Danaos Corporation Reports Second Quarter and Half Year Results for the Period Ended June 30, 2024
Highlights for the Second Quarter and Half Year Ended
Financial Summary
Three Months Ended Unaudited
(
Expressed in thousands of |
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Three Months Ended |
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Three Months Ended |
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Financial & Operating Metrics |
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Container |
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Drybulk |
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Other |
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Total |
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Container |
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Drybulk |
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Other |
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Total |
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Operating Revenues |
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- |
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- |
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- |
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Voyage Expenses, excl. commissions |
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- |
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- |
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- |
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Time Charter Equivalent Revenues (1) |
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- |
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- |
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- |
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Net income |
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- |
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Adjusted net income / (loss) (2) |
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- |
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Earnings per share, basic |
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Earnings per share, diluted |
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Adjusted earnings per share, diluted (2) |
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Operating Days |
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6,088 |
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604 |
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- |
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6,106 |
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- |
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- |
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Time Charter Equivalent $/day (1) |
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- |
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- |
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- |
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Ownership days |
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6,253 |
|
694 |
|
- |
|
|
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6,188 |
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- |
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- |
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Average number of vessels |
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68.7 |
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7.6 |
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- |
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68.0 |
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- |
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- |
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Fleet Utilization |
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97.4 % |
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87.0 % |
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- |
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98.7 % |
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- |
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- |
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Adjusted EBITDA (2)
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- |
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Consolidated Balance Sheet & Leverage Metrics |
As of |
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As of |
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Cash and cash equivalents |
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Availability under Revolving Credit Facility |
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Marketable securities(3) |
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- |
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Total cash liquidity & marketable securities(4) |
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Debt, gross of deferred finance costs |
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Net Debt (5) |
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LTM Adjusted EBITDA (6) |
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Net Debt / LTM Adjusted EBITDA |
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0.29x |
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0.20x |
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1. |
Time charter equivalent revenues and time charter equivalent US$/day are non-GAAP measures. Refer to the reconciliation provided in the appendix. |
2. |
Adjusted net income/(loss), adjusted earnings per share and adjusted EBITDA are non-GAAP measures. Refer to the reconciliation of net income to adjusted net income and adjusted earnings per share; and net income to adjusted EBITDA provided below. |
3. |
Marketable securities refer to fair value of 4,070,214 shares of common stock of SBLK on |
4. |
Total cash liquidity & marketable securities includes: (i) cash and cash equivalents, (ii) availability under our Revolving Credit Facility and (iii) marketable securities. |
5. |
Net Debt is defined as total debt gross of deferred finance costs less cash and cash equivalents |
6. |
Last twelve months Adjusted EBITDA. Refer to the reconciliation provided below. |
For management purposes, the Company is organized based on operating revenues generated from container vessels and dry-bulk vessels and has two reporting segments: (1) a container vessels segment and (2) a dry-bulk vessels segment. The Company measures segment performance based on net income. Items included in the applicable segment's net income are directly allocated to the extent that the items are directly or indirectly attributable to the segments. With regards to the items that are allocated by indirect calculations, their allocation is commensurate to the utilization of key resources. The Other column includes components that are not allocated to any of the Company's reportable segments and includes investments in an affiliate accounted for using the equity method of accounting and investments in marketable securities.
Financial Summary
Six Months Ended Unaudited
(
Expressed in thousands of |
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Six Months Ended |
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Six Months Ended |
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Financial & Operating Metrics |
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Container |
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Drybulk |
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Other |
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Total |
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Container |
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Drybulk |
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Other |
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Total |
Operating Revenues |
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|
|
|
|
- |
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|
|
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|
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- |
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- |
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Voyage Expenses, excl. commissions |
|
|
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|
- |
|
|
|
|
|
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- |
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- |
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Time Charter Equivalent Revenues (1) |
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|
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|
|
- |
|
|
|
|
|
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- |
|
- |
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Net income |
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- |
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Adjusted net income / (loss) (2) |
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- |
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Earnings per share, basic |
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Earnings per share, diluted |
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Adjusted earnings per share, diluted (2) |
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Operating Days |
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12,107 |
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1,200 |
|
- |
|
|
|
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12,062 |
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- |
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- |
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Time Charter Equivalent $/day (1) |
|
|
|
|
|
- |
|
|
|
|
|
|
- |
|
- |
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Ownership days |
|
12,438 |
|
1,331 |
|
- |
|
|
|
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12,338 |
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- |
|
- |
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Average number of vessels |
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68.3 |
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7.3 |
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- |
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|
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68.2 |
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- |
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- |
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Fleet Utilization |
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97.3 % |
|
90.2 % |
|
- |
|
|
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97.8 % |
|
- |
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- |
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Adjusted EBITDA (2) |
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- |
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1. |
Time charter equivalent revenues and time charter equivalent US$/day are non-GAAP measures. Refer to the reconciliation provided in the appendix. |
2. |
Adjusted net income/(loss), adjusted earnings per share and adjusted EBITDA are non-GAAP measures. Refer to the reconciliation of net income to adjusted net income and adjusted earnings per share; and net income to adjusted EBITDA provided below. |
-
During the second quarter of 2024, we took delivery of the first three newbuilding containerships, namely one 7,165 TEU and two 8,010 TEU vessels that have commenced their three-year charters. Additionally, during the second quarter of 2024 and through the date of this release, we added 6 newbuilding containerships to our orderbook. These six newbuilding orders comprise of one additional 8,258 container vessel to be built at Yangzijiang shipyard in
China expected to be delivered in 2027 and five 9,200 TEU container vessels to be built atDalian shipyard inChina , three of which have expected deliveries in 2027 and two in 2028. -
As a result, our remaining orderbook currently consists of a further 17 newbuilding containership vessels with an aggregate capacity of 139,019 TEU with expected deliveries of three additional vessels in 2024, two vessels in 2025, three vessels in 2026, seven vessels in 2027 and two vessels in 2028. All the vessels in our orderbook are designed with the latest eco characteristics, will be methanol fuel ready, fitted with open loop scrubbers and
Alternative Maritime Power (AMP) units and will be built in accordance with the latest requirements of theInternational Maritime Organization (IMO) in relation to Tier III emission standards and Energy Efficiency Design Index (EEDI) Phase III. - We have now secured multi-year charter arrangements for all of the vessels in our newbuilding orderbook with an average charter duration of approximately 4.5 years weighted by aggregate contracted charter hire .
