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Danaos Corporation (NYSE: DAC) is a leading independent owner and operator of modern containerships, providing international seaborne transportation services. Established in 1972 and headquartered in Piraeus, Greece, Danaos Corporation has built a robust reputation in the shipping industry through its efficient and reliable service offerings.
Fleet and Operations: As of October 2020, Danaos Corporation's fleet comprised 63 containerships with a total capacity of 385,769 twenty-foot equivalent units (TEUs). The fleet has since grown to 68 containerships aggregating 421,293 TEUs, with an additional 12 containerships under construction, which will add another 91,430 TEUs upon completion. Recently, the company expanded its portfolio by investing in the dry bulk sector, acquiring seven capesize bulk carriers totaling 1,231,157 DWT, with plans to acquire two more capesize bulk carriers aggregating 354,579 DWT.
Global Reach: Danaos Corporation operates across Australia, Asia, Europe, and the United States. The company's seaborne transportation services involve chartering vessels to some of the world's largest liner companies including HMM, MSC, Yang Ming, Hapag Lloyd, ZIM, Maersk, COSCO, OOCL, ONE, PIL, Sealead, Niledutch, Samudera, OSC, and Arkas.
Financial Performance and Stability: Danaos generates the majority of its revenue from the container vessels segment, with significant contributions from the Australia-Asia region. The company’s long-standing relationships with major liner companies and its modern fleet contribute to stable and predictable revenue streams.
Recent Achievements: Danaos Corporation recently announced its fourth-quarter results for the period ending December 31, 2023, demonstrating continued financial health and operational excellence. The company continues to focus on expanding its fleet and maintaining rigorous operational and environmental standards.
Partnerships and Clients: Danaos Corporation's client portfolio includes some of the largest and most reputable liner companies globally. These partnerships are built on a foundation of reliability and excellence, ensuring the company's vessels are consistently in demand.
For more information and the latest updates, visit Danaos Corporation's website.
Danaos Corporation (NYSE: DAC) has announced the acquisition of six 5,466 TEU container vessels for $260 million, set to enhance its contracted revenue by approximately $71 million and EBITDA by $39 million. The vessels, averaging 6.8 years old, come with a charter duration of about 2 years. This deal, funded by cash on hand, positions Danaos to leverage its strong balance sheet for growth, with the acquisition expected to be immediately accretive. The eco-designed vessels will be delivered by Q3 2021, promising improved efficiency compared to traditional models.
Danaos Corporation (NYSE: DAC) has announced the exercise of its option to acquire the remaining 51% equity in Gemini Shipholdings Corporation for $86.7 million. The net cash outflow will amount to approximately $72.3 million after accounting for Gemini's cash balance. Gemini's fleet consists of five containerships with a total capacity of 32,531 TEU, all under time charters for the next 12 months. The acquisition is expected to boost Danaos' contracted revenue by $160 million and EBITDA by $117 million, further consolidating its position as a leading containership owner.
Danaos Corporation (NYSE: DAC) has approved a dividend reinvestment plan allowing shareholders to purchase additional shares using cash dividends. Participation is optional and those opting out will still receive cash dividends. The plan offers a discount of up to 3% from market price for purchases made directly from Danaos. Enrollment materials will be sent to stockholders, and they must submit forms to the Administrator by May 27, 2021, for the dividend declared on May 10, 2021. Further details can be found in the plan's prospectus on the SEC's website.
Danaos reported impressive first-quarter results for 2021, with adjusted net income soaring to $58.0 million ($2.83 per share), up 74.2% from $33.3 million ($1.34 per share) a year prior. Operating revenues increased 24.4% to $132.1 million. Adjusted EBITDA rose by 33.9% to $96.3 million. The company has established a quarterly dividend of $0.50 per share, payable on June 9, 2021. With 91% charter coverage for the next 12 months and total contracted revenues of $1.2 billion, Danaos is positioned for continued growth.
Danaos Corporation (NYSE: DAC) announced it will release its first-quarter results for the period ending March 31, 2021, after market close on May 10, 2021. A conference call to discuss the results will be held on May 11, 2021, at 9:00 A.M. ET. Participants can join the call by dialing in 10 minutes prior to the start time. A telephonic replay will be available until May 18, 2021, and an audio webcast will be accessible on the company's website.
Danaos operates a fleet of 65 containerships with a total capacity of 406,586 TEUs, positioning itself as a major player in the industry.
Danaos Corporation (NYSE: DAC) has successfully completed a $1.25 billion refinancing of its senior secured debt. The refinancing includes an $815 million credit facility, a $135 million sale leaseback agreement for five vessels, and proceeds from a $300 million bond offering. This restructuring streamlines the capital structure, extending debt maturities until at least 2025 and improving cash flow generation. CEO Dr. John Coustas emphasized that this achievement marks a new era for the company and enhances its ability to pursue growth strategies.
Danaos Corporation (NYSE: DAC) announces the passing of Robert A. Mundell, a key member of its Board of Directors from 2006 to 2015. Mundell, a renowned economist, was instrumental in the development of the Euro and supply-side economics, receiving the Nobel Prize in 1999 for his contributions. His innovative thinking profoundly influenced international monetary arrangements. The company expresses its condolences to his family, highlighting his legacy on both the board and in the field of economics.
Danaos Corporation (NYSE: DAC) has filed its Annual Report on Form 20-F for the year ended December 31, 2020, with the Securities and Exchange Commission. The report can be accessed on the company's website, www.danaos.com. Danaos is one of the largest independent owners of containerships, operating a fleet of 65 vessels with a total capacity of 403,793 TEUs. The company maintains fixed-rate charters with major liner companies, highlighting its strong position in the global shipping industry.
Danaos Corporation (NYSE: DAC) reported solid financial results for Q4 and the full year of 2020, showing a significant rise in adjusted net income to $47.8 million ($2.29 per share), up 25.8% year-over-year. Full-year adjusted net income rose to $170.9 million ($7.18 per share), a 14.9% increase. Operating revenues increased by 8.5% for Q4 and 3.2% for the full year, reaching $119.6 million and $461.6 million, respectively. The company also holds $1.2 billion in contracted operating revenues with strong charter coverage. CEO John Coustas highlighted improvements in the charter market and future revenue expectations exceeding $100 million above 2020 figures.
Danaos Corporation (NYSE: DAC), a leading independent owner of containerships, will announce its fourth quarter results on February 15, 2021, after market close. A conference call to discuss these results is scheduled for February 16, 2021, at 9:00 A.M. ET. The company operates a fleet of 65 containerships with a total capacity of 406,586 TEUs, chartered to major global liner companies on fixed-rate agreements. Danaos' operational success is driven by stringent efficiency and environmental standards.
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