Danaos Corporation (“Danaos”) (NYSE: DAC), one of the world’s
largest independent owners of containerships, today reported
unaudited results for the period ended June 30, 2023.
Highlights for the Second Quarter and Half Year Ended June
30, 2023:
- Adjusted net income1 of $143.4 million, or $7.14 per share,
for the three months ended June 30, 2023 compared to $157.1
million, or $7.59 per share, for the three months ended June 30,
2022, a decrease of $13.7 million or $0.45 per share. Adjusted net
income for the three months ended June 30, 2022 had included a
non-recurring $13.9 million dividend from ZIM that accounted for
$0.67 per share.
- Adjusted net income of $288.7 million, or $14.28 per share,
for the six months ended June 30, 2023 compared to $392.4 million,
or $18.95 per share, for the six months ended June 30, 2022, a
decrease of $103.7 million or $4.67 per share. Adjusted net income
for the six months ended June 30, 2022 had included a non-recurring
$123.9 million dividend from ZIM that accounted for $5.98 per
share.
- Net income of $147.0 million, or $7.32 per share, for the
three months ended June 30, 2023 compared to $8.2 million, or $0.40
per share, for the three months ended June 30, 2022, an increase of
$138.8 million, or $6.92 per share. Net income of $293.2 million,
or $14.51 per share, for the six months ended June 30, 2023
compared to $339.7 million, or $16.40 per share, for the six months
ended June 30, 2022, a decrease of $46.5 million, or $1.89 per
share.
- Adjusted EBITDA1 of $177.3 million for the three months
ended June 30, 2023 compared to $192.1 million for the three months
ended June 30, 2022, a decrease of $14.8 million. Adjusted EBITDA
for the three months ended June 30, 2022 had included a
non-recurring $13.9 million dividend from ZIM.
- Adjusted EBITDA of $356.3 million for the six months ended
June 30, 2023 compared to $461.6 million for the six months ended
June 30, 2022, a decrease of $105.3 million. Adjusted EBITDA for
the six months ended June 30, 2022 had included a non-recurring
$123.9 million dividend from ZIM.
- Cash and cash equivalents were $293.3 million as of June 30,
2023.
- As of June 30, 2023, Net Debt2 was $131.0 million, and Net
Debt / LTM Adjusted EBITDA was 0.18x, while 44 of our vessels are
debt-free currently.
- Total liquidity was $653.3 million as of June 30, 2023,
including undrawn available commitments under our Revolving Credit
Facility.
- As of the date of this release, Danaos has repurchased a
total of 1,080,547 shares of its common stock in the open market
for $65.6 million, under its share repurchase program of up to $100
million announced in June 2022.
- During the three months ended June 30, 2023 we acquired
1,552,865 shares of common stock of Eagle Bulk Shipping Inc.
(“Eagle Bulk”) for a total of $68.2 million that currently
represents a 16.7% shareholding stake. Eagle Bulk is listed on the
New York Stock Exchange (Ticker: EGLE) and currently owns and
operates a fleet of 52 Ultramax and Supramax bulk carriers that
aggregate to approximately 3.2 million deadweight tons
(“DWT”).
- On June 20, 2023, we entered into contracts for the
construction of two 8,258 TEU containerships. These containerships
are expected to be delivered to us in 2026.
- This brings the total tally of our newbuilding order-book to
10 vessels with an aggregate capacity of 74,914 TEU, with expected
deliveries of seven vessels in 2024, one vessel in 2025 and two
vessels in 2026. All our newbuildings are designed with the latest
eco characteristics, will be methanol fuel ready, fitted with
Alternative Maritime Power Units and will all be built in
accordance with the latest requirements of the International
Maritime Organization in relation to Tier III emission standards
and Energy Efficiency Design Index (EEDI) Phase III.
- In July 2023, we reached an in principle agreement to
acquire 5 Capesize bulk carriers built in 2010 through 2012 that
aggregate to 879,306 DWT for a total of $103 million. The agreement
is subject to entry into definitive documentation. These vessels
are expected to be delivered to us between September and October
2023.
- During the last three months we added approximately $469
million to our contracted revenue backlog through the arrangement
of new charters for 12 containerships in our fleet. The new
fixtures notably include additional contracted revenues of $177
million for three 13,100 TEU vessels that were forward fixed on new
3-year charters and $227 million for five 8,530 TEU vessels that
were extended forward for an additional 3.6 years.
- As a result, total contracted cash operating revenues, on
the basis of concluded charter contracts through the date of this
release, had increased to $2.5 billion as of June 30, 2023. The
remaining average contracted charter duration was 3.3 years,
weighted by aggregate contracted charter hire.
- Contracted operating days charter coverage for our
containership fleet is currently 99.4% for 2023 and 86.1% for
2024.
- Danaos has declared a dividend of $0.75 per share of common
stock for the second quarter of 2023, which is payable on September
1, 2023, to stockholders of record as of August 23, 2023.
