Danaos Corporation Reports Third Quarter and Nine Months Results for the Period Ended September 30, 2024

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ATHENS, Greece, Nov. 12, 2024 /PRNewswire/ -- Danaos Corporation ("Danaos") (NYSE: DAC), one of the world's largest independent owners of container vessels and drybulk vessels, today reported ...

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}","selectors":"article","filters":"","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2482706968","pubTimestamp":1731414600,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"ATHENS, Greece, Nov. 12, 2024 /PRNewswire/ -- Danaos Corporation  , one of the world's largest independent owners of container vessels and drybulk vessels, today reported unaudited results for the period ended September 30, 2024.Three Months Ended September 30, 2024 and Three Months Ended September 30, 2023","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"DAC":"达那俄斯","IMO":"帝国石油","BK4585":"ETF&股票定投概念","LU0106831901.USD":"贝莱德世界金融基金A2","BK4588":"碎股","GRO":"Brazil Potash Corp.","IE00B64PRP62.GBP":"GUINNESS GLOBAL MONEY MANAGERS \"C\" (GBP) ACC","BK4201":"综合性石油与天然气企业","BK4021":"海运","BK4135":"资产管理与托管银行","IE00B3QW5Z07.USD":"GUINNESS GLOBAL MONEY MANAGERS \"C\" (USD) ACC","AMP":"阿莫斯莱斯金融","DWT":"三倍做空原油ETN","IE00BGHQF748.EUR":"GUINNESS GLOBAL MONEY MANAGERS \"C\" (EUR) ACC","LU1668664300.SGD":"Blackrock World Financials A2 SGD-H"},"translate_title":"Danaos Corporation报告截至2024年9月30日的第三季度和九个月业绩","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"AMP":1,"DAC":1,"DWT":1,"GRO":1,"IMO":1},"content_text":"ATHENS, Greece, Nov. 12, 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 September 30, 2024.\nHighlights for the Third Quarter and Nine Months Ended September 30, 2024:\n\n\n\n\nFinancial Summary \n\n\nThree Months Ended September 30, 2024 and Three Months Ended September 30, 2023 \n\n\n Unaudited \n\n\n(Expressed in thousands of United States dollars, except as otherwise stated) \n\n\n\n\nThree Months Ended \n\n\nThree Months Ended \n\n\n\n\nSeptember 30, 2024 \n\n\nSeptember 30, 2023 \n\n\nFinancial & Operating Metrics \n\nContainer Vessels \n\nDrybulk Vessels \n\nOther \n\nTotal \n\n\nContainer Vessels \n\nDrybulk Vessels \n\nOther \n\nTotal \n\n\nOperating Revenues \n\n$235,570 \n\n$20,606 \n\n- \n\n$256,176 \n\n\n$239,215 \n\n- \n\n- \n\n$239,215 \n\n\nVoyage Expenses, excl. commissions \n\n$757 \n\n$(8,019) \n\n- \n\n$(7,262) \n\n\n$(479) \n\n- \n\n- \n\n$(479) \n\n\nTime Charter Equivalent Revenues (1) \n\n$236,327 \n\n$12,587 \n\n- \n\n$248,914 \n\n\n$238,736 \n\n- \n\n- \n\n$238,736 \n\n\nNet income/(loss) \n\n$124,102 \n\n$62 \n\n$(1,168) \n\n$122,996 \n\n\n$142,173 \n\n$(59) \n\n$(8,958) \n\n$133,156 \n\n\nAdjusted net income / (loss) (2) \n\n$125,143 \n\n$62 \n\n$1,640 \n\n$126,845 \n\n\n$142,647 \n\n$(59) \n\n$375 \n\n$142,963 \n\n\nEarnings per share, basic \n\n\n\n\n\n\n\n$6.36 \n\n\n\n\n\n\n\n\n$6.76 \n\n\nEarnings per share, diluted \n\n\n\n\n\n\n\n$6.30 \n\n\n\n\n\n\n\n\n$6.76 \n\n\nAdjusted earnings per share, diluted (2) \n\n\n\n\n\n\n\n$6.50 \n\n\n\n\n\n\n\n\n$7.26 \n\n\nOperating Days \n\n6,387 \n\n778 \n\n- \n\n\n\n\n6,115 \n\n- \n\n- \n\n\n\n\nTime Charter Equivalent $/day (1) \n\n$37,001 \n\n$16,179 \n\n- \n\n\n\n\n$39,041 \n\n- \n\n- \n\n\n\n\nOwnership days \n\n6,540 \n\n913 \n\n- \n\n\n\n\n6,256 \n\n- \n\n- \n\n\n\n\nAverage number of vessels \n\n71.1 \n\n9.9 \n\n- \n\n\n\n\n68.0 \n\n- \n\n- \n\n\n\n\nFleet Utilization \n\n97.7 % \n\n85.2 % \n\n- \n\n\n\n\n97.7 % \n\n- \n\n- \n\n\n\n\nAdjusted EBITDA (2) \n\n$173,454 \n\n$3,826 \n\n$1,617 \n\n$178,897 \n\n\n$177,701 \n\n$(49) \n\n$375 \n\n$178,027 \n\n\nConsolidated Balance Sheet & Leverage Metrics  \nAs of September 30,2024 \n\n\n\n\n\n\nAs of December 31, 2023 \n\n\nCash and cash equivalents \n\n\n\n$384,336 \n\n\n\n\n\n\n\n\n$271,809 \n\n\nAvailability under Revolving Credit Facility \n\n\n\n$303,750 \n\n\n\n\n\n\n\n\n$337,500 \n\n\nMarketable securities(3) \n\n\n\n$96,423 \n\n\n\n\n\n\n\n\n- \n\n\nTotal cash liquidity & marketable securities(4) \n\n\n\n$784,509 \n\n\n\n\n\n\n\n\n$609,309 \n\n\nDebt, gross of deferred finance costs \n\n\n\n$689,476 \n\n\n\n\n\n\n\n\n$410,516 \n\n\nNet Debt (5) \n\n\n\n$305,140 \n\n\n\n\n\n\n\n\n$138,707 \n\n\nLTM Adjusted EBITDA (6) \n\n\n\n$705,497 \n\n\n\n\n\n\n\n\n$707,002 \n\n\nNet Debt / LTM Adjusted EBITDA \n\n\n\n0.43x  \n\n\n\n\n\n\n\n\n0.20x  \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n1. Time charter equivalent revenues and time charter equivalent US$/day are non-GAAP measures. Refer to the reconciliation provided in the appendix. \n\n\n2. 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. \n\n\n3. Marketable securities refer to fair value of 4,070,214 shares of common stock of SBLK on September 30, 2024. \n\n\n4. Total cash liquidity & marketable securities includes: (i) cash and cash equivalents, (ii) availability under our Revolving Credit Facility and (iii) marketable securities. \n\n\n5. Net Debt is defined as total debt gross of deferred finance costs less cash and cash equivalents \n\n\n6. Last twelve months Adjusted EBITDA. Refer to the reconciliation provided below. \n\n\n\n\n\n\n\nFor 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.\n\n\n\n\nFinancial Summary \n\n\nNine Months Ended September 30, 2024 and Nine Months Ended September 30, 2023 \n\n\n Unaudited \n\n\n(Expressed in thousands of United States dollars, except as otherwise stated) \n\n\n\n\nNine Months Ended \n\n\nNine Months Ended \n\n\n\n\nSeptember 30, 2024 \n\n\nSeptember 30, 2023 \n\n\nFinancial & Operating Metrics \n\nContainer Vessels \n\nDrybulk Vessels \n\nOther \n\nTotal \n\n\nContainer Vessels \n\nDrybulk Vessels \n\nOther \n\nTotal \n\n\nOperating Revenues \n\n$699,567 \n\n$56,364 \n\n- \n\n$755,931 \n\n\n$724,268 \n\n- \n\n- \n\n$724,268 \n\n\nVoyage Expenses, excl. commissions \n\n$(179) \n\n$(22,115) \n\n- \n\n$(22,294) \n\n\n$(1,225) \n\n- \n\n- \n\n$(1,225) \n\n\nTime Charter Equivalent Revenues (1) \n\n$699,388 \n\n$34,249 \n\n- \n\n$733,637 \n\n\n$723,043 \n\n- \n\n- \n\n$723,043 \n\n\nNet income/(loss) \n\n$396,144 \n\n$2,689 \n\n$15,813 \n\n$414,646 \n\n\n$432,283 \n\n$(59) \n\n$(5,846) \n\n$426,378 \n\n\nAdjusted net income / (loss) (2) \n\n$391,062 \n\n$2,689 \n\n$5,418 \n\n$399,169 \n\n\n$434,633 \n\n$(59) \n\n$(2,951) \n\n$431,623 \n\n\nEarnings per share, basic \n\n\n\n\n\n\n\n$21.41 \n\n\n\n\n\n\n\n\n$21.28 \n\n\nEarnings per share, diluted \n\n\n\n\n\n\n\n$21.22 \n\n\n\n\n\n\n\n\n$21.28 \n\n\nAdjusted earnings per share, diluted (2) \n\n\n\n\n\n\n\n$20.43 \n\n\n\n\n\n\n\n\n$21.54 \n\n\nOperating Days \n\n18,494 \n\n1,978 \n\n- \n\n\n\n\n18,177 \n\n- \n\n- \n\n\n\n\nTime Charter Equivalent $/day (1) \n\n$37,817 \n\n$17,315 \n\n- \n\n\n\n\n$39,778 \n\n- \n\n- \n\n\n\n\nOwnership days \n\n18,978 \n\n2,244 \n\n- \n\n\n\n\n18,594 \n\n- \n\n- \n\n\n\n\nAverage number of vessels \n\n69.3 \n\n8.2 \n\n- \n\n\n\n\n68.1 \n\n- \n\n- \n\n\n\n\nFleet Utilization \n\n97.4 % \n\n88.1 % \n\n- \n\n\n\n\n97.8 % \n\n- \n\n- \n\n\n\n\nAdjusted EBITDA (2) \n\n$516,763 \n\n$10,730 \n\n$5,395 \n\n$532,888 \n\n\n$537,393 \n\n$(49) \n\n$(2,951) \n\n$534,393 \n\n\n\n\n\n\n\n\n\n\n\n1. Time charter equivalent revenues and time charter equivalent US$/day are non-GAAP measures. Refer to the reconciliation provided in the appendix. \n\n\n2. 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. \n\n\n\n\n\n\n\n\nDuring the third quarter of 2024 and through the date of this release, we took delivery of another 3 newbuilding containerships, namely one 7,165 TEU vessel and two 8,010 TEU vessels which have commenced their three-year charters. In total, we have taken delivery of 6 newbuilding containerships in 2024.\nAs a result, our remaining orderbook currently consists of a further 14 newbuilding containership vessels with an aggregate capacity of 115,834 TEU with expected deliveries of 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.\nWe have now secured multi-year charter arrangements for all of the vessels in our newbuilding orderbook with an average charter duration of approximately 4.8 years weighted by aggregate contracted charter hire.\nOver the past two months, we added approximately $308 million to our contracted revenue backlog through a combination of new charters and charter extensions for 16 of our container vessels.