ATHENS, Greece, Aug. 3, 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 and six month periods ended June 30, 2026.
Financial Summary
Three Months Ended June 30, 2026 and Three Months Ended June 30, 2025
Unaudited
Three Months Ended
Three Months Ended
June 30, 2026
June 30, 2025
Financial & Operating Metrics Container Drybulk Other Total Container Drybulk Other Total
Vessels Vessels Vessels Vessels
Operating Revenues $238,650 $35,720 $274,370 $239,446 $22,708 $262,154
Voyage Expenses, excl. commissions $(1,791) $(5,441) $(7,232) $(442) $(6,424) $(6,866)
Time Charter Equivalent Revenues (1) $236,859 $30,279 $267,138 $239,004 $16,284 $255,288
Net income $116,104 $12,176 $23,535 $151,815 $115,893 $266 $14,745 $130,904
Adjusted net income (2) $118,309 $12,176 $2,638 $133,123 $116,680 $266 $11 $116,957
Earnings per share, basic $8.34 $7.14
Earnings per share, diluted $8.32 $7.12
Adjusted earnings per share, diluted (2) $7.29 $6.36
Operating Days 6,668 996 6,623 908
Time Charter Equivalent US$/day (1) $35,522 $30,401 $36,087 $17,934
Ownership days 6,825 1,001 6,734 910
Average number of vessels 75.0 11.0 74.0 10.0
Fleet Utilization 97.7 % 99.5 % 98.4 % 99.8 %
Adjusted EBITDA (2) $165,469 $18,764 $2,594 $186,827 $170,163 $5,898 $(20) $176,041
Consolidated Balance Sheet & As of June 30, 2026 As of December 31, 2025
Liquidity and Leverage Metrics
Cash and cash equivalents $1,008,268 $1,037,292
Availability under revolving credit facility $225,000 $247,500
Marketable securities (3) $223,176 $120,244
Total cash liquidity & marketable securities (4) $1,456,444 $1,405,036
Debt, gross of deferred finance costs $1,232,725 $1,177,782
Net Debt (5) $224,457 $140,490
LTM Adjusted EBITDA (6) $739,055 $719,376
Net Debt / LTM Adjusted EBITDA 0.30x 0.20x
1) Time charter equivalent revenues and time charter equivalent US$/day are non-GAAP measures. Refer to the reconciliation provided in the appendix which appears later in this
earnings release.
2) Adjusted net income, 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 in the appendix which appears later in this earnings release.
3) Marketable securities refer to fair value of: (i) 45,454,545 shares of Yoda PLC as of June 30, 2026, and (ii) 6,256,181 shares of common stock of Star Bulk Carriers Corp. as of June
30, 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 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 Summary
Six Months Ended June 30, 2026 and Six Months Ended June 30, 2025
Unaudited
(Expressed in thousands of United States dollars, except as otherwise stated)
Six Months Ended
Six Months Ended
June 30, 2026
June 30, 2025
Financial & Operating Metrics Container Drybulk Other Total Container Drybulk Other Total
Vessels Vessels Vessels Vessels
Operating Revenues $468,200 $59,868 $528,068 $475,636 $39,825 $515,461
Voyage (Expenses)/Income, excl. commissions $2,810 $(10,995) $(8,185) $(749) $(14,794) $(15,543)
Time Charter Equivalent Revenues (1) $471,010 $48,873 $519,883 $474,887 $25,031 $499,918
Net income/(loss) $229,357 $13,807 $49,072 $292,236 $234,938 $(6,276) $17,389 $246,051
Adjusted net income / (loss) (2) $237,149 $13,807 $4,715 $255,671 $236,483 $(6,276) $172 $230,379
Earnings per share, basic $16.05 $13.27
Earnings per share, diluted $16.02 $13.24
Adjusted earnings per share, diluted (2) $14.01 $12.39
Operating Days 13,263 1,745 13,074 1,740
Time Charter Equivalent $/day (1) $35,513 $28,007 $36,323 $14,386
Ownership days 13,575 1,914 13,371 1,810
Average number of vessels 75.0 10.6 73.9 10.0
Fleet Utilization 97.7 % 91.2 % 97.8 % 96.1 %
Adjusted EBITDA (2) $335,573 $27,188 $4,632 $367,393 $343,051 $4,549 $114 $347,714
1)
Time charter equivalent revenues and time charter equivalent US$/day are non-GAAP measures. Refer to the reconciliation provided in the appendix.