Three and Six Months Ended
June 30, 2023
Financial Summary -
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,
2023
2022
2023
2022
Operating revenues
$241,479
$250,923
$485,053
$480,824
Net income
$147,021
$8,224
$293,222
$339,689
Adjusted net income1
$143,405
$157,110
$288,660
$392,407
Earnings per share, diluted
$7.32
$0.40
$14.51
$16.40
Adjusted earnings per share, diluted1
$7.14
$7.59
$14.28
$18.95
Diluted weighted average number of shares
(in thousands)
20,081
20,708
20,214
20,712
Adjusted EBITDA1
$177,326
$192,148
$356,366
$461,632
1 Adjusted net income, adjusted earnings
per share and adjusted EBITDA are non-GAAP measures. Refer to the
reconciliation of net income to adjusted net income and net income
to adjusted EBITDA provided below.
2 Net Debt is defined as total debt gross
of deferred finance costs less cash and cash equivalents.
Danaos’ CEO Dr. John Coustas
commented:
“The world economies stagnated in the second quarter of 2023,
resulting in a gradual easing of the container market. Danaos
active strategy in the current market conditions is made possible
by the prudent approach we have taken to manage our balance sheet
to conservative levels as well as our successful chartering
strategy. The latter is reflected in our operating revenues of $241
million, which is near to previous records despite a charter market
drop that is more than 50% lower than a year ago. We continue to be
active in the charter market, highlighting the resilience of our
business model, and secured nearly $500 million in new charter
contracts during the quarter. Our total charter backlog increased
to $2.5 billion as of the end of the quarter, and contracted
charter coverage currently stands at 99% for 2023 and 86% for
2024.
In the second quarter of 2023, Danaos received the Gold, first
place awards in the Governance and Environment categories in the
inaugural ESG Shipping Awards. These accolades, which we are proud
of, acknowledge the company’s exemplary efforts in promoting
sustainable practices, social responsibility, and strong governance
and reaffirm our position as a leader in responsible maritime
operations. The timing of the awards is notable as the IMO recently
reiterated and strengthened its commitment to decarbonize shipping
by targeting a net zero by around 2050.
Danaos continues to advance its decarbonization strategy in
multiple ways. We are constantly optimizing and retrofitting our
existing fleet and have committed to upgrade around 20 vessels with
new propellers, fuel saving appendages and low friction paints. We
have also expanded our new building program with the order of four
additional newbuilding vessels. These vessels, two of which are
6,000 TEU and two of which are 8,200 TEU, will be delivered
methanol-ready, ensuring the longevity of our investment. In total,
we have 10 vessels, with a total capacity of approximately 75,000
TEU, on order. All of these will be able to utilize alternative
fuels. Importantly, six of these vessels are already chartered for
multi-year periods beginning on their delivery dates in 2024.
We also deployed capital opportunistically, after identifying
weakness in the dry bulk market, a market we are very familiar
with. We believe the long-term fundamentals in the dry bulk market
are very positive. In particular, the orderbook is at historically
low levels, and fleet supply growth is projected to decline
significantly over the next several years against a backdrop of
rebounding demand. Short-term market sentiment is not as strong,
and we were able to make investments at attractive prices. As has
been previously reported, Danaos acquired a significant stake in
Eagle Bulk Shipping, Inc., a NYSE listed dry bulk company
(“Eagle”). Additionally, we acquired five Capesize bulk carriers in
the secondhand market.
With respect to Eagle, we were able to purchase shares in a
company we believed had best in class corporate governance
practices at a significant discount to our perception of the
company’s net asset value. Shortly following our investment, the
Board of Eagle unilaterally implemented a poison pill and
repurchased Oaktree Capital’s 28% stake in the company at nearly a
35% premium to Eagle’s 45-day average share prices and a 32%
premium to our cost basis. These transactions, which were done by
Eagle’s Board fundamentally alter our view of Eagle’s corporate
governance. We are concerned with these developments and are
seeking clarification from the Board of Directors of Eagle. As
Eagle Bulk’s current largest shareholder, we have a strong vested
interest in seeing the company enhance long-term shareholder value
and believe that we have a duty to speak up when we think the Board
and/or management may be acting outside the best interests of all
shareholders. Accordingly, we are committed to working
constructively with the Board to identify balanced,
well-considered, and effective methods to enhance shareholder value
on behalf of all shareholders.
With respect to our interest in the dry bulk market in general,
Danaos has significant experience in the dry bulk market as an
owner and operator. We exited the segment years ago, which was a
well-timed decision in hindsight, and now we again see opportunity.
Given the strength of our balance sheet, we are uniquely positioned
to deploy capital in various ways to grow our revenue base and
earnings. Our fleet of container vessels, which are contracted on
multi-year charters, provides strong revenue and cash flow
visibility. While we will continue to grow and future-proof our
core fleet by adding next generation vessels to it, our ultimate
goal is to generate value for our shareholders, and we will
consistently pursue the best opportunities to do so.
As I have said before, our healthy balance sheet allows us to be
opportunistic and deploy our capital in various ways. During the
quarter, we continued our buyback program and have now spent $65.5
million from our $100 million buyback program to retire more than
one million shares. Finally, we remain committed to returning
capital to shareholders, as evidenced by our $0.75 per share
dividend announced this morning.
We will continue to implement our strategy to ensure the
long-term growth and profitability of the company and are
consistently focused on creating value for our shareholders.”
