Danaos Corporation Reports First Quarter Results for Period Ended March 31, 2024
Highlights for the First Quarter Ended
Financial Summary
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Three Months Ended |
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Three Months Ended |
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Financial & Operating
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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 / (loss) |
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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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6,019 |
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596 |
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- |
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5,956 |
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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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6,185 |
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637 |
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- |
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6,150 |
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- |
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- |
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Average number of vessels |
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68.0 |
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7.0 |
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- |
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68.3 |
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- |
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- |
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Fleet Utilization |
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97.3% |
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93.6% |
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- |
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96.8% |
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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
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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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0.19x |
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0.20x |
1. |
Time charter equivalent revenues, time charter equivalent US$/day are non-GAAP measures. Refer to the reconciliation provided below. |
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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 net income to adjusted EBITDA provided below. |
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3. |
Marketable securities refer to fair value of 1,552,865 shares of common stock of EGLE as at |
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4. |
Total cash liquidity & marketable securities includes: (i) cash and cash equivalents, (ii) availability under our Revolving Credit Facility and (iii) marketable securities. |
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5. |
Net Debt is defined as total debt gross of deferred finance costs less cash and cash equivalents |
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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 segment 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 accounting and investments in marketable securities.
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In
March 2024 , we entered into a syndicated loan facility agreement for an amount of up to$450 million , to finance all of our 8 newbuilding container vessels with deliveries in 2024 and 2025. An amount of$55.0 million was utilized as ofMarch 31, 2024 to finance the delivery of the first of these vessels. This facility is repayable in quarterly instalments up toSeptember 2030 . -
In
February 2024 , we entered into agreements to acquire an additional 3 Capesize drybulk vessels aggregating 529,704 DWT, with expected delivery to us in the second and third quarter of 2024. This will bring the total number of our Capesize drybulk vessels fleet to 10 vessels with an aggregate capacity of 1,760,861 DWT. -
In February and
March 2024 we added four 8,258 TEU newbuildings to our orderbook with expected deliveries in 2026 and 2027. As a result, as ofMarch 31, 2024 , we had 14 container vessels under construction with an aggregate capacity of 107,946 TEU. Two newbuilding vessels were delivered to us in April andMay 2024 , four vessels are expected to be delivered in the remainder of 2024, two vessels in 2025, three vessels in 2026 and three vessels in 2027. 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 theInternational Maritime Organization in relation to Tier III emission standards and Energy Efficiency Design Index (EEDI) Phase III. -
We have now secured multi-year chartering agreements for all of our 14 newbuildings. As a result of this chartering activity, over the past three months we have added approximately
$423 million to our contracted revenue backlog through the arrangement of new charters for 5 container vessels in our fleet and 8 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
$2.5 billion . The remaining average contracted charter duration is 2.9 years, weighted by aggregate contracted charter hire. -
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 share repurchase program of up to$200 million announced inJune 2022 , as amended onNovember 10, 2023 . - Contracted operating days charter coverage for our container vessel fleet is currently 99% for 2024 and 69% for 2025. This includes newbuildings based on their scheduled delivery dates.
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Danaos has declared a dividend of$0.80 per share of common stock for the first quarter of 2024, which is payable onJune 20, 2024 , to stockholders of record as ofJune 11, 2024 .
Danaos’ CEO Dr.
“The container market continued to strengthen in the first quarter of 2024, a trend that has continued into the second quarter. Both charter and box rates are gaining momentum, and we have completed all necessary rechartering activity in excess of our internal forecasts. The renewed optimism in the market extends to the longer term view of the charterers, who are making charter commitments on newbuilding vessels with deliveries scheduled from 2025 through the end of 2027.
Following the recent placement of an order for an additional two 8,250 TEU vessels for 2027 delivery, our newbuilding orderbook currently consists of 14 vessels, totaling 108,000 TEU, two of which have already been delivered to us.
More importantly, we have now secured multi-year chartering agreements for all our vessels on order, while we have also extended charters of certain existing vessels. As a result of this chartering activity, over the past three months we have added
All the vessels in our newbuilding orderbook are Methanol ready, future proofing a portion of our fleet on green fuel usage. We have also arranged very conservative financing for the first eight newbuildings at competitive rates to ensure that we are able to maintain a strong liquidity profile to support continued opportunistic fleet expansion.