2) Adjusted net income/(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), adjusted earnings per share, diluted; and net income/(loss) to adjusted EBITDA provided below.
Highlights for the Second Quarter and Half Year Ended June 30, 2026 and up to the date of this release:
Financing developments
- In May 2026, we entered into Japanese Operating Lease ("Jolco") transactions for a total of $236 million and an eight year tenor, to finance three newbuilding vessels with expected deliveries between Q2 and Q3 2027, while we also entered into a senior secured credit facility for an amount of $132 million and a ten year tenor to finance six 1,800 TEUs newbuilding container vessels with expected deliveries between Q4 2027 and Q1 2029.
- In June 2026, we fully prepaid the outstanding principal amount of $116.4 million under our syndicated $450 million loan facility, relating to the vessels Greenville and Greenfield.
- In connection with the prepayment, two Jolco transactions were consummated for consideration of $207.0 million, with an eight year tenor.
- As of the date of this release, out of our total fleet of 87 vessels, 78 vessels were debt-free, comprising 66 unencumbered vessels and 12 pledged as collateral under our revolving credit facility, which remains undrawn. As of the date of this release, available committed borrowing capacity was $225 million under the revolving credit facility, $792.25 million under the Syndicated $850 mil. Facility, $236 million under the Jolco Facilities and $132 million under the senior secured facility, in each case subject to customary conditions precedent to drawdown.
Fleet developments
- In July 2026, we took delivery of Hull No. YZJ2023-1556, an 8,258 TEUs containership named "Santorini Express".
- Our containership orderbook currently consists of 28 newbuilding containership vessels with an aggregate capacity of 176,292 TEUs with expected deliveries of two vessels in September 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 drybulk vessel orderbook currently consists of four 211,000 dwt Newcastlemax drybulk 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 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 drybulk vessels, comprising 11 Capesize bulk carriers and four Newcastlemax bulk carriers, with an aggregate capacity of approximately 2.8 million DWT.
Chartering developments
- Since the date of our previous earnings release, we have added approximately $683 million to our contracted revenue backlog through charter extensions 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 $4.6 billion, including newbuildings. The remaining average contracted charter duration for our containership fleet is 4.7 years, weighted by aggregate contracted charter hire.
Contracted operating days charter coverage for our container vessel fleet is currently 100% for 2026, 93% for 2027, 79% for 2028 and 61% for 2029. This includes newbuildings based on their scheduled delivery dates.
Dividends and Share buy-back program
- On July 6, 2026, Danaos declared a dividend of $0.90 per share of common stock for the second quarter of 2026. The dividend was paid on July 30, 2026, to stockholders of record as of July 21, 2026.
- As of the date of this release, Danaos has approximately $65 million outstanding capacity under its $300 million authorized share repurchase program.
Danaos' CEO Dr. John Coustas commented:
"The conflicts in Ukraine and Iran continue with no clear resolution in sight, although a brief ceasefire allowed us to move our two vessels out of the Gulf, and both our crews and our vessels are safe and fully operational. Uncertainty in global supply chains, the disruption in the Gulf, the restrictions in the Bab el-Mandeb and the tariff measures in the United States have combined to create exceptionally tight conditions, with rates across most shipping sectors at multi-year highs. Shipping remains the only industry capable of absorbing disruption on this scale and keeping the world supplied with goods, energy and raw materials.
Against this backdrop, Danaos continued to execute its long-term strategy of securing extended charter employment at attractive rates and arranging competitive long-term financing for our newbuilding program.
This quarter we saw a significant contribution from our dry bulk investment, as Capesize rates reached multi-year highs and the segment contributed $18.8 million of adjusted EBITDA, against $5.9 million a year ago.