Three months ended June 30, 2023
compared to the three months ended June 30, 2022
During the three months ended June 30, 2023, Danaos had an
average of 68.0 containerships compared to 71.0 containerships
during the three months ended June 30, 2022. Our fleet utilization
for the three months ended June 30, 2023 was 98.7% compared to
99.9% for the three months ended June 30, 2022.
Our adjusted net income amounted to $143.4 million, or $7.14 per
share, for the three months ended June 30, 2023 compared to $157.1
million, or $7.59 per share, for the three months ended June 30,
2022. We have adjusted our net income in the three months ended
June 30, 2023 for a $6.4 million change in fair value of
investments, a $2.3 million loss on debt extinguishment and a $0.6
million non-cash finance fees amortization. Please refer to the
Adjusted Net Income reconciliation table, which appears later in
this earnings release.
The $13.7 million decrease in adjusted net income for the three
months ended June 30, 2023 compared to the three months ended June
30, 2022 is primarily attributable to a $13.9 million dividend from
ZIM (net of withholding taxes) recognized in the three months ended
June 30, 2022. We also incurred a $0.7 million equity loss on
investments in the three months ended June 30, 2023 and a $9.4
million decrease in operating revenues, which were partially offset
by a $10.2 million decrease in net finance expenses and a $0.1
million decrease in total operating expenses.
On a non-adjusted basis, net income amounted to $147.0 million,
or $7.32 earnings per diluted share, for the three months ended
June 30, 2023 compared to net income of $8.2 million, or $0.40
earnings per diluted share, for the three months ended June 30,
2022. Our net income for the three months ended June 30, 2022
included a $154.7 million total loss on our investment in ZIM and a
$22.9 million gain on debt extinguishment compared to a $6.4
million gain on our investments and a $2.3 million loss on debt
extinguishment for the three months ended June 30, 2023.
Operating Revenues
Operating revenues decreased by 3.7%, or $9.4 million, to $241.5
million in the three months ended June 30, 2023 from $250.9 million
in the three months ended June 30, 2022.
Operating revenues for the three months ended June 30, 2023
reflected:
- a $5.5 million increase in revenues in the three months ended
June 30, 2023 compared to the three months ended June 30, 2022
mainly as a result of higher charter rates;
- a $0.3 million increase in revenues in the three months ended
June 30, 2023 compared to the three months ended June 30, 2022 due
to higher non-cash revenue recognition in accordance with US
GAAP;
- a $5.4 million decrease in revenues in the three months ended
June 30, 2023 compared to the three months ended June 30, 2022 due
to vessel disposals; and
- a $9.8 million decrease in revenues in the three months ended
June 30, 2023 compared to the three months ended June 30, 2022 due
to decreased amortization of assumed time charters.
Vessel Operating Expenses
Vessel operating expenses increased by $1.3 million to $41.9
million in the three months ended June 30, 2023 from $40.6 million
in the three months ended June 30, 2022, primarily as a result of
an increase in the average daily operating cost for vessels on time
charter to $6,970 per vessel per day for the three months ended
June 30, 2023 compared to $6,463 per vessel per day for the three
months ended June 30, 2022, which was partially offset by a
decrease in the average number of vessels in our fleet. The average
daily operating cost increased mainly due to increased repair and
maintenance expenses. 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 decreased by 5.3%, or $1.8 million, to
$31.9 million in the three months ended June 30, 2023 from $33.7
million in the three months ended June 30, 2022 mainly due to our
recent sale of three vessels.
Amortization of Deferred Dry-docking and Special Survey
Costs
Amortization of deferred dry-docking and special survey costs
increased by $1.3 million to $4.5 million in the three months ended
June 30, 2023 from $3.2 million in the three months ended June 30,
2022.
General and Administrative Expenses
General and administrative expenses increased by $0.1 million to
$7.2 million in the three months ended June 30, 2023, from $7.1
million in the three months ended June 30, 2022.
Other Operating Expenses
Other Operating Expenses include Voyage Expenses.
Voyage Expenses
Voyage expenses decreased by $1.0 million to $8.4 million in the
three months ended June 30, 2023 from $9.4 million in the three
months ended June 30, 2022 primarily as a result of a decrease in
the average number of vessels in our fleet.
Interest Expense and Interest Income
Interest expense decreased by 63.4%, or $10.2 million, to $5.9
million in the three months ended June 30, 2023 from $16.1 million
in the three months ended June 30, 2022. The decrease in interest
expense is a result of:
- a $5.3 million decrease in interest expense due to a decrease
in our average indebtedness by $694.3 million between the two
periods. Average indebtedness was $459.9 million in the three
months ended June 30, 2023, compared to average indebtedness of
$1,154.2 million in the three months ended June 30, 2022. This
decrease was partially offset by an increase in our debt service
cost by approximately 2.9% as a result of higher interest
rates;
- a $3.0 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, 2023;
- a $2.6 million decrease in the amortization of deferred finance
costs and debt discount; and
- a $0.7 million reduction of accumulated accrued interest that
had been accrued in 2018 in relation to two of our credit
facilities that were fully repaid in May 2022.
As of June 30, 2023, outstanding debt, gross of deferred finance
costs, was $424.3 million, which included $262.8 million principal
amount of our Senior Notes. These balances compare to debt of
$885.1 million, which included $300.0 million principal amount of
our Senior Notes, and a leaseback obligation of $105.8 million,
gross of deferred finance costs, as of June 30, 2022.