In our drybulk vessels segment, we have added an additional Capesize vessel to our fleet, increasing our fleet to 10 vessels in total. We are continuing to explore ways to increase our exposure to this market. The drybulk market has performed above expectations, and we are confident that an eventual Chinese recovery will drive the market higher. Our entry point into the dry bulk market is relatively low, and our breakeven is therefore easily achievable.
Despite geopolitical uncertainties, most of the economies around the world are performing relatively well and are displaying no signs of recession. The biggest risk to our market outlook comes from trade hurdles that various countries are putting in place in the form of tariffs and trade restrictions on energy as well as manufactured goods. Despite the positive short-term impacts of these practices, we believe they will ultimately result in trade contraction in the long term.
In the meantime, our strategy has continued to result in consistent solid results. We will continue to explore growth opportunities while ensuring the longevity of our investments for the benefit of our shareholders.”
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
Please refer to the Adjusted Net Income reconciliation tables, which appear later in this earnings release.
The
On a non-adjusted basis, our net income amounted to
Operating Revenues
Operating revenues increased by 4.0%, or
Operating revenues of our container vessels segment decreased by 4.2%, or
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a
$3.0 million increase in revenues in the three months endedMarch 31, 2024 compared to the three months endedMarch 31, 2023 mainly as a result of higher charter rates and improved vessels utilization; -
a
$2.7 million decrease in revenues in the three months endedMarch 31, 2024 compared to the three months endedMarch 31, 2023 due to vessel disposals; -
a
$3.0 million decrease in revenues in the three months endedMarch 31, 2024 compared to the three months endedMarch 31, 2023 due to decreased amortization of assumed time charters; and -
a
$7.5 million decrease in revenue in the three months endedMarch 31, 2024 compared to the three months endedMarch 31, 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 7.6%, 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
Gain on sale of vessels
In
Interest Expense and Interest Income
Interest expense decreased by 53.7%, or
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a
$1.0 million decrease in interest expense due to a decrease in our average indebtedness by$94.0 million between the two periods. Average indebtedness was$413.7 million in the three months endedMarch 31, 2024 , compared to average indebtedness of$507.7 million in the three months endedMarch 31, 2023 . This decrease was partially offset by an increase in our debt service cost by approximately 0.6% as a result of higher interest rates; -
a
$2.4 million decrease in interest expense due to an increase in capitalized interest expense on our vessels under construction in the three months endedMarch 31, 2024 ; and -
a
$0.2 million decrease in the amortization of deferred finance costs and debt discount.
As of
Interest income increased by
Gain on investments
The gain on investments of
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 remained stable at
Adjusted EBITDA
Adjusted EBITDA decreased by 1.0%, or
Adjusted EBITDA of container vessels segment decreased by 4.1%, or
Adjusted EBITDA of drybulk vessels segment was
Dividend Payment
Recent Developments
In
In February and
In April and
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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First Quarter |
First Quarter |
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2024 |
2023 |
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Ownership Days |
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6,185 |
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6,150 |
Less Off-hire Days: |
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Scheduled Off-hire Days |
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(67) |
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(150) |
Other Off-hire Days |
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(99) |
(44) |
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Operating Days(1) |
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6,019 |
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5,956 |
Vessel Utilization |
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97.3% |
96.8% |
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Operating Revenues (in '000s of US$) |
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Less: Voyage Expenses excluding commissions (in '000s of US$) |
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(488) |
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(415) |
Time Charter Equivalent Revenues (in '000s of US$) |
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232,923 |
243,159 |
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Time Charter Equivalent US$/per day |
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Drybulk vessels fleet utilization |
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Vessel Utilization (No. of Days) |
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First
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First
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2024 |
2023 |
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Ownership Days |
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637 |
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- |
Less Off-hire Days: |