As charterers continue to compete for quality tonnage, we took the opportunity to extend charters across a broad part of the fleet, adding approximately $683 million to our contracted revenue backlog. Backlog now stands at a record $4.6 billion, with 100% of our container operating days contracted for 2026, 93% for 2027 and 79% for 2028, while even for 2029 contract coverage is already above 60%.
We also continued to term out our financing, refinancing two further vessels through Japanese operating leases. We also added a further $236 million in Jolco financing commitments for three vessels delivering in 2027 and entered into a $132 million credit facility to finance our six 1,800 TEU newbuildings. With 78 of our 87 operating vessels debt-free, net leverage of 0.3x, and total liquidity of approximately $1.5 billion, we remain well positioned to pursue accretive opportunities, including the development of our investment in the Alaska LNG project.
Together with a disciplined approach to expansion, we believe these dynamics will continue to drive improving profitability and create lasting value for our shareholders."
Three months ended June 30, 2026 compared to the three months ended June 30, 2025
During the three months ended June 30, 2026, Danaos had an average of 75.0 container vessels and 11.0 drybulk vessels compared to 74.0 container vessels and 10.0 drybulk vessels during the three months ended June 30, 2025. Our container vessels utilization for the three months ended June 30, 2026 was 97.7% compared to 98.4% in the three months ended June 30, 2025. Our drybulk vessels utilization for the three months ended June 30, 2026 was 99.5% compared to 99.8% in the three months ended June 30, 2025.
Our adjusted net income amounted to $133.1 million, or $7.29 per diluted share, for the three months ended June 30, 2026 compared to $117.0 million, or $6.36 per diluted share, for the three months ended June 30, 2025. We have adjusted our net income in the three months ended June 30, 2026 for: (i) a $20.9 million gain from the change in fair value of investments, (ii) a $1.4 million loss on debt extinguishment, and (iii) $0.8 million of non-cash amortization of finance fees and debt discount.
Adjusted net income of our container vessels segment amounted to $118.3 million for the three months ended June 30, 2026, compared to $116.7 million for the three months ended June 30, 2025. We adjusted net income of container vessels segment in the three months ended June 30, 2026 for: (i) a $1.4 million loss on debt extinguishment and (ii) $0.8 million of non-cash amortization of finance fees and debt discount.
Adjusted net income of our drybulk vessels segment amounted to $12.2 million for the three months ended June 30, 2026, compared to $0.3 million for the three months ended June 30, 2025.
The $16.1 million increase in adjusted net income for the three months ended June 30, 2026, compared to the three months ended June 30, 2025, was primarily attributable to: (i) a $12.2 million increase in operating revenues, (ii) a $5.3 million decrease in net finance expenses and (iii) a $2.8 million increase in dividend income, partially offset by: (i) a $4.0 million increase in total operating expenses, and (ii) a $0.2 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 $151.8 million, or $8.32 earnings per diluted share, for the three months ended June 30, 2026 compared to net income of $130.9 million, or $7.12 earnings per diluted share, for the three months ended June 30, 2025. Our net income for the three months ended June 30, 2026 includes $20.9 million gain on marketable securities (gross of dividend income) compared to $14.7 million gain on marketable securities (gross of dividend income) in the three months ended June 30, 2025. On a non-adjusted basis, the net income of our container vessels segment amounted to $116.1 million for the three months ended June 30, 2026 compared to $115.9 million for the three months ended June 30, 2025. On a non-adjusted basis, the net income of our drybulk vessels segment amounted to $12.2 million for the three months ended June 30, 2026, compared to $0.3 million for the three months ended June 30, 2025.
Operating Revenues
Operating revenues increased by $12.2 million, to $274.4 million in the three months ended June 30, 2026 from $262.2 million in the three months ended June 30, 2025.
Operating revenues of our container vessels segment decreased by $0.8 million, to $238.6 million in the three months ended June 30, 2026, compared to $239.4 million in the three months ended June 30, 2025, analyzed as follows:
- $3.4 million lower revenues due to a decrease in non-cash revenue recognition in accordance with US GAAP;
- $1.2 million decrease in revenues as a result of higher revenue off-hire in the current period;
partially offset by:
- $3.2 million increase in revenues as a result of newbuilding containership vessel additions;
- $0.6 million increase in revenues as a result of higher charter rates between the two periods.