-
Over the past two months, we added approximately
$900 million to our contracted revenue backlog, which includes (i) approximately$203 million through forward two-year charter fixtures for nine existing container vessels and (ii) approximately$697 million of revenue backlog through a combination of new charters and charter extensions for 12 of our newbuildings. -
As a result, total contracted cash operating revenues, on the basis of concluded charter contracts through the date of this release, currently stand at
$3.2 billion . The remaining average contracted charter duration for our containership fleet is 3.4 years, weighted by aggregate contracted charter hire. - Contracted operating days charter coverage for our container vessel fleet is currently 99% for 2024 and 80% for 2025. This includes newbuildings based on their scheduled delivery dates.
-
We have now taken delivery of all of our contracted capesize bulk carriers by taking delivery of two vessels in the second quarter of 2024 and one vessel in
July 2024 . As a result, our capesize dry bulk fleet currently stands at 10 vessels with an aggregate DWT capacity of approximately 1.8 million DWT. -
As of the date of this release,
Danaos has repurchased a total of 1,671,059 shares of its common stock in the open market for$104.4 million under its$200 million authorized share repurchase program that was originally introduced inJune 2022 and upsized inNovember 2023 . -
Danaos has declared a dividend of$0.80 per share of common stock for the second quarter of 2024, which is payable onAugust 29, 2024 , to stockholders of record as ofAugust 20, 2024 .
"The last few months brought continued market disruption as conditions in the
In this environment we have secured charter extensions for a number of our existing ships and further we extended our newbuilding program to a total of 20 vessels, three of which were delivered in the second quarter. We have secured multi-year charters with an average charter duration of approximately 4.5 years, weighted by aggregate contracted charter hire, for all of our newbuilding vessels and we are very well positioned for the future. As a result, the Company's total contracted cash operating revenues are
With respect to our activities in the dry bulk sector, we have recently taken delivery of all 10 capesize vessels. We have been gearing up our operations to ensure the integration within our fleet during this building phase before we continue to explore opportunities to further our reach in this sector. Our revenues from the dry bulk sector have been steadily increasing, and we look forward to further diversifying our revenues and creating upside through the spot market exposure offered by the sector.
Despite our recent fleet growth, renewal, and diversification activities, our balance sheet remains very strong, with a low net debt position.
We will continue to work tirelessly to ensure accretive performance of our assets and to deliver industry-leading returns to our shareholders over the long term."
Three months ended
During the three months ended
Our adjusted net income amounted to
Adjusted net income of our container vessels segment amounted to
Adjusted net income of our drybulk vessels segment amounted to
The
Please refer to the Adjusted Net Income reconciliation tables, which appear later in this earnings release.
On a non-adjusted basis, our net income amounted to
Operating Revenues
Operating revenues increased by 2.0%, or
Operating revenues of our container vessels segment decreased by 4.6%, or
- a
$4.9 million increase in revenues in the three months endedJune 30, 2024 compared to the three months endedJune 30, 2023 as a result of vessel additions; - a
$5.7 million decrease in revenues in the three months endedJune 30, 2024 compared to the three months endedJune 30, 2023 as a result of decreased vessel utilization and lower charter rates; - a
$2.4 million decrease in revenues in the three months endedJune 30, 2024 compared to the three months endedJune 30, 2023 due to vessel disposals; - a
$4.8 million decrease in revenues in the three months endedJune 30, 2024 compared to the three months endedJune 30, 2023 due to decreased amortization of assumed time charters; and - a
$3.0 million decrease in revenue in the three months endedJune 30, 2024 compared to the three months endedJune 30, 2023 due to lower non-cash revenue recognition in accordance with US GAAP.
Operating revenues of our drybulk vessels segment added an incremental
Vessel Operating Expenses
Vessel operating expenses increased by
Depreciation & Amortization
Depreciation & Amortization includes Depreciation and Amortization of Deferred Dry-docking and Special Survey Costs.
Depreciation
Depreciation expense increased by 11.0%, or
Amortization of Deferred Dry-docking and Special Survey Costs
Amortization of deferred dry-docking and special survey costs increased by
General and Administrative Expenses
General and administrative expenses increased by
Other Operating Expenses
Other Operating Expenses include Voyage Expenses.
Voyage Expenses
Voyage expenses increased by
Voyage expenses of container vessels segment increased by
Voyage expenses of drybulk vessels segment were
Net gain on disposal/sale of vessels
In
Interest Expense and Interest Income
Interest expense decreased by 13.6%, or
- a
$1.9 million decrease in interest expense due to an increase in capitalized interest expense on our vessels under construction in the three months endedJune 30, 2024 ; and - a
$0.1 million decrease in the amortization of deferred finance costs; which were partially offset by - a
$1.2 million increase in interest expense due to an increase in our average indebtedness by$52.1 million between the two periods and an increase in our debt service cost by approximately 0.14% as a result of higher SOFR rates. Average indebtedness was$512.0 million in the three months endedJune 30, 2024 , compared to average indebtedness of$459.9 million in the three months endedJune 30, 2023 .
