Danaos Corp (DAC)

Danaos Corporation Reports First Quarter Results for Period Ended March 31, 2026May 11, 2026 5:00 PM
PR Newswire (US) ATHENS, Greece, May 11, 2026 /PRNewswire/ -- Danaos Corporation ("Danaos") (NYSE: DAC), one of the world's largest independent owners of container vessels, today reported unaudited results for the three-month period ended March 31, 2026. Financial SummaryThree Months Ended March 31, 2026 and Three Months Ended March 31, 2025Unaudited(Expressed in thousands of United States dollars, except as otherwise stated)


Three Months Ended
Three Months Ended

March 31, 2026
March 31, 2025Financial & Operating
Metrics
Container
Vessels
Dry bulk
Vessels
Other
Total
Container
Vessels
Dry bulk
Vessels
Other
TotalOperating Revenues
$229,550
$24,148
-
$253,698
$236,190
$17,117
-
$253,307Voyage
Income/(Expenses), excl.
commissions
$4,601
$(5,554)
-
$(953)
$(307)
$(8,370)
-
$(8,677)Time Charter Equivalent
Revenues (1)
$234,151
$18,594
-
$252,745
$235,883
$8,747
-
$244,630Net income/(loss)
$113,253
$1,631
$25,537
$140,421
$119,045
$(6,542)
$2,644
$115,147Adjusted net income /
(loss) (2)
$118,840
$1,631
$2,077
$122,548
$119,803
$(6,542)
$161
$113,422Earnings per share, basic






$7.71






$6.14Earnings per share, diluted






$7.70






$6.13Adjusted earnings per
share, diluted (2)






$6.72






$6.04Operating Days
6,595
749
-


6,451
832
-

Time Charter Equivalent
US$/day (1)
$35,504
$24,825
-


$36,565
$10,513
-

Ownership days
6,750
913
-


6,637
900
-

Average number of vessels
75.0
10.1
-


73.7
10.0
-

Fleet Utilization
97.7 %
82.0 %
-


97.2 %
92.4 %
-

Adjusted EBITDA (2)
$170,104
$8,424
$2,038
$180,566
$172,888
$(1,349)
$134
$171,673
















Consolidated Balance Sheet & Leverage MetricsAs of March 31, 2026


As of December 31, 2025Cash and cash equivalents


$876,207






$1,037,292Availability under Revolving Credit Facility


$236,250






$247,500Marketable securities (3)


$143,704






$120,244Total cash liquidity & marketable securities (4)


$1,256,161






$1,405,036Debt, gross of deferred finance costs


$1,046,263






$1,177,782Net Debt (5)


$170,056






$140,490LTM Adjusted EBITDA (6)


$728,269






$719,376Net Debt / LTM Adjusted EBITDA


0.23x






0.20x1)Time charter equivalent revenues and time charter equivalent US$/day are non-GAAP measures. Refer to the reconciliation provided in the appendix which appears later in this earnings release.2)Adjusted net income/(loss), adjusted earnings per share, diluted and adjusted EBITDA are non-GAAP measures. Refer to the reconciliation of net income/(loss) to adjusted net income/(loss) and adjusted earnings per share, diluted; and net income/(loss) to adjusted EBITDA provided in the appendix which appears later in this earnings release.3)Marketable securities refer to fair value of 6,256,181 shares of common stock of SBLK as of March 31, 2026 and December 31, 2025.4)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 a non-GAAP measure and 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 which appears later in this earnings release.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.Highlights for the First Quarter Ended March 31, 2026 and up to the date of this release:Financing developmentsOn March 2, 2026, we repaid in full our 8.5% senior notes due 2028, with an outstanding principal amount of $262.8 million.On March 2, 2026, we prepaid the outstanding principal amount of $213.8 million under our syndicated $450.0 million loan facility, relating to the vessels Catherine C, Greenland, Interasia Accelerate, and Interasia Amplify.In connection with the prepayment, we entered into Japanese Operating Leases ("Jolco") in respect of these four vessels for an aggregate consideration of $371 million and a tenor of eight years. One of the Jolco transactions was consummated on March 23, 2026 for a consideration of $100 million, two on March 26, 2026 for a consideration of $85.5 million each, and one on April 16, 2026 for a consideration of $100 million. Additionally, two more vessels are expected to be refinanced through Jolco transactions in June 2026.As of March 31, 2026, out of our total fleet of 86 vessels, 79 of our 86 vessels were debt-free, including 67 unencumbered vessels and 12 pledged as collateral under our $382.5 million revolving credit facility, which remains undrawn. As of the date of this release, available committed borrowing capacity was $236.25 million under the Revolving Credit Facility, $850 million under the syndicated facility, and $207 million under the Jolco facilities, in each case subject to customary conditions precedent to drawdown.Fleet developmentsSince our previous earnings announcement, we have added two 5,000 TEU containership vessels to our orderbook with expected deliveries in 2027. We have arranged 3 year charters for both of these vessels and have added approximately $85 million to our contracted revenue backlog. Prior to delivery of these vessels, charterers have the option to extend the firm charter period to up to 7.4 years instead of 3 years. Additionally, we have placed orders for two Newcastlemax dry bulk carriers of approximately 211,000 dwt capacity each with expected deliveries in 2028.Our containership orderbook currently consists of 29 newbuilding containership vessels with an aggregate capacity of 184,550 TEU with expected deliveries of three vessels in 2026, fifteen vessels in 2027, seven vessels in 2028 and four vessels in 2029. All vessels in our orderbook will be built in accordance with the latest requirements of the International Maritime Organization (IMO) in relation to Tier III emission standards and Energy Efficiency Design Index (EEDI) Phase III. The majority of our orderbook vessels will be also equipped with additional eco-features, including methanol-ready capability and scrubber installations, while a portion are further designed with ammonia-ready capability.Our dry bulk vessel orderbook currently consists of four 211,000 dwt Newcastlemax dry bulk carriers, all with expected deliveries in 2028. All four Newcastlemax newbuildings will be built in accordance with IMO Tier III emission standards and EEDI Phase III requirements, and will be equipped with scrubbers.On March 19, 2026, we took delivery of the previously announced secondhand Capesize vessel which was renamed to John Junior. On a pro forma, fully delivered basis, assuming the delivery of all vessels currently under construction and on order, our fleet would consist of 104 containerships with an aggregate capacity of approximately 662,041 TEUs and 15 dry bulk vessels, comprising 11 Capesize bulk carriers and four Newcastlemax bulk carriers, with an aggregate capacity of approximately 2.8 million DWT.Chartering developmentsSince the date of our previous earnings release, we have added approximately $120 million to our contracted revenue backlog through a combination of charter extensions and forward new charters for certain of our existing container vessels and vessels on order.As a result, total contracted operating revenues, based on concluded charter contracts through the date of this release, currently stand at $4.1 billion, including newbuildings. The remaining average contracted charter duration for our containership fleet is 4.2 years, weighted by aggregate contracted charter hire.Contracted operating days charter coverage for our container vessel fleet is currently 100% for 2026, 87.9% for 2027 and 65.3% for 2028. This includes newbuildings based on their scheduled delivery dates.InvestmentsIn April 2026, we acquired an approximately 1.9% equity interest, comprising of 45,454,545 newly issued ordinary shares, in Yoda PLC (CSE: YODA), a Cyprus-listed investment company. Yoda PLC's portfolio is focused on shipping investments in the LNG and container sectors, real estate and other participations including healthcare. The shares were subscribed at €1.10 per share for total cash consideration of €50.0 million (approximately $58.6 million). Share buy-back and dividendsAs of the date of this release, Danaos has repurchased a total of 3,247,444 shares of its common stock in the open market for $235.1 million under its $300.0 million authorized share repurchase program, that was originally introduced in June 2022 and was upsized twice in $100.0 million increments, in November 2023 and in April 2025.Danaos has declared a dividend of $0.90 per share of common stock for the first quarter of 2026. The dividend is payable on June 4, 2026, to stockholders of record as of May 26, 2026.Danaos' CEO Dr. John Coustas commented:"This quarter was shaped by the unprecedented events in the Gulf and the closure of the Strait of Hormuz, a situation that is still unfolding but which we hope will be resolved in the coming weeks. The disruption has primarily benefited the tanker sector, where rates spiked sharply before quickly normalizing. In the container sector, the disruption helped stabilize and lift certain box rates, however it did not have a significant effect. Two of our vessels currently remain in the Gulf, but this does not affect our earnings as both vessels continue to be on charter.The dry bulk market has improved considerably and continues to strengthen. Our optimistic outlook for this market prompted us to expand our order-book to four Newcastlemaxes for 2028 delivery. We also ordered two 5,000 TEU container ships for 2027 delivery, both of which are backed by three-year charters.Together with charter arrangements for our existing fleet, these additions position us with a pro-forma fleet of 104 container ships and 15 Capesize & Newcastlemax vessels with a $4.1 billion contracted revenue backlog. Combined with $1.3 billion of liquidity, this positions us to continue pursuing accretive opportunities as they arise.Resolution of the conflicts in the Gulf and Ukraine should bring meaningful stability for years to come, absent new initiatives by the major global powers. Last year's developments demonstrated that globalization remains resilient and that protectionism is likely to be the exception rather than the rule going forward. Trade is becoming increasingly multilateral, which benefits the midsize container ship segment in which we are actively investing.Together with a disciplined expansion strategy, we believe these dynamics will continue to drive improving profitability and create value for our shareholders."Three months ended March 31, 2026 compared to the three months ended March 31, 2025During the three months ended March 31, 2026, Danaos had an average of 75.0 container vessels and 10.1 drybulk vessels compared to 73.7 container vessels and 10.0 drybulk vessels during the three months ended March 31, 2025. Our container vessels utilization for the three months ended March 31, 2026 was 97.7% compared to 97.2% in the three months ended March 31, 2025. Our drybulk vessels utilization for the three months ended March 31, 2026 was 82.0% compared to 92.4% in the three months ended March 31, 2025.Our adjusted net income amounted to $122.5 million, or $6.72 per diluted share, for the three months ended March 31, 2026 compared to $113.4 million, or $6.04 per diluted share, for the three months ended March 31, 2025. We have adjusted our net income in the three months ended March 31, 2026 for (i) a $23.5 million gain from the change in fair value of investments, (ii) a $4.6 million loss on debt extinguishment, and (iii) $1.0 million of non-cash amortization of finance fees and debt discount.Adjusted net income of our container vessels segment amounted to $118.8 million for the three months ended March 31, 2026, compared to $119.8 million for the three months ended March 31, 2025. We adjusted net income of container vessels segment in the three months ended March 31, 2026 for (i) a $4.6 million loss on debt extinguishment and (ii) $1.0 million of non-cash amortization of finance fees and debt discount.Adjusted net income of our drybulk vessels segment amounted to $1.6 million for the three months ended March 31, 2026, compared to an adjusted net loss of $6.5 million for the three months ended March 31, 2025.The $9.1 million increase in adjusted net income for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, was primarily attributable to (i) a $4.4 million decrease in total operating expenses, (ii) a $2.4 million decrease in net finance expenses, (iii) a $2.0 million increase in dividends received, and (iv) a $0.4 million increase in operating revenues, partially offset by a $0.1 million increase in loss on equity investments.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 $140.4 million, or $7.70 earnings per diluted share, for the three months ended March 31, 2026 compared to net income of $115.1 million, or $6.13 earnings per diluted share, for the three months ended March 31, 2025. Our net income for the three months ended March 31, 2026 includes $23.5 million gain on marketable securities (gross of dividend income) compared to $2.5 million gain on marketable securities (gross of dividend income) in the three months ended March 31, 2025. On a non-adjusted basis, the net income of our container vessels segment amounted to $113.3 million for the three months ended March 31, 2026 compared to $119.0 million for the three months ended March 31, 2025. On a non-adjusted basis, the net income of our drybulk vessels segment amounted to $1.6 million for the three months ended March 31, 2026, compared to a net loss of $6.5 million for the three months ended March 31, 2025.Operating Revenues
Operating revenues increased by $0.4 million, to $253.7 million in the three months ended March 31, 2026 from $253.3 million in the three months ended March 31, 2025.Operating revenues of our container vessels segment decreased by 2.8%, or $6.6 million, to $229.6 million in the three months ended March 31, 2026, compared to $236.2 million in the three months ended March 31, 2025, analyzed as follows:$7.2 million decrease in revenues due to non-cash revenue recognition in accordance with US GAAP;$6.9 million decrease in revenues as a result of lower charter rates between the two periods;
partially off-set by:$3.9 million increase in revenues as a result of newbuilding containership vessel additions;$3.6 million increase in revenues as a result of improved fleet utilization between the two periods.Operating revenues of our drybulk vessels segment increased by 40.9%, or $7.0 million, to $24.1 million in the three months ended March 31, 2026, compared to $17.1 million of revenues in the three months ended March 31, 2025. The increase was primarily driven by a significant improvement in Time Charter Equivalent rate per day, which increased to $24,825 per day in the three months ended March 31, 2026, from $10,513 per day in the three months ended March 31, 2025. This improvement was partially offset by a lower fleet utilization rate of 82.0% in the three months ended March 31, 2026 compared to 92.4% in the three months ended March 31, 2025.Vessel Operating Expenses
Vessel operating expenses decreased by $1.7 million to $50.0 million for the three months ended March 31, 2026, from $51.7 million for the three months ended March 31, 2025. This decrease occurred despite an increase in the average number of vessels in our fleet due to container vessel newbuilding deliveries and reflects a reduction in average daily operating costs to $6,680 per day from $7,028 per day in the prior-year period, mainly due to lower repairs and maintenance expenses. Management believes that our daily operating costs remain among the most competitive in the industry.Depreciation & Amortization
Depreciation & Amortization includes Depreciation and Amortization of Deferred Dry-docking and Special Survey Costs.Depreciation
Depreciation expense increased by $0.9 million, to $40.9 million in the three months ended March 31, 2026 from $40.0 million in the three months ended March 31, 2025, due to the increase in the average number of vessels in our fleet.Amortization of Deferred Dry-docking and Special Survey Costs
Amortization of deferred dry-docking and special survey costs increased by $1.3 million to $12.3 million in the three months ended March 31, 2026 from $11.0 million in the three months ended March 31, 2025, reflecting a larger number of vessels drydocked for which vessels drydocking amortization cost was recognized during the three months ended March 31, 2026 compared to the three months ended March 31, 2025.General and Administrative Expenses
General and administrative expenses increased by $2.4 million to $14.6 million for the three months ended March 31, 2026, from $12.2 million for the three months ended March 31, 2025. The increase was mainly attributable to $1.3 million in higher management fees mainly driven by the increase in the average number of vessels in our fleet, as well as a $1.1 million increase in corporate general and administrative expenses.Other Operating Expenses
Other Operating Expenses include Voyage Expenses.Voyage Expenses
Voyage expenses decreased by $7.4 million to $10.7 million in the three months ended March 31, 2026 from $18.1 million in the three months ended March 31, 2025, mainly driven by (i) a $4.9 million gain arising from early termination agreements for certain container vessels operating under time charter arrangements, with retention of bunkers on redelivery at no consideration in the three months ended March 31, 2026, and (ii) a $2.2 million decrease in voyage expenses of our dry bulk vessels, attributed to the different mix of time charter and voyage charter contracts under which our dry bulk vessels were deployed between the two periods.Voyage expenses of our container vessels segment decreased by $5.2 million to $3.6 million in the three months ended March 31, 2026 from $8.8 million in the three months ended March 31, 2025, mainly driven by a $4.9 million gain arising from early termination agreements for certain vessels operating under time charter arrangements, with retention of bunkers on redelivery at no consideration in the three months ended March 31, 2026.Voyage expenses of our dry bulk vessels segment decreased by $2.2 million to $7.1 million in the three months ended March 31, 2026, compared to $9.3 million in the three months ended March 31, 2025. For the three months ended March 31, 2026, voyage expenses of our dry bulk vessels comprised $1.5 million in commissions and $5.6 million in other voyage expenses, mainly comprised of bunkers costs and port expenses, compared to $1.0 million in commissions and $8.3 million in other voyage expenses for the three months ended March 31, 2025, reflecting an increase in time charter employment of our dry bulk vessels during the three months ended March 31, 2026 compared to the three months ended March 31, 2025.Interest Expense and Interest Income
Interest expense increased by $1.9 million, to $11.9 million in the three months ended March 31, 2026 from $10.0 million in the three months ended March 31, 2025. The increase in interest expense is a result of:$4.5 million increase in interest expense due to an increase in our average indebtedness by $329.7 million between the two periods, partially offset by a decrease in our average debt service cost. Average indebtedness was $1,107.3 million in the three months ended March 31, 2026, compared to average indebtedness of $777.6 million in the three months ended March 31, 2025, while our average debt service cost decreased by approximately 0.5%, mainly as a result of lower SOFR rates between the two periods;$0.2 million increase in the amortization of deferred finance costs and debt discount between the two periods;