\nAs a result, total contracted cash operating revenues, on the basis of concluded charter contracts through the date of this release, currently stand at $3.3 billion, including newbuildings. The remaining average contracted charter duration for our containership fleet is 3.4 years, weighted by aggregate contracted charter hire.\nContracted operating days charter coverage for our container vessel fleet is currently 100% for 2024, 94% for 2025 and 73% for 2026. This includes newbuildings based on their scheduled delivery dates.\nWe took delivery of all of our contracted capesize drybulk carriers by taking delivery of two vessels in the second quarter of 2024 and one vessel in July 2024. As a result, our capesize drybulk fleet currently stands at 10 vessels with an aggregate capacity of approximately 1.8 million DWT.\nAs of the date of this release, Danaos has repurchased a total of 1,893,803 shares of its common stock in the open market for $123.2 million under its $200 million authorized share repurchase program that was originally introduced in June 2022 and upsized in November 2023. \nDanaos has declared an increased dividend of $0.85 per share of common stock for the third quarter of 2024, an increase of 6.25%. The dividend is payable on December 4, 2024, to stockholders of record as of November 25, 2024.\n\nDanaos' CEO Dr. John Coustas commented:\n\"The container market remained very strong in the third quarter of 2024, allowing us to add over $300 million to our contracted charter backlog which presently stands at $3.3 billion. Importantly, all 14 of our newbuildings on order are fixed for 5 years, except for two that are fixed for 2 years. We have excellent earnings visibility as  we have covered 100% of our container vessel fleet operating days for 2024, 94% for 2025 and 73% for 2026.\nThe dry bulk market has been uncharacteristically soft lately, which can be attributed to a disruption of seasonal patterns throughout the year as well as a decrease in Chinese steel production. Our dry bulk fleet performed reasonably well during the quarter, and we are expecting freight rates to gradually improve as we move into 2025.\nDue to the certainty provided by the charter backlog in our container segment, Danaos is insulated from the unstable and unpredictable nature of the current global backdrop. The recent U.S. Presidential election has introduced new uncertainty about future policymaking and its effect in the shipping market. Most notably, President Trump has openly declared his intention to implement or increase trade tariffs that have the potential to decrease container movements or at least will reshuffle trade lanes. Additionally, it is likely that energy transition initiatives will take place at a slower rate, and we don't know to what extent existing IMO initiatives will be supported by the new administration.\nDanaos remains in a fortunate and enviable position. In addition to our charter coverage, our balance sheet is a significant strength. I am proud of the efforts we have undertaken, efforts that have been acknowledged by Moody's, who upgraded Danaos to Ba1. Together with the S&P credit rating at BB+, Danaos now holds the highest grade assigned to a pure play shipping company. Our creditworthiness will allow us to explore fully the U.S. bond market, creating opportunity to raise competitively priced capital to continue to opportunistically pursue growth opportunities.\nOur continued strong financial performance and accompanying strengthening of our balance sheet has enabled us to increase our quarterly dividend to $0.85 per share, in line with the commitment we have made to our shareholders. We are also continuing to return value through our  share buyback program. We have now cumulatively bought back stock worth $123 million and have $77 million remaining under our authorized share repurchase program.\nWe are continuing our efforts to increase the value of the company while remaining vigilant about geopolitical risks to ensure the long-term prosperity of Danaos  for the benefit of our shareholders.\"\nThree months ended September 30, 2024 compared to the three months ended September 30, 2023\nDuring the three months ended September 30, 2024, Danaos had an average of 71.1 container vessels and 9.9 Capesize drybulk vessels compared to 68.0 container vessels and no drybulk vessels during the three months ended September 30, 2023. Our container vessels utilization remained stable at 97.7% in each of  the three months ended September 30, 2024 and September 30, 2023.\nOur adjusted net income amounted to $126.8 million, or $6.50 per diluted share, for the three months ended September 30, 2024 compared to $143.0 million, or $7.26 per diluted share, for the three months ended September 30, 2023. We have adjusted our net income in the three months ended September 30, 2024 for a $2.8 million change in fair value of investments, a $0.6 million non-cash finance fees amortization and a $0.4 million loss on vessel disposal.\nAdjusted net income of our container vessels segment amounted to $125.1 million for the three months ended September 30, 2024 compared to $142.6 million for the three months ended September 30, 2023. We adjusted net income of container vessels segment in the three months ended September 30, 2024 for a $0.6 million non-cash finance fees amortization and a $0.4 million loss on vessel disposal.\nAdjusted net income of our drybulk vessels segment amounted to $0.1 million for the three months ended September 30, 2024 compared to $0.1 million adjusted net loss for the three months ended September 30, 2023.\nThe $16.2 million decrease in adjusted net income for the three months ended September 30, 2024 compared to the three months ended September 30, 2023 is primarily attributable to a $31.1 million increase in total operating expenses, a $3.3 million increase in net finance expenses and a $0.7 million increase in equity loss on investments, which were partially offset by a $17.0 million increase in operating revenues and a $1.9 million increase in dividends received.\nPlease refer to the Adjusted Net Income reconciliation tables, which appear later in this earnings release.\nOn a non-adjusted basis, our net income amounted to $123.0 million, or $6.30 earnings per diluted share, for the three months ended September 30, 2024 compared to net income of $133.2 million, or $6.76 earnings per diluted share, for the three months ended September 30, 2023. On a non-adjusted basis, the net income of our container vessels segment amounted to $124.1 million and the net income of our drybulk vessels segment amounted to $0.1 million for the three months ended September 30, 2024.\nOperating RevenuesOperating revenues increased by 7.1%, or $17.0 million, to $256.2 million in the three months ended September 30, 2024 from $239.2 million in the three months ended September 30, 2023.\nOperating revenues of our container vessels segment decreased by 1.5%, or $3.6 million, to $235.6 million in the three months ended September 30, 2024 from $239.2 million in the three months ended September 30, 2023, analyzed as follows:\n\na $14.0 million increase in revenues in the three months ended September 30, 2024 compared to the three months ended September 30, 2023 as a result of vessel additions;\na $7.1 million increase in revenues in the three months ended September 30, 2024 compared to the three months ended September 30, 2023 due to higher non-cash revenue recognition in accordance with US GAAP;\na $17.9 million decrease in revenues in the three months ended September 30, 2024 compared to the three months ended September 30, 2023 as a result of lower charter rates;\na $2.4 million decrease in revenues in the three months ended September 30, 2024 compared to the three months ended September 30, 2023 due to vessel disposals; and\na $4.4 million decrease in revenues in the three months ended September 30, 2024 compared to the three months ended September 30, 2023 due to decreased amortization of assumed time charters.\n\nOperating revenues of our drybulk vessels segment added an incremental $20.6 million of revenues in the three months ended September 30, 2024 compared to no such operating revenues in the three months ended September 30, 2023.