As of
Interest income decreased by
Gain on investments
Following the all-stock merger of
Loss on debt extinguishment
A
Equity loss on investments
Equity loss on investments amounting to
Other finance expenses
Other finance expenses decreased by
Loss on derivatives
Amortization of deferred realized losses on interest rate swaps remained stable at
Other income/(expenses), net
Other expenses, net amounted to
Adjusted EBITDA
Adjusted EBITDA decreased by 0.3%, or
Adjusted EBITDA of container vessels segment decreased by 5.0%, or
Adjusted EBITDA of drybulk vessels segment was
Six months ended
During the six months ended
Our adjusted net income amounted to
Adjusted net income of our container vessels segment amounted to
Adjusted net income of our drybulk vessels segment amounted to
The
Please refer to the Adjusted Net Income reconciliation tables, which appear later in this earnings release.
On a non-adjusted basis, our net income amounted to
Operating Revenues
Operating revenues increased by 3.0%, or
Operating revenues of our container vessels segment decreased by 4.3%, or
- a
$4.9 million increase in revenues in the six months endedJune 30, 2024 compared to the six months endedJune 30, 2023 as a result of vessel additions; - a
$2.6 million decrease in revenues in the six months endedJune 30, 2024 compared to the six months endedJune 30, 2023 mainly as a result of lower charter rates and decreased vessel utilization; - a
$5.1 million decrease in revenues in the six months endedJune 30, 2024 compared to the six months endedJune 30, 2023 due to vessel disposals; - a
$7.8 million decrease in revenues in the six months endedJune 30, 2024 compared to the six months endedJune 30, 2023 due to decreased amortization of assumed time charters; and - a
$10.5 million decrease in revenue in the six months endedJune 30, 2024 compared to the six months endedJune 30, 2023 due to lower non-cash revenue recognition in accordance with US GAAP.
Operating revenues of our drybulk vessels segment added an incremental
Vessel Operating Expenses
Vessel operating expenses increased by
Depreciation & Amortization
Depreciation & Amortization includes Depreciation and Amortization of Deferred Dry-docking and Special Survey Costs.
Depreciation
Depreciation expense increased by 9.1%, or
Amortization of Deferred Dry-docking and Special Survey Costs
Amortization of deferred dry-docking and special survey costs increased by
General and Administrative Expenses
General and administrative expenses increased by
Other Operating Expenses
Other Operating Expenses include Voyage Expenses.
Voyage Expenses
Voyage expenses increased by
Voyage expenses of container vessels segment increased by
Voyage expenses of drybulk vessels segment were
Net gain on disposal/sale of vessels
In
In
Interest Expense and Interest Income
Interest expense decreased by 34.9%, or
- a
$4.3 million decrease in interest expense due to an increase in capitalized interest expense on our vessels under construction in the six months endedJune 30, 2024 ; and - a
$0.3 million decrease in the amortization of deferred finance costs; which were partially offset by - a
$0.2 million increase in interest expense due to an increase in our debt service cost by approximately 0.38% as a result of higher SOFR rates, which was partially offset by a decrease in our average indebtedness by$20.8 million between the two periods. Average indebtedness was$462.8 million in the six months endedJune 30, 2024 , compared to average indebtedness of$483.6 million in the six months endedJune 30, 2023 .
As of
Interest income decreased by
Gain on investments
Following the all-stock merger of
Loss on debt extinguishment
A
Equity loss on investments
Equity loss on investments amounting to
Other finance expenses
Other finance expenses decreased by
Loss on derivatives
Amortization of deferred realized losses on interest rate swaps remained stable at
Other income/(expenses), net
Other income, net amounted to
Adjusted EBITDA
Adjusted EBITDA decreased by 0.7%, or
Adjusted EBITDA of container vessels segment decreased by 4.6%, or
Adjusted EBITDA of drybulk vessels segment was
Dividend Payment
Recent Developments
In
Conference Call and Webcast
On
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 (
A telephonic replay of the conference call will be available until
Audio Webcast
There will also be a live and then archived webcast of the conference call on the
Slide Presentation
A slide presentation regarding the Company and the container and drybulk industry will also be available on the
About
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
Risks and uncertainties are further described in reports filed by
Visit our website at www.danaos.com
APPENDIX
Container vessels fleet utilization |
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Vessel Utilization (No. of Days) |
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Three months |