Interest income increased by $3.5 million to $3.6 million in the
three months ended June 30, 2023 compared to $0.1 million in the
three months ended June 30, 2022 mainly as a result of increased
interest rates in the three months ended June 30, 2023.
Gain/(loss) on investments
We recognized a $6.4 million gain on marketable securities in
the three months ended June 30, 2023 on our shareholding interest
in Eagle Bulk of 1,552,865 shares of common stock. This gain
compares to a loss on investments of $152.4 million in the three
months ended June 30, 2022, which consisted of the change in fair
value of our shareholding interest in ZIM of $168.6 million and
dividends recognized on ZIM ordinary shares of $16.2 million. In
September 2022, we sold all of our remaining ordinary shares of ZIM
for net proceeds of $161.3 million.
Gain/(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 a
$22.9 million gain related to our early extinguishment of debt in
the three months ended June 30, 2022.
Equity loss on investments
Equity loss on investments amounting to $0.7 million in the
three months ended June 30, 2023 relates to our share of initial
expenses of a newly 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 increased by $0.8 million to $1.1 million
in the three months ended June 30, 2023 compared to $0.3 million in
the three months ended June 30, 2022 mainly due to commitment fees
for our recently established revolving credit facility.
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, 2023 and June 30, 2022.
Other income/(expenses), net
Other income, net was $0.3 million in the three months ended
June 30, 2023 compared to other income, net of $0.4 million in the
three months ended June 30, 2022.
Income taxes
Income taxes of $2.3 million in the three months ended June 30,
2022, related to the taxes withheld on dividend income earned on
ZIM ordinary shares compare to no income tax in the three months
ended June 30, 2023.
Adjusted EBITDA
Adjusted EBITDA decreased by 7.7%, or $14.8 million, to $177.3
million in the three months ended June 30, 2023 from $192.1 million
in the three months ended June 30, 2022. As outlined above, the
decrease is primarily attributable to a recognition of a $13.9
million dividend from ZIM in the three months ended June 30, 2022.
We also incurred a $0.6 million increase in total operating
expenses and a $0.7 million equity loss on investments in the three
months ended June 30, 2023, which were partially offset by a $0.4
million increase in operating revenues. Adjusted EBITDA for the
three months ended June 30, 2023 is adjusted for a $6.4 million
change in fair value of investments and a $2.3 million loss on debt
extinguishment. Tables reconciling Net Income to Adjusted EBITDA
can be found at the end of this earnings release.
Six months ended June 30, 2023 compared
to the six months ended June 30, 2022
During the six months ended June 30, 2023, Danaos had an average
of 68.2 containerships compared to 71.0 containerships during the
six months ended June 30, 2022. Our fleet utilization for the six
months ended June 30, 2023 was 97.8% compared to 98.7% for the six
months ended June 30, 2022.
Our adjusted net income amounted to $288.7 million, or $14.28
per share, for the six months ended June 30, 2023 compared to
$392.4 million, or $18.95 per share, for the six months ended June
30, 2022. We have adjusted our net income in the six months ended
June 30, 2023 for a $6.4 million change in fair value of
investments, a $2.3 million loss on debt extinguishment, a $1.6
million gain on sale of vessel and a $1.3 million non-cash fees
amortization. Please refer to the Adjusted Net Income
reconciliation table, which appears later in this earnings
release.
The $103.7 million decrease in adjusted net income for the six
months ended June 30, 2023 compared to the six months ended June
30, 2022 is primarily attributable to a $123.9 million dividend
from ZIM (net of withholding taxes) recognized in the six months
ended June 30, 2022. We also incurred a $3.3 million equity loss on
investments in the six months ended June 30, 2023 and a $1.0
million increase in total operating expenses, which were partially
offset by a $4.2 million increase in operating revenues and a $20.3
million decrease in net finance expenses.
On a non-adjusted basis, our net income amounted to $293.2
million, or $14.51 earnings per diluted share, for the six months
ended June 30, 2023 compared to net income of $339.7 million, or
$16.40 earnings per diluted share, for the six months ended June
30, 2022. Our net income for the six months ended June 30, 2022
included a total gain on our investment in ZIM of $54.8 million,
net of withholding taxes on dividends and a gain on debt
extinguishment of $22.9 million compared to a $6.4 million gain on
our investments and a $2.3 million loss on debt extinguishment for
the six months ended June 30, 2023.
Operating Revenues
Operating revenues increased by 0.9%, or $4.2 million, to $485.0
million in the six months ended June 30, 2023 from $480.8 million
in the six months ended June 30, 2022.
Operating revenues for the six months ended June 30, 2023
reflect:
- a $35.9 million increase in revenues in the six months ended
June 30, 2023 compared to the six months ended June 30, 2022 mainly
as a result of higher charter rates;
- a $8.7 million decrease in revenues in the six months ended
June 30, 2023 compared to the six months ended June 30, 2022 due to
vessel disposals;
- a $3.0 million decrease in revenues in the six months ended
June 30, 2023 compared to the six months ended June 30, 2022 due to
lower non-cash revenue recognition in accordance with US GAAP;
and
- a $20.0 million decrease in revenues in the six months ended
June 30, 2023 compared to the six months ended June 30, 2022 due to
decreased amortization of assumed time charters.