\nVessel Operating ExpensesVessel operating expenses increased by $10.4 million to $49.9 million in the three months ended September 30, 2024 from $39.5 million in the three months ended September 30, 2023, primarily as a result of the increase in the average number of vessels in our fleet due to recent container vessel newbuilds deliveries and drybulk vessels acquisitions and the increase in average daily operating cost of our vessels to $6,860 per vessel per day for the three months ended September 30, 2024 compared to $6,499 per vessel per day for the three months ended September 30, 2023. Management believes that our daily operating costs remain among the most competitive in the industry.\nDepreciation & AmortizationDepreciation & Amortization includes Depreciation and Amortization of Deferred Dry-docking and Special Survey Costs.\nDepreciationDepreciation expense increased by 19.8%, or $6.4 million, to $38.7 million in the three months ended September 30, 2024 from $32.3 million in the three months ended September 30, 2023 mainly due to depreciation expense related to 10 recently acquired Capesize drybulk vessels and 5 recently delivered container newbuilds.\nAmortization of Deferred Dry-docking and Special Survey CostsAmortization of deferred dry-docking and special survey costs increased by $2.7 million to $7.5 million in the three months ended September 30, 2024 from $4.8 million in the three months ended September 30, 2023.\nGeneral and Administrative ExpensesGeneral and administrative expenses increased by $3.9 million, to $11.0 million in the three months ended September 30, 2024 from $7.1 million in the three months ended September 30, 2023. The increase was mainly attributable to increased stock-based compensation and management fees.\nOther Operating ExpensesOther Operating Expenses include Voyage Expenses.\nVoyage ExpensesVoyage expenses increased by $8.0 million to $17.0 million in the three months ended September 30, 2024 from $9.0 million in the three months ended September 30, 2023 primarily as a result of the $9.2 million in voyage expenses related to our recently acquired 10 Capesize drybulk vessels, which generated revenue partially from voyage charter agreements, compared to no such expenses related to drybulk vessels in the three months ended September 30, 2023.\nVoyage expenses of container vessels segment decreased by $1.2 million to $7.8 million in the three months ended September 30, 2024 from $9.0 million in the three months ended September 30, 2023.\nVoyage expenses of drybulk vessels segment were $9.2 million in the three months ended September 30, 2024 compared to no voyage expenses in the three months ended September 30, 2023. Total voyage expenses of drybulk vessels comprised $1.2 million commissions and $8.0 million other voyage expenses, mainly bunkers consumption and port expenses, in the three months ended September 30, 2024.\nNet gain on disposal/sale of vesselsIn 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 six months ended June 30, 2024. In the three months ended September 30, 2024, we recognized $0.4 million of expenses related to this vessel disposal, which reduced the total gain to $6.7 million in the nine months ended September 30, 2024. The proceedings with the insurers are in progress as of September 30, 2024, and any additional gain will be recognized upon their finalization.\nInterest Expense and Interest IncomeInterest expense increased by $3.7 million, to $8.0 million in the three months ended September 30, 2024 from $4.3 million in the three months ended September 30, 2023. The increase in interest expense is a result of:\n\na $4.2 million increase in interest expense due to an increase in our average indebtedness by $224.7 million between the two periods, which was partially offset by a decrease in our debt service cost by approximately 0.26%, mainly as a result of a reduction in the financing margin cost. Average indebtedness was $646.8 million in the three months ended September 30, 2024, compared to average indebtedness of $422.1 million in the three months ended September 30, 2023;\na $0.1 million increase in the amortization of deferred finance costs; which were partially offset by\na $0.6 million decrease in interest expense due to an increase in capitalized interest expense on our vessels under construction in the three months ended September 30, 2024.\n\nAs of September 30, 2024, our outstanding debt, gross of deferred finance costs, was $689.5 million, which included $262.8 million principal amount of our Senior Notes. These balances compare to debt of $417.4 million, which included $262.8 million principal amount of our Senior Notes as of September 30, 2023. The increase in our outstanding debt is mainly due to loans drawn down to partially finance our container vessel newbuildings.\nInterest income remained stable at $3.1 million in each of the three months ended September 30, 2024 and September 30, 2023.\nGain/(loss) on investmentsFollowing 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 $41 thousand gain on investments in the three months ended September 30, 2024 consisted of the $2.8 million fair value loss on these marketable securities, which was offset by the dividends recognized on these shares of $2.8 million. This compares to a $8.4 million loss on marketable securities in the three months ended September 30, 2023.\nEquity loss on investmentsEquity loss on investments amounting to $1.2 million and $0.5 million in the three months September 30, 2024 and September 30, 2023, respectively, relates to our share of initial expenses of Carbon Termination Technologies Corporation (\"CTTC\"), currently engaged in the research and development of decarbonization technologies for the shipping industry.\nOther finance expensesOther finance expenses decreased by $0.3 million to $0.9 million in the three months ended September 30, 2024 compared to $1.2 million in the three months ended September 30, 2023.\nLoss on derivativesAmortization of deferred realized losses on interest rate swaps remained stable at $0.9 million in each of the three months ended September 30, 2024 and September 30, 2023.\nOther income/(expenses), netOther expenses, net amounted to $0.7 million in the three months ended September 30, 2024 compared to $1.1 million other income, net in the three months ended September 30, 2023.\nAdjusted EBITDAAdjusted EBITDA increased by 0.5%, or $0.9 million, to $178.9 million in the three months ended September 30, 2024 from $178.0 million in the three months ended September 30, 2023. As outlined above, the increase is mainly attributable to $21.4 million increase in operating revenues and a $1.9 million increase in dividends received, which were partially offset by a $21.7 million increase in total operating expenses and a $0.7 million increase in equity loss on investments. Adjusted EBITDA for the three months ended September 30, 2024 is adjusted for a $2.8 million change in fair value of investments and a $0.4 million loss on disposal of vessel. Tables reconciling Adjusted EBITDA to Net Income can be found at the end of this earnings release.\nAdjusted EBITDA of container vessels segment decreased by 2.4%, or $4.2 million, to $173.5 million in the three months ended September 30, 2024 from $177.7 million in the three months ended September 30, 2023.\nAdjusted EBITDA of drybulk vessels segment was $3.8 million in the three months ended September 30, 2024. We had just started to be engaged in the drybulk vessels segment and did not have significant expenses in the three months ended September 30, 2023.\nNine months ended September 30, 2024 compared to the nine months ended September 30, 2023\nDuring the nine months ended September 30, 2024, Danaos had an average of 69.3 container vessels and 8.2 Capesize drybulk vessels compared to 68.1 container vessels and no drybulk vessels during the nine months ended September 30, 2023. Our container vessels utilization for the nine months ended September 30, 2024 was 97.4% compared to 97.8% for the nine months ended September 30, 2023.\nOur adjusted net income amounted to $399.2 million, or $20.43 per diluted share, for the nine months ended September 30, 2024 compared to $431.6 million, or $21.54 per diluted share, for the nine months ended September 30, 2023. We have adjusted our net income in the nine months ended September 30, 2024 for a $10.4 million change in fair value of investments, a $6.7 million gain on vessel disposal and a $1.6 million non-cash finance fees amortization.