|
Three months |
|
Six months |
|
Six months |
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|||
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2024 |
2023 |
|
2024 |
2023 |
|||
Ownership Days |
|
6,253 |
|
6,188 |
|
12,438 |
|
12,338 |
Less Off-hire Days: |
|
|
|
|
|
|
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Scheduled Off-hire Days |
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(95) |
|
(80) |
|
(162) |
|
(230) |
Other Off-hire Days |
|
(70) |
|
(2) |
|
(169) |
|
(46) |
Operating Days(1) |
|
6,088 |
|
6,106 |
|
12,107 |
|
12,062 |
Vessel Utilization |
|
97.4 % |
|
98.7 % |
|
97.3 % |
|
97.8 % |
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Operating Revenues (in '000s of US$) |
|
|
|
|
|
|
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|
Less: Voyage Expenses excluding commissions (in '000s of US$) |
|
(448) |
|
(331) |
|
(936) |
|
(746) |
Time Charter Equivalent Revenues (in '000s of US$) |
|
230,138 |
|
241,148 |
|
463,061 |
|
484,307 |
Time Charter Equivalent US$/per day(2) |
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Drybulk vessels fleet utilization |
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Vessel Utilization (No. of Days) |
|
Three months |
|
Three months |
|
Six months |
|
Six months |
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|||
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2024 |
2023 |
|
2024 |
2023 |
|||
Ownership Days |
|
694 |
|
- |
|
1,331 |
|
- |
Less Off-hire Days: |
|
|
|
|
|
|
|
|
Scheduled Off-hire Days |
|
(90) |
|
- |
|
(121) |
|
- |
Other Off-hire Days |
|
- |
|
- |
|
(10) |
|
- |
Operating Days(1) |
|
604 |
|
- |
|
1,200 |
|
- |
Vessel Utilization |
|
87.0 % |
|
|
|
90.2 % |
|
|
|
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|
|
|
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Operating Revenues (in '000s of US$) |
|
|
|
- |
|
|
|
- |
Less: Voyage Expenses excluding commissions (in '000s of US$) |
|
(3,269) |
|
- |
|
(14,096) |
|
- |
Time Charter Equivalent Revenues (in '000s of US$) |
|
12,451 |
|
- |
|
21,662 |
|
- |
Time Charter Equivalent US$/per day(2) |
|
|
|
- |
|
|
|
- |
|
|
1) |
We define Operating Days as the total number of Ownership Days net of Scheduled off-hire days (days associated with scheduled repairs, drydockings or special or intermediate surveys or days) and net of off-hire days associated with unscheduled repairs or days waiting to find employment but including days our vessels were sailing for repositioning. The shipping industry uses Operating Days to measure the number of days in a period during which vessels actually generate revenues or are sailing for repositioning purposes. Our definition of Operating Days may not be comparable to that used by other companies in the shipping industry. |
2) |
Time charter equivalent US$/per day ("TCE rate") represents the average daily TCE rate of our container vessels segment and drybulk vessels segment calculated dividing time charter equivalent revenues of each segment by operating days of each segment. TCE rate is a standard shipping industry performance measure used primarily to compare period to period changes in a shipping company's performance despite changes in the mix of charter types i.e., voyage charters, time charters, bareboat charters under which its vessels may be employed between the periods. Our method of computing TCE rate may not necessarily be comparable to TCE rates of other companies due to differences in methods of calculation. We include TCE rate, a non- GAAP measure, as it provides additional meaningful information in conjunction with operating revenues, the most directly comparable GAAP measure, and it assists our management in making decisions regarding the deployment and use of our operating vessels and assists investors and our management in evaluating our financial performance. |
The following table describes in detail our container vessels deployment profile as of
|
(TEU) (1) |
|
Year Built |
|
Expiration of Charter(2) |
Ambition (ex Hyundai Ambition) |
13,100 |
|
2012 |
|
|
Speed (ex Hyundai Speed) |
13,100 |
|
2012 |
|
|
Kota Plumbago (ex Hyundai Smart) |
13,100 |
|
2012 |
|
|
|
13,100 |
|
2012 |
|
|
Kota Peony (ex Hyundai Honour) |
13,100 |
|
2012 |
|
|
Express |
10,100 |
|
2011 |
|
|
Express |
10,100 |
|
2011 |
|
|
Express |
10,100 |
|
2011 |
|
|
Le Havre |
9,580 |
|
2006 |
|
|
Pusan C |
9,580 |
|
2006 |
|
|
|
9,012 |
|
2009 |
|
|
C Hamburg |
9,012 |
|
2009 |
|
|
Niledutch Lion |
8,626 |
|
2008 |
|
|
|
8,533 |
|
2005 |
|
|
Belita |
8,533 |
|
2006 |
|
|
CMA CGM Melisande |
8,530 |
|
2012 |
|
|
CMA CGM Attila |
8,530 |
|
2011 |
|
|
CMA CGM Tancredi |
8,530 |
|
2011 |
|
|
CMA CGM Bianca |
8,530 |
|
2011 |
|
|
CMA CGM Samson |
8,530 |
|
2011 |
|
|
America |
8,468 |
|
2004 |
|
|
|
8,468 |
|
2004 |
|
|
|
8,463 |
|
2005 |
|
|
Catherine C (3) |
8,010 |
|
2024 |