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Scheduled Off-hire Days |
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(31) |
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- |
Other Off-hire Days |
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(10) |
- |
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Operating Days(1) |
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596 |
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- |
Vessel Utilization |
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93.6% |
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Operating Revenues (in '000s of US$) |
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- |
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Less: Voyage Expenses excluding commissions (in '000s of US$) |
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(10,827) |
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- |
Time Charter Equivalent Revenues (in '000s of US$) |
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9,211 |
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Time Charter Equivalent US$/per day |
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- |
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. |
The following table describes in detail our container vessels deployment profile as of
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Year Built |
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Expiration of Charter(2) |
Hyundai Ambition |
13,100 |
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2012 |
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Hyundai Speed |
13,100 |
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2012 |
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Hyundai Smart |
13,100 |
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2012 |
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13,100 |
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2012 |
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Kota Peony (ex Hyundai Honour) |
13,100 |
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2012 |
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Express |
10,100 |
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2011 |
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Express |
10,100 |
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2011 |
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Express |
10,100 |
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2011 |
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Le Havre |
9,580 |
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2006 |
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Pusan C |
9,580 |
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2006 |
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9,012 |
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2009 |
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C Hamburg |
9,012 |
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2009 |
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Niledutch Lion |
8,626 |
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2008 |
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8,533 |
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2005 |
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Belita |
8,533 |
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2006 |
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CMA CGM Melisande |
8,530 |
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2012 |
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CMA CGM Attila |
8,530 |
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2011 |
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CMA CGM Tancredi |
8,530 |
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2011 |
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CMA CGM Bianca |
8,530 |
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2011 |
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CMA CGM Samson |
8,530 |
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2011 |
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America |
8,468 |
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2004 |
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8,468 |
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2004 |
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8,463 |
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2005 |
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Catherine C |
8,010 |
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2024 |
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Interasia Accelerate |
7,165 |
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2024 |
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CMA CGM Moliere |
6,500 |
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2009 |
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CMA CGM Musset |
6,500 |
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2010 |
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CMA CGM Nerval |
6,500 |
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2010 |
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CMA CGM Rabelais |
6,500 |
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2010 |
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6,500 |
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2010 |
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YM Mandate |
6,500 |
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2010 |
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YM Maturity |
6,500 |
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2010 |