\nAdjusted net income of our container vessels segment amounted to $391.1 million for the nine months ended September 30, 2024 compared to $434.6 million for the nine months ended September 30, 2023. We adjusted net income of container vessels segment in the nine months ended September 30, 2024 for a $6.7 million gain on vessel disposal and a $1.6 million non-cash finance fees amortization.\nAdjusted net income of our drybulk vessels segment amounted to $2.7 million for the nine months ended September 30, 2024 compared to $0.1 million adjusted net loss for the nine months ended September 30, 2023, as we just started to be engaged in the drybulk vessels segment during that period.\nThe $32.4 million decrease in adjusted net income for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023 is primarily attributable to a $73.1 million increase in total operating expenses, which was partially offset by a $31.7 million increase in operating revenues, a $5.9 million increase in dividends received, a $0.7 million decrease in net finance expenses and a $2.4 million decrease in equity loss on investments.\nPlease refer to the Adjusted Net Income reconciliation tables, which appear later in this earnings release.\nOn a non-adjusted basis, our net income amounted to $414.6 million, or $21.22 earnings per diluted share, for the nine months ended September 30, 2024 compared to net income of $426.4 million, or $21.28 earnings per diluted share, for the nine months ended September 30, 2023. On a non-adjusted basis, the net income of our container vessels segment amounted to $396.2 million and the net income of our drybulk vessels segment amounted to $2.7 million for the nine months ended September 30, 2024.\nOperating RevenuesOperating revenues increased by 4.4%, or $31.6 million, to $755.9 million in the nine months ended September 30, 2024 from $724.3 million in the nine months ended September 30, 2023.\nOperating revenues of our container vessels segment decreased by 3.4%, or $24.7 million, to $699.6 million in the nine months ended September 30, 2024 from $724.3 million in the nine months ended September 30, 2023, analyzed as follows:\n\na $18.9 million increase in revenues in the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023 as a result of vessel additions;\na $20.5 million decrease in revenues in the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023 mainly as a result of lower charter rates and decreased vessel utilization;\na $7.5 million decrease in revenues in the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023 due to vessel disposals;\na $12.3 million decrease in revenues in the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023 due to decreased amortization of assumed time charters; and\na $3.3 million decrease in revenues in the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023 due to lower non-cash revenue recognition in accordance with US GAAP.\n\nOperating revenues of our drybulk vessels segment added an incremental $56.3 million of revenues in the nine months ended September 30, 2024 compared to no such operating revenues in the nine months ended September 30, 2023.\nVessel Operating ExpensesVessel operating expenses increased by $18.1 million to $140.1 million in the nine months ended September 30, 2024 from $122.0 million in the nine months ended September 30, 2023, primarily as a result of the increase in the average number of vessels in our fleet due to recent container vessel newbuilds and dry bulk vessels acquisitions, while the average daily operating cost of our vessels remained stable at $6,775 per vessel per day for the nine months ended September 30, 2024 compared to $6,758 per vessel per day for the nine months ended September 30, 2023. Management believes that our daily operating costs remain among the most competitive in the industry.\nDepreciation & AmortizationDepreciation & Amortization includes Depreciation and Amortization of Deferred Dry-docking and Special Survey Costs.\nDepreciationDepreciation expense increased by 12.7%, or $12.2 million, to $108.0 million in the nine months ended September 30, 2024 from $95.8 million in the nine months ended September 30, 2023 mainly due to depreciation expense related to 10 recently acquired Capesize drybulk vessels and 5 recently delivered container vessel newbuilds.\nAmortization of Deferred Dry-docking and Special Survey CostsAmortization of deferred dry-docking and special survey costs increased by $6.8 million to $19.9 million in the nine months ended September 30, 2024 from $13.1 million in the nine months ended September 30, 2023.\nGeneral and Administrative ExpensesGeneral and administrative expenses increased by $11.4 million, to $32.5 million in the nine months ended September 30, 2024 from $21.1 million in the nine months ended September 30, 2023. The increase was mainly attributable to increased stock-based compensation and management fees.\nOther Operating ExpensesOther Operating Expenses include Voyage Expenses.\nVoyage ExpensesVoyage expenses increased by $24.8 million to $50.0 million in the nine months ended September 30, 2024 from $25.2 million in the nine months ended September 30, 2023 primarily as a result of the $25.5 million in voyage expenses related to our recently acquired 10 Capesize drybulk vessels, which generated revenue partially from voyage charter agreements, compared to no such expenses related to drybulk vessels in the nine months ended September 30, 2023.\nVoyage expenses of container vessels segment decreased by $0.7 million to $24.5 million in the nine months ended September 30, 2024 from $25.2 million in the nine months ended September 30, 2023 mainly due to decreased other voyage expenses. Total voyage expenses of container vessels comprised $24.3 million commissions and $0.2 million other voyage expenses in the nine months ended September 30, 2024.\nVoyage expenses of drybulk vessels segment were $25.5 million in the nine months ended September 30, 2024 compared to no voyage expenses in the nine months ended September 30, 2023. Total voyage expenses of drybulk vessels comprised $3.4 million commissions and $22.1 million other voyage expenses, mainly bunkers consumption and port expenses, in the nine months ended September 30, 2024.\nNet gain on disposal/sale of vesselsIn 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 six months ended June 30, 2024. In the three months ended September 30, 2024, we recognized $0.4 million expenses related to this vessel disposal, which reduced the total gain to $6.7 million in the nine months ended September 30, 2024. The proceedings with the insurers are in progress as of September 30, 2024, and any additional gain will be recognized upon their finalization.\nIn 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.\nInterest Expense and Interest IncomeInterest expense decreased by $0.7 million, to $16.2 million in the nine months ended September 30, 2024 from $16.9 million in the nine months ended September 30, 2023. The decrease in interest expense is a result of:\n\na $4.8 million decrease in interest expense due to an increase in capitalized interest expense on our vessels under construction in the nine months ended September 30, 2024; and\na $0.2 million decrease in the amortization of deferred finance costs; which were partially offset by\na $4.3 million increase in interest expense due to an increase in our debt service cost by approximately 0.15% as a result of higher SOFR rates, partially offset by a reduction in our financing margin cost, and by an increase in our average indebtedness by $61.7 million between the two periods. Average indebtedness was $524.6 million in the nine months ended September 30, 2024, compared to average indebtedness of $462.9 million in the nine months ended September 30, 2023.\n\nAs of September 30, 2024, our outstanding debt, gross of deferred finance costs, was $689.5 million, which included $262.8 million principal amount of our Senior Notes. These balances compare to debt of $417.4 million, which included $262.8 million principal amount of our Senior Notes as of September 30, 2023. The increase in our outstanding debt is mainly due to loans drawn down to partially finance our container vessel newbuildings.\nInterest income decreased by $0.4 million to $9.0 million in the nine months ended September 30, 2024 compared to $9.4 million in the nine months ended September 30, 2023.