|
|
|
8,010 |
|
2024 |
|
|
Interasia Accelerate (3) |
7,165 |
|
2024 |
|
|
CMA CGM Moliere |
6,500 |
|
2009 |
|
|
CMA CGM Musset |
6,500 |
|
2010 |
|
|
CMA CGM Nerval |
6,500 |
|
2010 |
|
|
CMA CGM Rabelais |
6,500 |
|
2010 |
|
|
|
6,500 |
|
2010 |
|
|
YM Mandate |
6,500 |
|
2010 |
|
|
YM Maturity |
6,500 |
|
2010 |
|
|
Savannah (ex
|
6,402 |
|
2002 |
|
|
Dimitra C |
6,402 |
|
2002 |
|
|
|
5,610 |
|
2002 |
|
|
|
5,544 |
|
2002 |
|
|
Wide Alpha |
5,466 |
|
2014 |
|
|
Stephanie C |
5,466 |
|
2014 |
|
|
Maersk Euphrates |
5,466 |
|
2014 |
|
|
|
5,466 |
|
2015 |
|
|
Wide |
5,466 |
|
2015 |
|
|
Wide Juliet |
5,466 |
|
2015 |
|
|
Seattle C |
4,253 |
|
2007 |
|
|
|
4,253 |
|
2007 |
|
|
Derby D |
4,253 |
|
2004 |
|
|
Tongala |
4,253 |
|
2004 |
|
|
Rio Grande |
4,253 |
|
2008 |
|
|
Merve A |
4,253 |
|
2008 |
|
|
|
4,253 |
|
2008 |
|
|
|
4,253 |
|
2009 |
|
|
|
4,253 |
|
2009 |
|
|
ZIM |
4,253 |
|
2009 |
|
|
Dimitris C |
3,430 |
|
2001 |
|
|
|
3,400 |
|
2011 |
|
|
Express |
3,400 |
|
2011 |
|
|
Express |
3,400 |
|
2010 |
|
|
Express |
3,400 |
|
2010 |
|
|
Express |
3,400 |
|
2010 |
|
|
|
3,314 |
|
2004 |
|
|
|
3,314 |
|
2004 |
|
|
Zebra |
2,602 |
|
2001 |
|
|
Artotina |
2,524 |
|
2001 |
|
|
Advance |
2,200 |
|
1997 |
|
|
Future |
2,200 |
|
1997 |
|
|
Sprinter |
2,200 |
|
1997 |
|
|
Bridge |
2,200 |
|
1998 |
|
|
Progress C |
2,200 |
|
1998 |
|
|
Phoenix D |
2,200 |
|
1997 |
|
|
Highway |
2,200 |
|
1998 |
|
|
|
|
(1) |
Twenty-feet equivalent unit, the international standard measure for containers and container vessels capacity. |
(2) |
Earliest date charters could expire. Some charters include options for the charterer to extend their terms. |
(3) |
The vessels were delivered in the second quarter of 2024. |
Container vessels under construction as of
Hull Number |
(TEU) |
|
Expected Delivery Year |
|
|
Minimum Charter Duration |
Hull No. C7100-8 |
7,165 |
|
2024 |
|
|
3 Years |
Hull No. HN4011 |
8,010 |
|
2024 |
|
|
3 Years |
Hull No. HN4012 |
8,010 |
|
2024 |
|
|
3 Years |
Hull No. CV5900-07 |
6,014 |
|
2024 |
|
|
2 Years |
Hull No. CV5900-08 |
6,014 |
|
2025 |
|
|
2 Years |
Hull No. YZJ2023-1556 |
8,258 |
|
2026 |
|
|
5 Years |
Hull No. YZJ2023-1557 |
8,258 |
|
2026 |
|
|
5 Years |
Hull No. YZJ2024-1612 |
8,258 |
|
2026 |
|
|
5 Years |
Hull No. YZJ2024-1613 |
8,258 |
|
2027 |
|
|
5 Years |
Hull No. YZJ2024-1625 |
8,258 |
|
2027 |
|
|
5 Years |
Hull No. YZJ2024-1626 |
8,258 |
|
2027 |
|
|
5 Years |
Hull No. YZJ2024-1668 |
8,258 |
|
2027 |
|
|
5 Years |
Hull No. C9200-7 |
9,200 |
|
2027 |
|
|
5 Years |
Hull No. C9200-8 |
9,200 |
|
2027 |
|
|
5 Years |
Hull No. C9200-9 |
9,200 |
|
2027 |
|
|
5 Years |
Hull No. C9200-10 |
9,200 |
|
2028 |
|
|
5 Years |
Hull No. C9200-11 |
9,200 |
|
2028 |
|
|
5 Years |
The following table describes the details of our Capesize drybulk vessels as of
|
Capacity (DWT) (1) |
|
Year Built |
|
Achievement |
175,966 |
|
2011 |
|
Genius |
175,580 |
|
2012 |
|
Ingenuity |
176,022 |
|
2011 |
|
Integrity |
175,966 |
|
2010 |
|
Peace |
175,858 |
|
2010 |
|
W Trader |
175,879 |
|
2009 |
|
E Trader |
175,886 |
|
2009 |
|
Gouverneur (ex |
178,043 |
|
2010 |
|
Valentine (ex Star Audrey) (2) |
175,125 |
|
2011 |
|
|
176,536 |
|
2011 |
|
|
|
(1) |
DWT, dead weight tons, the international standard measure for drybulk vessels capacity. |
(2) |
The vessels were delivered in the second quarter of 2024. |
(3) |
The vessel was delivered in |
Condensed Consolidated Statements of Income - Unaudited
(Expressed in thousands of |
||||||||
|
||||||||
|
|
Three months |
|
Three months |
|
Six months |
|
Six months |
|
|
|
|
|||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
|
|
|
|
|
|
|
OPERATING REVENUES |
|
|
|
|
|
|
|
|
OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
Vessel operating expenses |
(47,090) |
|
(41,861) |
|
(90,204) |
|
(82,500) |
|
Depreciation & amortization |
(42,352) |
|
(36,412) |
|
(81,667) |
|
(71,776) |
|
General & administrative |
(11,297) |
|
(7,192) |
|
(21,541) |
|
(14,037) |
|
Other operating expenses |
(12,678) |
|
(8,399) |
|
(33,020) |
|
(16,282) |
|
Net gain on dispoal/sale of vessels |
7,094 |
|
0 |
|
7,094 |
|
1,639 |
Income From Operations |
139,983 |
|
147,615 |
|
280,417 |
|
302,097 |
|
OTHER INCOME/(EXPENSES) |
|
|
|
|
|
|
|
|
|
Interest income |
2,923 |
|
3,596 |
|
5,859 |
|
6,319 |
|
Interest expense |
(5,106) |
|
(5,881) |
|
(8,230) |
|
(12,603) |
|
Gain on investments |
5,276 |
|
6,438 |
|
17,187 |
|
6,438 |
|
Loss on debt extinguishment |
- |
|
(2,254) |
|
- |
|
(2,254) |
|
Other finance expenses |
(868) |
|
(1,146) |
|
(1,750) |
|
(2,122) |
|
Equity loss on investments |
(97) |
|
(738) |
|
(206) |
|
(3,326) |
|
Other income/(expenses), net |
(56) |
|
294 |
|
179 |
|
469 |
|
Realized loss on derivatives |
(903) |
|
(903) |
|
(1,806) |
|
(1,796) |
Total Other Income/(Expenses), net |
1,169 |
|
(594) |
|
11,233 |
|
(8,875) |
|
Net Income |
141,152 |
|
147,021 |