partially off-set by:$2.8 million decrease in interest expense due to an increase in the amount of interest expense capitalized on our vessels under construction that was $7.2 million in the three months ended March 31, 2026, when compared to capitalized interest of $4.4 million in the three months ended March 31, 2025.As of March 31, 2026, our outstanding debt, gross of deferred finance costs, was $1,046.3 million, which includes $500.0 million principal amount of the 6.875% Senior Notes. This compares to $1,177.8 million of outstanding debt as of December 31, 2025, which included $262.8 million principal amount of the 8.5% Senior Notes and $500.0 million principal amount of the 6.875% Senior Notes. The decrease in our outstanding debt was mainly due to (i) the early prepayment of four secured facilities under the $450 million syndicated credit facility and (ii) the repayment of the $262.8 million principal amount of the 8.5% Senior Notes, partially offset by drawdowns under the Jolco facilities.Interest income increased by $4.0 million, to $7.6 million in the three months ended March 31, 2026 compared to $3.6 million in the three months ended March 31, 2025, mainly driven by higher average cash balances between the two periods, partially offset by lower interest rates on cash deposits between the corresponding periods.Gain on investments
The $25.8 million gain on investments for the three months ended March 31, 2026 consisted of the change in fair value of our shareholding interest in Star Bulk Carriers Corp. ("SBLK") of $23.5 million and dividend income on these shares of $2.3 million. This compares to a $2.8 million gain on investments for the three months ended March 31, 2025, which consisted of a $2.5 million gain from the change in fair value of our shareholding interest in SBLK and $0.3 million of dividend income on these shares.Loss on equity investments
Loss on equity investments amounting to $0.3 million and $0.2 million in the three months March 31, 2026 and March 31, 2025, respectively, relates to our share of expenses of Carbon Termination Technologies Corporation ("CTTC"), currently engaged in the research and development of decarbonization technologies for the shipping industry.Other finance expenses
Other finance expenses decreased by $0.1 million to $0.9 million in the three months ended March 31, 2026 compared to $1.0 million in the three months ended March 31, 2025.Loss on derivatives
Amortization of deferred realized losses on interest rate swaps remained stable at $0.9 million in the three months ended March 31, 2026 and March 31, 2025.Other income/(expenses), net
Other income/(expenses), net, amounted to an income of $0.4 million in the three months ended March 31, 2026 compared to an income of $0.6 million in the three months ended March 31, 2025.Adjusted EBITDA
Adjusted EBITDA increased by 5.2%, or $8.9 million, to $180.6 million for the three months ended March 31, 2026, from $171.7 million for the three months ended March 31, 2025. The increase was primarily attributable to (i) a $6.6 million decrease in total operating expenses, (ii) a $2.0 million increase in dividends received, and (iii) a $0.4 million increase in operating revenues, partially offset by a $0.1 million increase in loss on equity investments. Adjusted EBITDA for the three months ended March 31, 2026 is adjusted for (i) a $23.5 million gain from the change in fair value of investments, (ii) a $4.6 million of loss on debt extinguishment and (iii) stock based compensation of $0.1 million. Tables reconciling Adjusted EBITDA to Net Income/(Loss) can be found at the end of this earnings release.Adjusted EBITDA of container vessels segment decreased by 1.6%, or $2.8 million, to $170.1 million in the three months ended March 31, 2026 from $172.9 million in the three months ended March 31, 2025.Adjusted EBITDA of drybulk vessels segment increased by $9.7 million to $8.4 million in the three months ended March 31, 2026 from $(1.3) million in the three months ended March 31, 2025.Dividend Payment
Danaos has declared a dividend of $0.90 per share of common stock for the first quarter of 2026, which is payable on June 4, 2026, to stockholders of record as of May 26, 2026.Recent Developments
In April 2026, we received $100.0 million under the Jolco facility for vessel Greenland, with a tenor of eight years.In April 2026, we acquired an approximately 1.9% equity interest, comprising of 45,454,545 newly issued ordinary shares, in Yoda PLC (CSE: YODA), a Cyprus-listed investment company. Yoda PLC's portfolio is focused on shipping investments in the LNG and container sectors, real estate and other participations including healthcare. The shares were subscribed at €1.10 per share for total cash consideration of €50.0 million (approximately $58.6 million).In May 2026, we added two 5,000 TEU containership vessels to our orderbook, with expected deliveries in 2027.Conference Call and Webcast
On Tuesday, May 12, 2026 at 9:00 A.M. ET, the Company's management will host a conference call to discuss the results.Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 833 890 6464 (US Toll Free Dial In), 0 800 279 9489 (UK Toll Free Dial In) or +44 (0) 2075 441 375 (Standard International Dial In). Please indicate to the operator that you wish to join the Danaos Corporation earnings call.A telephonic replay of the conference call will be available until May 20, 2026 by dialing 1 855 669 9658 (US Toll Free Dial In) or 1-412-317-0088 (Standard International Dial In) and using 6800112# as your access code.Audio Webcast
There will also be a live and then archived webcast of the conference call on the Danaos website (www.danaos.com). Participants of the live webcast should register on the website approximately 10 minutes prior to the start of the webcast. An archived version of the audio webcast will be available on the website within 48 hours of the completion of the call.Slide Presentation
A slide presentation regarding the Company and the container and drybulk industry will also be available on the Danaos website (www.danaos.com).About Danaos Corporation
Danaos Corporation is one of the largest independent owners of modern, large-size containerships. Our current fleet of 75 containerships aggregating 477,491 TEUs and 29 under construction container vessels aggregating 184,550 TEUs ranks Danaos among the largest container vessels charter owners in the world based on total TEU capacity. Danaos has also invested in the dry bulk sector through the acquisition of 11 capesize drybulk vessels and the recent order of four Newcastlemax dry bulk newbuildings, which, on a fully delivered basis, will aggregate approximately 2,787,286 DWT in capacity. Our container vessels fleet is chartered to many of the world's largest liner companies on fixed-rate charters. Our long track record of success is predicated on our efficient and rigorous operational standards and environmental controls. Danaos Corporation's shares trade on the New York Stock Exchange under the symbol "DAC".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, including contracted revenue, fleet growth and market conditions, and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions. Although Danaos Corporation believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, Danaos Corporation cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, geopolitical conditions, including any trade disruptions resulting from tariffs, port fees or other protectionist measures imposed by the United States, China or other countries, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydocking, changes in Danaos Corporation's operating expenses, including bunker prices, drydocking and insurance costs, our ability to operate profitably in the drybulk sector, our ability to realize returns on our investment in the LNG sector, performance of shipyards constructing  our contracted newbuilding vessels, ability to obtain financing and comply with covenants in our financing arrangements, actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, including the conflict in Ukraine and related sanctions, conflicts in the Middle East, potential disruption of shipping routes such as Houthi attacks in the Red Sea and the Gulf of Aden and the effective closure of the Persian Gulf, including the Strait of Hormuz, due to the conflict between Iran and the U.S. and Israel, due to accidents and political events or acts by terrorists. Risks and uncertainties are further described in reports filed by Danaos Corporation with the U.S. Securities and Exchange Commission.Visit our website at www.danaos.comAPPENDIXContainer vessels fleet utilization



Vessel Utilization (No. of Days)
Three months
ended
Three months
ended
March 31,March 31,
20262025Ownership Days
6,750
6,637Less Off-hire Days:



Scheduled Off-hire Days
(146)
(167)Other Off-hire Days
(9)
(19)Operating Days
6,595
6,451Vessel Utilization
97.7 %
97.2 %




Operating Revenues (in '000s of US$)
$229,550
$236,190Less: Voyage Income/(Expenses) excluding commissions (in '000s of
US$)
$4,601
$(307)Time Charter Equivalent Revenues (in '000s of US$)
$234,151
$235,883Time Charter Equivalent US$/per day
$35,504
$36,565




Drybulk vessels fleet utilization



Vessel Utilization (No. of Days)
Three months
ended
Three months
ended
March 31,March 31,
20262025Ownership Days
913
900Less Off-hire Days:



Scheduled Off-hire Days
(163)
(56)Other Off-hire Days
(1)
(12)Operating Days
749
832Vessel Utilization
82.0 %
92.4 %




Operating Revenues (in '000s of US$)
$24,148
$17,117Less: Voyage Expenses excluding commissions (in '000s of US$)
$(5,554)
$(8,370)Time Charter Equivalent Revenues (in '000s of US$)
$18,594
$8,747Time Charter Equivalent US$/per day
$24,825
$10,513

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.Fleet ListOperating Container VesselsThe following table describes in detail our 75 container vessels deployment profile as of May 11, 2026:Vessel NameVessel
Size
Year Built
Expiration of Charter(2)(TEU) (1)Ambition13,100
2012
April 2027Speed13,100
2012
March 2027Kota Plumbago13,100
2012
July 2027Kota Primrose13,100
2012
April 2027Kota Peony13,100
2012
March 2027Express Rome10,100
2011
August 2030Express Berlin10,100
2011
March 2029Express Athens10,100
2011
July 2030Le Havre9,580
2006
June 2028Pusan C9,580
2006
May 2028Bremen9,012
2009
January 2028C Hamburg9,012
2009
January 2028Niledutch Lion8,626
2008
April 2029Kota Manzanillo8,533
2005
December 2028Belita8,533
2006
June 2028CMA CGM Melisande8,530
2012
January 2028CMA CGM Attila8,530
2011
May 2027CMA CGM Tancredi8,530
2011
July 2027CMA CGM Bianca8,530
2011
September 2027CMA CGM Samson8,530
2011
November 2027America8,468
2004
April 2028Europe8,468
2004
May 2028Kota Santos8,463
2005
June 2029Catherine C8,010
2024
June 2029Greenland8,010
2024
August 2029Greenville8,010
2024
October 2029Greenfield8,010
2024
November 2029Interasia Accelerate7,165
2024
April 2032Interasia Amplify7,165
2024
September 2032CMA CGM Moliere 6,500
2009
August 2030CMA CGM Musset 6,500
2010
September 2030CMA CGM Nerval6,500
2010
October 2030CMA CGM Rabelais 6,500
2010
January 2028Racine6,500
2010
March 2029YM Mandate6,500
2010
January 2028YM Maturity6,500
2010
April 2028Savannah6,402
2002
June 2027Dimitra C6,402
2002
April 2027Phoebe(3)6,014
2025
October 2031Greenhouse(3)6,014
2025
August 2032Suez Canal5,610
2002
April 2028Kota Lima5,544
2002
November 2028Wide Alpha 5,466
2014
January 2030Stephanie C5,466
2014
September 2028Euphrates5,466
2014
September 2028Wide Hotel5,466
2015
March 2030Wide India5,466
2015
October 2028Wide Juliet5,466
2015
August 2027Seattle C4,253
2007
June 2029Vancouver4,253
2007
October 2029Derby D4,253
2004
December 2029Tongala4,253
2004
October 2029Rio Grande4,253
2008
October 2029Paolo4,253
2008
November 2027Kingston4,253
2008
June 2027Monaco4,253
2009
May 2029Dalian4,253
2009
April 2028Jamaica (ex Luanda)4,253
2009
August 2028Dimitris C3,430
2001
September 2027Express Black Sea3,400
2011
September 2029Express Spain3,400
2011
September 2029Express Argentina3,400
2010
September 2029Express Brazil3,400
2010
April 2027Express France3,400
2010
July 2027Singapore3,314
2004
November 2029Colombo3,314
2004
September 2029Zebra2,602
2001
December 2026Artotina2,524
2001
November 2027Advance2,200
1997
September 2027Future2,200
1997
September 2027Sprinter2,200
1997
November 2027Bridge2,200
1998
January 2028Progress C2,200
1998
January 2028Phoenix D2,200
1997
June 2027Highway2,200
1998
January 2028Total TEUs477,491





(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 newbuilding vessels were delivered to us during 2025.Under Construction Container VesselsThe following table describes in detail our 29 container vessels under construction as of May 11, 2026:Hull NumberVessel
SizeTEU (1)
Expected
Delivery Year (2)
Minimum
Charter
DurationHull No. YZJ2023-15568,258
2026
5.0 yearsHull No. YZJ2023-15578,258
2026
5.0 yearsHull No. YZJ2024-16128,258
2026
5.0 yearsHull No. C9200-79,200
2027
4.8 yearsHull No. C9200-89,200
2027
4.8 yearsHull No. CV5900-096,014
2027
4.8 yearsHull No. YZJ2024-16138,258
2027
5.0 yearsHull No. YZJ2024-16258,258
2027
5.0 yearsHull No. YZJ2024-16268,258
2027
5.0 yearsHull No. YZJ2024-16688,258
2027
5.0 yearsHull No. H25969,200
2027
6.0 yearsHull No. C7100-97,165
2027
5.0 yearsHull No. C7100-107,165
2027
5.0 yearsHull No. C9200-99,200
2027
4.8 yearsHull No. H25979,200
2027
6.0 yearsHull No. S11621,800
2027
9.9 yearsHull No. NGY0041 (4)5,000
2027
3.0 yearsHull No. NGY0042 (4)5,000
2027
3.0 yearsHull No. S11631,800
2028
9.9 yearsHull No. C9200-109,200
2028
4.8 yearsHull No. S11641,800
2028
9.9 yearsHull No. C9200-119,200
2028
4.8 yearsHull No. S11651,800
2028
9.9 yearsHull No. S1166 1,800
2028
-Hull No. H2638 5,300
2028
-Hull No. S1167 1,800
2029
-Hull No. H2639 5,300
2029
-Hull No. H2640 (3) 5,300
2029
-Hull No. H2641 (3)5,300
2029
-Total TEUs184,550





(1)Twenty-feet equivalent unit, the international standard measure for containers and container vessels capacity.(2)Under construction container vessels' expected delivery dates were sorted based on the upcoming deliveries.(3)The newbuilding containership vessels were added to our orderbook in the first quarter of 2026.(4)The newbuilding containership vessels were added to our orderbook in the second quarter of 2026.Operating Drybulk VesselsThe following table describes the details of our 11 Capesize drybulk vessels as of May 11, 2026:  Vessel Name Capacity(DWT) (1)
  Year BuiltGenius175,580
2012Achievement175,966
2011Ingenuity176,022
2011Danaos 176,536
2011Valentine 175,125
2011Integrity175,966
2010Peace175,858
2010Gouverneur 178,043
2010W Trader175,879
2009E Trader175,886
2009John Junior (ex. Hebei No.1) (2)182,425
2009Total DWT capacity1,943,286



