Danaos reports Q3 adjusted EPS $6.75 vs. $6.50 last year

Reports Q3 revenue $260.7M vs. $256.2M last year. CEO John Coustas commented: “As we enter the final months of the year, operating conditions remain broadly unchanged. The war in Ukraine continues with no end in sight, and while the conflict in the Middle East is in the process of resolution, transit through the Red Sea has not yet resumed and liners are waiting for more permanent signs of stability to restart the transit. The recent de-escalation in trade and tariff tensions between the U:S. and China enabled trade to resume unhindered, while the redirection of Chinese exports to the EU and other countries kept trading and container traffic at an all times high during Q3 of the year. The charter market remains robust, and the idle fleet remains at all-time low. Demand for mid-size and larger vessels continues unabated, and we have secured new charters for vessels opening as far out as the beginning of 2028…We have selectively extended our newbuilding program at below market prices and we have already secured multi-year employment for these new orders…In the financing front, we recently completed a $500M unsecured seven year bond offering with a 6.875% coupon…We intend to use the proceeds to redeem our 2028 $300M bond as well as prepay in full some smaller secured bank credit facilities. Our solid performance has enabled us to continue to deliver strong, profitable performance, enhance our contract backlog and fund investments to reduce the age of our fleet”.