|
291,650 |
|
293,222 |
|
EARNINGS PER SHARE |
|
|
|
|
|
|
|
|
Basic earnings per share |
|
|
|
|
|
|
|
|
Diluted earnings per share |
|
|
|
|
|
|
|
|
Basic weighted average number of common shares (in thousands of shares) |
19,348 |
|
20,081 |
|
19,380 |
|
20,214 |
|
Diluted weighted average number of common shares (in thousands of shares) |
19,520 |
|
20,081 |
|
19,552 |
|
20,214 |
Non-GAAP Measures1 Reconciliation of Net Income to Adjusted Net Income – Unaudited |
|||||||
|
|||||||
|
Three months |
|
Three months |
|
Six months |
|
Six months |
|
|
|
|
|
|||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Net Income |
|
|
|
|
|
|
|
Change in fair value of investments |
(2,224) |
|
(6,438) |
|
(13,203) |
|
(6,438) |
Loss on debt extinguishment |
- |
|
2,254 |
|
- |
|
2,254 |
Net gain on dispoal/sale of vessels |
(7,094) |
|
- |
|
(7,094) |
|
(1,639) |
Amortization of financing fees |
474 |
|
568 |
|
971 |
|
1,261 |
Adjusted Net Income |
|
|
|
|
|
|
|
Adjusted Earnings Per Share, diluted |
|
|
|
|
|
|
|
Diluted weighted average number of shares (in thousands of shares) |
19,520 |
|
20,081 |
|
19,552 |
|
20,214 |
|
|
1) |
The Company reports its financial results in accordance with |
Condensed Consolidated Balance Sheets - Unaudited
(Expressed in thousands of |
|||||
|
|||||
|
|
|
As of |
|
As of |
|
|
||||
|
|
|
2024 |
|
2023 |
ASSETS |
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
Cash, cash equivalents and restricted cash |
|
|
|
|
|
Accounts receivable, net |
|
22,726 |
|
9,931 |
|
Other current assets |
|
222,947 |
|
220,030 |
|
|
|
618,119 |
|
501,770 |
NON-CURRENT ASSETS |
|
|
|
|
|
|
Fixed assets, net |
|
3,028,236 |
|
2,746,541 |
|
Advances for vessels acquisition and vessels under construction |
|
283,260 |
|
301,916 |
|
Deferred charges, net |
|
39,546 |
|
38,012 |
|
Other non-current assets |
|
77,196 |
|
72,897 |
|
|
|
3,428,238 |
|
3,159,366 |
TOTAL ASSETS |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
Long-term debt, current portion |
|
|
|
|
|
Accounts payable, accrued liabilities & other current liabilities |
|
122,588 |
|
146,860 |
|
|
|
147,748 |
|
168,160 |
LONG-TERM LIABILITIES |
|
|
|
|
|
|
Long-term debt, net |
|
544,543 |
|
382,874 |
|
Other long-term liabilities |
|
76,848 |
|
93,785 |
|
|
|
621,391 |
|
476,659 |
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
Common stock |
|
193 |
|
194 |
|
Additional paid-in capital |
|
688,122 |
|
690,190 |
|
Accumulated other comprehensive loss |
|
(73,647) |
|
(75,979) |
|
Retained earnings |
|
2,662,550 |
|
2,401,912 |
|
|
|
3,277,218 |
|
3,016,317 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
Condensed Consolidated Statements of Cash Flows - Unaudited
(Expressed in thousands of |
||||||||
|
||||||||
|
|
Three months |
|
Three months |
|
Six months |
|
Six months |
|
|
|
|
|||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Operating Activities: |
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
|
|
|
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Depreciation |
35,380 |
|
31,910 |
|
69,243 |
|
63,439 |
|
Amortization of deferred drydocking & special survey costs and finance costs |
7,446 |
|
5,070 |
|
13,395 |
|
9,598 |
|
Amortization of assumed time charters |
(1,036) |
|
(5,854) |
|
(4,534) |
|
(12,390) |
|
Prior service cost and periodic cost |
458 |
|
394 |
|
715 |
|
886 |
|
Gain on investments |
(2,224) |
|
(6,438) |
|
(13,203) |
|
(6,438) |
|
Loss on debt extinguishment |
- |
|
2,254 |
|
- |
|
2,254 |
|
Net gain on disposal/sale of vessels |
(7,094) |
|
- |
|
(7,094) |
|
(1,639) |
|
Payments for drydocking/special survey |
(10,449) |
|
(4,818) |
|
(14,618) |
|
(14,560) |
|
Amortization of deferred realized losses on cash flow interest rate swaps |
903 |
|
903 |
|
1,806 |
|
1,796 |
|
Equity loss on investments |
97 |
|
738 |
|
206 |
|
3,326 |
|
Stock based compensation |
1,577 |
|
- |
|
3,153 |
|
- |
|
Accounts receivable |
(9,343) |
|
(517) |
|
(12,795) |
|
(2,456) |
|
Other assets, current and non-current |
9,320 |
|
(3,612) |
|
21,207 |
|
(12,406) |
|
Accounts payable and accrued liabilities |
11,995 |
|
1,934 |
|
5,767 |
|
(3,151) |
|
Other liabilities, current and long-term |
(23,907) |
|
(15,973) |
|
(47,331) |
|
(40,875) |
|
154,275 |
|
153,012 |
|
307,567 |
|
280,606 |
|
|
|
|
|
|
|
|
|
|
Investing Activities: |
|
|
|
|
|
|
|
|
|
Vessel additions and advances for vessels under construction |
(217,728) |
|
(24,048) |
|
(341,855) |
|
(29,784) |
|
Net proceeds and insurance proceeds from disposal/sale of vessels |
9,923 |
|
- |
|
10,639 |
|
3,914 |
|
Investments |
- |
|
(70,144) |
|
- |
|
(74,407) |
|
(207,805) |
|
(94,192) |
|
(331,216) |
|
(100,277) |
|
|
|
|
|
|
|
|
|
|
Financing Activities: |
|
|
|
|
|
|
|
|
|
Proceeds from long-term debt |
126,000 |
|
- |
|
181,000 |
|
- |
|
Debt repayment |
(6,875) |
|
(6,875) |
|
(13,750) |
|
(13,750) |
|
Payments of leaseback obligations |