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6,402 |
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2002 |
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Dimitra C |
6,402 |
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2002 |
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5,610 |
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2002 |
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5,544 |
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2002 |
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Wide Alpha |
5,466 |
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2014 |
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Stephanie C |
5,466 |
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2014 |
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Maersk Euphrates |
5,466 |
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2014 |
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5,466 |
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2015 |
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Wide |
5,466 |
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2015 |
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Wide Juliet |
5,466 |
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2015 |
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Seattle C |
4,253 |
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2007 |
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4,253 |
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2007 |
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Derby D |
4,253 |
|
2004 |
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Tongala |
4,253 |
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2004 |
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Rio Grande |
4,253 |
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2008 |
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Merve A |
4,253 |
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2008 |
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4,253 |
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2008 |
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4,253 |
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2009 |
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4,253 |
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2009 |
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ZIM |
4,253 |
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2009 |
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Dimitris C |
3,430 |
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2001 |
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3,400 |
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2011 |
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Express |
3,400 |
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2011 |
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Express |
3,400 |
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2010 |
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Express |
3,400 |
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2010 |
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Express |
3,400 |
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2010 |
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3,314 |
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2004 |
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3,314 |
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2004 |
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Zebra |
2,602 |
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2001 |
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Artotina |
2,524 |
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2001 |
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Advance |
2,200 |
|
1997 |
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Future |
2,200 |
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1997 |
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Sprinter |
2,200 |
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1997 |
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Bridge |
2,200 |
|
1998 |
|
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Progress C |
2,200 |
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1998 |
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Phoenix D |
2,200 |
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1997 |
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Highway |
2,200 |
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1998 |
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(1) |
Twenty-feet equivalent unit, the international standard measure for containers and container vessels capacity. |
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(2) |
Earliest date charters could expire. Some charters include options for the charterer to extend their terms. |
Container vessels under construction as of
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Hull Number |
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Expected
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Minimum Charter
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Hull No. C7100-8 |
7,165 |
|
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 |
|
|
2 Years |
Hull No. CV5900-08 |
6,014 |
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2025 |
|
|
2 Years |
Hull No. YZJ2023-1556 |
8,258 |
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2026 |
|
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3 Years |
Hull No. YZJ2023-1557 |
8,258 |
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2026 |
|