(1)DWT, dead weight tons, the international standard measure for drybulk vessels capacity.(2)The vessel was delivered in the first quarter of 2026.Under Construction Drybulk VesselsThe following table describes the details of our four Newcastlemax drybulk vessels as of May 11, 2026:  Vessel Name(2)Capacity(DWT) (1)
Expected Delivery
Year
DJCFD010 211,000
2028
DJCFD011 211,000
2028
DJCFD016 211,000
2028
DJCFD017 211,000
2028
Total DWT capacity844,000




(1)DWT, dead weight tons, the international standard measure for drybulk vessels capacity.(2)The newbuilding Newcastlemax drybulk vessels were added to our orderbook in the first quarter of 2026. DANAOS CORPORATIONCondensed Consolidated Statements of Income - Unaudited(Expressed in thousands of United States dollars, except per share amounts)


Three months ended
Three months endedMarch 31, March 31,

2026
2025OPERATING REVENUES$253,698
$253,307OPERATING EXPENSES



Vessel operating expenses(49,984)
(51,702)
Depreciation & amortization(53,159)
(50,998)
General & administrative expenses(14,637)
(12,222)
Other operating expenses(10,721)
(18,135)Income From Operations125,197
120,250OTHER INCOME/(EXPENSES)



Interest income7,557
3,605
Interest expense(11,859)
(10,003)
Gain on investments25,775
2,849
Loss on debt extinguishment(4,622)
-
Other finance expenses(868)
(987)
Loss on equity investments(277)
(232)
Other income/(expenses), net411
558
Realized loss on derivatives(893)
(893)Total Other Income/(Expenses), net15,224
(5,103)NET INCOME140,421
115,147EARNINGS PER SHARE


Basic earnings per share$7.71
$6.14Diluted earnings per share$7.70
$6.13Basic weighted average number of common shares (in thousands of shares)18,210
18,750Diluted weighted average number of common shares (in thousands of shares)18,233
18,781 Non-GAAP Measures1 Reconciliation of Net Income to Adjusted Net Income – Unaudited

Three months ended
Three months endedMarch 31, March 31,
2026
2025Net Income$140,421
$115,147Change in fair value of investments(23,460)
(2,483)Loss on debt extinguishment4,622
-Amortization of financing fees and debt discount965
758Adjusted Net Income $122,548
$113,422Adjusted Earnings Per Share, diluted$6.72
$6.04Diluted weighted average number of shares (in thousands of shares)18,233
18,781
1 The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, management believes that certain non-GAAP financial measures used in managing the business may provide users of this financial information additional meaningful comparisons between current results and results in prior operating periods. Management believes that these non-GAAP financial measures can provide additional meaningful reflection of underlying trends of the business because they provide a comparison of historical information that excludes certain items that impact the overall comparability. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company's performance. See the Table above for supplemental financial data and corresponding reconciliations to GAAP financial measures for the three months ended March 31, 2026 and 2025. The non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company's reported results prepared in accordance with GAAP. The non-GAAP financial measures as presented above may not be comparable to similarly titled measures of other companies in the shipping or other industries. DANAOS CORPORATIONCondensed Consolidated Balance Sheets - Unaudited(Expressed in thousands of United States dollars)



As of
As ofMarch 31, December 31,


2026
2025ASSETS



CURRENT ASSETS




Cash and cash equivalents
$876,207
$1,037,292
Accounts receivable, net
34,104
38,730
Other current assets
279,142
243,397


1,189,453
1,319,419NON-CURRENT ASSETS




Fixed assets, net
3,255,209
3,269,703
Advances for vessels under construction & vessel acquisition
553,419
428,147
Deferred charges, net
55,941
54,356
Other non-current assets
54,047
42,305


3,918,616
3,794,511TOTAL ASSETS
$5,108,069
$5,113,930





LIABILITIES AND STOCKHOLDERS' EQUITY



CURRENT LIABILITIES




Long-term debt, current portion
$21,813
$283,015
Accounts payable, accrued liabilities & other current liabilities
115,522
118,661


137,335
401,676LONG-TERM LIABILITIES




Long-term debt, net
1,003,513
872,076
Other long-term liabilities
49,716
44,601


1,053,229
916,677





STOCKHOLDERS' EQUITY




Common stock
182
183
Additional paid-in capital
588,035
591,584
Accumulated other comprehensive loss
(69,972)
(71,412)
Retained earnings
3,399,260
3,275,222


3,917,505
3,795,577TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$5,108,069
$5,113,930 DANAOS CORPORATIONCondensed Consolidated Statements of Cash Flows - Unaudited(Expressed in thousands of United States dollars)


Three months
ended
Three months
endedMarch 31, March 31,

2026
2025Operating Activities:



  Net income$140,421
$115,147
  Adjustments to reconcile net income to net cash provided by operating
  activities:



  Depreciation40,862
40,028
  Amortization of deferred drydocking & special survey costs and finance
  costs13,262
11,728
  Prior service cost and periodic cost440
1,085
  Gain on investments(23,460)
(2,483)
  Loss on debt extinguishment4,622
-
  Payments for drydocking/special survey costs deferred(13,882)
(15,789)
  Amortization of deferred realized losses on cash flow interest rate swaps893
893
  Loss on equity investments277
232
  Stock based compensation2,390
1,705
  Accounts receivable1,435
172
  Other assets, current and non-current(4,079)
(6,384)
  Accounts payable and accrued liabilities8,401
(2,555)
  Other liabilities, current and long-term(8,446)
(9,919)Net Cash provided by Operating Activities163,136
133,860




Investing Activities:



  Vessel additions and advances for vessels under construction(151,640)
(85,690)
  Equity investments/Investments in marketable securities(12,917)
-
  Net proceeds and insurance proceeds from disposal of vessel-
1,681Net Cash used in Investing Activities(164,557)
(84,009)




Financing Activities:



  Proceeds from long-term debt351,000
44,000
  Debt repayments and debt prepayments(482,519)
(8,805)
  Dividends paid(16,378)
(15,890)
  Repurchase of common stock(6,823)
(33,774)
  Finance costs(4,944)
(8,223)Net Cash used in Financing Activities(159,664)
(22,692)



Net (decrease)/increase in cash and cash equivalents(161,085)
27,159Cash and cash equivalents, beginning of period1,037,292
453,384Cash and cash equivalents, end of period$876,207
$480,543



Supplemental cash flow information:


Cash paid for interest, net of amounts capitalized$23,111
$15,250 DANAOS CORPORATIONReconciliation of Net Income to Adjusted EBITDA - Unaudited(Expressed in thousands of United States dollars) 

Three months
ended
Three months
ended
Last twelve
months
ended
Last twelve
months
endedMarch 31, March 31, March 31, March 31,
2026
2025
2026
2025Net income$140,421
$115,147
$519,888
$469,722Depreciation40,862
40,028
164,200
154,509Amortization of deferred drydocking & special survey
costs12,297
10,970
45,401
34,679Amortization of assumed time charters-
-
-
(1,036)Amortization of deferred finance costs, commitment fees
and debt discount1,453
1,336
5,811
4,968Amortization of deferred realized losses on interest rate
swaps893
893
3,622
3,622Interest income(7,557)
(3,605)
(23,500)
(13,559)Interest expense excluding amortization of finance costs10,894
9,245
41,004
30,477Change in fair value of investments(23,460)
(2,483)
(50,518)
33,675Loss on debt extinguishment4,622
-
7,121
-Stock based compensation141
142
15,240
8,360Net gain on disposal of vessels-
-
-
(8,332)Adjusted EBITDA(1)$180,566
$171,673
$728,269
$717,085

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, commitment fees and debt discount, amortization of deferred realized losses on interest rate swaps, adjusted for the change in fair value of investments, stock based compensation, loss on debt extinguishment and net gain on disposal of vessels. However, Adjusted EBITDA is not a recognized measurement under U.S. generally accepted accounting principles, or "GAAP." We believe that the presentation of Adjusted EBITDA is useful to investors because it is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. We also believe that EBITDA and Adjusted EBITDA assist investors and analysts in comparing our performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. In evaluating Adjusted EBITDA, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. The non-GAAP financial measures as presented above may not be comparable to similarly titled measures of other companies in the shipping or other industries.


Note: Items to consider for comparability include gains and charges. Gains positively impacting net income are reflected as deductions to net income. Charges negatively impacting net income are reflected as increases to net income.


The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, management believes that certain non-GAAP financial measures used in managing the business may provide users of this financial information additional meaningful comparisons between current results and results in prior operating periods. Management believes that these non-GAAP financial measures can provide additional meaningful reflection of underlying trends of the business because they provide a comparison of historical information that excludes certain items that impact the overall comparability. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company's performance. See the Tables above for supplemental financial data and corresponding reconciliations to GAAP financial measures for the three months and year ended March 31, 2026 and March 31, 2025, respectively. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company's reported results prepared in accordance with GAAP. DANAOS CORPORATIONReconciliation of Net Income to Adjusted EBITDA per segmentThree Months Ended March 31, 2026 and Three Months Ended March 31, 2025Unaudited(Expressed in thousands of United States dollars)

Three Months Ended
Three Months Ended
March 31, 2026
March 31, 2025
Container
Vessels
Drybulk
Vessels
 Other
 Total
Container
Vessels
Drybulk
Vessels
 Other
 TotalNet income/(loss)$113,253
$1,631
$25,537
$140,421
$119,045
$(6,542)
$2,644
$115,147Depreciation37,501
3,361
-
40,862
36,764
3,264
-
40,028Amortization of
deferred drydocking &
special survey costs8,874
3,423
-
12,297
9,051
1,919
-
10,970Amortization of
deferred finance
costs, commitment
fees and debt
discount1,453
-
-
1,453
1,336
-
-
1,336Amortization of
deferred realized
losses on interest rate
swaps893
-
-
893
893
-
-
893Interest income(7,518)
-
(39)
(7,557)
(3,578)
-
(27)
(3,605)Interest expense
excluding
amortization of
finance costs10,894
-
-
10,894
9,245
-
-
9,245Change in fair value
of investments-
-
(23,460)
(23,460)
-
-
(2,483)
(2,483)Loss on debt
extinguishment4,622
-
-
4,622
-
-
-
-Stock based
compensation132
9
-
141
132
10
-
142Adjusted EBITDA(1)$170,104
$8,424
$2,038
$180,566
$172,888
$(1,349)
$134
$171,673

1)Adjusted EBITDA represents net income/(loss) before interest income and expense, depreciation, amortization of deferred drydocking & special survey costs, amortization of deferred finance costs, commitment fees and debt discount, amortization of deferred realized losses on interest rate swaps and adjusted for the change in fair value of investments stock based compensation and loss on debt extinguishment. However, Adjusted EBITDA is not a recognized measurement under U.S. generally accepted accounting principles, or "GAAP." We believe that the presentation of Adjusted EBITDA is useful to investors because it is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. We also believe that EBITDA and Adjusted EBITDA assist investors and analysts in comparing our performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. In evaluating Adjusted EBITDA, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. The non-GAAP financial measures as presented above may not be comparable to similarly titled measures of other companies in the shipping or other industries.


Note: Items to consider for comparability include gains and charges. Gains positively impacting net income are reflected as deductions to net income. Charges negatively impacting net income are reflected as increases to net income.


The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, management believes that certain non-GAAP financial measures used in managing the business may provide users of these financial information additional meaningful comparisons between current results and results in prior operating periods. Management believes that these non-GAAP financial measures can provide additional meaningful reflection of underlying trends of the business because they provide a comparison of historical information that excludes certain items that impact the overall comparability. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company's performance. See the Tables above for supplemental financial data and corresponding reconciliations to GAAP financial measures for the three months ended March 31, 2026 and 2025, respectively. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company's reported results prepared in accordance with GAAP. DANAOS CORPORATIONReconciliation of Net Income to Adjusted Net Income per segmentThree Months Ended March 31, 2026 and Three Months Ended March 31, 2025Unaudited(Expressed in thousands of United States dollars)


Three Months Ended

Three Months Ended

March 31, 2026

March 31, 2025

Container
Vessels
Drybulk
Vessels
Other
Total

Container
Vessels
Drybulk
Vessels
Other
TotalNet income/(loss)
$113,253
$1,631
$25,537
$140,421

$119,045
$(6,542)
$2,644
$115,147Change in fair value of
investments
-
-
(23,460)
(23,460)

-
-
(2,483)
(2,483)Loss on debt
extinguishment
4,622
-
-
4,622

-
-
-
-Amortization of
financing fees and
debt discount
965
-
-
965

758
-
-
758Adjusted Net
income/(loss)(1)
$118,840
$1,631
$2,077
$122,548

$119,803
$(6,542)
$161
$113,422Adjusted Earnings
per Share, diluted






$6.72







$6.04Diluted weighted average number of shares (in thousands of shares)
18,233



18,781

1)The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, management believes that Adjusted Net income/(loss) and Adjusted Earnings per share, diluted, which are non-GAAP financial measures and used in managing the business, may provide users of this financial information additional meaningful comparisons between current results and results in prior operating periods. Management believes that these non-GAAP financial measures can provide additional meaningful reflection of underlying trends of the business because they provide a comparison of historical information that excludes certain items that impact the overall comparability. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company's performance. See the Table above for supplemental financial data and corresponding reconciliations to GAAP financial measures for the three months ended March 31, 2026 and 2025, respectively. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company's reported results prepared in accordance with GAAP. The non-GAAP financial measures as presented above may not be comparable to similarly titled measures of other companies in the shipping or other industries.  View original content:https://www.prnewswire.com/news-releases/danaos-corporation-reports-first-quarter-results-for-period-ended-march-31-2026-302768612.htmlSOURCE Danaos Corporation Original: Danaos Corporation Reports First Quarter Results for Period Ended March 31, 2026

Danaos Corporation Announces Date for the Release of First Quarter 2026 Results, Conference Call and WebcastMay 4, 2026 7:30 AM
PR Newswire (US)

ATHENS, Greece, May 4, 2026 /PRNewswire/ -- Danaos Corporation (NYSE: DAC), one of the world's largest independent owners of containerships, announced today that it will release its results for the first quarter ended March 31, 2026, after the close of the market in New York on Monday, May 11, 2026.The Company's management team will host a conference call to discuss the results on Tuesday, May 12, 2026 at 9:00 A.M. ET. Conference Call Details:
Participants should dial into the call 10 minutes before the scheduled time using the following numbers:U.S. Toll Free Dial-in: 1 833 890 6464
U.K. Toll Free Dial-in: 0 800 279 9489
Standard International Dial-in: +44 (0) 2075 441 375Please indicate to the operator that you wish to join the Danaos Corporation earnings call.A telephonic replay of the conference call will be available until May 20, 2026 by dialing 1 855 669 9658 (US Toll Free Dial In) or 1-412-317-0088 (Standard International Dial In) and using 6800112# as your access code.Audio Webcast:
A live audio webcast of the conference call will be available through the Danaos Corporation website (www.danaos.com). Participants of the live audio webcast should register on the website approximately 10 minutes prior to the start of the webcast. An archived version of the audio webcast will be available on the website within 48 hours of the completion of the call.About Danaos Corporation
Danaos Corporation is one of the largest independent owners of modern, large-size containerships. Our current fleet of 75 containerships aggregating 477,491 TEUs and 27 under construction container vessels aggregating 174,550 TEUs ranks Danaos among the largest container vessels charter owners in the world based on total TEU capacity. Danaos has also invested in the dry bulk sector through the acquisition of 11 capesize drybulk vessels and the recent order of four Newcastlemax dry bulk newbuildings, which, on a fully delivered basis, will aggregate approximately 2,787,286 DWT. Our container vessels fleet is chartered to many of the world's largest liner companies on fixed-rate charters. Our long track record of success is predicated on our efficient and rigorous operational standards and environmental controls. Danaos Corporation's shares trade on the New York Stock Exchange under the symbol "DAC".Visit our website at www.danaos.com



View original content:https://www.prnewswire.com/news-releases/danaos-corporation-announces-date-for-the-release-of-first-quarter-2026-results-conference-call-and-webcast-302760914.htmlSOURCE Danaos Corporation

Original: Danaos Corporation Announces Date for the Release of First Quarter 2026 Results, Conference Call and Webcast

Danaos Corporation Announces Availability of its Annual Report on Form 20-F for the Year Ended December 31, 2025March 2, 2026 7:30 AM
PR Newswire (US)

ATHENS, Greece, March 2, 2026 /PRNewswire/ -- Danaos Corporation (NYSE: DAC), one of the world's largest independent owners of containerships, announced today that its Annual Report on Form 20-F for the year ended December 31, 2025 has been filed with the Securities and Exchange Commission and can be accessed on the company's website, www.danaos.com.Alternatively, shareholders may also request a hard copy of the complete audited financial statements, free of charge, by contacting the company using the contact details provided at the end of this press release.About Danaos Corporation Danaos Corporation is one of the largest independent owners of modern, large-size containerships. Our current fleet of 75 containerships aggregating 477,491 TEUs and 27 under construction container vessels aggregating 174,550 TEUs ranks Danaos among the largest container vessels charter owners in the world based on total TEU capacity. Danaos has also invested in the dry bulk sector through the acquisition of 11 capesize drybulk vessels and the recent order of four Newcastlemax dry bulk newbuildings, which, on a fully delivered basis, will aggregate approximately 2,787,286 DWT. Our container vessels fleet is chartered to many of the world's largest liner companies on fixed-rate charters. Our long track record of success is predicated on our efficient and rigorous operational standards and environmental controls. Danaos Corporation's shares trade on the New York Stock Exchange under the symbol "DAC".