\nGain/(loss) on investmentsFollowing 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 nine months ended September 30, 2024 consisted of the change in fair value of these marketable securities of $10.4 million and dividends recognized on these shares of $6.8 million. This compares to a $2.0 million loss on marketable securities in the nine months ended September 30, 2023.\nLoss on debt extinguishmentA $2.3 million loss on early extinguishment of our leaseback obligations in the nine months ended September 30, 2023 compares to no such loss in the nine months ended September 30, 2024.\nEquity loss on investmentsEquity loss on investments amounting to $1.4 million and $3.9 million in the nine months September 30, 2024 and September 30, 2023, respectively, relates to our share of initial expenses of CTTC, currently engaged in the research and development of decarbonization technologies for the shipping industry.\nOther finance expensesOther finance expenses decreased by $0.7 million to $2.7 million in the nine months ended September 30, 2024 compared to $3.4 million in the nine months ended September 30, 2023.\nLoss on derivativesAmortization of deferred realized losses on interest rate swaps remained stable at $2.7 million in each of the nine months ended September 30, 2024 and September 30, 2023.\nOther income/(expenses), netOther expenses, net amounted to $0.6 million in each of the nine months ended September 30, 2024 and September 30, 2023.\nAdjusted EBITDAAdjusted EBITDA decreased by 0.3%, or $1.5 million, to $532.9 million in the nine months ended September 30, 2024 from $534.4 million in the nine months ended September 30, 2023. As outlined above, the decrease is mainly attributable to a $53.7 million increase in total operating expenses, which were partially offset by a $43.9 million increase in operating revenues, a $5.9 million increase in dividends received and a $2.4 million decrease in equity loss on investments. Adjusted EBITDA for the nine months ended September 30, 2024 is adjusted for a $10.4 million change in fair value of investments and a $6.7 million net gain on disposal of vessel. Tables reconciling Adjusted EBITDA to Net Income can be found at the end of this earnings release.\nAdjusted EBITDA of container vessels segment decreased by 3.8%, or $20.6 million, to $516.8 million in the nine months ended September 30, 2024 from $537.4 million in the nine months ended September 30, 2023.\nAdjusted EBITDA of drybulk vessels segment was $10.7 million in the nine months ended September 30, 2024. We had just started to be engaged in the drybulk vessels segment and did not have significant expenses in the nine months ended September 30, 2023.\nDividend PaymentDanaos has declared a dividend of $0.85 per share of common stock for the third quarter of 2024, which is payable on December 4, 2024 to stockholders of record as of November 25, 2024.\nRecent DevelopmentsIn October 2024 and through November 7, 2024, we repurchased 210,422 shares of our common stock in the open market for $17.8 million.\nIn October 2024, we took delivery of our 6th newbuilding containership the Greenfield, which was deployed on a three-year time charter.\nConference Call and WebcastOn Wednesday, November 12, 2024 at 9:00 A.M. ET, the Company's management will host a conference call to discuss the results.\nParticipants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 844 802 2437 (US Toll Free Dial In), 0800 279 948 9 (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.\nA telephonic replay of the conference call will be available until November 19, 2024 by dialing 1 877 344 7529 (US Toll Free Dial In) or 1-412-317-0088 (Standard International Dial In) and using 8988845# as the access code.\nAudio WebcastThere 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.\nSlide PresentationA slide presentation regarding the Company and the container and drybulk industry will also be available on the Danaos website (www.danaos.com).\nAbout Danaos CorporationDanaos Corporation is one of the largest independent owners of modern, large-size container vessels. Our current fleet of 73 container vessels aggregating 465,463 TEUs and 14 under construction container vessels aggregating 115,834 TEUs ranks Danaos among the largest container vessels charter owners in the world based on total TEU capacity. Danaos has also recently invested in the drybulk sector with the acquisition of 10 capesize drybulk vessels aggregating 1,760,861 DWT. Our container vessels fleet is chartered to many of the world's largest liner companies on fixed-rate charters. Our long track record of success is predicated on our efficient and rigorous operational standards and environmental controls. Danaos Corporation's shares trade on the New York Stock Exchange under the symbol \"DAC\".\nForward-Looking StatementsMatters 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. \nRisks and uncertainties are further described in reports filed by Danaos Corporation with the U.S. Securities and Exchange Commission.\nVisit our website at www.danaos.com\nAPPENDIX\n\n\n\n\nContainer vessels fleet utilization \n\n\n\n\n\n\n\n\n\n\nVessel Utilization (No. of Days) \n\nThree months ended \n\nThree months ended \n\nNine months ended \n\nNine months ended \n\n\n\nSeptember 30, \nSeptember 30, \n\nSeptember 30, \nSeptember 30, \n\n\n\n2024 \n2023 \n\n2024 \n2023 \n\n\nOwnership Days  \n\n6,540 \n\n6,256 \n\n18,978 \n\n18,594 \n\n\nLess Off-hire Days: \n\n\n\n\n\n\n\n\n\n\nScheduled Off-hire Days \n\n(127) \n\n(119) \n\n(289) \n\n(349) \n\n\nOther Off-hire Days  \n\n(26) \n\n(22) \n\n(195) \n\n(68) \n\n\nOperating Days(1) \n\n6,387 \n\n6,115 \n\n18,494 \n\n18,177 \n\n\nVessel Utilization  \n\n97.7 % ...\n     \n97.7 % \n\n97.4 % \n\n97.8 % \n\n\n\n\n\n\n\n\n\n\n\n\n\nOperating Revenues (in '000s of US$) \n\n$235,570 \n\n$239,215 \n\n$699,567 \n\n$724,268 \n\n\nLess: Voyage Expenses excluding commissions (in '000s of US$) \n\n757 \n\n(479) \n\n(179) \n\n(1,225) \n\n\nTime Charter Equivalent Revenues (in '000s of US$) \n\n236,327 \n\n238,736 \n\n699,388 \n\n723,043 \n\n\nTime Charter Equivalent US$/per day(2) \n\n$37,001 \n\n$39,041 \n\n$37,817 \n\n$39,778 \n\n\n\n\n\n\n\n\n\n\n\n\n\nDrybulk vessels fleet utilization \n\n\n\n\n\n\n\n\n\n\nVessel Utilization (No. of Days) \n\nThree months ended \n\nThree months ended \n\nNine months ended \n\nNine months ended \n\n\n\nSeptember 30, \nSeptember 30, \n\nSeptember 30, \nSeptember 30, \n\n\n\n2024 \n2023 \n\n2024 \n2023 \n\n\nOwnership Days  \n\n913 \n\n5 \n\n2,244 \n\n5 \n\n\nLess Off-hire Days: \n\n\n\n\n\n\n\n\n\n\nScheduled Off-hire Days \n\n(119) \n\n(5) \n\n(240) \n\n(5) \n\n\nOther Off-hire Days  \n\n(16) \n\n- \n\n(26) \n\n- \n\n\nOperating Days(1) \n\n778 \n\n- \n\n1,978 \n\n- \n\n\nVessel Utilization  \n\n85.2 % \n\n- \n\n88.1 % \n\n- \n\n\n\n\n\n\n\n\n\n\n\n\n\nOperating Revenues (in '000s of US$) \n\n$20,606 \n\n- \n\n$56,364 \n\n- \n\n\nLess: Voyage Expenses excluding commissions (in '000s of US$) \n\n(8,019) \n\n- \n\n(22,115) \n\n- \n\n\nTime Charter Equivalent Revenues (in '000s of US$) \n\n12,587 \n\n- \n\n34,249 \n\n- \n\n\nTime Charter Equivalent US$/per day(2) \n\n$16,179 \n\n- \n\n$17,315 \n\n- \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n1) \nWe define Operating Days as the total number of Ownership Days net of Scheduled off-hire days (days associated with scheduled repairs, drydockings or special or intermediate surveys or days) and net of off-hire days associated with unscheduled repairs or days waiting to find employment but including days our vessels were sailing for repositioning. The shipping industry uses Operating Days to measure the number of days in a period during which vessels actually generate revenues or are sailing for repositioning purposes. Our definition of Operating Days may not be comparable to that used by other companies in the shipping industry. \n\n\n2) \nTime charter equivalent US$/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. \n\n\n\n\n\n\n\n\nFleet List\nThe following table describes in detail our container vessels deployment profile as of  November 7, 2024:\n\n\n\n\nVessel Name \nVessel Size (TEU) (1) \n\nYear Built \n\nExpiration of Charter(2) \n\n\nAmbition (ex Hyundai Ambition) \n13,100 \n\n2012 \n\nApril 2027 \n\n\nSpeed (ex Hyundai Speed) \n13,100 \n\n2012 \n\nMarch 2027 \n\n\nKota Plumbago (ex Hyundai Smart) \n13,100 \n\n2012 \n\nJuly 2027 \n\n\nKota