Operating revenues of our drybulk vessels segment increased by 57.3%, or $13.0 million, to $35.7 million in the three months ended June 30, 2026, compared to $22.7 million of revenues in the three months ended June 30, 2025. The increase was primarily driven by a significant improvement in Time Charter Equivalent rate per day, which increased to $30,401 per day in the three months ended June 30, 2026, from $17,934 per day in the three months ended June 30, 2025, reflecting improved market conditions, as well as the operation of an additional vessel in our drybulk fleet.
Vessel Operating Expenses
Vessel operating expenses increased by $0.3 million to $56.7 million for the three months ended June 30, 2026, from $56.4 million for the three months ended June 30, 2025, primarily due to an increase in the average number of vessels in our fleet, partially offset by a reduction in average daily operating costs to $7,416 per day from $7,556 per day in the prior-year period. 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 $1.1 million, to $41.8 million in the three months ended June 30, 2026 from $40.7 million in the three months ended June 30, 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 decreased by $1.0 million to $10.5 million in the three months ended June 30, 2026 from $11.5 million in the three months ended June 30, 2025, primarily reflecting lower deferred dry-docking and special survey costs being amortized during the three months ended June 30, 2026 compared to the corresponding period in 2025.
General and Administrative Expenses
General and administrative expenses increased by $3.7 million to $14.9 million for the three months ended June 30, 2026, from $11.2 million for the three months ended June 30, 2025. The increase was mainly attributable to $1.5 million in higher management fees, which was partially driven by the increase in the average number of vessels in our fleet, as well as a $2.2 million increase in corporate general and administrative expenses.
Other Operating Expenses
Other Operating Expenses include Voyage Expenses.
Voyage Expenses
Voyage expenses increased by $1.0 million to $17.8 million in the three months ended June 30, 2026 from $16.8 million in the three months ended June 30, 2025.
Voyage expenses of our container vessels segment increased by $1.2 million to $10.1 million in the three months ended June 30, 2026 from $8.9 million in the three months ended June 30, 2025.
Voyage expenses of our drybulk vessels segment decreased by $0.2 million to $7.7 million in the three months ended June 30, 2026, compared to $7.9 million in the three months ended June 30, 2025. For the three months ended June 30, 2026, voyage expenses of our drybulk vessels comprised $2.3 million in commissions and $5.4 million in other voyage expenses, mainly comprised of bunkers costs and port expenses, compared to $1.5 million in commissions and $6.4 million in other voyage expenses for the three months ended June 30, 2025, reflecting an increase in time charter employment of our drybulk vessels, as opposed to spot voyage employment, during the three months ended June 30, 2026 compared to the three months ended June 30, 2025.
Interest Expense and Interest Income
Interest expense decreased by $1.6 million, to $8.1 million in the three months ended June 30, 2026 from $9.7 million in the three months ended June 30, 2025. The decrease in interest expense is a result of:
- $4.2 million decrease in interest expense due to an increase in the amount of interest expense capitalized on our vessels under construction that was $9.0 million in the three months ended June 30, 2026, when compared to capitalized interest of $4.8 million in the three months ended June 30, 2025.
partially offset by:
- $2.6 million increase in interest expense due to an increase in our average indebtedness by $326.1 million between the two periods, partially offset by a decrease in our average debt service cost. Average indebtedness was $1,102.9 million in the three months ended June 30, 2026, compared to average indebtedness of $776.8 million in the three months ended June 30, 2025, while our average debt service cost decreased by approximately 1.1%, mainly as a result of lower SOFR rates and a lower weighted average coupon following the refinancing of our bond.
As of June 30, 2026, our outstanding debt, gross of deferred finance costs, was $1,232.7 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 increase in our outstanding debt was mainly due to the drawdowns of $658.0 million under the Jolco facilities offset by: (i) the repayment in full of the $335.2 million outstanding under the $450 million syndicated credit facility and (ii) the repayment of the $262.8 million principal amount of the 8.5% Senior Notes.