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Original: Danaos Corporation Announces Availability of its Annual Report on Form 20-F for the Year Ended December 31, 2025

Danaos Corporation Reports Results for the Fourth Quarter and Year Ended December 31, 2025February 9, 2026 4:30 PM
PR Newswire (US)

ATHENS, Greece, Feb. 9, 2026 /PRNewswire/ -- Danaos Corporation ("Danaos") (NYSE: DAC), one of the world's largest independent owners of container vessels, today reported unaudited results for the period ended December 31, 2025. 
Financial SummaryThree Months Ended December 31, 2025 and Three Months Ended December 31, 2024 Unaudited(Expressed in thousands of United States dollars, except as otherwise stated)


Three Months Ended

Three Months Ended

December 31, 2025

December 31, 2024Financial & Operating
Metrics
Container
Vessels
Drybulk
Vessels
Other
Total

Container
Vessels
Drybulk
Vessels
Other
Total
Operating Revenues
$240,695
$25,570
-
$266,265

$237,510
$20,669
-
$258,179
Voyage Expenses, excl. commissions
$(314)
$(3,887)
-
$(4,201)

$925
$(4,960)
-
$(4,035)
Time Charter Equivalent Revenues (1)
$240,381
$21,683
-
$262,064

$238,435
$15,709
-
$254,144
Net income/(loss)
$107,305
$6,225
$4,384
$117,914

$121,985
$1,740
$(33,298)
$90,427
Adjusted net income(2)
$123,588
$7,184
$443
$131,215

$128,697
$2,300
$2,276
$133,273
Earnings per share, basic






$6.43







$4.72
Earnings per share, diluted






$6.42







$4.70
Adjusted earnings per share, diluted (2)






$7.14







$6.93
Operating Days
6,812
918
-



6,467
775
-


Time Charter Equivalent $/day (1)
$35,288
$23,620
-



$36,869
$20,270
-


Ownership days
6,860
920
-



6,706
920
-


Average number of vessels
74.6
10.0
-



72.9
10.0
-


Fleet Utilization
99.3 %
99.8 %
-



96.4 %
84.2 %
-


Adjusted EBITDA (2)
$176,715
$12,924
$403
$190,042

$180,700
$6,775
$2,252
$189,727



















Consolidated Balance Sheet & Leverage Metrics As of December 31, 2025





As of December 31, 2024Cash and cash equivalents


$1,037,292







$453,384Availability under Revolving Credit Facility


$247,500







$292,500Marketable securities (3)


$120,244







$60,850Total cash liquidity & marketable securities(4)


$1,405,036







$806,734Debt, gross of deferred finance costs


$1,177,782







$744,546Net Debt (5)


$140,490







$291,162LTM Adjusted EBITDA (6)


$719,376







$722,615Net Debt / LTM Adjusted EBITDA


0.20x







0.40x

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, adjusted earnings per share, diluted, and adjusted EBITDA are non-GAAP measures. Refer to the reconciliation of net income to adjusted net income and adjusted earnings per share, diluted; and net income to adjusted EBITDA provided below.3.Marketable securities refer to fair value of 6,256,181 and 4,070,214 shares of common stock of SBLK on December 31, 2025 and December 31, 2024, respectively.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 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 drybulk vessels and has two reporting segments: (1) a container vessels segment, and (2) a drybulk 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 SummaryYear Ended December 31, 2025 and Year Ended December 31, 2024 Unaudited(Expressed in thousands of United States dollars, except as otherwise stated)


Year Ended

Year Ended

December 31, 2025

December 31, 2024Financial & Operating
Metrics
Container
Vessels
Drybulk
Vessels
Other
Total

Container
Vessels
Drybulk
Vessels
Other
Total
Operating Revenues
$955,433
$87,023
-
$1,042,456

$937,077
$77,033
-
$1,014,110
Voyage Expenses, excl.
commissions
$(1,972)
$(21,992)
-
$(23,964)

$746
$(27,075)
-
$(26,329)
Time Charter Equivalent
Revenues (1)
$953,461
$65,031
-
$1,018,492

$937,823
$49,958
-
$987,781
Net income/(loss)
$460,946
$3,353
$30,315
$494,614

$518,129
$4,429
$(17,485)
$505,073
Adjusted net income (2)
$480,637
$4,312
$774
$485,723

$519,759
$4,989
$7,694
$532,442
Earnings per share, basic






$26.83







$26.15
Earnings per share, diluted






$26.76







$26.05
Adjusted earnings per
share, diluted (2)






