounting effects of capital expenditures and acquisitions, items which may vary for different companies for reasons unrelated to overall operating performance. In evaluating Adjusted EBITDA, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. The non-GAAP financial measures as presented above may not be comparable to similarly titled measures of other companies in the shipping or other industries.




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 U.S. generally accepted accounting principles (GAAP). However, management believes that certain non-GAAP financial measures used in managing the business may provide users of these financial information additional meaningful comparisons between current results and results in prior operating periods. Management believes that these non-GAAP financial measures can provide additional meaningful reflection of underlying trends of the business because they provide a comparison of historical information that excludes certain items that impact the overall comparability. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company's performance. See the Tables above for supplemental financial data and corresponding reconciliations to GAAP financial measures for the three months ended June 30, 2024 and 2023. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company's reported results prepared in accordance with GAAP.

 

DANAOS CORPORATION

Reconciliation of Net Income to Adjusted EBITDA per segment

Six Months Ended June 30, 2024 and Six Months Ended June 30, 2023

Unaudited

(Expressed in thousands of United States dollars)




Six Months Ended



Six Months Ended



June 30, 2024



June 30, 2023



Container
Vessels


Drybulk
Vessels


Other


Total



Container
Vessels


Drybulk
Vessels


Other


Total

Net income


$272,042


$2,627


$16,981


$291,650



$290,110


-


$3,112


$293,222

Depreciation


65,255


3,988


-


69,243



63,439


-


-


63,439

Amortization of deferred drydocking & special survey costs


12,135


289


-


12,424



8,337


-


-


8,337

Amortization of assumed time charters


(4,534)


-


-


(4,534)



(12,390)


-


-


(12,390)

Amortization of finance costs and commitment fees


2,299


-


-


2,299



2,762


-


-


2,762

Amortization of deferred realized losses on interest rate swaps


1,806


-


-


1,806



1,796


-


-


1,796

Interest income


(5,859)


-


-


(5,859)



(6,319)


-


-


(6,319)

Interest expense excluding amortization of finance costs


7,259


-


-


7,259



11,342


-


-


11,342

Change in fair value of investments


-


-


(13,203)


(13,203)



-


-


(6,438)


(6,438)

Loss on debt extinguishment


-


-


-


-



2,254


-


-


2,254

Net gain on disposal/sale of vessels


(7,094)


-


-


(7,094)



(1,639)


-


-


(1,639)

Adjusted EBITDA(1)


$343,309


$6,904


$3,778


$353,991



$359,692


-


$(3,326)


$356,366



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, change in fair value of investments and net gain on disposal/sale of vessels. However, Adjusted EBITDA is not a recognized measurement under U.S. generally accepted accounting principles, or "GAAP." We believe that the presentation of Adjusted EBITDA is useful to investors because it is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. We also believe that Adjusted EBITDA is useful in evaluating our operating performance compared to that of other companies in our industry because the calculation of Adjusted EBITDA generally eliminates the effects of financings, income taxes and the accounting effects of capital expenditures and acquisitions, items which may vary for different companies for reasons unrelated to overall operating performance. In evaluating Adjusted EBITDA, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. The non-GAAP financial measures as presented above may not be comparable to similarly titled measures of other companies in the shipping or other industries.




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 U.S. generally accepted accounting principles (GAAP). However, management believes that certain non-GAAP financial measures used in managing the business may provide users of these financial information additional meaningful comparisons between current results and results in prior operating periods. Management believes that these non-GAAP financial measures can provide additional meaningful reflection of underlying trends of the business because they provide a comparison of historical information that excludes certain items that impact the overall comparability. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company's performance. See the Tables above for supplemental financial data and corresponding reconciliations to GAAP financial measures for the six months ended June 30, 2024 and 2023. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company's reported results prepared in accordance with GAAP.

 

DANAOS CORPORATION

Reconciliation of Net Income to Adjusted Net Income per segment

Three Months Ended June 30, 2024 and Three Months Ended June 30, 2023

Unaudited

(Expressed in thousands of United States dollars)




Three Months Ended



Three Months Ended



June 30, 2024



June 30, 2023



Container
Vessels


Drybulk
Vessels


Other


Total



Container
Vessels


Drybulk
Vessels


Other


Total

Net income


$133,683


$2,290


$5,179


$141,152



$141,321


-


$5,700


$147,021

Change in fair value of investments


-


-


(2,224)


(2,224)



-


 

-


(6,438)


(6,438)

Loss on debt extinguishment


-


-


-


-



2,254


-


-


2,254

Amortization of financing fees


474


-


-


474



568


-


-


568

Net gain on disposal/sale of vessels


(7,094)