- |
|
(66,296) |
|
- |
|
(72,925) |
|
Dividends paid |
(15,476) |
|
(15,099) |
|
(31,011) |
|
(30,361) |
|
Repurchase of common stock |
(1,094) |
|
(35,157) |
|
(5,223) |
|
(35,738) |
|
Finance costs |
(905) |
|
(1,642) |
|
(6,730) |
|
(1,892) |
|
101,650 |
|
(125,069) |
|
124,286 |
|
(154,666) |
|
Net increase in cash and cash equivalents |
48,120 |
|
(66,249) |
|
100,637 |
|
25,663 |
|
Cash and cash equivalents, beginning of period |
324,326 |
|
359,580 |
|
271,809 |
|
267,668 |
|
Cash and cash equivalents, end of period |
|
|
|
|
|
|
|
Reconciliation of Net Income to Adjusted EBITDA - Unaudited
(Expressed in thousands of |
|||||||
|
|||||||
|
Three months |
|
Three months |
|
Six months |
|
Six months |
|
|
|
|
||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Net income |
|
|
|
|
|
|
|
Depreciation |
35,380 |
|
31,910 |
|
69,243 |
|
63,439 |
Amortization of deferred drydocking & special survey costs |
6,972 |
|
4,502 |
|
12,424 |
|
8,337 |
Amortization of assumed time charters |
(1,036) |
|
(5,854) |
|
(4,534) |
|
(12,390) |
Amortization of finance costs and commitment fees |
1,026 |
|
1,311 |
|
2,299 |
|
2,762 |
Amortization of deferred realized losses on interest rate swaps |
903 |
|
903 |
|
1,806 |
|
1,796 |
Interest income |
(2,923) |
|
(3,596) |
|
(5,859) |
|
(6,319) |
Interest expense excluding amortization of finance costs |
4,632 |
|
5,313 |
|
7,259 |
|
11,342 |
Change in fair value of investments |
(2,224) |
|
(6,438) |
|
(13,203) |
|
(6,438) |
Loss on debt extinguishment |
- |
|
2,254 |
|
- |
|
2,254 |
Net gain on disposal/sale of vessels |
(7,094) |
|
- |
|
(7,094) |
|
(1,639) |
Adjusted EBITDA(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Last twelve |
|
Last twelve |
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
2023 |
|
|
|
|
Net income |
|
|
|
|
|
|
|
Depreciation |
135,091 |
|
129,287 |
|
|
|
|
Amortization of deferred drydocking & special survey costs |
22,750 |
|
18,663 |
|
|
|
|
Amortization of assumed time charters |
(13,366) |
|
(21,222) |
|
|
|
|
Amortization of finance costs and commitment fees |
4,673 |
|
5,136 |
|
|
|
|
Amortization of deferred realized losses on interest rate swaps |
3,632 |
|
3,622 |
|
|
|
|
Interest income |
(11,673) |
|
(12,133) |
|
|
|
|
Interest expense excluding amortization of finance costs |
14,179 |
|
18,262 |
|
|
|
|
Change in fair value of investments |
(24,632) |
|
(17,867) |
|
|
|
|
Stock based compensation |
6,340 |
|
6,340 |
|
|
|
|
Loss on debt extinguishment |
- |
|
2,254 |
|
|
|
|
Net gain on disposal/sale of vessels |
(7,094) |
|
(1,639) |
|
|
|
|
Adjusted EBITDA(1) |
|
|
|
|
|
|
|
|
|
1) |
Adjusted EBITDA represents net income before interest income and expense, depreciation, amortization of deferred drydocking & special survey costs, amortization of assumed time charters, amortization of deferred finance costs and commitment fees, amortization of deferred realized losses on interest rate swaps, change in fair value of investments, stock based compensation, loss on debt extinguishment and net gain on disposal/sale of vessels. However, Adjusted EBITDA is not a recognized measurement under |
|
|
|
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 |
Reconciliation of Net Income to Adjusted EBITDA per segment
Three Months Ended Unaudited
(Expressed in thousands of |
|||||||||||||||||
|
|||||||||||||||||
|
|
Three Months Ended |
|
|
Three Months Ended |
||||||||||||
|
|
|
|
|
|
||||||||||||
|
|
Container |
|
Drybulk |
|
Other |
|
Total |
|
|
Container |
|
Drybulk |
|
Other |
|
Total |
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
Depreciation |
|
33,247 |
|
2,133 |
|
- |
|
35,380 |
|
|
31,910 |
|
- |
|
- |
|
31,910 |
Amortization of deferred drydocking & special survey costs |
|
6,683 |
|
289 |
|
- |
|
6,972 |
|
|
4,502 |
|
- |
|
- |
|
4,502 |
Amortization of assumed time charters |
|
(1,036) |
|
- |
|
- |
|
(1,036) |
|
|
(5,854) |
|
- |
|
- |
|
(5,854) |
Amortization of finance costs and commitment fees |
|
1,026 |
|
- |
|
- |
|
1,026 |
|
|
1,311 |
|
- |
|
- |
|
1,311 |
Amortization of deferred realized losses on interest rate swaps |
|
903 |
|
- |
|
- |
|
903 |
|
|
903 |
|
- |
|
- |
|
903 |
Interest income |
|
(2,923) |
|
- |
|
- |
|
(2,923) |
|
|
(3,596) |
|
- |
|
- |
|
(3,596) |
Interest expense excluding amortization of finance costs |
|
4,632 |
|
- |
|
- |
|
4,632 |
|
|
5,313 |
|
- |
|
- |
|
5,313 |
Change in fair value of investments |
|
- |
|
- |
|
(2,224) |
|
(2,224) |
|
|
- |
|
- |
|
(6,438) |
|
(6,438) |
Loss on debt extinguishment |
|
- |
|
- |
|
- |
|
- |
|
|
2,254 |
|
- |
|
- |
|
2,254 |
Net gain on disposal/sale of vessels |
|
(7,094) |
|
- |
|
- |
|
(7,094) |
|
|
- |
|
- |
|
- |
|
- |
Adjusted EBITDA(1) |
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
1) |