$26.28







$27.47
Operating Days
26,565
3,578
-



24,961
2,753
-


Time Charter Equivalent $/day (1)
$35,892
$18,175
-



$37,572
$18,147
-


Ownership days
27,039
3,650
-



25,684
3,164
-


Average number of vessels
74.1
10.0
-



70.2
8.6
-


Fleet Utilization
98.2 %
98.0 %
-



97.2 %
87.0 %
-


Adjusted EBITDA (2)
$692,134
$26,601
$641
$719,376

$697,463
$17,505
$7,647
$722,615


1.Time charter equivalent revenues and time charter equivalent $/day are non-GAAP measures. Refer to the reconciliation provided in the appendix.2.Adjusted net income, adjusted earnings per share, diluted and adjusted EBITDA are non-GAAP measures. Refer to the reconciliation of net income/(loss) to adjusted net income and adjusted earnings per share, diluted; and net income/(loss) to adjusted EBITDA provided below.Highlights for the Fourth Quarter and Year Ended December 31, 2025 and up to date of this release:Financing developmentsOn October 16, 2025, the Company successfully placed a $500 million senior unsecured bond with a seven-year tenor and a coupon of 6.875%. On December 1, 2025, we utilized $111.4 million from this offering towards early repayment of two secured credit facilities, and we have issued a redemption notice to repay in full early on March 2, 2026 our 8.5% senior notes due 2028 with an outstanding principal amount of $262.8 million. The remaining proceeds, after application to refinancing-related costs and expenses, including fees and commissions, are available for general corporate purposes.As of December 31, 2025, out of our total 85 vessel fleet, we have 77 debt free vessels of which 61 are unencumbered and 16 are encumbered in connection with our $382.5 million Revolving Credit Facility on which no debt has been drawn.We have entered into Japanese Operating Lease ("Jolco") transactions for two of our recently delivered newbuilding vessels, 'Phoebe' and 'Greenhouse' that were refinanced out of our $450 million syndicated credit facility that originally housed them. The Jolco transactions were consummated on October 30, 2025 and January 15, 2026, respectively, each for a consideration of $80 million and a tenor of eight years.Fleet developmentsSince our previous earnings announcement we have added four 5,300 TEU containership vessels to our orderbook with deliveries in 2028 and 2029.As a result, our containership orderbook currently consists of 27 newbuilding containership vessels with an aggregate capacity of 174,550 TEU with expected deliveries of three vessels in 2026, thirteen vessels in 2027, seven vessels in 2028 and four vessels in 2029. All vessels in our orderbook are designed with the latest eco characteristics and will be built in accordance with the latest requirements of the International Maritime Organization (IMO) in relation to Tier III emission standards and Energy Efficiency Design Index (EEDI) Phase III.In relation to our dry bulk fleet, we have placed orders for two Newcastlemax dry bulk carriers of approximately 211,000 DWT capacity each, with expected delivery dates in 2028 while, as previously announced, we expect to take delivery of a secondhand Capesize dry bulk vessel towards the end of the first quarter of 2026.On a pro forma, fully delivered basis, assuming the delivery of all vessels currently under construction and on order, our fleet would consist of 102 containerships with an aggregate capacity of approximately 652,041 TEUs and 13 dry bulk vessels, comprising 11 Capesize bulk carriers and two Newcastlemax bulk carriers, with an aggregate capacity of approximately 2.37 million DWT.Chartering developmentsSince the date of our previous earnings release, we have added approximately $428 million to our contracted revenue backlog through a combination of charter extensions and forward new charters for 17 of our existing container vessels.As a result, total contracted operating revenues, based on concluded charter contracts through the date of this release, currently stand at $4.3 billion, including newbuildings. The remaining average contracted charter duration for our containership fleet is 4.3 years, weighted by aggregate contracted charter hire.Contracted operating days charter coverage for our container vessel fleet is currently 100% for 2026, 87% for 2027 and 64% for 2028. This includes newbuildings based on their scheduled delivery dates.New InvestmentsOn January 20, 2026, the Company announced a strategic partnership with Glenfarne Group to advance the Alaska LNG project. This partnership includes a $50 million development capital equity investment in Glenfarne Alaska Partners LLC. In addition, Danaos Corporation will also be the preferred tonnage provider to construct and operate at least six LNG carriers to deliver LNG to global customers for Glenfarne Alaska LNG, LLC, majority owner and developer of the Alaska LNG Project. This transaction provides Danaos with an opportunity to capitalize on its expertise in global seaborne transportation and expand the footprint of Danaos in the LNG and Energy segments.Share buy-back and dividendsAs of the date of this release, Danaos has repurchased a total of 3,247,444 shares of its common stock in the open market for $235.1 million under its $300.0 million authorized share repurchase program, that was originally introduced in June 2022 and was upsized twice in $100.0 million increments, in November 2023 and in April 2025.Danaos has declared a dividend of $0.90 per share of common stock for the fourth quarter of 2025. The dividend is payable on March 4, 2026, to stockholders of record as of February 23, 2026.Danaos' CEO Dr. John Coustas commented:In this quarter it became evident that the business community continues to adapt quickly to geopolitical disruptions. Despite concerns that tariff and geopolitical uncertainty would cause a U.S. slowdown, it has not materialized. At the same time, the hype around AI-related investments has increased optimism, China's exports continue to set new records and consequently container volumes have reached record highs. With the Suez Canal still largely avoided by major liners, and trade patterns increasingly transforming to multipolar, demand for midsize vessels has remained very strong.Against this background we continued our strategy of securing long term employment for our existing vessels through forward fixtures by either extending existing charters or by new charters even for late 2027 dates. We also continued to invest in modern container vessels. We ordered six 1,800 TEU vessels, four 5,300 TEU vessels, and two 211k DWT Newcastlemax dry bulk vessels for deliveries in 2028 and 2029. We have secured 10-year charters for four of these vessels, and the Company's total contracted revenue increased to $4.3 billion as of the end of the quarter, giving us great earnings visibility into the future from which we derive comfort on our ability to manage any eventual future market developments.On the financing front, we completed a seven-year $500 million unsecured bond offering at 6.875% coupon, one of the most competitively priced deals ever achieved in the shipping industry for an unsecured bond of such tenor, further diversifying the capital structure and re-affirming our access to the deep and liquid international debt capital markets.Our liquidity at year-end reached $1.4 billion. Backed by a strong financial profile, we have begun exploring selective investments in the energy sector to broaden revenue sources and expand in the LNG business.  In this context, Danaos became a strategic investor in the Alaska LNG project, providing access to LNG transportation opportunities associated with a facility planned to produce 20 MTPA annually.The Company remains focused on positioning itself at the forefront of shipping and energy growth areas for the benefit of our shareholders.Three months ended December 31, 2025 compared to the three months ended December 31, 2024During the three months ended December 31, 2025, Danaos had an average of 74.6 container vessels and 10 capesize drybulk vessels compared to 72.9 container vessels and 10 capesize drybulk vessels during the three months ended December 31, 2024. Our container vessels utilization for the three months ended December 31, 2025 was 99.3% compared to 96.4% in the three months ended December 31, 2024. Our drybulk vessels utilization for the three months ended December 31, 2025 was 99.8% compared to 84.2% in the three months ended December 31, 2024.Our adjusted net income amounted to $131.2 million, or $7.14 per diluted share, for the three months ended December 31, 2025 compared to $133.3 million, or $6.93 per diluted share, for the three months ended December 31, 2024. We have adjusted our net income in the three months ended December 31, 2025 for $14.7 million of stock based compensation expense and one-off discretionary cash bonus, a $3.9 million gain from the change in fair value of investments, a $1.4 million loss on debt extinguishment and a $1.2 million non-cash finance fees amortization.Adjusted net income of our container vessels segment amounted to $123.6 million for the three months ended December 31, 2025 compared to $128.7 million for the three months ended December 31, 2024. We adjusted net income of container vessels segment in the three months ended December 31, 2025 for a $13.7 million of stock based compensation expense and one-off discretionary cash bonus, a $1.4 million loss on debt extinguishment and a $1.2 million non-cash finance fees amortization.Adjusted net income of our drybulk vessels segment amounted to $7.2 million for the three months ended December 31, 2025 compared to $2.3 million for the three months ended December 31, 2024. We adjusted net income of drybulk vessels segment in the three months ended December 31, 2025 for a $1.0 million of stock based compensation expense and one-off discretionary cash bonus.The $2.1 million decrease in our adjusted net income for the three months ended December 31, 2025 compared to the three months ended December 31, 2024 is primarily attributable to (i) a $6.6 million increase in total operating expenses, (ii) a $2.1 million decrease in claims received, (iii) a $1.8 million decrease in dividends received, (iv) a $0.1 million increase in equity loss on investments, offset by (v) a $8.1 million increase in operating revenues, and (vi) a $0.4 million decrease in net finance expenses.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 $117.9 million, or $6.42 earnings per diluted share, for the three months ended December 31, 2025 compared to net income of $90.4 million, or $4.70 earnings per diluted share, for the three months ended December 31, 2024. Our net income for the three months ended December 31, 2025 includes $3.9 million gain on marketable securities (gross of dividend income) compared to $35.6 million loss on marketable securities (gross of dividend income) in the three months ended December 31, 2024. On a non-adjusted basis, the net income of our container vessels segment amounted to $107.3 million for the three months ended December 31, 2025 compared to $122.0 million for the three months ended December 31, 2024. On a non-adjusted basis, the net income of our drybulk vessels segment amounted to $6.2 million of net income for the three months ended December 31, 2025 compared to $1.7 million of net income for the three months ended December 31, 2024.Operating Revenues
Operating revenues increased by 3.1%, or by $8.1 million, to $266.3 million in the three months ended December 31, 2025 from $258.2 million in the three months ended December 31, 2024.Operating revenues of our container vessels segment increased by 1.3%, or $3.2 million, to $240.7 million in the three months ended December 31, 2025 from $237.5 million in the three months ended December 31, 2024, analyzed as follows:$7.8 million increase in revenues as a result of higher fleet utilization between the two periods;$5.2 million increase in revenues as a result of newbuilding containership vessel additions;$7.8 million decrease in revenues as a result of lower charter rates between the two periods; and$2.0 million decrease in revenues due to lower non-cash revenue recognition in accordance with US GAAP.Operating revenues of our drybulk vessels segment increased by 23.7%, or by $4.9 million, to $25.6 million in the three months ended December 31, 2025, compared to $20.7 million of revenues in the three months ended December 31, 2024, as a result of improved charter rates and higher dry bulk vessel utilization between the two periods.Vessel Operating Expenses
Vessel operating expenses increased by $2.8 million to $48.4 million in the three months ended December 31, 2025 from $45.6 million in the three months ended December 31, 2024, primarily as a result of the increase in the average number of vessels in our fleet due to container vessel newbuilding deliveries and the increase in average daily operating cost of our vessels to $6,377 per vessel per day for the three months ended December 31, 2025 compared to $6,135 per vessel per day for the three months ended December 31, 2024. Management believes that our daily operating costs remain among the most competitive in the industry.Depreciation & Amortization
Depreciation & Amortization includes Depreciation and Amortization of Deferred Drydocking and Special Survey Costs.Depreciation
Depreciation expense increased by $1.1 million, to $41.5 million in the three months ended December 31, 2025 from $40.4 million in the three months ended December 31, 2024 due to the increase in the average number of vessels in our fleet.Amortization of Deferred Drydocking and Special Survey Costs
Amortization of deferred drydocking and special survey costs increased by $1.5 million to $10.8 million in the three months ended December 31, 2025 from $9.3 million in the three months ended December 31, 2024.General and Administrative Expenses
General and administrative expenses increased by $6.7 million, to $28.4 million in the three months ended December 31, 2025 from $21.7 million in the three months ended December 31, 2024. The increase was mainly attributable to a one-off discretionary cash bonus of $4.8 million distributed to certain employees, a $1.8 million increase in stock based compensation expense, a $0.2 million higher management fees due to the increase in the average number of vessels in our fleet partially offset by a $0.1 million decrease in corporate general and administrative expenses.Other Operating Expenses
Other Operating Expenses include Voyage Expenses.Voyage Expenses
Voyage expenses increased by $0.1 million to $14.2 million in the three months ended December 31, 2025 from $14.1 million in the three months ended December 31, 2024.Voyage expenses of our container vessels segment increased by $0.8 million to $8.8 million in the three months ended December 31, 2025, from $8.0 million in the three months ended December 31, 2024, mainly due to increased other voyage expenses.Voyage expenses of our dry bulk vessels segment decreased by $0.7 million, to $5.4 million in the three months ended December 31, 2025, compared to $6.1 million voyage expenses in the three months ended December 31, 2024. For the three months ended December 31, 2025, voyage expenses of our dry bulk vessels comprised of $1.5 million in commissions and $3.9 million in other voyage expenses, mainly comprised of bunkers cost and port expenses, compared to $1.1 million in commissions and $5.0 million in other voyage expenses for the three months ended December 31, 2024, reflecting an increase in time charter employment of our dry bulk vessels during the three months ended December 31, 2025 compared to the three months ended December 31, 2024.Interest Expense and Interest Income
Interest expense increased by $4.7 million, to $14.6 million in the three months ended December 31, 2025 from $9.9 million in the three months ended December 31, 2024. The increase in interest expense is a result of:$5.8 million increase in interest expense due to an increase in our average indebtedness by $397.1 million between the two periods, partially offset by a decrease in our average debt service cost. Average indebtedness was $1,144.3 million in the three months ended December 31, 2025, compared to average indebtedness of $747.2 million in the three months ended December 31, 2024, while our average debt service cost decreased by approximately 0.5% mainly as a result of lower SOFR rates between the two periods;$0.5 million increase in the amortization of deferred finance costs and debt discount between the two periods; and$1.6 million decrease in interest expense due to an increase in the amount of interest expense capitalized on our vessels under construction that was $6.3 million in the three months ended December 31, 2025, when compared to capitalized interest of $4.7 million in the three months ended December 31, 2024.As of December 31, 2025, our outstanding debt, gross of deferred finance costs, was $1,177.8 million, which include $262.8 million principal amount of the 8.5% Senior Notes, which we will redeem in full on March 2, 2026, and $500.0 million principal amount of the 6.875% Senior Notes. These balances compare to debt of $744.5 million, which included $262.8 million principal amount of the 8.5% Senior Notes as of December 31, 2024. The increase in our outstanding debt is mainly due to (i) the issuance of the $500.0 million aggregate principal amount of the 6.875% Senior Notes in October 2025, (ii) the loans drawn down to partially finance our container vessel newbuildings, partially offset by (iii) the early prepayment of two secured facilities.Interest income increased by $4.6 million to $8.5 million in the three months ended December 31, 2025 compared to $3.9 million in the three months ended December 31, 2024, mainly driven by higher average cash balances between the two periods, partially offset by lower interest rates on cash deposits.Gain/(Loss) on Investments
The $4.6 million gain on investments in the three months ended December 31, 2025 consisted of the gain from the change in fair value of our shareholding interest in Star Bulk Carriers Corp. ("SBLK") of $3.9 million and dividend income on these shares of $0.7 million. This compares to a $33.1 million loss on investments in the three months ended December 31, 2024, representing a $35.6 million loss from the change in fair value change on our SBLK shareholding interest, which was partially offset by dividend income on these shares of $2.5 million.Loss on Debt Extinguishment
The loss on debt extinguishment of $1.4 million in the three months ended December 31, 2025 related to our early extinguishment of debt compared to nil in the three months ended December 31, 2024.Equity Loss on Investments
Equity loss on investments amounting to $0.3 million and $0.2 million in the three months ended December 31, 2025 and 2024, respectively, relates to our share of initial expenses of Carbon Termination Technologies Corporation ("CTTC"), currently engaged in the research and development of decarbonization technologies for the shipping industry.Other Finance Expenses
Other finance expenses remained stable at $0.9 million in each of the three months ended December 31, 2025 and December 31, 2024, respectively.Loss on Derivatives
Amortization of deferred realized losses on interest rate swaps remained stable at $0.9 million in each of the three months ended December 31, 2025 and December 31, 2024.Other Income/(Expenses), Net
Other income/(expenses), net, amounted to an expense of $0.1 million in the three months ended December 31, 2025 compared to an income of $2.8 million in the three months ended December 31, 2024. Other income/(expenses), net, for the three months ended December 31, 2024 primarily consisted of $2.1 million of cash collected from the bankruptcy trustee of Hanjin Shipping as a partial payment of our claim under the Hanjin bankruptcy proceedings.Adjusted EBITDA
Adjusted EBITDA increased by 0.2%, or by $0.3 million, to $190.0 million in the three months ended December 31, 2025 from $189.7 million in the three months ended December 31, 2024. The increase was attributed to (i) $8.1 million increase in operating revenues, partially offset by (ii) $5.9 million increase in total operating expenses, (iii) $1.8 million decrease in dividends received, and (iv) $0.1 million increase in equity loss on investments. Adjusted EBITDA for the three months ended December 31, 2025 is adjusted for (i) $3.9 million gain from the change in fair value of investments, (ii) $14.8 million expense of stock based compensation and one-off discretionary cash bonus, and (iii) $1.4 million of loss on debt extinguishment. Tables reconciling Adjusted EBITDA to Net Income can be found at the end of this earnings release.Adjusted EBITDA of container vessels segment decreased by $4.0 million, to $176.7 million in the three months ended December 31, 2025 from $180.7 million in the three months ended December 31, 2024.Adjusted EBITDA of drybulk vessels segment increased by $6.1 million to $12.9 million in the three months ended December 31, 2025 from $6.8 million in the three months ended December 31, 2024.Year ended December 31, 2025 compared to the year ended December 31, 2024
During the year ended December 31, 2025, Danaos had an average of 74.1 container vessels and 10 capesize drybulk vessels compared to 70.2 container vessels and 8.6 capesize drybulk vessels during the year ended December 31, 2024. Our container vessels utilization for the year ended December 31, 2025 was 98.2% compared to 97.2% in the year ended December 31, 2024. Our drybulk vessels utilization for the year ended December 31, 2025 was 98.0% compared to 87.0% in the year ended December 31, 2024.Our adjusted net income amounted to $485.7 million, or $26.28 per diluted share, for the year ended December 31, 2025 compared to $532.4 million, or $27.47 per diluted share, for the year ended December 31, 2024. We have adjusted our net income in the year ended December 31, 2025 for a $29.5 million gain from the change in fair value of investments, a $14.7 million of stock based compensation expense and one-off discretionary cash bonus, a $3.5 million non-cash finance fees amortization and a $2.5 million loss on debt extinguishment.Adjusted net income of our container vessels segment amounted to $480.6 million for the year ended December 31, 2025 compared to $519.8 million for the year ended December 31, 2024. We adjusted net income of container vessels segment in the year ended December 31, 2025 for a $13.7 million of stock based compensation expense and one-off discretionary cash bonus, a $3.5 million non-cash finance fees amortization and a $2.5 million loss on debt extinguishment.Adjusted net income of our drybulk vessels segment amounted to $4.3 million for the year ended December 31, 2025 compared to $5.0 million for the year ended December 31, 2024. We adjusted net income of drybulk vessels segment in the year ended December 31, 2025 for a $1.0 million of stock based compensation expense and one-off discretionary cash bonus.The $46.7 million decrease in adjusted net income for the year ended December 31, 2025 compared to the year ended December 31, 2024, is primarily attributable to (i) a $57.0 million increase in total operating expenses, (ii) a $7.6 million decrease in dividends received, (iii) a $9.0 million increase in net finance expenses, (iv) a $2.1 million decrease in claims received, offset by (iv) $28.3 million increase in operating revenues, and (v) a $0.7 million decrease in equity loss on investments.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 $494.6 million, or $26.76 earnings per diluted share, for the year ended December 31, 2025 compared to net income of $505.1 million, or $26.05 earnings per diluted share, for the year ended December 31, 2024. Our net income for the year ended December 31, 2025 includes $29.5 million gain on marketable securities (gross of dividend income) compared to $25.2 million loss on marketable securities (gross of dividend income) in the year ended December 31, 2024. On a non-adjusted basis, the net income of our container vessels segment amounted to $460.9 million for the year ended December 31, 2025 compared to $518.1 million for the year ended December 31, 2024. On a non-adjusted basis, the net income of our drybulk vessels segment amounted to $3.4 million for the year ended December 31, 2025 compared to $4.4 million net income for the year ended December 31, 2024.Operating Revenues
Operating revenues increased by 2.8%, or by $28.4 million, to $1,042.5 million in the year ended December 31, 2025 from $1,014.1 million in the year ended December 31, 2024.Operating revenues of our container vessels segment increased by 2.0%, or by $18.3 million, to $955.4 million in the year ended December 31, 2025 from $937.1 million in the year ended December 31, 2024, analyzed as follows:$60.1 million increase in revenues as a result of newbuilding containership vessel additions;$5.0 million increase in revenues as a result of higher fleet utilization between the two periods;$29.7 million decrease in revenues as a result of lower charter rates between the two periods;$16.9 million decrease in revenues due to lower non-cash revenue recognition in accordance with US GAAP;$0.2 million decrease in revenues due to the disposal of one containership vessel.Operating revenues of our drybulk vessels segment increased by 13.0%, or by $10.0 million, to $87.0 million in the year ended December 31, 2025, compared to $77.0 million of revenues in the year ended December 31, 2024, analyzed as follows:$13.0 million increase in revenues as a result of dry bulk vessel acquisitions; and$3.0 million net decrease in revenues as a result of an increase in the deployment of our drybulk vessels through time charter contracts instead of voyage charter contracts between the two periods. Drybulk fleet utilization improved to 98% for 2025 from 87% in 2024, while the Time Charter Equivalent rate improved to $18,175 per day in 2025 from $18,147 per day in 2024.Vessel Operating Expenses
Vessel operating expenses increased by $23.1 million to $208.8 million in the year ended December 31, 2025 from $185.7 million in the year ended December 31, 2024, primarily as a result of the increase in the average number of vessels in our fleet due to container vessel newbuilding deliveries and dry bulk vessels acquisitions and the increase in average daily operating cost of our vessels to $6,969 per vessel per day for the year ended December 31, 2025 compared to $6,606 per vessel per day for the year ended December 31, 2024. Management believes that our daily operating costs remain among the most competitive in the industry.Depreciation & Amortization
Depreciation & Amortization includes Depreciation and Amortization of Deferred Drydocking and Special Survey Costs.Depreciation
Depreciation expense increased by $15.1 million, to $163.4 million in the year ended December 31, 2025 from $148.3 million in the year ended December 31, 2024, due to the increase in the average number of vessels in our fleet.Amortization of Deferred Drydocking and Special Survey Costs
Amortization of deferred drydocking and special survey costs increased by $14.9 million to $44.1 million in the year ended December 31, 2025 from $29.2 million in the year ended December 31, 2024, reflecting a larger number of vessels drydocked for which vessels drydocking amortization costs were recognized during the year ended December 31, 2025 compared to the year ended December 31, 2024.General and Administrative Expenses
General and administrative expenses increased by $10.2 million, to $64.4 million in the year ended December 31, 2025 from $54.2 million in the year ended December 31, 2024. The increase was mainly attributable to a one-off discretionary cash bonus of $4.8 million distributed to certain employees, a $2.2 million increase in stock based compensation expense, a $2.0 million higher management fees due to the increase in the average number of vessels and a $1.2 million increase in corporate general and administrative expense, during the year ended December 31, 2025 compared to the year ended December 31, 2024.Other Operating Expenses
Other Operating Expenses include Voyage Expenses.Voyage Expenses
Voyage expenses decreased by $1.0 million to $63.1 million in the year ended December 31, 2025 from $64.1 million in the year ended December 31, 2024.Voyage expenses of our drybulk vessels segment decreased by $4.3 million to $27.3 million in the year ended December 31, 2025 compared to $31.6 million voyage expenses in the year ended December 31, 2024. For the year ended December 31, 2025, voyage expenses of our drybulk vessels comprised of $5.3 million in commissions and $22.0 million in other voyage expenses, mainly comprised of bunkers cost and port expenses, compared to $4.5 million in commissions and $27.1 million in other voyage expenses for the year ended December 31, 2024, reflecting an increase in time charter employment of our dry bulk vessels during the year ended December 31, 2025 compared to the year ended December 31, 2024.Voyage expenses of container vessels segment increased by $3.3 million to $35.8 million in the year ended December 31, 2025 from $32.5 million in the year ended December 31, 2024, mainly due to increased other voyage expenses.Interest Expense and Interest Income
Interest expense increased by $16.6 million, to $42.8 million in the year ended December 31, 2025 from $26.2 million in the year ended December 31, 2024. The increase in interest expense is a result of:$15.6 million increase in interest expense due to an increase in our average indebtedness by $286.7 million between the two periods, partially offset by a decrease in our average debt service cost. Average indebtedness was $867.3 million in the year ended December 31, 2025, compared to average indebtedness of $580.6 million in the year ended December 31, 2024, while our average debt service cost decreased by approximately 0.76% mainly as a result of lower SOFR rates between the two periods;$1.2 million increase in the amortization of deferred finance costs and debt discount between the two periods; and$0.2 million decrease in interest expense due to an increase in the amount of interest expense capitalized on our vessels under construction that was $21.7 million in the year ended December 31, 2025, when compared to capitalized interest of $21.5 million in the year ended December 31, 2024.As of December 31, 2025, our outstanding debt, gross of deferred finance costs, was $1,177.8 million, which include $262.8 million principal amount of the 8.5% Senior Notes and $500.0 million principal amount of the 6.875% Senior Notes. These balances compare to debt of $744.5 million, which included $262.8 million principal amount of the 8.5% Senior Notes as of December 31, 2024. The increase in our outstanding debt is mainly due to (i) the issuance of the $500.0 million aggregate principal amount of the 6.875% Senior Notes in October 2025, (ii) the loans drawn down to partially finance our container vessel newbuildings, partially offset by (iii) the early prepayment of two secured facilities.Interest income increased by $6.6 million to $19.5 million in the year ended December 31, 2025 compared to $12.9 million in the year ended December 31, 2024, mainly driven by higher average cash balances between the two periods, partially offset by lower interest rates on cash deposits between the corresponding periods.Gain/(Loss) on Investments
The $31.2 million gain on investments in the year ended December 31, 2025 consisted of the gain from the change in fair value of our shareholding interest in Star Bulk Carriers Corp. ("SBLK") of $29.5 million and dividend income on these shares of $1.7 million. This compares to a $15.9 million loss on investments in the year ended December 31, 2024, representing a $25.2 million loss from the change in fair value on our SBLK shareholding interest and dividend income on these shares of $9.3 million.Loss on Debt Extinguishment
The loss on debt extinguishment of $2.5 million in the year ended December 31, 2025 related to our early extinguishment of debt compared to nil in the year ended December 31, 2024.Equity Loss on Investments
Equity loss on investments amounting to $1.0 million and $1.6 million in the years ended December 31, 2025 and December 31, 2024, respectively, relates to our share of initial expenses of CTTC, currently engaged in the research and development of decarbonization technologies for the shipping industry.Other Finance Expenses
Other finance expenses increased by $0.1 million to $3.7 million in the year ended December 31, 2025 compared to $3.6 million in the year ended December 31, 2024.Loss on Derivatives
Amortization of deferred realized losses on interest rate swaps remained stable at $3.6 million in each of the years ended December 31, 2025 and December 31, 2024.Other Income/(Expenses), Net
Other income/(expenses), net, amounted to an expense of $1.2 million in the year ended December 31, 2025, compared to an income of $2.2 million in the year ended December 31, 2024. Other income/(expenses), net, for the year ended December 31, 2024 mainly consisted of income of $2.1 million related to cash collected from the bankruptcy trustee of Hanjin Shipping as a partial payment of our claim under the Hanjin bankruptcy proceedings.Adjusted EBITDA
Adjusted EBITDA decreased by 0.4%, or by $3.2 million, to $719.4 million in the year ended December 31, 2025 from $722.6 million in the year ended December 31, 2024. The decrease was attributed to (i) $28.6 million increase in total operating expenses, (ii) $7.6 million decrease in dividends received, (iii) $0.5 million increase in net financing expenses, partially offset by (iv) $32.9 million increase in operating revenues (excluding $4.5 million decrease in amortization of assumed time-charters), and (ii) $0.6 million decrease in equity loss on investments. Adjusted EBITDA for the year ended December 31, 2025 is adjusted for (i) $29.5 million gain from the change in fair value of investments, (ii) $15.2 million expense of stock based compensation and one-off discretionary cash bonus, and (iii) $2.5 million of loss on debt extinguishment.Adjusted EBITDA of container vessels segment decreased by $5.4 million, to $692.1 million in the year ended December 31, 2025 from $697.5 million in the year ended December 31, 2024.Adjusted EBITDA of drybulk vessels segment increased by $9.1 million to $26.6 million in the year ended December 31, 2025 from $17.5 million in the year ended December 31, 2024.Dividend Payment
Danaos has declared a dividend of $0.90 per share of common stock for the fourth quarter of 2025, which is payable on March 4, 2026 to stockholders of record as of February 23, 2026.Recent Developments
On January 15, 2026, we received $80.0 million pursuant to a Japanese Operating Lease with Call Option for the vessel Greenhouse (the "JOLCO Greenhouse Facility") with a tenor of eight years.We have delivered a notice of redemption to redeem in full the 8.5% Senior Notes on March 2, 2026, for an aggregate redemption price that is expected to be approximately $273.9 million, consisting of $262.8 million of outstanding principal and approximately $11.2 million of accrued but unpaid interest, assuming a redemption date of March 2, 2026.On January 20, 2026, the Company announced a strategic partnership with Glenfarne Group to advance the Alaska LNG project. This partnership includes a $50 million development capital equity investment in Glenfarne Alaska Partners LLC. In addition, Danaos Corporation will also be the preferred tonnage provider to construct and operate at least six LNG carriers to deliver LNG to global customers for Glenfarne Alaska LNG, LLC, majority owner and developer of the Alaska LNG Project. This transaction provides Danaos with an opportunity to capitalize on its expertise in global seaborne transportation and expand the footprint of Danaos in the LNG and Energy segments.Conference Call and Webcast
On Tuesday, February 10, 2026 at 9:00 A.M. ET, the Company's management will host a conference call to discuss the results.Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 833 890 6464 (US Toll Free Dial In), 0 800 279 9489 (UK Toll Free Dial In) or +44 (0) 2075 441 375 (Standard International Dial In). Please indicate to the operator that you wish to join the Danaos Corporation earnings call.A telephonic replay of the conference call will be available until February 17, 2026 by dialing 1 855 669 9658 (US Toll Free Dial In) or 1-412-317-0088 (Standard International Dial In) and using 4481482# as your access code.Audio Webcast
There will also be a live and then archived webcast of the conference call on the Danaos website (www.danaos.com). Participants of the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.Slide Presentation
A slide presentation regarding the Company and the container and drybulk industry will also be available on the Danaos website (www.danaos.com).About Danaos Corporation
Danaos Corporation is one of the largest independent owners of modern, large-size container vessels. Our current fleet of 75 container vessels aggregating 477,491 TEUs and 27 under construction container vessels aggregating 174,550 TEUs ranks Danaos among the largest container vessels charter owners in the world based on total TEU capacity. Danaos has also invested in the dry bulk sector through the acquisition of 11 capesize drybulk vessels and the recent order of two Newcastlemax dry bulk newbuildings, which, on a fully delivered basis, will aggregate approximately 2,365,286 DWT. Our container vessels fleet is chartered to many of the world's largest liner companies on fixed-rate charters. Our long track record of success is predicated on our efficient and rigorous operational standards and environmental controls. Danaos Corporation's shares trade on the New York Stock Exchange under the symbol "DAC".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, including contracted revenue, fleet growth and market conditions, and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions. Although Danaos Corporation believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, Danaos Corporation cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, geopolitical conditions, including any trade disruptions resulting from tariffs, port fees or other protectionist measures imposed by the United States or other countries, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydocking, changes in Danaos Corporation's operating expenses, including bunker prices, drydocking and insurance costs, our ability to operate profitably in the drybulk sector, our ability to realize returns on our investment in the LNG sector, performance of shipyards constructing  our contracted newbuilding vessels, ability to obtain financing and comply with covenants in our financing arrangements, actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, including the conflict in Ukraine and related sanctions, conflicts in the Middle East, potential disruption of shipping routes such as Houthi attacks in the Red Sea and the Gulf of Aden or threatened actions by Iran, due to accidents and political events or acts by terrorists.Risks and uncertainties are further described in reports filed by Danaos Corporation with the U.S. Securities and Exchange Commission.Visit our website at www.danaos.comAPPENDIXContainer Vessels Fleet Utilization







