Danaos reports Q2 adjusted EPS $6.78 vs. $7.14 lst year.

Reports Q2 revenue $246.31M vs. $241.48M last year. Danaos’ CEO Dr. John Coustas commented, “The last few months brought continued market disruption as conditions in the Red Sea remained challenged and the Ukraine war persisted. Panama canal crossings, however, returned to normal levels, eliminating that source of disruption for now. Market conditions have led liner companies to reassess their capacity requirement and rushed to secure tonnage, including tonnage with forward deliveries. The forthcoming environmental legislation has further incentivized liner companies to secure modern newbuilding tonnage for medium term requirements without making long-term commitments in the majority of cases. In this environment we have secured charter extensions for a number of our existing ships and further we extended our newbuilding program to a total of 20 vessels, three of which were delivered in the second quarter. We have secured multi-year charters with an average charter duration of approximately 4.5 years, weighted by aggregate contracted charter hire, for all of our newbuilding vessels and we are very well positioned for the future. As a result, the Company’s total contracted cash operating revenues are $3.2B. Contracted charter coverage for our container vessel fleet, including newbuildings, is currently 99% for 2024 and 80% for 2025, providing us excellent revenue visibility.”