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3 Years |
Hull No. YZJ2024-1612 |
8,258 |
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2026 |
|
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3 Years |
Hull No. YZJ2024-1613 |
8,258 |
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2027 |
|
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3 Years |
Hull No. YZJ2024-1625 |
8,258 |
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2027 |
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3 Years |
Hull No. YZJ2024-1626 |
8,258 |
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2027 |
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|
3 Years |
The following table describes the details of our Capesize drybulk vessels as of
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Capacity
|
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Year Built |
|
|
|
Achievement |
175,966 |
|
2011 |
|
|
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Genius |
175,580 |
|
2012 |
|
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Ingenuity |
176,022 |
|
2011 |
|
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Integrity |
175,966 |
|
2010 |
|
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Peace |
175,858 |
|
2010 |
|
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W Trader |
175,879 |
|
2009 |
|
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E Trader |
175,886 |
|
2009 |
|
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|
176,536 |
|
2011 |
|
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|
|
178,043 |
|
2010 |
|
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Star Audrey (2) |
175,125 |
|
2011 |
|
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(1) |
DWT, dead weight tons, the international standard measure for drybulk vessels capacity. |
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(2) |
The vessels are expected to be delivered in June through |
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Three months
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Three months
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|||
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2024 |
|
2023 |
|
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OPERATING REVENUES |
|
|
|
|
OPERATING EXPENSES |
|
|
|
|
|
Vessel operating expenses |
(43,114) |
|
(40,639) |
|
Depreciation & amortization |
(39,315) |
|
(35,364) |
|
General & administrative |
(10,244) |
|
(6,845) |
|
Other operating expenses |
(20,342) |
|
(7,883) |
|
Gain on sale of vessels |
- |
|
1,639 |
Income From Operations |
140,434 |
|
154,482 |
|
OTHER INCOME/(EXPENSES) |
|
|
|
|
|
Interest income |
2,936 |
|
2,723 |
|
Interest expense |
(3,124) |
|
(6,722) |
|
Gain on investments |
11,911 |
- |
|
|
Other finance expenses |
(882) |
|
(976) |
|
Equity loss on investments |
(109) |
|
(2,588) |
|
Other income/(expenses), net |
235 |
|
175 |
|
Realized loss on derivatives |
(903) |
|
(893) |
Total Other Income/(Expenses), net |
10,064 |
|
(8,281) |
|
Net Income |
150,498 |
|
146,201 |
|
EARNINGS PER SHARE |
|
|
|
|
Basic earnings per share |
|
|
|
|
Diluted earnings per share |
|
|
|
|
Basic weighted average number of common shares (in thousands of shares) |
19,412 |
|
20,349 |
|
Diluted weighted average number of common shares (in thousands of shares) |
19,584 |
|
20,349 |
Non-GAAP Measures1
|
|||
|
Three months
|
|
Three months
|
|
|
||
|
2024 |
|
2023 |
Net Income |
|
|
|
Change in fair value of investments |
(10,979) |
|
- |
Gain on sale of vessels |
- |
|
(1,639) |
Amortization of financing fees, debt discount & finance fees accrued |
497 |
|
693 |
Adjusted Net Income |
|
|
|
Adjusted Earnings Per Share, diluted |
|
|
|
Diluted weighted average number of shares (in thousands of shares) |
19,584 |
|
20,349 |
1 The Company reports its financial results in accordance with
|
|||||
|
|
|
As of |
|
As of |
|
|
||||
|
|
|
2024 |
|
2023 |
ASSETS |
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
Cash, cash equivalents and restricted cash |
|
|
|
|
|
Accounts receivable, net |
|
13,383 |
|
9,931 |
|
Other current assets |
|
225,422 |
|
220,030 |
|
|
|
563,131 |
|
501,770 |
NON-CURRENT ASSETS |
|
|
|
|
|
|
Fixed assets, net |
|
2,711,984 |
|
2,746,541 |
|
Advances for vessels acquisition and vessels under construction |
|
421,887 |
|
301,916 |
|
Deferred charges, net |
|
36,069 |
|
38,012 |
|
Other non-current assets |
|
76,679 |
|
72,897 |
|
|
|
3,246,619 |
|
3,159,366 |
TOTAL ASSETS |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
Long-term debt, current portion |
|
|
|
|
|
Accounts payable, accrued liabilities & other current liabilities |
|
124,327 |
|
146,860 |
|
|
|
144,822 |
|
168,160 |
LONG-TERM LIABILITIES |
|
|
|
|
|
|
Long-term debt, net |
|
431,491 |
|
382,874 |
|
Other long-term liabilities |
|
83,547 |
|
93,785 |
|
|
|
515,038 |
|
476,659 |
|
|
|
|
|
|
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
Common stock |
|
194 |
|
194 |
|
Additional paid-in capital |
|
687,634 |
|
690,190 |
|
Accumulated other comprehensive loss |
|
(74,813) |
|
(75,979) |
|
Retained earnings |
|
2,536,875 |
|
2,401,912 |
|
|
|
3,149,890 |
|
3,016,317 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
||||
|
Three months
|
|
Three months
|
|
|
|
|||
|
2024 |
|
2023 |
|
Operating Activities: |
|
|
|
|
Net income |
|
|
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
Depreciation and amortization of right-of-use assets |
33,863 |
|
31,529 |
|
Amortization of deferred drydocking & special survey costs, finance cost, debt discount and other finance fees accrued |
5,949 |
|
4,528 |
|
Amortization of assumed time charters |
(3,498) |
|
(6,536) |
|
Prior service cost and periodic cost |