Primrose (ex Hyundai Respect) \n13,100 \n\n2012 \n\nApril 2027 \n\n\nKota Peony (ex Hyundai Honour) \n13,100 \n\n2012 \n\nMarch 2027 \n\n\nExpress Rome \n10,100 \n\n2011 \n\nMay 2027 \n\n\nExpress Berlin \n10,100 \n\n2011 \n\nAugust 2026 \n\n\nExpress Athens \n10,100 \n\n2011 \n\nMay 2027 \n\n\nLe Havre \n9,580 \n\n2006 \n\nJune 2028 \n\n\nPusan C \n9,580 \n\n2006 \n\nMay 2028 \n\n\nBremen \n9,012 \n\n2009 \n\nJanuary 2028 \n\n\nC Hamburg \n9,012 \n\n2009 \n\nJanuary 2028 \n\n\nNiledutch Lion \n8,626 \n\n2008 \n\nMay 2026 \n\n\nKota Manzanillo \n8,533 \n\n2005 \n\nFebruary 2026 \n\n\nBelita \n8,533 \n\n2006 \n\nJuly 2026 \n\n\nCMA CGM Melisande \n8,530 \n\n2012 \n\nJanuary 2028 \n\n\nCMA CGM Attila \n8,530 \n\n2011 \n\nMay 2027 \n\n\nCMA CGM Tancredi \n8,530 \n\n2011 \n\nJuly 2027 \n\n\nCMA CGM Bianca \n8,530 \n\n2011 \n\nSeptember 2027 \n\n\nCMA CGM Samson \n8,530 \n\n2011 \n\nNovember 2027 \n\n\nAmerica \n8,468 \n\n2004 \n\nApril 2028 \n\n\nEurope \n8,468 \n\n2004 \n\nMay 2028 \n\n\nKota Santos \n8,463 \n\n2005 \n\nAugust 2026 \n\n\nCatherine C(3) \n8,010 \n\n2024 \n\nMay 2027 \n\n\nGreenland(3) \n8,010 \n\n2024 \n\nJune 2027 \n\n\nGreenville(4) \n8,010 \n\n2024 \n\nAugust 2027 \n\n\nGreenfield(5) \n8,010 \n\n2024 \n\nOctober 2027 \n\n\nInterasia Accelerate(3) \n7,165 \n\n2024 \n\nApril 2027 \n\n\nInterasia Amplify(4) \n7,165 \n\n2024 \n\nSeptember 2027 \n\n\nCMA CGM Moliere  \n6,500 \n\n2009 \n\nMarch 2027 \n\n\nCMA CGM Musset  \n6,500 \n\n2010 \n\nSeptember 2025 \n\n\nCMA CGM Nerval \n6,500 \n\n2010 \n\nNovember 2025 \n\n\nCMA CGM Rabelais  \n6,500 \n\n2010 \n\nJanuary 2026 \n\n\nRacine \n6,500 \n\n2010 \n\nApril 2026 \n\n\nYM Mandate \n6,500 \n\n2010 \n\nJanuary 2028 \n\n\nYM Maturity \n6,500 \n\n2010 \n\nApril 2028 \n\n\nSavannah (ex Zim Savannah) \n6,402 \n\n2002 \n\nJune 2027 \n\n\nDimitra C \n6,402 \n\n2002 \n\nApril 2027 \n\n\nSuez Canal \n5,610 \n\n2002 \n\nApril 2026 \n\n\nKota Lima \n5,544 \n\n2002 \n\nSeptember 2025  \n\n\nWide Alpha  \n5,466 \n\n2014 \n\nJuly 2027 \n\n\nStephanie C \n5,466 \n\n2014 \n\nMay 2028 \n\n\nEuphrates (ex Maersk Euphrates) \n5,466 \n\n2014 \n\nSeptember 2028 \n\n\nWide Hotel \n5,466 \n\n2015 \n\nSeptember 2027 \n\n\nWide India \n5,466 \n\n2015 \n\nOctober 2028 \n\n\nWide Juliet \n5,466 \n\n2015 \n\nSeptember 2025 \n\n\nSeattle C \n4,253 \n\n2007 \n\nOctober 2026 \n\n\nVancouver \n4,253 \n\n2007 \n\nNovember 2026 \n\n\nDerby D \n4,253 \n\n2004 \n\nJanuary 2027 \n\n\nTongala \n4,253 \n\n2004 \n\nDecember 2026 \n\n\nRio Grande \n4,253 \n\n2008 \n\nNovember 2026 \n\n\nMerve A \n4,253 \n\n2008 \n\nSeptember 2025 \n\n\nKingston \n4,253 \n\n2008 \n\nJune 2027 \n\n\nMonaco (ex ZIM Monaco) \n4,253 \n\n2009 \n\nSeptember 2026 \n\n\nDalian \n4,253 \n\n2009 \n\nMarch 2026 \n\n\nZIM Luanda \n4,253 \n\n2009 \n\nAugust 2025 \n\n\nDimitris C \n3,430 \n\n2001 \n\nSeptember 2027 \n\n\nExpress Black Sea \n3,400 \n\n2011 \n\nJanuary 2027 \n\n\nExpress Spain \n3,400 \n\n2011 \n\nJanuary 2027 \n\n\nExpress Argentina \n3,400 \n\n2010 \n\nDecember 2026 \n\n\nExpress Brazil \n3,400 \n\n2010 \n\nApril 2027 \n\n\nExpress France \n3,400 \n\n2010 \n\nJuly 2027 \n\n\nSingapore \n3,314 \n\n2004 \n\nMarch 2027 \n\n\nColombo \n3,314 \n\n2004 \n\nJanuary 2027 \n\n\nZebra \n2,602 \n\n2001 \n\nNovember 2025 \n\n\nArtotina \n2,524 \n\n2001 \n\nJanuary 2026 \n\n\nAdvance \n2,200 \n\n1997 \n\nJune 2026 \n\n\nFuture \n2,200 \n\n1997 \n\nMay 2026 \n\n\nSprinter \n2,200 \n\n1997 \n\nMay 2026 \n\n\nBridge \n2,200 \n\n1998 \n\nDecember 2024 \n\n\nProgress C \n2,200 \n\n1998 \n\nApril 2026 \n\n\nPhoenix D \n2,200 \n\n1997 \n\nMarch 2025 \n\n\nHighway \n2,200 \n\n1998 \n\nFebruary 2025 \n\n\n\n\n\n\n\n\n\n\n\n\n(1) \nTwenty-feet equivalent unit, the international standard measure for containers and container vessels capacity. \n\n\n(2) \nEarliest date charters could expire. Some charters include options for the charterer to extend their terms. \n\n\n(3) \nThe newbuilding vessels were delivered in the second quarter of 2024. \n\n\n(4) \nThe newbuilding vessels were delivered in the third quarter of 2024. \n\n\n(5) \nThe newbuilding vessel was delivered in October 2024. \n\n\n\n\n\n\n\n\nContainer vessels under construction as of November 7, 2024: \n\n\nHull Number \nVessel Size (TEU) \n\nExpected Delivery Year \n\n\nMinimum Charter Duration \n\n\nHull No. CV5900-07 \n6,014 \n\n2025 \n\n\n2 Years \n\n\nHull No. CV5900-08 \n6,014 \n\n2025 \n\n\n2 Years \n\n\nHull No. YZJ2023-1556 \n8,258 \n\n2026 \n\n\n5 Years \n\n\nHull No. YZJ2023-1557 \n8,258 \n\n2026 \n\n\n5 Years \n\n\nHull No. YZJ2024-1612 \n8,258 \n\n2026 \n\n\n5 Years \n\n\nHull No. YZJ2024-1613 \n8,258 \n\n2027 \n\n\n5 Years \n\n\nHull No. YZJ2024-1625 \n8,258 \n\n2027 \n\n\n5 Years \n\n\nHull No. YZJ2024-1626 \n8,258 \n\n2027 \n\n\n5 Years \n\n\nHull No. YZJ2024-1668 \n8,258 \n\n2027 \n\n\n5 Years \n\n\nHull No. C9200-7 \n9,200 \n\n2027 \n\n\n4.8 Years \n\n\nHull No. C9200-8 \n9,200 \n\n2027 \n\n\n4.8 Years \n\n\nHull No. C9200-9 \n9,200 \n\n2027 \n\n\n4.8 Years \n\n\nHull No. C9200-10 \n9,200 \n\n2028 \n\n\n4.8 Years \n\n\nHull No. C9200-11 \n9,200 \n\n2028 \n\n\n4.8 Years \n\n\n\n\n\n\n\n\nThe following table describes the details of our Capesize drybulk vessels as of November 7, 2024: \n\n\nVessel Name \nCapacity (DWT) (1) \n\nYear Built \n\n\n\nAchievement \n175,966 \n\n2011 \n\n\n\nGenius \n175,580 \n\n2012 \n\n\n\nIngenuity \n176,022 \n\n2011 \n\n\n\nIntegrity \n175,966 \n\n2010 \n\n\n\nPeace \n175,858 \n\n2010 \n\n\n\nW Trader \n175,879 \n\n2009 \n\n\n\nE Trader \n175,886 \n\n2009 \n\n\n\nGouverneur (ex Xin Hang) (2) \n178,043 \n\n2010 \n\n\n\nValentine (ex Star Audrey) (2) \n175,125 \n\n2011 \n\n\n\nDanaos (ex Guo May) (3) \n176,536 \n\n2011 \n\n\n\n\n\n\n\n\n\n\n\n\n\n(1) \nDWT, dead weight tons, the international standard measure for drybulk vessels capacity. \n\n\n(2) \nThe vessels were delivered in the second quarter of 2024. \n\n\n(3) \nThe vessel was delivered in July 2024. \n\n\n\n\n\n\n\n\n\n\n\n\nDANAOS CORPORATION \n\n\nCondensed Consolidated Statements of Income - Unaudited \n\n\n(Expressed in thousands of United States dollars, except per share amounts) \n\n\n\n\n\n\n\nThree months ended \n\nThree months ended \n\nNine months ended \n\nNine months ended \n\n\nSeptember 30,  \nSeptember 30,  \nSeptember 30,  \nSeptember 30,  \n\n\n\n\n2024 \n\n2023 \n\n2024 \n\n2023 \n\n\n\n\n\n\n\n\n\n\n\n\n\nOPERATING REVENUES \n$256,176 \n\n$239,215 \n\n$755,931 \n\n$724,268 \n\n\nOPERATING EXPENSES \n\n\n\n\n\n\n\n\n\n\nVessel operating expenses \n(49,866) \n\n(39,494) \n\n(140,070) \n\n(121,994) \n\n\n\nDepreciation & amortization \n(46,211) \n\n(37,097) \n\n(127,878) \n\n(108,873) \n\n\n\nGeneral & administrative \n(10,978) \n\n(7,070) \n\n(32,519) \n\n(21,107) \n\n\n\nOther operating expenses \n(16,999) \n\n(8,959) \n\n(50,019) \n\n(25,241) \n\n\n\nNet gain/(loss) on disposal/sale of vessels \n(443) \n\n- \n\n6,651 \n\n1,639 \n\n\nIncome From Operations \n131,679 \n\n146,595 \n\n412,096 \n\n448,692 \n\n\nOTHER INCOME/(EXPENSES) \n\n\n\n\n\n\n\n\n\n\nInterest income \n3,124 \n\n3,091 \n\n8,983 \n\n9,410 \n\n\n\nInterest expense \n(8,013) \n\n(4,306) \n\n(16,243) \n\n(16,909) \n\n\n\nGain/(loss) on investments \n41 \n\n(8,432) \n\n17,228 \n\n(1,994) \n\n\n\nLoss on debt extinguishment \n- \n\n- \n\n- \n\n(2,254) \n\n\n\nOther finance expenses \n(944) \n\n(1,236) \n\n(2,694) \n\n(3,358) \n\n\n\nEquity loss on investments \n(1,232) \n\n(526) \n\n(1,438) \n\n(3,852) \n\n\n\nOther income/(expenses), net \n(746) \n\n(1,117) \n\n(567) \n\n(648) \n\n\n\nRealized loss on derivatives \n(913) \n\n(913) \n\n(2,719) \n\n(2,709) \n\n\nTotal Other Income/(Expenses), net \n(8,683) \n\n(13,439) \n\n2,550 \n\n(22,314) \n\n\nNet Income \n122,996 \n\n133,156 \n\n414,646 \n\n426,378 \n\n\nEARNINGS PER SHARE \n\n\n\n\n\n\n\n\n\nBasic earnings per share \n$6.36 \n\n$6.76 \n\n$21.41 \n\n$21.28 \n\n\nDiluted earnings per share \n$6.30 \n\n$6.76 \n\n$21.22 \n\n$21.28 \n\n\nBasic weighted average number of common shares (in thousands of shares) \n19,345 \n\n19,693 \n\n19,368 \n\n20,039 \n\n\nDiluted weighted average number of common shares (in thousands of shares) \n19,517 \n\n19,693 \n\n19,540 \n\n20,039 \n\n\n\n\n\n\n\n\nReconciliation of Net Income to Adjusted Net Income – Unaudited \n\n\n\n\n\n\nThree months ended \n\nThree months ended \n\nNine months ended \n\nNine months ended \n\n\nSeptember 30,  \nSeptember 30,  \n\nSeptember 