Vessel Operating Expenses
Vessel operating expenses increased by $2.8 million to $82.5
million in the six months ended June 30, 2023 from $79.7 million in
the six months ended June 30, 2022, primarily as a result of an
increase in the average daily operating cost for vessels on time
charter to $6,889 per vessel per day for the six months ended June
30, 2023 compared to $6,385 per vessel per day for the six months
ended June 30, 2022, which was partially offset by a decrease in
the average number of vessels in our fleet. The average daily
operating cost increased mainly due to increased repair and
maintenance expenses. 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 decreased by 5.5%, or $3.7 million, to
$63.4 million in the six months ended June 30, 2023 from $67.1
million in the six months ended June 30, 2022 due to our recent
sale of three vessels.
Amortization of Deferred Dry-docking and Special Survey
Costs
Amortization of deferred dry-docking and special survey costs
increased by $2.4 million to $8.3 million in the six months ended
June 30, 2023 from $5.9 million in the six months ended June 30,
2022.
General and Administrative Expenses
General and administrative expenses decreased by $0.5 million to
$14.0 million in the six months ended June 30, 2023, from $14.5
million in the six months ended June 30, 2022. The decrease was
primarily attributable to decreased management fees due to the
recent sale of three vessels.
Other Operating Expenses
Other Operating Expenses include Voyage Expenses.
Voyage Expenses
Voyage expenses decreased by $0.3 million to $16.3 million in
the six months ended June 30, 2023 from $16.6 million in the six
months ended June 30, 2022.
Gain on Sale of Vessels
In January 2023, we completed the sale of the 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 62.0%, or $20.6 million, to $12.6
million in the six months ended June 30, 2023 from $33.2 million in
the six months ended June 30, 2022. The decrease in interest
expense is a result of:
- a $10.9 million decrease in interest expense due to a decrease
in our average indebtedness by $771.2 million between the two
periods. Average indebtedness was $483.7 million in the six months
ended June 30, 2023, compared to average indebtedness of $1,254.9
million in the six months ended June 30, 2022. This decrease was
partially offset by an increase in our debt service cost by
approximately 2.9% as a result of higher interest rates;
- a $6.5 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, 2023;
- a $5.3 million decrease in the amortization of deferred finance
costs and debt discount; and
- a $2.1 million reduction of accumulated accrued interest that
had been accrued in 2018 in relation to two of our credit
facilities that were fully repaid in May 2022.
As of June 30, 2023, outstanding debt, gross of deferred finance
costs, was $424.3 million, which included $262.8 million principal
amount of our Senior Notes. These balances compare to debt of
$885.1 million, which included $300.0 million principal amount of
our Senior Notes, and a leaseback obligation of $105.8 million,
gross of deferred finance costs, as of June 30, 2022.
Interest income increased by $6.2 million to $6.3 million in the
six months ended June 30, 2023 compared to $0.1 million in the six
months ended June 30, 2022 mainly as a result of increased interest
rates in the six months ended June 30, 2023.
Gain on investments
We recognized a $6.4 million gain on marketable securities in
the six months ended June 30, 2023 on our shareholding interest in
Eagle Bulk of 1,552,865 shares of common stock. This gain compares
to a gain on investments of $69.3 million in the six months ended
June 30, 2022, which consisted of the change in fair value of our
shareholding interest in ZIM of $69.1 million and dividends
recognized on ZIM ordinary shares of $138.4 million. In September
2022, we sold all of our remaining ordinary shares of ZIM for net
proceeds of $161.3 million.
Gain/(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 a
$22.9 million gain related to our early extinguishment of debt in
the six months ended June 30, 2022.
Equity loss on investments
Equity loss on investments amounting to $3.3 million in the six
months ended June 30, 2023 relates to our share of initial expenses
of a newly established company, CTTC, currently engaged in the
research and development of decarbonization technologies for the
shipping industry.
Other finance expenses
Other finance expenses increased by $1.2 million to $2.1 million
in the six months ended June 30, 2023 compared to $0.9 million in
the six months ended June 30, 2022 mainly due to commitment fees
for our recently established revolving credit facility.
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, 2023 and June 30, 2022.
Other income/(expenses), net
Other income, net was $0.5 million in the six months ended June
30, 2023 compared to other income, net of $0.9 million in the six
months ended June 30, 2022.
Income taxes
Income taxes of $14.5 million, in the six months ended June 30,
2022, related to the taxes withheld on dividend income earned on
ZIM ordinary shares and compared to no income tax in the six months
ended June 30, 2023.
Adjusted EBITDA
Adjusted EBITDA decreased by 22.8%, or $105.3 million, to $356.3
million in the six months ended June 30, 2023 from $461.6 million
in the six months ended June 30, 2022. As outlined above, the
decrease is mainly attributable to a recognition of a $123.9
million dividend from ZIM in the six months ended June 30, 2022. We
also incurred a $2.3 million increase in total operating expenses
and a $3.3 million equity loss on investments in the six months
ended June 30, 2023, which were partially offset by a $24.2 million
increase in operating revenues. Adjusted EBITDA for the six months
ended June 30, 2023 is adjusted for a $6.4 million change in fair
value of investments, a $2.3 million loss on debt extinguishment
and a $1.6 million gain on sale of vessel. Tables reconciling Net
Income to Adjusted EBITDA can be found at the end of this earnings
release.