Container Vessels Utilization (No. of Days)
Three months
ended
Three months
ended
Year ended
Year ended
December 31,December 31,
December 31,December 31,
20252024
20252024Ownership Days
6,860
6,706
27,039
25,684Less Off-hire Days:







Scheduled Off-hire Days
(38)
(236)
(430)
(525)Other Off-hire Days
(10)
(3)
(44)
(198)Operating Days(1)
6,812
6,467
26,565
24,961Fleet Utilization
99.3 %
96.4 %
98.2 %
97.2 %








Operating Revenues (in '000s of US$)
$240,695
$237,510
$955,433
$937,077Less: Voyage Expenses excluding
commissions (in '000s of US$)
(314)
925
(1,972)
746Time Charter Equivalent Revenues (in '000s
of US$)
240,381
238,435
953,461
937,823Time Charter Equivalent US$/per day(2)
$35,288
$36,869
$35,892
$37,572








Drybulk Vessels Fleet Utilization







Drybulk Vessels Utilization (No. of Days)
Three months
ended
Three months
ended
Year ended
Year ended
December 31,December 31,
December 31,December 31,
20252024
20252024Ownership Days
920
920
3,650
3,164Less Off-hire Days:







Scheduled Off-hire Days
-
(138)
(56)
(378)Other Off-hire Days
(2)
(7)
(16)
(33)Operating Days(1)
918
775
3,578
2,753Fleet Utilization
99.8 %
84.2 %
98.0 %
87.0 %








Operating Revenues (in '000s of US$)
$25,570
$20,669
$87,023
$77,033Less: Voyage Expenses excluding
commissions (in '000s of US$)
(3,887)
(4,960)
(21,992)
(27,075)Time Charter Equivalent Revenues (in '000s
of US$)
21,683
15,709
65,031
49,958Time Charter Equivalent US$/per day(2)
$23,620
$20,270
$18,175
$18,147











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.Fleet ListThe following table describes in detail our container vessels deployment profile as of February 9, 2026:Vessel NameVessel
Size(TEU) (1) 
Year Built
Expiration of Charter (2)Ambition13,100
2012
April 2027Speed13,100
2012
March 2027Kota Plumbago13,100
2012
July 2027Kota Primrose13,100
2012
April 2027Kota Peony13,100
2012
March 2027Express Rome10,100
2011
November 2030Express Berlin10,100
2011
December 2029Express Athens10,100
2011
October 2030Le Havre9,580
2006
June 2028Pusan C9,580
2006
May 2028Bremen9,012
2009
January 2028C Hamburg9,012
2009
January 2028Niledutch Lion8,626
2008
May 2028Kota Manzanillo8,533
2005
December 2028Belita8,533
2006
June 2028CMA CGM Melisande8,530
2012
January 2028CMA CGM Attila8,530
2011
May 2027CMA CGM Tancredi8,530
2011
July 2027CMA CGM Bianca8,530
2011
September 2027CMA CGM Samson8,530
2011
November 2027America8,468
2004
April 2028Europe8,468
2004
May 2028Kota Santos8,463
2005
June 2029Catherine C (3)8,010
2024
June 2029Greenland (3)8,010
2024
August 2029Greenville (4)8,010
2024
October 2029Greenfield (5)8,010
2024
November 2029Interasia Accelerate (3)7,165
2024
April 2032Interasia Amplify (4)7,165
2024
September 2032CMA CGM Moliere 6,500
2009
August 2030CMA CGM Musset 6,500
2010
September 2030CMA CGM Nerval6,500
2010
October 2030CMA CGM Rabelais 6,500
2010
January 2028Racine6,500
2010
June 2029YM Mandate6,500
2010
January 2028YM Maturity6,500
2010
April 2028Savannah6,402
2002
June 2027Dimitra C6,402
2002
April 2027Phoebe (6)6,014
2025
October 2031Greenhouse (7)6,014
2025
August 2032Suez Canal5,610
2002
April 2028Kota Lima5,544
2002
November 2028Wide Alpha 5,466
2014
January 2030Stephanie C5,466
2014
September 2028Euphrates5,466
2014
September 2028Wide Hotel5,466
2015
March 2030Wide India5,466
2015
October 2028Wide Juliet5,466
2015
August 2026Seattle C4,253
2007
June 2029Vancouver4,253
2007
October 2029Derby D4,253
2004
December 2029Tongala4,253
2004
October 2029Rio Grande4,253
2008
October 2029Paolo (ex Merve A)4,253
2008
November 2027Kingston4,253
2008
June 2027Monaco4,253
2009
May 2029Dalian4,253
2009
April 2028Jamaica (ex Luanda)4,253
2009
August 2028Dimitris C3,430
2001
September 2027Express Black Sea3,400
2011
September 2029Express Spain3,400
2011
September 2029Express Argentina3,400
2010
September 2029Express Brazil3,400
2010
April 2027Express France3,400
2010
July 2027Singapore3,314
2004
November 2029Colombo3,314
2004
September 2029Zebra2,602
2001
December 2026Artotina2,524
2001
November 2027Advance2,200
1997
September 2027Future2,200
1997
September 2027Sprinter2,200
1997
November 2027Bridge2,200
1998
January 2028Progress C2,200
1998
January 2028Phoenix D2,200
1997
June 2027Highway2,200
1998
January 2028

(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 newbuilding vessels were delivered in the second quarter of 2024.(4)The newbuilding vessels were delivered in the third quarter of 2024.(5)The newbuilding vessel was delivered in the fourth quarter of 2024.(6)The newbuilding vessel was delivered in the first quarter of 2025.(7)The newbuilding vessel was delivered in the fourth quarter of 2025. Container vessels under construction as of February 9, 2026:Hull NumberVessel
SizeTEU (1)
Expected
Delivery
Year (2)
Minimum
Charter
DurationHull No. YZJ2023-15568,258
2026
5 yearsHull No. YZJ2023-15578,258
2026
5 yearsHull No. YZJ2024-16128,258
2026
5 yearsHull No. C9200-79,200
2027
4.8 yearsHull No. C9200-89,200
2027
4.8 yearsHull No. CV5900-09 (3)6,014
2027
4.8 yearsHull No. YZJ2024-16138,258
2027
5 yearsHull No. YZJ2024-16258,258
2027
5 yearsHull No. YZJ2024-16268,258
2027
5 yearsHull No. YZJ2024-16688,258
2027
5 yearsHull No. H25969,200
2027
6 yearsHull No. C7100-9 (4)7,165
2027
5 yearsHull No. C7100-10 (4)7,165
2027
5 yearsHull No. C9200-99,200
2027
4.8 yearsHull No. H25979,200
2027
6 yearsHull No. S1162 (5)1,800
2027
9.9 yearsHull No. S1163 (5)1,800
2028
9.9 yearsHull No. C9200-109,200
2028
4.8 yearsHull No. S1164 (5)1,800
2028
9.9 yearsHull No. C9200-119,200
2028
4.8 yearsHull No. S1165 (5)1,800
2028
9.9 yearsHull No. S1166 (5)1,800
2028
-Hull No. H2638 (5)5,300
2028
-Hull No. S1167 (5)1,800
2029
-Hull No. H2639 (5)5,300
2029
-Hull No. H2640 (6) 5,300
2029
-Hull No. H2641 (6)5,300
2029
-

(1)Twenty-feet equivalent unit, the international standard measure for containers and container vessels capacity.(2)Under construction container vessels' expected delivery dates were sorted based on the upcoming deliveries.(3)The newbuilding containership vessel was added to our orderbook in the second quarter of 2025.(4)The newbuilding containership vessels were added to our orderbook in the third quarter of 2025.(5)The newbuilding containership vessels were added to our orderbook in the fourth quarter of 2025.(6)The newbuilding containership vessels were added to our orderbook in the first quarter of 2026. The following table presents details of our Capesize drybulk vessels, on a fully delivered basis, as of February 9, 2026:Vessel NameCapacity
Year Built (2)(DWT) (1)Genius175,580
2012Achievement175,966
2011Ingenuity176,022
2011Danaos (3)176,536
2011Valentine  (4)175,125
2011Integrity175,966
2010Peace175,858
2010Gouverneur (4)178,043
2010W Trader175,879
2009E Trader175,886
2009Capesize drybulk vessel(5)182,425
2009

(1)DWT, dead weight tons, the international standard measure for drybulk vessels capacity.(2)Capesize drybulk carrier vessels was sorted by their year built, from newest to oldest.(3)The vessel was delivered in the third quarter of 2024.(4)The vessels were delivered in the second quarter of 2024.(5)The vessel was agreed to be purchased on October 17, 2025, and is expected to be delivered to the Company by March 2026. Newcastlemax drybulk vessels under construction as of February 9, 2026:Hull NumberCapacity
Expected
Delivery
Year 
(DWT) (1)Hull No. DJCFD10 (2)211,000
2028
Hull No. DJCFD11 (2)211,000
2028


(1)DWT, dead weight tons, the international standard measure for drybulk vessels capacity.(2)The newbuilding drybulk vessels were added to our orderbook in the first quarter of 2026. DANAOS CORPORATIONCondensed Consolidated Statements of Income - Unaudited(Expressed in thousands of United States dollars, except per share amounts)


Three months
ended
Three months
ended
Year ended
Year ended
December 31, December 31, December 31, December 31,


2025
2024
2025
2024










OPERATING REVENUES$266,265
$258,179
$1,042,456
$1,014,110
OPERATING EXPENSES








Vessel operating expenses(48,436)
(45,654)
(208,779)
(185,724)

Depreciation & amortization(52,290)
(49,627)
(207,440)
(177,505)

General & administrative(28,393)
(21,709)
(64,410)
(54,228)

Other operating expenses(14,221)
(14,082)
(63,061)
(64,101)

Net gain on disposal of vessel-
1,681
-
8,332
Income From Operations122,925
128,788
498,766
540,884
OTHER INCOME/(EXPENSES)








Interest income8,471
3,907
19,548
12,890

Interest expense(14,587)
(9,942)
(42,842)
(26,185)

Gain/(Loss) on investments4,629
(33,131)
31,221
(15,903)

Loss on debt extinguishment(1,417)
-
(2,499)
-

Other finance expenses(855)
(899)
(3,722)
(3,593)

Equity loss on investments(285)
(191)
(1,039)
(1,629)

Other income/(expenses), net(54)
2,808
(1,197)
2,241

Realized loss on derivatives(913)
(913)
(3,622)
(3,632)
Total Other Income/(Expenses), net(5,011)
(38,361)
(4,152)
(35,811)
Net Income117,914
90,427
494,614
505,073
EARNINGS PER SHARE







Earnings per share, basic$6.43
$4.72
$26.83
$26.15
Earnings per share, diluted$6.42
$4.70
$26.76
$26.05
Basic weighted average number of common
shares (in thousands of shares)18,330
19,162
18,432
19,316
Diluted weighted average number of common
shares (in thousands of shares)18,366
19,220
18,480
19,385
 Non-GAAP Measures1 Reconciliation of Net Income to Adjusted Net Income – Unaudited

Three months
ended
Three months
ended
Year ended
Year endedDecember 31, December 31,
December 31, December 31,
2025
2024
2025
2024Net Income$117,914
$90,427
$494,614
$505,073Change in fair value of investments(3,941)
35,574
(29,541)
25,179Loss on debt extinguishment1,417
-
2,499
-Net gain on disposal of vessel-
(1,681)
-
(8,332)Stock based compensation & one-off
discretionary cash bonus14,664
8,196
14,664
8,196Amortization of financing fees and debt
discount1,161
757
3,487
2,326Adjusted Net Income $131,215
$133,273
$485,723
$532,442Adjusted Earnings Per Share, diluted$7.14
$6.93
$26.28
$27.47Diluted weighted average number of shares (in thousands of shares)18,366
19,220
18,480
19,385
1 The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, management believes that Adjusted Net Income and Adjusted Earnings per share, diluted, that are non-GAAP financial measures and used in managing the business may provide users of this financial information additional meaningful comparisons between current results and results in prior operating periods. Management believes that these non-GAAP financial measures can provide additional meaningful reflection of underlying trends of the business because they provide a comparison of historical information that excludes certain items that impact the overall comparability. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company's performance. See the Table above for supplemental financial data and corresponding reconciliations to GAAP financial measures for the three months and years ended December 31, 2025 and 2024, respectively. The non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company's reported results prepared in accordance with GAAP. The non-GAAP financial measures as presented above may not be comparable to similarly titled measures of other companies in the shipping or other industries.  DANAOS CORPORATIONCondensed Consolidated Balance Sheets - Unaudited(Expressed in thousands of United States dollars) 



As of
As ofDecember 31, December 31,


2025
2024ASSETS



CURRENT ASSETS




Cash and cash equivalents
$1,037,292
$453,384
Accounts receivable, net
38,730
25,578
Other current assets
243,397
192,005


1,319,419
670,967NON-CURRENT ASSETS




Fixed assets, net
3,269,703
3,290,309
Advances for vessels under construction & vessel acquisition
428,147
265,838
Deferred charges, net
54,356
58,759
Other non-current assets
42,305
57,781


3,794,511
3,672,687TOTAL ASSETS
$5,113,930
$4,343,654





LIABILITIES AND STOCKHOLDERS' EQUITY



CURRENT LIABILITIES




Long-term debt, current portion
$283,015
$35,220
Accounts payable, accrued liabilities & other current liabilities
118,661
133,734


401,676
168,954LONG-TERM LIABILITIES




Long-term debt, net
872,076
699,563
Other long-term liabilities
44,601
50,337


916,677
749,900





STOCKHOLDERS' EQUITY




Common stock
183
190
Additional paid-in capital
591,584
650,864
Accumulated other comprehensive loss
(71,412)
(70,430)
Retained earnings
3,275,222
2,844,176


3,795,577
3,424,800TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$5,113,930
$4,343,654 DANAOS CORPORATIONCondensed Consolidated Statements of Cash Flows - Unaudited(Expressed in thousands of United States dollars)


Three months
ended
Three months
ended
Year ended
Year endedDecember 31, December 31, December 31, December 31,

2025
2024
2025
2024Operating Activities:







Net income$117,914
$90,427
$494,614
$505,073
Adjustments to reconcile net income to net cash provided by
operating activities:







Depreciation41,463
40,375
163,366
148,344
Amortization of deferred drydocking & special survey costs and
finance costs11,988
10,009
47,561
31,487
Amortization of assumed time charters-
-
-
(4,534)
Prior service cost and periodic cost623
(422)
4,031
1,426
(Gain)/loss on investments(3,941)
35,574
(29,541)
25,179
Loss on debt extinguishment1,417
-
2,499
-
Net gain on disposal of vessel-
(1,681)
-
(8,332)
Payments for drydocking/special survey costs deferred(4,353)
(21,878)
(39,671)
(50,568)
Amortization of deferred realized losses on cash flow interest
rate swaps913
913
3,622
3,632
Equity loss on investments285
191
1,039
1,629
Stock based compensation11,584
9,811
16,755
14,558
Accounts receivable(1,415)
1,176
(3,783)
(5,403)
Other assets, current and non-current4,826
(3,006)
23,393
20,769
Accounts payable and accrued liabilities6,445
11,207
(6,637)
10,246
Other liabilities, current and long-term(8,258)
(16,057)
(32,495)
(71,756)Net Cash provided by Operating Activities179,491
156,639
644,753
621,750








Investing Activities:







Vessel additions, advances for vessels under construction and
vessel acquisition(97,380)
(78,135)
(296,690)
(659,343)
Net proceeds and insurance proceeds from disposal of vessel-
-
1,681
10,196
Investments in affiliates/marketable securities (417)
(417)
(30,687)
(1,642)Net Cash used in Investing Activities(97,797)
(78,552)
(325,696)
(650,789)








Financing Activities:







Proceeds from long-term debt576,675
63,000
620,675
362,000
Debt repayments and debt prepayments(163,129)
(7,930)
(190,764)
(27,970)
Dividends paid(16,542)
(16,320)
(63,550)
(62,807)
Repurchase of common stock(22,527)
(47,617)
(75,739)
(53,332)
Finance costs(15,250)
(172)
(25,771)
(7,277)Net Cash provided by/(used in) Financing Activities359,227
(9,039)
264,851
210,614Net increase in cash and cash equivalents440,921
69,048
583,908
181,575Cash and cash equivalents, beginning of period596,371
384,336
453,384
271,809Cash and cash equivalents, end of period$1,037,292
$453,384
$1,037,292
$453,384 DANAOS CORPORATIONReconciliation of Net Income to Adjusted EBITDA - Unaudited(Expressed in thousands of United States dollars) 

Three Months
 ended
Three months
ended
Year ended
Year endedDecember 31, December 31, December 31, December 31,
2025
2024
2025
2024Net income$117,914
$90,427
$494,614
$505,073Depreciation41,463
40,375
163,366
148,344Amortization of deferred drydocking & special survey costs10,827
9,252
44,074
29,161Amortization of assumed time charters-
-
-
(4,534)Amortization of finance costs, commitment fees and debt discount1,683
1,371
5,694
4,905Amortization of deferred realized losses on interest rate swaps913
913
3,622
3,632Interest income(8,471)
(3,907)
(19,548)
(12,890)Interest expense excluding amortization of finance costs13,426
9,185
39,355
23,859Change in fair value of investments(3,941)
35,574
(29,541)
25,179Loss on debt extinguishment 1,417
-
2,499
-Stock based compensation & one-off discretionary cash bonus14,811
8,218
15,241
8,218Net gain on disposal of vessels-
(1,681)
-
(8,332)Adjusted EBITDA(1)$190,042
$189,727
$719,376
$722,615

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, adjusted for the change in fair value of investments, stock based compensation & one-off discretionary cash bonus, loss on debt extinguishment and net gain on disposal of vessel. However, Adjusted EBITDA is not a recognized measurement under U.S. generally accepted accounting principles, or "GAAP." We believe that the presentation of Adjusted EBITDA is useful to investors because it is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. We also believe that EBITDA and Adjusted EBITDA assist investors and analysts in comparing our performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. In evaluating Adjusted EBITDA, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. The non-GAAP financial measures as presented above may not be comparable to similarly titled measures of other companies in the shipping or other industries.


Note: Items to consider for comparability include gains and charges. Gains positively impacting net income are reflected as deductions to net income. Charges negatively impacting net income are reflected as increases to net income.


The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, management believes that certain non-GAAP financial measures used in managing the business may provide users of this financial information additional meaningful comparisons between current results and results in prior operating periods. Management believes that these non-GAAP financial measures can provide additional meaningful reflection of underlying trends of the business because they provide a comparison of historical information that excludes certain items that impact the overall comparability. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company's performance. See the Tables above for supplemental financial data and corresponding reconciliations to GAAP financial measures for the three months and years ended December 31, 2025 and 2024, respectively. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company's reported results prepared in accordance with GAAP. DANAOS CORPORATIONReconciliation of Net Income to Adjusted EBITDA per segmentThree Months Ended December 31, 2025 and Three Months Ended December 31, 2024Unaudited(Expressed in thousands of United States dollars) 



















Three Months Ended

Three Months Ended

December 31, 2025

December 31, 2024

Container
Vessels
Drybulk
Vessels
Other
Total

Container
Vessels
Drybulk
Vessels
Other
Total Net income/(loss)
$107,305
$6,225
$4,384
$117,914

$121,985
$1,740
$(33,298)
$90,427Depreciation
38,102
3,361
-
41,463

37,048
3,327
-
40,375Amortization of deferred drydocking
& special survey costs
8,456
2,371
-
10,827

8,105
1,147
-
9,252Amortization of deferred finance costs,
commitment fees and debt discount
1,683
-
-
1,683

1,371
-
-
1,371Amortization of deferred realized
losses on interest rate swaps
913
-
-
913

913
-
-
913 Interest income
(8,429)
(2)
(40)
(8,471)

(3,883)
-
(24)
(3,907)Interest expense excluding amortization
of finance costs
13,426
-
-
13,426

9,185
-
-
9,185Change in fair value of investments
-
-
(3,941)
(3,941)

-
-
35,574
35,574Loss on debt extinguishment
1,417
-
-
1,417

-
-
-
-Stock based compensation & one-off
discretionary cash bonus
13,842
969
-
14,811

7,657
561
-
8,218Net gain on disposal of vessel
-
-
-
-

(1,681)
-
-
(1,681)Adjusted EBITDA(1)
$176,715
$12,924
$403
$190,042

$180,700
$6,775
$2,252
$189,727

1)Adjusted EBITDA represents net income before interest income and expense, depreciation, amortization of deferred drydocking & special survey costs, amortization of deferred finance costs and commitment fees, amortization of deferred realized losses on interest rate swaps and adjusted for the change in fair value of investments, stock based compensation & one-off discretionary cash bonus, loss on debt extinguishment and net loss on disposal of vessel. However, Adjusted EBITDA is not a recognized measurement under U.S. generally accepted accounting principles, or "GAAP." We believe that the presentation of Adjusted EBITDA is useful to investors because it is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. We also believe that EBITDA and Adjusted EBITDA assist investors and analysts in comparing our performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. In evaluating Adjusted EBITDA, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. The non-GAAP financial measures as presented above may not be comparable to similarly titled measures of other companies in the shipping or other industries.


Note: Items to consider for comparability include gains and charges. Gains positively impacting net income are reflected as deductions to net income. Charges negatively impacting net income are reflected as increases to net income.


The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, management believes that certain non-GAAP financial measures used in managing the business may provide users of these financial information additional meaningful comparisons between current results and results in prior operating periods. Management believes that these non-GAAP financial measures can provide additional meaningful reflection of underlying trends of the business because they provide a comparison of historical information that excludes certain items that impact the overall comparability. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company's performance. See the Tables above for supplemental financial data and corresponding reconciliations to GAAP financial measures for the three months ended December 31, 2025 and 2024, respectively. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company's reported results prepared in accordance with GAAP. DANAOS CORPORATIONReconciliation of Net Income to Adjusted EBITDA per segmentYear Ended December 31, 2025 and Year Ended December 31, 2024Unaudited(Expressed in thousands of United States dollars) 



















Year Ended

Year Ended

December 31, 2025

December 31, 2024

Container
Vessels
Drybulk
Vessels
Other
Total

Container
Vessels
Drybulk
Vessels
Other
Total Net income/(loss)
$460,946
$3,353
$30,315
$494,614

$518,129
$4,429
$(17,485)
$505,073Depreciation
150,075
13,291
-
163,366

137,823
10,521
-
148,344Amortization of deferred drydocking & special
survey costs
35,114
8,960
-
44,074

27,167
1,994
-
29,161Amortization of assumed time charters
-
-
-
-

(4,534)
-
-
(4,534)Amortization of deferred finance costs,
commitment fees and debt discount
5,694
-
-
5,694

4,905
-
-
4,905Amortization of deferred realized losses
on interest rate swaps
3,622
-
-
3,622

3,632
-
-
3,632 Interest income
(19,413)
(2)
(133)
(19,548)

(12,843)
-
(47)
(12,890)Interest expense excluding amortization
of finance costs
39,355
-
-
39,355

23,859
-
-
23,859Change in fair value of investments
-
-
(29,541)
(29,541)

-
-
25,179
25,179Loss on debt extinguishment
2,499
-
-
2,499

-
-
-
-Stock based compensation & one-off
discretionary cash bonus
14,242
999
-
15,241

7,657
561
-
8,218Net gain on disposal of vessel
-
-
-
-

(8,332)
-
-
(8,332)Adjusted EBITDA(1)
$692,134
$26,601
$641
$719,376

$697,463
$17,505
$7,647
$722,615
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 and adjusted for the change in fair value of investments, stock based compensation & one-off discretionary cash bonus, loss on debt extinguishment and net gain on disposal of vessel. However, Adjusted EBITDA is not a recognized measurement under U.S. generally accepted accounting principles, or "GAAP." We believe that the presentation of Adjusted EBITDA is useful to investors because it is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. We also believe that EBITDA and Adjusted EBITDA assist investors and analysts in comparing our performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. In evaluating Adjusted EBITDA, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. The non-GAAP financial measures as presented above may not be comparable to similarly titled measures of other companies in the shipping or other industries.
Note: Items to consider for comparability include gains and charges. Gains positively impacting net income are reflected as deductions to net income. Charges negatively impacting net income are reflected as increases to net income.
The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, management believes that certain non-GAAP financial measures used in managing the business may provide users of these financial information additional meaningful comparisons between current results and results in prior operating periods. Management believes that these non-GAAP financial measures can provide additional meaningful reflection of underlying trends of the business because they provide a comparison of historical information that excludes certain items that impact the overall comparability. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company's performance. See the Tables above for supplemental financial data and corresponding reconciliations to GAAP financial measures for the years ended December 31, 2025 and 2024, respectively. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company's reported results prepared in accordance with GAAP. DANAOS CORPORATIONReconciliation of Net Income to Adjusted Net Income per segmentThree Months Ended December 31, 2025 and Three Months Ended December 31, 2024Unaudited(Expressed in thousands of United States dollars) 

Three Months Ended

Three Months Ended

December 31, 2025

December 31, 2024

Container
Vessels
Drybulk
Vessels
Other
Total

Container
Vessels
Drybulk
Vessels
Other
TotalNet income/(loss)
$107,305
$6,225
$4,384
$117,914

$121,985
$1,740
$(33,298)
$90,427Change in fair value of investments
-
-
(3,941)
(3,941)

-
-
35,574
35,574Loss on debt extinguishment
1,417
-
-
1,417

-
-
-
-Amortization of financing fees and
debt discount
1,161
-
-
1,161

757
-
-
757Stock based compensation & one-off
discretionary cash bonus
13,705
959
-
14,664

7,636
560
-
8,196Net gain on disposal of vessel
-
-
-
-

(1,681)
-
-
(1,681)Adjusted Net income(1)
$123,588
$7,184
$443
$131,215

$128,697
$2,300
$2,276
$133,273Adjusted Earnings per Share, diluted






$7.14







$6.93Diluted weighted average number of shares (in thousands of shares)
18,366



19,220 DANAOS CORPORATIONReconciliation of Net Income to Adjusted Net Income per segmentYear Ended December 31, 2025 and Year Ended December 31, 2024Unaudited(Expressed in thousands of United States dollars) 


Year Ended

Year Ended

December 31, 2025

December 31, 2024

Container
Vessels
Drybulk
Vessels
Other
Total

Container
Vessels
Drybulk
Vessels
Other
TotalNet income/(loss)
$460,946
$3,353
$30,315
$494,614

$518,129
$4,429
$(17,485)
$505,073Change in fair value of investments
-
-
(29,541)
(29,541)

-
-
25,179
25,179Loss on debt extinguishment
2,499
-
-
2,499

-
-
-
-Amortization of financing fees and
debt discount
3,487
-
-
3,487

2,326
-
-
2,326Stock based compensation & one-off
discretionary cash bonus
13,705
959
-
14,664

7,636
560
-
8,196Net gain on disposal of vessel
-
-
-
-

(8,332)
-
-
(8,332)Adjusted Net income(1)
$480,637
$4,312
$774
$485,723

$519,759
$4,989
$7,694
$532,442Adjusted Earnings per Share, diluted






$26.28







$27.47Diluted weighted average number of shares (in thousands of shares)
18,480



19,385

1)The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, management believes that Adjusted Net income and Adjusted Earnings per share, diluted, which are non-GAAP financial measures and used in managing the business, may provide users of this financial information additional meaningful comparisons between current results and results in prior operating periods. Management believes that these non-GAAP financial measures can provide additional meaningful reflection of underlying trends of the business because they provide a comparison of historical information that excludes certain items that impact the overall comparability. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company's performance. See the Table above for supplemental financial data and corresponding reconciliations to GAAP financial measures for the three months and years ended December 31, 2025 and 2024, respectively. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company's reported results prepared in accordance with GAAP. The non-GAAP financial measures as presented above may not be comparable to similarly titled measures of other companies in the shipping or other industries. 



View original content:https://www.prnewswire.com/news-releases/danaos-corporation-reports-results-for-the-fourth-quarter-and-year-ended-december-31-2025-302682861.htmlSOURCE Danaos Corporation

Original: Danaos Corporation Reports Results for the Fourth Quarter and Year Ended December 31, 2025

Danaos Corporation Announces Strategic Partnership with Glenfarne Group to advance the Alaska LNG Project

January 20 2026 - 4:00PM
PR Newswire (US)

ATHENS, Greece, Jan. 20, 2026 /PRNewswire/ -- Danaos Corporation, one of the world's largest independent owners of containerships, (the "Company") (NYSE: DAC) announced today a strategic partnership with Glenfarne Group LLC ("Glenfarne Group") to advance the Alaska LNG project.

More specifically, Danaos Corporation will make a $50 million development capital equity investment in Glenfarne Alaska Partners LLC while it will also be the preferred tonnage provider to construct and operate at least six LNG carriers to deliver LNG to global customers for Glenfarne Alaska LNG, LLC, majority owner and developer of the Alaska LNG Project.

Glenfarne is developing Alaska LNG in two financially independent phases to accelerate project execution. Phase One consists of a 765-mile, 42-inch pipeline to transport natural gas from Alaska's North Slope to meet Alaska's domestic energy needs. Phase Two will add the LNG liquefaction terminal and related infrastructure to export 20 million tonnes per annum (MTPA) of LNG.

Glenfarne became lead developer of Alaska LNG in March 2025. Since then, Glenfarne has secured preliminary commercial commitments from leading LNG buyers in Japan, Korea, Taiwan, and Thailand for 11 MTPA of LNG, and strategic partnerships that also include Baker Hughes and POSCO International. Glenfarne owns 75% of Alaska LNG and the Alaska Gasline Development Corporation owns 25%.

Glenfarne Group is a privately held global developer, owner, and operator of energy infrastructure assets that owns and operates over 60 energy assets through three core businesses: Global LNG Solutions, Grid Stability, and Renewables. Glenfarne's permitted North American LNG portfolio totals 32.8 MTPA of capacity under development in Alaska, Louisiana, and Texas.

Danaos Chief Executive Officer Dr. John Coustas commented: "As Alaska LNG opens up a major new source of North Pacific energy, Danaos is pleased to offer our shipping expertise to reliably serve customers across the region and around the world with safe, competitive LNG delivery. This transaction provides us with an opportunity to expand on our expertise in global seaborne transportation and expand the footprint of Danaos in the LNG and Energy segments."

About Danaos Corporation
Danaos Corporation is one of the largest independent owners of modern, large-size container vessels. Our current fleet of 75 container vessels aggregating 477,491 TEUs and 25 under construction container vessels aggregating 163,950 TEUs ranks Danaos among the largest container vessels charter owners in the world based on total TEU capacity. Danaos has also invested in the dry bulk sector with the acquisition of 11 capesize drybulk vessels, which on a fully delivered basis, aggregate approximately 1,943,286 DWT. Our container vessels fleet is chartered to many of the world's largest liner companies on fixed-rate charters. Our long track record of success is predicated on our efficient and rigorous operational standards and environmental controls. Danaos Corporation's shares trade on the New York Stock Exchange under the symbol "DAC".

https://investorshub.advfn.com/stock-market/NYSE/danaos-DAC/stock-news/97652108/danaos-corporation-announces-strategic-partnership

Stable and crushing it again even with the turbulent markets.

BAZINGA!

DAC has been a beast since late Nov '20.
Could easily still double from here.

Good reason to load up I hope you did

heavy debt + quickly depreciating assets.

y is this company selling for how much it made this year.

company made 8.50 share and sells for 8.50???

thx

Amazing runup.

Interesting repurchase agreement.

yes, i am surprised

the $10m is up to $0.40/share

if they exhaust the entire repurchase allocation they may reduce the outstanding shares by up to 10% or so.

This is also approximately 1/2 of a used vessel purchase.

Repurchase is a kind of dividend and in my opinion, a game changer.
https://seekingalpha.com/article/4364165-danaos-dac-corporate-presentation-slideshow

Yes, Costas has proven his main priority is growing the fleet. That may be good and it may be bad, but it means people looking for a dividend shouldn't get their hopes up.

So you can dream of replacing the old fleet and growth.

Recent Developments
In 2020, we acquired one 8,463 TEU container vessel and one 8,626 TEU container vessel, both of which have been fixed on two-year charters and in the aggregate are expected to contribute approximately $12 million to EBITDA on an annualized basis. Additionally, we entered into an agreement to acquire an 8,533 TEU vessel, which is expected to be delivered to us in the second quarter of 2020.

Time to stop dreaming about dividends. As always, Costas is sinking DAC liquidity into buying more ships.

jeez good luck getting dividends in 2021 let alone 2020 with this trajectory

Exactly. The board hasn't even discussed dividends.

Randall Giveans
Five years, 60%. All right. Second question. Obviously, following the successful equity offering, you're now permitted to reinstate dividends. So with that, what is kind of the timing or thoughts around that first dividend payment? And what amount do you plan on maybe proposing to the Board? Is it $0.10, $0.15, $0.20 a quarter? And then how do you plan on kind of deciding that amount?
John Coustas
Yes, Randy. Yes, sorry. I wasn't -- I forgot I was on mute. It was actually on the Board agenda to discuss about the dividend restatement. However, we deferred any kind of decision due to the uncertainty that was created by the coronavirus. It was a completely uncalculated event. So we prefer to defer that decision for the next Board meeting.
https://seekingalpha.com/article/4323162-danaos-corp-dac-ceo-john-coustas-on-q4-2019-results-earnings-call-transcript?page=3

Maybe I'm wrong and next Q Costas will announce a dividend.

But I'm sure he won't.

I heard in the conference call that at one point an analyst asked about a dividend so they said they would consider a dividend after the report was published and the analyst said that with $ 300 million in cash flow, $ 10 million could be allocated to dividend.

There is not going to be a dividend announced this quarter.

I do not understand why you think it will happen.

Costas never even suggested it was likely.

If you can find anything in the call transcripts to say a dividend is likely this Q, please quote it?

Maybe yes maybe not everything is possible

So you agree with me: no dividend announcement in the next quarter.

Great.

When there are signs that the crisis is over, and not before Q1

When there are signs that the crisis is over, and not before Q1

When?

i think they will pay/we will see

i think they will pay/we will see

I read the conference call transcript.

Costas said the discussion of a dividend was postponed until the next board meeting. "Board Discussion" is of course a necessary step to issuing a dividend, but it alone doesn't make it guaranteed or even likely.

I personally don't think Costas is going to fire up a dividend right now when he's shown a propensity for buying up more ships ahead of all other uses of capital.

If Costas has learned any lessons from the last decade he'll hold off on the dividend OR ship purchases, and continue to pay down debt. But I'm not sure that's a lesson he's learned.

The past 7 years isn't "irrelevant" to the long-term shareholders who saw the market value of their DAC shares drop over 90%.

Did you hear the conference call? It was said there would be no dividend discussion in the past q1 years.
About the past 7 years, irrelevant, except the capital structure improved dramatically.

Holding DAC for any sustained period in the past 7 years was a grievous financial mistake.

Now may be a decent time to buy. Who knows.

2019 free cash flow was 40% of current market cap so that's not bad. Even with shrinking revenues the reduction interest expense might balance that out.

Keep dreaming about a dividend in Q2, not going to happen. Not unless Costas gets very irresponsible and there's no indication he's that reckless.

ll not sell a share of a profitable company! The company leases ships to other companies and the situation hardly affects it. After Q1 there will be dividend distributions. In my opinion it fits Long and I bought yesterday.

ll not sell a share of a profitable company! The company leases ships to other companies and the situation hardly affects it. After Q1 there will be dividend distributions. In my opinion it fits Long and I bought yesterday.

I wish I had shorted DAC

According to the presentation and conference call, First Dividend together with the first quarter report.
https://services.choruscall.com/links/dac200211.html
https://s2.q4cdn.com/951507448/files/doc_presentations/2020/02/DAC-Corporate-Presentation-February-2020.pdf

Insiders are under water... again.... on their recent purchase.

ouch

https://seekingalpha.com/article/4311718-danaos-looks-like-cheapest-stock-in-market?utm_medium=email&utm_source=seeking_alpha
Target 30 $

Insiders buying shares for $6/share.

This looks good until you remember that several years ago, insiders bought shares for $3.50... pre-reverse-split. That's about $49 post-split.

Despite the reverse split, DAC is again getting closer to breaching NYSE listing requirements. Another 50% drop means another reverse split would be required.

https://finance.yahoo.com/news/top-ranked-value-stocks-buy-153703783.html

There is nothing new and the stock is falling,How can a company earn $ 8.5 a share traded at $ 8.5?

Looks like I nailed this prediction.

Based on past patterns, I'd sell now and re-buy in a few weeks.

A better position in the size of the debt and lower expenses on debt and an increase in profit and shareholders' equity

I haven't owned DAC in about 5 years. The smartest investment I made during that time was to resist re-buying shares no matter how cheap they appeared.

Don't know what you mean by "much better position"... better position that what? Aside from blips, this stock has been a loser ever since it IPO'd.

Good luck ! Just keep in mind that the company is in a much better position and there is justification for the stock to continue to rise and a lot.

Based on past patterns, I'd sell now and re-buy in a few weeks.

WOW
https://ih.advfn.com/stock-market/NYSE/danaos-corp-DAC/stock-news/79902264/danaos-corporation-reports-first-quarter-results-f

Strong buy
https://finance.yahoo.com/news/danaos-dac-moves-strong-buy-130001461.html

Can you name the exact amount of debt you consider "acceptable"?

And you believe that 2 full years is "a few quarters"?

When you say "recycle debt" are you saying that in 2 years (i.e., start of 2021) you expect banks to start lending DAC money to buy more containerships?

Even if all true, I don't know how that helps the stock price... DAC borrowed billions of dollars already and where did it get them? Shareholder equity completely destroyed. It's proven incapable of creating value from the borrowed money.

Share price is like 70% lower than its lowest low during the height of the financial crisis.

Give a look at the balance of a very similar SSW company. I think they should have 4-8 quartets with cash flow similar to the last quarter to reach calming the banks and investors.

Give a look at the balance of a very similar SSW company. I think they should have 4-8 quartets with cash flow similar to the last quarter to reach calming the banks and investors.

What is a "reasonable" level of debt in your opinion?

What do you mean by "recycling" of the outstanding debt? As in lenders will make new loans for DAC to purchase more ships?

how many is a "few" quarters? 3? 4?

I expect that in a few quarters the debt will fall to a reasonable level, the banks will allow for the recycling of the outstanding debt and the renewal of the fleet