30,  \nSeptember 30,  \n\n\n\n2024 \n\n2023 \n\n2024 \n\n2023 \n\n\nNet Income \n$122,996 \n\n$133,156 \n\n$414,646 \n\n$426,378 \n\n\nChange in fair value of investments \n2,808 \n\n9,333 \n\n(10,395) \n\n2,895 \n\n\nLoss on debt extinguishment \n- \n\n- \n\n- \n\n2,254 \n\n\nNet (gain)/loss on disposal/sale of vessels \n445 \n\n- \n\n(6,649) \n\n(1,639) \n\n\nAmortization of financing fees \n598 \n\n474 \n\n1,569 \n\n1,735 \n\n\nAdjusted Net Income  \n$126,845 \n\n$142,963 \n\n$399,169 \n\n$431,623 \n\n\nAdjusted Earnings Per Share, diluted \n$6.50 \n\n$7.26 \n\n$20.43 \n\n$21.54 \n\n\nDiluted weighted average number of shares (in thousands of shares) \n19,517 \n\n19,693 \n\n19,540 \n\n20,039 \n\n\n\n\n\n\n\n\n\n\n\n\n1) \nThe 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 nine months ended September 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. \n\n\n\n\n\n\n\n\nDANAOS CORPORATION \n\n\nCondensed Consolidated Balance Sheets - Unaudited \n\n\n(Expressed in thousands of United States dollars) \n\n\n\n\n\n\n\n\nAs of \n\nAs of \n\n\nSeptember 30,  \nDecember 31, \n\n\n\n\n\n2024 \n\n2023 \n\n\nASSETS \n\n\n\n\n\n\nCURRENT ASSETS \n\n\n\n\n\n\n\nCash, cash equivalents and restricted cash \n\n$384,336 \n\n$271,809 \n\n\n\nAccounts receivable, net \n\n24,647 \n\n9,931 \n\n\n\nOther current assets \n\n221,002 \n\n220,030 \n\n\n\n\n\n629,985 \n\n501,770 \n\n\nNON-CURRENT ASSETS \n\n\n\n\n\n\n\nFixed assets, net \n\n3,215,293 \n\n2,746,541 \n\n\n\nAdvances for vessels acquisition and vessels under construction \n\n299,458 \n\n301,916 \n\n\n\nDeferred charges, net \n\n46,133 \n\n38,012 \n\n\n\nOther non-current assets \n\n62,949 \n\n72,897 \n\n\n\n\n\n3,623,833 \n\n3,159,366 \n\n\nTOTAL ASSETS \n\n$4,253,818 \n\n$3,661,136 \n\n\n\n\n\n\n\n\n\n\nLIABILITIES AND STOCKHOLDERS' EQUITY \n\n\n\n\n\n\nCURRENT LIABILITIES \n\n\n\n\n\n\n\nLong-term debt, current portion \n\n$31,720 \n\n$21,300 \n\n\n\nAccounts payable, accrued liabilities & other current liabilities \n\n128,687 \n\n146,860 \n\n\n\n\n\n160,407 \n\n168,160 \n\n\nLONG-TERM LIABILITIES \n\n\n\n\n\n\n\nLong-term debt, net \n\n647,276 \n\n382,874 \n\n\n\nOther long-term liabilities \n\n59,695 \n\n93,785 \n\n\n\n\n\n706,971 \n\n476,659 \n\n\n\n\n\n\n\n\n\n\nSTOCKHOLDERS' EQUITY \n\n\n\n\n\n\n\nCommon stock \n\n193 \n\n194 \n\n\n\nAdditional paid-in capital \n\n688,649 \n\n690,190 \n\n\n\nAccumulated other comprehensive loss \n\n(72,472) \n\n(75,979) \n\n\n\nRetained earnings \n\n2,770,070 \n\n2,401,912 \n\n\n\n\n\n3,386,440 \n\n3,016,317 \n\n\nTOTAL LIABILITIES AND STOCKHOLDERS' EQUITY \n\n$4,253,818 \n\n$3,661,136 \n\n\n\n\n\n\n\n\nDANAOS CORPORATION \n\n\nCondensed Consolidated Statements of Cash Flows - Unaudited \n\n\n(Expressed in thousands of United States dollars) \n\n\n\n\n\n\n\nThree months ended \n\nThree months ended \n\nNine months ended \n\nNine months ended \n\n\nSeptember 30,  \nSeptember 30,  \nSeptember 30,  \nSeptember 30,  \n\n\n\n\n2024 \n\n2023 \n\n2024 \n\n2023 \n\n\nOperating Activities: \n\n\n\n\n\n\n\n\n\n\n   Net income \n$122,996 \n\n$133,156 \n\n$414,646 \n\n$426,378 \n\n\n\n   Adjustments to reconcile net income to net cash provided by operating activities: \n\n\n\n\n\n\n\n\n\n\n   Depreciation \n38,726 \n\n32,325 \n\n107,969 \n\n95,764 \n\n\n\n   Amortization of deferred drydocking & special survey costs and finance costs \n8,083 \n\n5,246 \n\n21,478 \n\n14,844 \n\n\n\n   Amortization of assumed time charters \n- \n\n(4,416) \n\n(4,534) \n\n(16,806) \n\n\n\n   Prior service cost and periodic cost \n1,133 \n\n220 \n\n1,848 \n\n1,106 \n\n\n\n   (Gain)/loss on investments \n2,808 \n\n9,333 \n\n(10,395) \n\n2,895 \n\n\n\n   Loss on debt extinguishment \n- \n\n- \n\n- \n\n2,254 \n\n\n\n   Net (gain)/loss on disposal/sale of vessels \n443 \n\n- \n\n(6,651) \n\n(1,639) \n\n\n\n   Payments for drydocking/special survey \n(14,072) \n\n(6,993) \n\n(28,690) \n\n(21,553) \n\n\n\n   Amortization of deferred realized losses on cash flow interest rate swaps \n913 \n\n913 \n\n2,719 \n\n2,709 \n\n\n\n   Equity loss on investments \n1,232 \n\n526 \n\n1,438 \n\n3,852 \n\n\n\n   Stock based compensation \n1,594 \n\n- \n\n4,747 \n\n- \n\n\n\n   Accounts receivable \n6,216 \n\n740 \n\n(6,579) \n\n(1,716) \n\n\n\n   Other assets, current and non-current \n2,568 \n\n982 \n\n23,775 \n\n(11,424) \n\n\n\n   Accounts payable and accrued liabilities \n(6,728) \n\n(4,654) \n\n(961) \n\n(7,805) \n\n\n\n   Other liabilities, current and long-term \n(8,368) \n\n(17,872) \n\n(55,699) \n\n(58,747) \n\n\nNet Cash provided by Operating Activities \n157,544 \n\n149,506 \n\n465,111 \n\n430,112 \n\n\n\n\n\n\n\n\n\n\n\n\n\nInvesting Activities: \n\n\n\n\n\n\n\n\n\n\n   Vessel additions and advances for vessels under construction \n(239,353) \n\n(98,274) \n\n(581,208) \n\n(128,058) \n\n\n\n   Net proceeds and insurance proceeds from disposal/sale of vessels \n(443) \n\n- \n\n10,196 \n\n3,914 \n\n\n\n   Investments \n(1,225) \n\n- \n\n(1,225) \n\n(74,407) \n\n\nNet Cash used in Investing Activities \n(241,021) \n\n(98,274) \n\n(572,237) \n\n(198,551) \n\n\n\n\n\n\n\n\n\n\n\n\n\nFinancing Activities: \n\n\n\n\n\n\n\n\n\n\n   Proceeds from long-term debt \n118,000 \n\n- \n\n299,000 \n\n- \n\n\n\n   Debt repayment \n(6,290) \n\n(6,875) \n\n(20,040) \n\n(20,625) \n\n\n\n   Payments of leaseback obligations \n- \n\n- \n\n- \n\n(72,925) \n\n\n\n   Dividends paid \n(15,476) \n\n(14,802) \n\n(46,487) \n\n(45,163) \n\n\n\n   Repurchase of common stock \n(492) \n\n(16,596) \n\n(5,715) \n\n(52,334) \n\n\n\n   Finance costs \n(375) \n\n- \n\n(7,105) \n\n(1,892) \n\n\nNet Cash provided by/(used in) Financing Activities \n95,367 \n\n(38,273) \n\n219,653 \n\n(192,939) \n\n\nNet increase in cash and cash equivalents \n11,890 \n\n12,959 \n\n112,527 \n\n38,622 \n\n\nCash and cash equivalents, beginning of period \n372,446 \n\n293,331 \n\n271,809 \n\n267,668 \n\n\nCash and cash equivalents, end of period \n$384,336 \n\n$306,290 \n\n$384,336 \n\n$306,290 \n\n\n\n\n\n\n\n\nDANAOS CORPORATION \n\n\nReconciliation of Net Income to Adjusted EBITDA - Unaudited \n\n\n(Expressed in thousands of United States dollars)  \n\n\n\nThree months ended \n\nThree months ended \n\nNine months ended \n\nNine months ended \n\n\nSeptember 30,  \nSeptember 30,  \nSeptember 30,  \nSeptember 30,  \n\n\n\n2024 \n\n2023 \n\n2024 \n\n2023 \n\n\nNet income \n$122,996 \n\n$133,156 \n\n$414,646 \n\n$426,378 \n\n\nDepreciation \n38,726 \n\n32,325 \n\n107,969 \n\n95,764 \n\n\nAmortization of deferred drydocking & special survey costs \n7,485 \n\n4,772 \n\n19,909 \n\n13,109 \n\n\nAmortization of assumed time charters \n- \n\n(4,416) \n\n(4,534) \n\n(16,806) \n\n\nAmortization of finance costs and commitment fees \n1,235 \n\n1,203 \n\n3,534 \n\n3,965 \n\n\nAmortization of deferred realized losses on interest rate swaps \n913 \n\n913 \n\n2,719 \n\n2,709 \n\n\nInterest income \n(3,124) \n\n(3,091) \n\n(8,983) \n\n(9,410) \n\n\nInterest expense excluding amortization of finance costs \n7,415 \n\n3,832 \n\n14,674 \n\n15,174 \n\n\nChange in fair value of investments \n2,808 \n\n9,333 \n\n(10,395) \n\n2,895 \n\n\nLoss on debt extinguishment \n- \n\n- \n\n- \n\n2,254 \n\n\nNet (gain)/loss on disposal/sale of vessels \n443 \n\n- \n\n(6,651) \n\n(1,639) \n\n\nAdjusted EBITDA(1) \n$178,897 \n\n$178,027 \n\n$532,888 \n\n$534,393 \n\n\n\nLast twelve months ended \n\nLast twelve months ended \n\n\n\n\nSeptember 30,  \nDecember 31, \n\n\n\n\n2024 \n\n2023 \n\n\n\nNet income \n$564,567 \n\n$576,299 \n\n\n\nDepreciation \n141,492 \n\n129,287 \n\n\n\nAmortization of deferred drydocking & special survey costs \n25,463 \n\n18,663 \n\n\n\nAmortization of assumed time charters \n(8,950) \n\n(21,222) \n\n\n\nAmortization of finance costs and commitment fees \n4,705 \n\n5,136 \n\n\n\nAmortization of deferred realized losses on interest rate swaps \n3,632 \n\n3,622 \n\n\n\nInterest income \n(11,706) \n\n(12,133) \n\n\n\nInterest expense excluding amortization of finance costs \n17,762 \n\n18,262 \n\n\n\nChange in fair value of investments \n(31,157) \n\n(17,867) \n\n\n\nStock based compensation \n6,340 \n\n6,340 \n\n\n\nLoss on debt extinguishment \n- \n\n2,254 \n\n\n\nNet gain on disposal/sale of vessels \n(6,651) \n\n(1,639) \n\n\n\nAdjusted EBITDA(1) \n$705,497 \n\n$707,002 \n\n\n\n\n\n\n\n\n\n\n\n\n\n1) \nAdjusted 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 EBITDA and Adjusted EBITDA