257 |
|
492 |
|
Gain on investments |
(10,979) |
|
- |
|
Gain on sale of vessels |
- |
|
(1,639) |
|
Payments for drydocking/special survey |
(4,169) |
|
(9,742) |
|
Amortization of deferred realized losses on cash flow interest rate swaps |
903 |
|
893 |
|
Equity loss on investments |
109 |
|
2,588 |
|
Stock based compensation |
1,576 |
|
- |
|
Accounts receivable |
(3,452) |
|
(1,939) |
|
Other assets, current and non-current |
11,887 |
|
(8,794) |
|
Accounts payable and accrued liabilities |
(6,228) |
|
(5,085) |
|
Other liabilities, current and long-term |
(23,424) |
|
(24,902) |
|
|
153,292 |
|
127,594 |
|
|
|
|
|
|
Investing Activities: |
|
|
|
|
Vessel additions and advances for vessels under construction |
(124,127) |
|
(5,736) |
|
Proceeds and advances received from sale of vessels |
716 |
3,914 |
||
Investments |
- |
|
(4,263) |
|
|
(123,411) |
|
(6,085) |
|
|
|
|
|
|
Financing Activities: |
|
|
|
|
Proceeds from long-term debt, net |
55,000 |
|
- |
|
Debt repayment |
(6,875) |
|
(6,875) |
|
Payments of leaseback obligations |
- |
|
(6,629) |
|
Dividends paid |
(15,535) |
|
(15,262) |
|
Repurchase of common stock |
(4,129) |
|
(581) |
|
Finance costs |
(5,825) |
|
(250) |
|
|
22,636 |
|
(29,597) |
|
Net increase in cash and cash equivalents |
52,517 |
|
91,912 |
|
Cash and cash equivalents, beginning of period |
271,809 |
|
267,668 |
|
Cash and cash equivalents, end of period |
|
|
|
|
|||||||
|
Three months
|
|
Three months
|
|
Last twelve
|
|
Last twelve
|
|
|
|
|
||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Net income |
|
|
|
|
|
|
|
Depreciation and amortization of right-of-use assets |
33,863 |
|
31,529 |
|
131,621 |
|
129,287 |
Amortization of deferred drydocking & special survey costs |
5,452 |
|
3,835 |
|
20,280 |
|
18,663 |
Amortization of assumed time charters |
(3,498) |
|
(6,536) |
|
(18,184) |
|
(21,222) |
Amortization of deferred finance costs, debt discount and commitment fees |
1,273 |
|
1,451 |
|
4,958 |
|
5,136 |
Amortization of deferred realized losses on interest rate swaps |
903 |
|
893 |
|
3,632 |
|
3,622 |
Interest income |
(2,936) |
|
(2,723) |
|
(12,346) |
|
(12,133) |
Interest expense |
2,627 |
|
6,029 |
|
14,860 |
|
18,262 |
Change in fair value of investments |
(10,979) |
|
- |
|
(28,846) |
|
(17,867) |
Stock based compensation |
- |
- |
6,340 |
6,340 |
|||
Loss on debt extinguishment |
- |
|
- |
|
2,254 |
|
2,254 |
Gain on sale of vessels |
- |
(1,639) |
- |
(1,639) |
|||
Adjusted EBITDA(1) |
|
|
|
|
|
|
|
1) |
Adjusted EBITDA represents net income before interest income and expense, depreciation and amortization of right-of-use assets, 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, change in fair value of investment, stock based compensation, loss on debt extinguishment and gain on 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 |
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Three Months Ended |
||||||||||||
|
|
|
|
|
|
||||||||||||
|
|
Container
|
|
Drybulk
|
|
Other |
|
Total |
|
|
Container
|
|
Drybulk
|
|
Other |
|
Total |
Net income/(loss) |
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
Depreciation and amortization of right-of-use assets |
|
32,008 |
|
1,855 |
|
- |
|
33,863 |
|
|
31,529 |
|
- |
|
- |
|
31,529 |
Amortization of deferred drydocking & special survey costs |
|
5,452 |
|
- |
|
- |
|
5,452 |
|
|
3,835 |
|
- |
|
- |
|
3,835 |
Amortization of assumed time charters |
|
(3,498) |
|
- |
|
- |
|
(3,498) |
|
|
(6,536) |
|
- |
|
- |
|
(6,536) |
Amortization of deferred finance costs, debt discount and commitment fees |
|
1,273 |
|
- |
|
- |
|
1,273 |
|
|
1,451 |
|
- |
|
- |
|
1,451 |
Amortization of deferred realized losses on interest rate swaps |
|
903 |
|
- |
|
- |
|
903 |
|
|
893 |
|
- |
|
- |
|
893 |
Interest income |
|
(2,936) |
|
- |
|
- |
|
(2,936) |
|
|
(2,723) |
|
- |
|
- |
|
(2,723) |
Interest expense |
|
2,627 |
|
- |
|
- |
|
2,627 |
|
|
6,029 |
|
- |
|
- |
|
6,029 |
Change in fair value of investments |
|
- |
|
- |
|
(10,979) |
|
(10,979) |
|
|
- |
|
- |
|
- |
|
- |
Gain on sale of vessels |
|
- |
|
- |
|
- |
|
- |
|
|
(1,639) |
|
- |
|
- |
|
(1,639) |
Adjusted EBITDA(1) |
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
1) |
Adjusted EBITDA represents net income before interest income and expense, depreciation and amortization of right-of-use assets, 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, change in fair value of investments and gain on 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 |
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Three Months Ended |
||||||||||||
|
|
|
|
|
|
||||||||||||
|
|
Container
|
|
Drybulk
|
|
Other |
|
Total |
|
|
Container
|
|
Drybulk
|
|
Other |
|
Total |
Net income/(loss) |
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
Change in fair value of investments |
|
- |
|
- |
|
(10,979) |
|
(10,979) |
|
|
- |
|
- |
|
- |
|
- |
Amortization of financing fees & debt discount |
|
497 |
|
- |
|
- |
|
497 |
|
|
693 |
|
- |
|
- |
|
693 |
Gain on sale of vessels |
|
- |
|
- |
|
- |
|
- |
|
|
(1,639) |
|
- |
|
- |
|
(1,639) |
Adjusted Net income/(loss)(1) |
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
Adjusted Earnings per Share, diluted |
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
- |
|
|
Diluted weighted average number of shares (in thousands of shares) |
|
19,584 |
|
|
|
|
20,349 |
1 The Company reports its financial results in accordance with
View source version on businesswire.com: https://www.businesswire.com/news/home/20240528636350/en/
Company Contact:
Chief Financial Officer
Tel.: +30 210 419 6480
E-Mail: cfo@danaos.com
Investor Relations and Financial Media
Tel. 212-359-2228
E-Mail: danaos@rosecoglobal.com
Source: