Danaos reports Q1 EPS $7.15, consensus $7.74

Reports 1Q revenue $253.4M, consensus $256M. “The container market continued to strengthen in the first quarter of 2024, a trend that has continued into the second quarter. Both charter and box rates are gaining momentum, and we have completed all necessary rechartering activity in excess of our internal forecasts. The renewed optimism in the market extends to the longer term view of the charterers, who are making charter commitments on newbuilding vessels with deliveries scheduled from 2025 through the end of 2027. Following the recent placement of an order for an additional two 8,250 TEU vessels for 2027 delivery, our newbuilding orderbook currently consists of 14 vessels, totaling 108,000 TEU, two of which have already been delivered to us. More importantly, we have now secured multi-year chartering agreements for all our vessels on order, while we have also extended charters of certain existing vessels. As a result of this chartering activity, over the past three months we have added $423 million to our contracted revenue backlog that today stands at $2.5 billion with an average charter duration of 2.9 years. All the vessels in our newbuilding orderbook are Methanol ready, future proofing a portion of our fleet on green fuel usage. We have also arranged very conservative financing for the first eight newbuildings at competitive rates to ensure that we are able to maintain a strong liquidity profile to support continued opportunistic fleet…”