Dividend Payment
Danaos has declared a dividend of $0.75 per share of common
stock for the second quarter of 2023, which is payable on September
1, 2023 to stockholders of record as of August 23, 2023.
Recent Developments
As of the date of this release, we have repurchased a total of
1,080,547 shares of our common stock in the open market for $65.6
million, under our share repurchase program of up to $100 million
announced in June 2022.
On June 20, 2023, we entered into contracts for the construction
of two 8,258 TEU containerships with the latest eco design
characteristics. The containerships are expected to be delivered to
us in 2026.
In July 2023, we reached an in principle agreement to acquire 5
Capesize bulk carriers built in 2010 through 2012 that aggregate to
879,306 DWT for a total of $103 million. The agreement is subject
to entry into definitive documentation. These vessels are expected
to be delivered to us between September and October 2023.
Conference Call and
Webcast
On Monday, August 7, 2023 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 14, 2023 by dialing 1 877 344 7529 (US Toll Free Dial
In) or 1-412-317-0088 (Standard International Dial In) and using
6018489# 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 containership
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 containerships. Our current fleet of 68
containerships aggregating 421,293 TEUs and 10 under construction
containerships aggregating 74,914 TEUs ranks Danaos among the
largest containership charter owners in the world based on total
TEU capacity. Our containerships fleet is chartered to many of the
world's largest liner companies on fixed-rate charters. In addition
to our containership fleet, we have recently reached an in
principle agreement to acquire 5 Capesize bulk carriers aggregating
879,306 DWT. 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 any
resurgence of the COVID-19 pandemic and efforts throughout the
world to contain its spread, including effects on global economic
activity, demand for seaborne transportation of containerized and
drybulk cargo, the ability and willingness of charterers to perform
their obligations to us, charter rates for containerships and
drybulk carriers, shipyards constructing our contracted newbuilding
vessels, performing scrubber installations, drydocking and repairs,
changing vessel crews and availability of financing, 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
dry-docking, changes in Danaos Corporation's operating expenses,
including bunker prices, dry-docking and insurance costs, our
ability to operate profitably in the drybulk sector, 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, potential disruption of shipping
routes 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
Fleet Utilization
Danaos had 2 unscheduled off-hire days in the three months ended
June 30, 2023. The following table summarizes vessel utilization
and the impact of the off-hire days on the Company’s revenue.
Vessel Utilization (No. of
Days)
First
Quarter
Second
Quarter
2023
2023
Total
Ownership Days
6,150
6,188
12,338
Less Off-hire Days:
Scheduled Off-hire Days
(150)
(80)
(230)
Other Off-hire Days
(44)
(2)
(46)
Operating Days
5,956
6,106
12,062
Vessel Utilization
96.8%
98.7%
97.8%
Operating Revenues (in '000s of US
Dollars)
$243,574
$241,479
$485,053
Average Gross Daily Charter
Rate
$40,896
$39,548
$40,213
Vessel Utilization (No. of
Days)
First
Quarter
Second
Quarter
2022
2022
Total
Ownership Days
6,390
6,461
12,851
Less Off-hire Days:
Scheduled Off-hire Days
(148)
-
(148)
Other Off-hire Days
(16)
(8)
(24)
Operating Days
6,226
6,453
12,679
Vessel Utilization
97.4%
99.9%
98.7%
Operating Revenues (in '000s of US
Dollars)
$229,901
$250,923
$480,824
Average Gross Daily Charter
Rate
$36,926
$38,885
$37,923
Fleet List
The following table describes in detail our fleet deployment
profile of our containerships as of August 3, 2023:
Vessel Name
Vessel Size
(TEU)
Year Built
Expiration of
Charter(1)
Hyundai Ambition
13,100
2012
June 2024
Hyundai Speed
13,100
2012
June 2024
Hyundai Smart
13,100
2012
June 2027
Hyundai Respect
13,100
2012
April 2027
Hyundai Honour
13,100
2012
March 2027
Express Rome
10,100
2011
May 2024
Express Berlin
10,100
2011
August 2026
Express Athens
10,100
2011
May 2024
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
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 (ex CMA CGM Racine)
6,500
2010
April 2026
YM Mandate
6,500
2010
January 2028
YM Maturity
6,500
2010
April 2028
Zim Savannah
6,402
2002
May 2024
Dimitra C
6,402
2002
January 2024
Suez Canal
5,610
2002
April 2026
Kota Lima
5,544
2002
November 2024
Wide Alpha
5,466
2014
March 2024
Stephanie C
5,466
2014
June 2025
Maersk Euphrates
5,466
2014
April 2024
Wide Hotel
5,466
2015
May 2024
Wide India
5,466
2015
November 2025
Wide Juliet
5,466
2015
October 2025
Seattle C
4,253
2007
October 2024
Vancouver
4,253
2007
November 2024
Derby D
4,253
2004
January 2027
Tongala
4,253
2004
November 2024
Rio Grande
4,253
2008
November 2024
Paolo (ex ZIM Sao Paolo)
4,253
2008
August 2025
Kingston (ex ZIM Kingston)
4,253
2008
June 2025
ZIM Monaco
4,253
2009
October 2024
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 2025
Express Spain
3,400
2011
January 2025
Express Argentina
3,400
2010
September 2023
Express Brazil
3,400
2010
June 2025
Express France
3,400
2010
September 2025
Singapore
3,314
2004
May 2024
Colombo
3,314
2004
January 2025
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
Stride
2,200
1997
January 2025
Progress C
2,200
1998
November 2024
Bridge
2,200
1998
December 2024
Highway
2,200
1998
November 2023
Phoenix D
2,200
1997
March 2025
(1)
Earliest date charters could
expire. Some charters include options for the charterer to extend
their terms.
Dry bulk vessels agreed (in
principle) to be acquired:
Vessel Name
Capacity
(DWT)
Year Built
Bulk Achievement
175,850
2011
Bulk Genius
175,580
2012
Bulk Ingenuity
176,022
2011
Bulk Integrity
175,996
2010
Bulk Peace
175,858
2010
Containerships under
construction:
Hull Number
Vessel Size
(TEU)
Expected
Delivery Year
Minimum Charter
Duration
Hull No. C7100-7
7,165
2024
3 Years
Hull No. C7100-8
7,165
2024
3 Years
Hull No. HN4009
8,010
2024
3 Years
Hull No. HN4010
8,010
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
-
Hull No. CV5900-08
6,014
2025
-
Hull No. YZJ2023-1556
8,258
2026
-
Hull No. YZJ2023-1557
8,258
2026
-
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,
2023
2022
2023
2022
OPERATING REVENUES
$241,479
$250,923
$485,053
$480,824
OPERATING EXPENSES
Vessel operating expenses
(41,861)
(40,579)
(82,500)
(79,743)
Depreciation & amortization
(36,412)
(36,955)
(71,776)
(73,034)
General & administrative
(7,192)
(7,136)
(14,037)
(14,527)
Other operating expenses
(8,399)
(9,443)
(16,282)
(16,632)
Gain on sale of vessels
-
-
1,639
-
Income From Operations
147,615
156,810
302,097
296,888
OTHER INCOME/(EXPENSES)
Interest income
3,596
120
6,319
121
Interest expense
(5,881)
(16,079)
(12,603)
(33,193)
Gain/(loss) on investments
6,438
(152,427)
6,438
69,290
Gain/(loss) on debt extinguishment
(2,254)
22,939
(2,254)
22,939
Other finance expenses
(1,146)
(336)
(2,122)
(941)
Equity loss on investments
(738)
-
(3,326)
-
Other income/(expenses), net
294
362
469
861
Realized loss on derivatives
(903)
(903)
(1,796)
(1,796)
Total Other Income/(Expenses),
net
(594)
(146,324)
(8,875)
57,281
Income Before Income Taxes
147,021
10,486
293,222
354,169
Income taxes
-
(2,262)
-
(14,480)
Net Income
$147,021
$8,224
$293,222
$339,689
EARNINGS PER SHARE
Basic earnings per share
$7.32
$0.40
$14.51
$16.42
Diluted earnings per share
$7.32
$0.40
$14.51
$16.40
Basic weighted average number of common
shares (in thousands of shares)
20,081
20,689
20,214
20,693
Diluted weighted average number of common
shares (in thousands of shares)
20,081
20,708
20,214
20,712
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,
2023
2022
2023
2022
Net income
$147,021
$8,224
$293,222
$339,689
Change in fair value of investments
(6,438)
168,635
(6,438)
69,096
Loss/(gain) on debt extinguishment
2,254
(22,939)
2,254
(22,939)
Gain on sale of vessels
-
-
(1,639)
-
Amortization of financing fees and debt
discount
568
3,190
1,261
6,561
Adjusted Net Income
$143,405
$157,110
$288,660
$392,407
Adjusted Earnings Per Share,
diluted
$7.14
$7.59
$14.28
$18.95
Diluted weighted average number of shares
(in thousands of shares)
20,081
20,708
20,214
20,712
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, 2023 and 2022. 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
Condensed Consolidated Balance
Sheets - Unaudited
(Expressed in thousands of
United States dollars)
As of
As of
June 30,
December 31,
2023
2022
ASSETS
CURRENT ASSETS
Cash, cash equivalents and restricted
cash
$293,331
$267,668
Accounts receivable, net
8,091
5,635
Other current assets
186,361
99,218
487,783
372,521
NON-CURRENT ASSETS
Fixed assets, net
2,661,976
2,721,494
Advances for vessels under
construction
215,786
190,736
Deferred charges, net
31,777
25,554
Investments in affiliates
937
-
Other non-current assets
86,173
89,923
2,996,649
3,027,707
TOTAL ASSETS
$3,484,432
$3,400,228
LIABILITIES AND STOCKHOLDERS'
EQUITY
CURRENT LIABILITIES
Long-term debt, current portion
$27,500
$27,500
Long-term leaseback obligations, current
portion
-
27,469
Accounts payable, accrued liabilities
& other current liabilities
157,572
173,438
185,072
228,407
LONG-TERM LIABILITIES
Long-term debt, net
389,564
402,440
Long-term leaseback obligations, net
-
44,542
Other long-term liabilities
120,314
164,425
509,878
611,407
STOCKHOLDERS’ EQUITY
Common stock
197
203
Additional paid-in capital
712,154
748,109
Accumulated other comprehensive loss
(72,041)
(74,209)
Retained earnings
2,149,172
1,886,311
2,789,482
2,560,414
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY
$3,484,432
$3,400,228
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,
2023
2022
2023
2022
Operating Activities:
Net income
$147,021
$8,224
$293,222
$339,689
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization of
right-of-use assets
