Strong Contracted Revenue Backlog
Danaos Corporation added $113 million to its contracted revenue backlog, which now stands at $3.6 billion with a 3.8-year average charter duration. Contract coverage is at 99% for 2025 and 88% for 2026.
Financial Stability and Low Leverage
The company maintains a strong balance sheet with minimal leverage, having a net debt to adjusted EBITDA ratio of 0.3x. Net debt is $224 million, and 53 out of 84 vessels are unencumbered and debt-free.
Increased Cash Reserves and Liquidity
Danaos ended the second quarter with $546 million in cash and total liquidity of $924 million, providing ample flexibility for strategic capital deployment.
Dividend Declaration
A dividend of $0.85 per share was declared for the quarter, showcasing the company's commitment to returning value to shareholders.