assist investors and analysts in comparing our performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core 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. \n\n\n\n\n\n\n\nNote: 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. \n\n\n\nThe 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 nine months ended September 30, 2024 and September 30, 2023; and the last twelve months ended September 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. \n\n\n\n\n\n\n\n\nDANAOS CORPORATION \n\n\nReconciliation of Net Income to Adjusted EBITDA per segment \n\n\nThree Months Ended September 30, 2024 and Three Months Ended September 30, 2023 \n\n\nUnaudited \n\n\n(Expressed in thousands of United States dollars) \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThree Months Ended \n\n\nThree Months Ended \n\n\n\n\nSeptember 30, 2024 \n\n\nSeptember 30, 2023 \n\n\n\n\nContainer Vessels \n\nDrybulk Vessels \n\nOther \n\nTotal \n\n\nContainer Vessels \n\nDrybulk Vessels \n\nOther \n\nTotal \n\n\nNet income/(loss) \n\n$124,102 \n\n$62 \n\n$(1,168) \n\n$122,996 \n\n\n$142,173 \n\n$(59) \n\n$(8,958) \n\n$133,156 \n\n\nDepreciation \n\n35,520 \n\n3,206 \n\n- \n\n38,726 \n\n\n32,315 \n\n10 \n\n- \n\n32,325 \n\n\nAmortization of deferred drydocking & special survey costs \n\n6,927 \n\n558 \n\n- \n\n7,485 \n\n\n4,772 \n\n- \n\n- \n\n4,772 \n\n\nAmortization of assumed time charters \n\n- \n\n- \n\n- \n\n- \n\n\n(4,416) \n\n- \n\n- \n\n(4,416) \n\n\nAmortization of finance costs and commitment fees \n\n1,235 \n\n- \n\n- \n\n1,235 \n\n\n1,203 \n\n- \n\n- \n\n1,203 \n\n\nAmortization of deferred realized losses on interest rate swaps \n\n913 \n\n- \n\n- \n\n913 \n\n\n913 \n\n- \n\n- \n\n913 \n\n\nInterest income \n\n(3,101) \n\n- \n\n(23) \n\n(3,124) \n\n\n(3,091) \n\n- \n\n- \n\n(3,091) \n\n\nInterest expense excluding amortization of finance costs \n\n7,415 \n\n- \n\n- \n\n7,415 \n\n\n3,832 \n\n- \n\n- \n\n3,832 \n\n\nChange in fair value of investments \n\n- \n\n- \n\n2,808 \n\n2,808 \n\n\n- \n\n- \n\n9,333 \n\n9,333 \n\n\nNet (gain)/loss on disposal/sale of vessels \n\n443 \n\n- \n\n- \n\n443 \n\n\n- \n\n- \n\n- \n\n- \n\n\nAdjusted EBITDA(1) \n\n$173,454 \n\n$3,826 \n\n$1,617 \n\n$178,897 \n\n\n$177,701 \n\n$(49) \n\n$375 \n\n$178,027 \n\n\n\n\n\n\n\n\n\n\n\n\n1) \nAdjusted 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 EBITDA and Adjusted EBITDA assist investors and analysts in comparing our performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core 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. \n\n\n\n\n\n\n\nNote: 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. \n\n\n\n\n\n\n\nThe 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 September 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. \n\n\n\n\n\n\n\n\nDANAOS CORPORATION \n\n\nReconciliation of Net Income to Adjusted EBITDA per segment \n\n\nNine Months Ended September 30, 2024 and Nine Months Ended September 30, 2023 \n\n\nUnaudited \n\n\n(Expressed in thousands of United States dollars) \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNine Months Ended \n\n\nNine Months Ended \n\n\n\n\nSeptember 30, 2024 \n\n\nSeptember 30, 2023 \n\n\n\n\nContainer Vessels \n\nDrybulk Vessels \n\nOther \n\nTotal \n\n\nContainer Vessels \n\nDrybulk Vessels \n\nOther \n\nTotal \n\n\nNet income/(loss) \n\n$396,144 \n\n$2,689 \n\n$15,813 \n\n$414,646 \n\n\n$432,283 \n\n$(59) \n\n$(5,846) \n\n$426,378 \n\n\nDepreciation  \n\n100,775 \n\n7,194 \n\n- \n\n107,969 \n\n\n95,754 \n\n10 \n\n- \n\n95,764 \n\n\nAmortization of deferred drydocking & special survey costs \n\n19,062 \n\n847 \n\n- \n\n19,909 \n\n\n13,109 \n\n- \n\n- \n\n13,109 \n\n\nAmortization of assumed time charters \n\n(4,534) \n\n- \n\n- \n\n(4,534) \n\n\n(16,806) \n\n- \n\n- \n\n(16,806) \n\n\nAmortization of finance costs and commitment fees \n\n3,534 \n\n- \n\n- \n\n3,534 \n\n\n3,965 \n\n- \n\n- \n\n3,965 \n\n\nAmortization of deferred realized losses on interest rate swaps \n\n2,719 \n\n- \n\n- \n\n2,719 \n\n\n2,709 \n\n- \n\n- \n\n2,709 \n\n\nInterest income \n\n(8,960) \n\n- \n\n(23) \n\n(8,983) \n\n\n(9,410) \n\n- \n\n- \n\n(9,410) \n\n\nInterest expense excluding amortization of finance costs \n\n14,674 \n\n- \n\n- \n\n14,674 \n\n\n15,174 \n\n- \n\n- \n\n15,174 \n\n\nChange in fair value of investments \n\n- \n\n- \n\n(10,395) \n\n(10,395) \n\n\n- \n\n- \n\n2,895 \n\n2,895 \n\n\nLoss on debt extinguishment \n\n- \n\n- \n\n- \n\n- \n\n\n2,254 \n\n- \n\n- \n\n2,254 \n\n\nNet gain on disposal/sale of vessels \n\n(6,651) \n\n- \n\n- \n\n(6,651) \n\n\n(1,639) \n\n- \n\n- \n\n(1,639) \n\n\nAdjusted EBITDA(1) \n\n$516,763 \n\n$10,730 \n\n$5,395 \n\n$532,888 \n\n\n$537,393 \n\n$(49) \n\n$(2,951) \n\n$534,393 \n\n\n\n\n\n\n\n\n\n\n\n\n1) \nAdjusted 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 EBITDA and Adjusted EBITDA assist investors and analysts in comparing our performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core 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. \n\n\n\n\n\n\n\nNote: 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. \n\n\n\n\n\n\n\nThe 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 nine months ended September 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. \n\n\n\n\n\n\n\n\nDANAOS CORPORATION \n\n\nReconciliation of Net Income to Adjusted Net Income per segment \n\n\nThree Months Ended September 30, 2024 and Three Months Ended September 30, 2023 \n\n\nUnaudited \n\n\n(Expressed in thousands of United States dollars) \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThree Months Ended \n\n\nThree Months Ended \n\n\n\n\nSeptember 30, 2024 \n\n\nSeptember 30, 2023 \n\n\n\n\nContainer Vessels \n\nDrybulk Vessels \n\nOther \n\nTotal \n\n\nContainer Vessels \n\nDrybulk Vessels \n\nOther \n\nTotal \n\n\nNet income/(loss) \n\n$124,102 \n\n$62 \n\n$(1,168) \n\n$122,996 \n\n\n$142,173 \n\n$(59) \n\n$(8,958) \n\n$133,156 \n\n\nChange in fair value of investments \n\n- \n\n- \n\n2,808 \n\n2,808 \n\n\n- \n\n- \n\n9,333 \n\n9,333 \n\n\nAmortization of financing fees \n\n598 \n\n- \n\n- \n\n598 \n\n\n474 \n\n- \n\n- \n\n474 \n\n\nNet loss on disposal/sale of vessels \n\n443 \n\n- \n\n- \n\n443 \n\n\n- \n\n- \n\n- \n\n- \n\n\nAdjusted Net income/(loss)(1) \n\n$125,143 \n\n$62 \n\n$1,640 \n\n$126,845 \n\n\n$142,647 \n\n$(59) \n\n$375 \n\n$142,963 \n\n\nAdjusted Earnings per Share, diluted \n\n\n\n\n\n\n\n$6.50 \n\n\n\n\n\n\n\n\n$7.26 \n\n\nDiluted weighted average number of shares (in thousands of shares) \n\n19,517 \n\n\n\n\n19,693 \n\n\n\n\n\n\n\n\nDANAOS CORPORATION \n\n\nReconciliation of Net Income to Adjusted Net Income per segment \n\n\nNine Months Ended September 30, 2024 and Nine Months Ended September 30, 2023 \n\n\nUnaudited \n\n\n(Expressed in thousands of United States dollars) \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNine Months Ended \n\n\nNine Months Ended \n\n\n\n\nSeptember 30, 2024 \n\n\nSeptember 30, 2023 \n\n\n\n\nContainer Vessels \n\nDrybulk Vessels \n\nOther \n\nTotal \n\n\nContainer Vessels \n\nDrybulk Vessels \n\nOther \n\nTotal \n\n\nNet income/(loss) \n\n$396,144 \n\n$2,689 \n\n$15,813 \n\n$414,646 \n\n\n$432,283 \n\n$(59) \n\n$(5,846) \n\n$426,378 \n\n\nChange in fair value of investments \n\n- \n\n- \n\n(10,395) \n\n(10,395) \n\n\n- \n\n- \n\n2,895 \n\n2,895 \n\n\nLoss on debt extinguishment \n\n- \n\n- \n\n- \n\n- \n\n\n2,254 \n\n- \n\n- \n\n2,254 \n\n\nAmortization of financing fees \n\n1,569 \n\n- \n\n- \n\n1,569 \n\n\n1,735 \n\n- \n\n- \n\n1,735 \n\n\nNet gain on disposal/sale of vessels \n\n(6,651) \n\n- \n\n- \n\n(6,651) \n\n\n(1,639) \n\n- \n\n- \n\n(1,639) \n\n\nAdjusted Net income/(loss)(1) \n\n$391,062 \n\n$2,689 \n\n$5,418 \n\n$399,169 \n\n\n$434,633 \n\n$(59) \n\n$(2,951) \n\n$431,623 \n\n\nAdjusted Earnings per Share, diluted \n\n\n\n\n\n\n\n$20.43 \n\n\n\n\n\n\n\n\n$21,54 \n\n\nDiluted weighted average number of shares (in thousands of shares) \n\n19,540 \n\n\n\n\n20,039 \n\n\n\n\n\n\n\n\n\n\n\n\n1) \nThe 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 nine months ended September 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. \n\n\n\n\n View original content:https://www.prnewswire.com/news-releases/danaos-corporation-reports-third-quarter-and-nine-months-results-for-the-period-ended-september-30-2024-302302417.html\nSOURCE Danaos Corporation","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2482706968"}