Adjusted EBITDA represents net income before interest income and expense, depreciation, amortization of deferred drydocking & special survey costs, amortization of assumed time charters, amortization of deferred finance costs and commitment fees, amortization of deferred realized losses on interest rate swaps, change in fair value of investments and net gain on disposal/sale of vessels. However, Adjusted EBITDA is not a recognized measurement under |
|
|
|
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 |
Reconciliation of Net Income to Adjusted EBITDA per segment
Six Months Ended Unaudited
(Expressed in thousands of |
|||||||||||||||||
|
|||||||||||||||||
|
|
Six Months Ended |
|
|
Six Months Ended |
||||||||||||
|
|
|
|
|
|
||||||||||||
|
|
Container |
|
Drybulk |
|
Other |
|
Total |
|
|
Container |
|
Drybulk |
|
Other |
|
Total |
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
Depreciation |
|
65,255 |
|
3,988 |
|
- |
|
69,243 |
|
|
63,439 |
|
- |
|
- |
|
63,439 |
Amortization of deferred drydocking & special survey costs |
|
12,135 |
|
289 |
|
- |
|
12,424 |
|
|
8,337 |
|
- |
|
- |
|
8,337 |
Amortization of assumed time charters |
|
(4,534) |
|
- |
|
- |
|
(4,534) |
|
|
(12,390) |
|
- |
|
- |
|
(12,390) |
Amortization of finance costs and commitment fees |
|
2,299 |
|
- |
|
- |
|
2,299 |
|
|
2,762 |
|
- |
|
- |
|
2,762 |
Amortization of deferred realized losses on interest rate swaps |
|
1,806 |
|
- |
|
- |
|
1,806 |
|
|
1,796 |
|
- |
|
- |
|
1,796 |
Interest income |
|
(5,859) |
|
- |
|
- |
|
(5,859) |
|
|
(6,319) |
|
- |
|
- |
|
(6,319) |
Interest expense excluding amortization of finance costs |
|
7,259 |
|
- |
|
- |
|
7,259 |
|
|
11,342 |
|
- |
|
- |
|
11,342 |
Change in fair value of investments |
|
- |
|
- |
|
(13,203) |
|
(13,203) |
|
|
- |
|
- |
|
(6,438) |
|
(6,438) |
Loss on debt extinguishment |
|
- |
|
- |
|
- |
|
- |
|
|
2,254 |
|
- |
|
- |
|
2,254 |
Net gain on disposal/sale of vessels |
|
(7,094) |
|
- |
|
- |
|
(7,094) |
|
|
(1,639) |
|
- |
|
- |
|
(1,639) |
Adjusted EBITDA(1) |
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
1) |
Adjusted EBITDA represents net income before interest income and expense, depreciation, amortization of deferred drydocking & special survey costs, amortization of assumed time charters, amortization of deferred finance costs and commitment fees, amortization of deferred realized losses on interest rate swaps, change in fair value of investments and net gain on disposal/sale of vessels. However, Adjusted EBITDA is not a recognized measurement under |
|
|
|
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 |
Reconciliation of Net Income to Adjusted Net Income per segment
Three Months Ended Unaudited
(Expressed in thousands of |
|||||||||||||||||
|
|||||||||||||||||
|
|
Three Months Ended |
|
|
Three Months Ended |
||||||||||||
|
|
|
|
|
|
||||||||||||
|
|
Container |
|
Drybulk |
|
Other |
|
Total |
|
|
Container |
|
Drybulk |
|
Other |
|
Total |
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
Change in fair value of investments |
|
- |
|
- |
|
(2,224) |
|
(2,224) |
|
|
- |
|
- |
|
(6,438) |
|
(6,438) |
Loss on debt extinguishment |
|
- |
|
- |
|
- |
|
- |
|
|
2,254 |
|
- |
|
- |
|
2,254 |
Amortization of financing fees |
|
474 |
|
- |
|
- |
|
474 |
|
|
568 |
|
- |
|
- |
|
568 |
Net gain on disposal/sale of vessels |
|
(7,094) |
|
- |
|
- |
|
(7,094) |
|
|
- |
|
- |
|
- |
|
- |
Adjusted Net income/(loss)(1) |
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
Adjusted Earnings per Share, diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted average number of shares (in thousands of shares) |
|
19,520 |
|
|
|
|
20,081 |
Reconciliation of Net Income to Adjusted Net Income per segment
Six Months Ended Unaudited
(Expressed in thousands of |
|||||||||||||||||
|
|||||||||||||||||
|
|
Six Months Ended |
|
|
Six Months Ended |
||||||||||||
|
|
|
|
|
|
||||||||||||
|
|
Container |
|
Drybulk |
|
Other |
|
Total |
|
|
Container |
|
Drybulk |
|
Other |
|
Total |
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
Change in fair value of investments |
|
- |
|
- |
|
(13,203) |
|
(13,203) |
|
|
- |
|
- |
|
(6,438) |
|
(6,438) |
Loss on debt extinguishment |
|
- |
|
- |
|
- |
|
- |
|
|
2,254 |
|
- |
|
- |
|
2,254 |
Amortization of financing fees |
|
971 |
|
- |
|
- |
|
971 |
|
|
1,261 |
|
- |
|
- |
|
1,261 |
Net gain on disposal/sale of vessels |
|
(7,094) |
|
- |
|
- |
|
(7,094) |
|
|
(1,639) |
|
- |
|
- |
|
(1,639) |
Adjusted Net income/(loss)(1) |
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
Adjusted Earnings per Share, diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted average number of shares (in thousands of shares) |
|
19,552 |
|
|
|
|
20,214 |
|
|
1) |
The Company reports its financial results in accordance with |
View original content:https://www.prnewswire.com/news-releases/danaos-corporation-reports-second-quarter-and-half-year-results-for-the-period-ended-june-30-2024-302214675.html
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