31,910
33,753
63,439
67,112
Amortization of deferred drydocking &
special survey costs, finance cost and debt discount
5,070
6,392
9,598
12,483
Amortization of assumed time charters
(5,854)
(15,713)
(12,390)
(32,364)
Prior service cost and periodic cost
394
-
886
-
Loss/(gain) on investments
(6,438)
168,635
(6,438)
69,096
Loss/(gain) on debt extinguishment
2,254
(22,939)
2,254
(22,939)
Gain on sale of vessels
-
-
(1,639)
-
Payments for drydocking/special survey
(4,818)
(471)
(14,560)
(9,726)
Equity loss on investments
738
-
3,326
-
Amortization of deferred realized losses
on cash flow interest rate swaps
903
903
1,796
1,796
Stock based compensation
-
124
-
248
Accounts receivable
(517)
1,593
(2,456)
1,578
Other assets, current and non-current
(3,612)
89,987
(12,406)
(43,430)
Accounts payable and accrued
liabilities
1,934
(800)
(3,151)
4,841
Other liabilities, current and
long-term
(15,973)
231,326
(40,875)
232,094
Net Cash provided by Operating
Activities
153,012
501,014
280,606
620,478
Investing Activities:
Vessel additions and advances for vessels
under construction
(24,048)
(82,004)
(29,784)
(84,047)
Proceeds and advances received from sale
of vessels
-
85,333
3,914
13,000
Proceeds from sale of investments
-
-
-
85,333
Investments in affiliates/marketable
securities
(70,144)
-
(74,407)
-
Net Cash provided by/(used in)
Investing Activities
(94,192)
3,329
(100,277)
14,286
Financing Activities:
Proceeds from long-term debt
-
127,725
-
127,725
Debt repayment
(6,875)
(358,825)
(13,750)
(383,125)
Payments of leaseback obligations
(66,296)
(104,394)
(72,925)
(120,687)
Dividends paid
(15,099)
(15,535)
(30,361)
(31,070)
Repurchase of common stock
(35,157)
(6,325)
(35,738)
(6,325)
Payments of accumulated accrued
interest
-
(1,938)
-
(3,373)
Finance costs
(1,642)
(11,142)
(1,892)
(15,092)
Net Cash used in Financing
Activities
(125,069)
(370,434)
(154,666)
(431,947)
Net increase/(decrease) in cash, cash
equivalents and restricted cash
(66,249)
133,909
25,663
202,817
Cash, cash equivalents and restricted
cash, beginning of period
359,580
198,664
267,668
129,756
Cash, cash equivalents and restricted
cash, end of period
$293,331
$332,573
$293,331
$332,573
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,
2023
2022
2023
2022
Net income
$147,021
$8,224
$293,222
$339,689
Depreciation and amortization of
right-of-use assets
31,910
33,753
63,439
67,112
Amortization of deferred drydocking &
special survey costs
4,502
3,202
8,337
5,922
Amortization of assumed time charters
(5,854)
(15,713)
(12,390)
(32,364)
Amortization of deferred finance costs,
debt discount and commitment fees
1,311
3,190
2,762
6,561
Amortization of deferred realized losses
on interest rate swaps
903
903
1,796
1,796
Interest income
(3,596)
(120)
(6,319)
(121)
Interest expense
5,313
12,889
11,342
26,632
Income taxes
-
2,262
-
14,480
Loss/(gain) on investments and dividend
withholding taxes
(6,438)
166,373
(6,438)
54,616
Loss/(gain) on debt extinguishment
2,254
(22,939)
2,254
(22,939)
Gain on sale of vessels
-
-
(1,639)
-
Stock based compensation
-
124
-
248
Adjusted EBITDA(1)
$177,326
$192,148
$356,366
$461,632
1)
Adjusted EBITDA represents net
income before interest income and expense, taxes other than
withholding taxes on dividend, depreciation, amortization of
deferred drydocking & special survey costs, amortization of
assumed time charters, amortization of deferred finance costs, debt
discount and commitment fees, amortization of deferred realized
losses on interest rate swaps, gain/loss on investments, gain/loss
on debt extinguishment, gain on sale of vessels and stock based
compensation. 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.
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,
2023 and 2022. 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20230807745221/en/
For further information:
Company Contact: Evangelos Chatzis Chief Financial
Officer Danaos Corporation Athens, Greece Tel.: +30 210 419 6480
E-Mail: cfo@danaos.com
Iraklis Prokopakis Senior Vice President and Chief
Operating Officer Danaos Corporation Athens, Greece Tel.: +30 210
419 6400 E-Mail: coo@danaos.com
Investor Relations and Financial Media Rose &
Company New York Tel. 212-359-2228 E-Mail:
danaos@rosecoglobal.com
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