-


-


(7,094)



-


-


-


-

Adjusted Net income/(loss)(1)


$127,063


$2,290


$2,955


$132,308



$144,143


-


$(738)


$143,405

Adjusted Earnings per Share, diluted








$6.78









$7.14

Diluted weighted average number of shares (in thousands of shares)


19,520





20,081

 

DANAOS CORPORATION

Reconciliation of Net Income to Adjusted Net Income per segment

Six Months Ended June 30, 2024 and Six Months Ended June 30, 2023

Unaudited

(Expressed in thousands of United States dollars)




Six Months Ended



Six Months Ended



June 30, 2024



June 30, 2023



Container
Vessels


Drybulk
Vessels


Other


Total



Container
Vessels


Drybulk
Vessels


Other


Total

Net income


$272,042


$2,627


$16,981


$291,650



$290,110


-


$3,112


$293,222

Change in fair value of investments


-


-


(13,203)


(13,203)



-


-


(6,438)


(6,438)

Loss on debt extinguishment


-


-


-


-



2,254


-


-


2,254

Amortization of financing fees


971


-


-


971



1,261


-


-


1,261

Net gain on disposal/sale of vessels


(7,094)


-


-


(7,094)



(1,639)


-


-


(1,639)

Adjusted Net income/(loss)(1)


$265,919


$2,627


$3,778


$272,324



$291,986


-


$(3,326)


$288,660

Adjusted Earnings per Share, diluted








$13.93









$14.28

Diluted weighted average number of shares (in thousands of shares)


19,552





20,214



1)

The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, management believes that certain non-GAAP financial measures used in managing the business may provide users of this financial information additional meaningful comparisons between current results and results in prior operating periods. Management believes that these non-GAAP financial measures can provide additional meaningful reflection of underlying trends of the business because they provide a comparison of historical information that excludes certain items that impact the overall comparability. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company's performance. See the Table above for supplemental financial data and corresponding reconciliations to GAAP financial measures for the three and six months ended June 30, 2024 and 2023. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company's reported results prepared in accordance with GAAP. The non-GAAP financial measures as presented above may not be comparable to similarly titled measures of other companies in the shipping or other industries.

 

Cision View original content:https://www.prnewswire.com/news-releases/danaos-corporation-reports-second-quarter-and-half-year-results-for-the-period-ended-june-30-2024-302214675.html

SOURCE Danaos Corporation

FAQ

What were Danaos 's revenues for Q2 2024?

Danaos 's total operating revenues for Q2 2024 were $246.3 million, a 2% increase from Q2 2023.

What is Danaos 's net income for Q2 2024?

Danaos reported a net income of $141.2 million for Q2 2024, down from $147 million in Q2 2023.

How did Danaos 's earnings per share perform in Q2 2024?

Danaos 's earnings per diluted share for Q2 2024 were $7.23, compared to $7.32 in Q2 2023.

What is the total liquidity of Danaos as of June 30, 2024?

As of June 30, 2024, Danaos 's total liquidity, including cash and marketable securities, was $786.7 million.

How many new vessels did Danaos add to its orderbook in Q2 2024?

Danaos added six newbuilding containerships to its orderbook in Q2 2024, expanding the total to 20 vessels.

What is the dividend declared by Danaos for Q2 2024?

Danaos declared a dividend of $0.80 per share for Q2 2024, payable on August 29, 2024.

What was the adjusted EBITDA for Danaos in Q2 2024?

The adjusted EBITDA for Danaos in Q2 2024 was $176.8 million, slightly down from $177.3 million in Q2 2023.

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Danaos Corporation

NYSE:DAC

DAC Rankings

#2215 Ranked by Market Cap
#671 Ranked by Dividends

DAC Latest News

Nov 12, 2024
Danaos Corporation Reports Third Quarter and Nine Months Results for the Period Ended September 30, 2024
Oct 31, 2024
Danaos Corporation Announces Date for the Release of Third Quarter 2024 Results, Conference Call and Webcast
Jul 29, 2024
Danaos Corporation Announces Date for the Release of Second Quarter 2024 Results, Conference Call and Webcast
Jul 8, 2024
Danaos Corporation Announces Additions of $616 million to its Contracted Revenue Backlog and the Addition of Five Containership Vessels to its Newbuildings Orderbook
May 28, 2024
Danaos Corporation Reports First Quarter Results for Period Ended March 31, 2024

DAC Stock Data

1.55B
9.71M
49.75%
19.55%
2.41%
Marine Shipping
Industrials
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United States of America
Piraeus