Interest income increased by $3.7 million, to $7.4 million in the three months ended June 30, 2026 compared to $3.7 million in the three months ended June 30, 2025, mainly driven by higher average cash balances between the two periods.
Loss on Debt Extinguishment
The loss on debt extinguishment of $1.4 million in the three months ended June 30, 2026 related to our early extinguishment of debt compared to nil in the three months ended June 30, 2025.
Gain on Investments
The $24.0 million gain on investments for the three months ended June 30, 2026 consisted of (i) the change in fair value of our shareholding interest in Star Bulk Carriers Corp. ("SBLK") of $12.5 million, (ii) dividend income on SBLK shares of $3.1 million, and (iii) the change in fair value of our shareholding interest in Yoda PLC of $8.4 million. This compares to a $15.0 million gain on investments for the three months ended June 30, 2025, which consisted of a $14.7 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 amounted to $0.5 million and $0.3 million in the three months ended June 30, 2026 and June 30, 2025, respectively. For the three months ended June 30, 2026, loss on equity investments comprised (i) $0.4 million relating 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, and (ii) $0.1 million relating to our share of expenses of Glenfarne Alaska Partners LLC, in connection with the development of the Alaska LNG project. For the three months ended June 30, 2025, loss on equity investments of $0.3 million related solely to our share of expenses of CTTC.
Other Finance Expenses
Other finance expenses decreased by $0.1 million to $0.9 million in the three months ended June 30, 2026 compared to $1.0 million in the three months ended June 30, 2025.
Loss on Derivatives
Amortization of deferred realized losses on interest rate swaps remained stable at $0.9 million in the three months ended June 30, 2026 and June 30, 2025.
Other (Expenses)/Income, net
Other (expenses)/income, net, amounted to a net expense of $0.4 million in the three months ended June 30, 2026 compared to a net expense of $1.4 million in the three months ended June 30, 2025.
Adjusted EBITDA
Adjusted EBITDA increased by 6.1%, or $10.8 million, to $186.8 million for the three months ended June 30, 2026, from $176.0 million for the three months ended June 30, 2025. The increase was primarily attributable to: (i) a $12.2 million increase in operating revenues, (ii) a $2.8 million increase in dividends received, partially offset by: (i) a $4.0 million increase in total operating expenses, and (ii) a $0.2 million increase in loss on equity investments. Adjusted EBITDA for the three months ended June 30, 2026 is adjusted for: (i) a $20.9 million gain from the change in fair value of investments, (ii) a $1.4 million of loss on debt extinguishment, and (iii) stock based compensation of $0.1 million. Tables reconciling Net Income to Adjusted EBITDA can be found at the end of this earnings release.
Adjusted EBITDA of container vessels segment decreased by 2.8%, or $4.7 million, to $165.5 million in the three months ended June 30, 2026 from $170.2 million in the three months ended June 30, 2025.
Adjusted EBITDA of drybulk vessels segment increased by $12.9 million to $18.8 million in the three months ended June 30, 2026 from $5.9 million in the three months ended June 30, 2025.
Six months ended June 30, 2026 compared to the six months ended June 30, 2025
During the six months ended June 30, 2026, Danaos had an average of 75 container vessels and 10.6 drybulk vessels compared to 73.9 container vessels and 10.0 drybulk vessels during the six months ended June 30, 2025. Our container vessels utilization for the six months ended June 30, 2026 was 97.7% compared to 97.8% in the six months ended June 30, 2025. Our drybulk vessels utilization for the six months ended June 30, 2026 was 91.2% compared to 96.1% in the six months ended June 30, 2025.
Our adjusted net income amounted to $255.7 million, or $14.01 per diluted share, for the six months ended June 30, 2026 compared to $230.4 million, or $12.39 per diluted share, for the six months ended June 30, 2025. We have adjusted our net income in the six months ended June 30, 2026 for: (i) a $44.4 million gain from the change in fair value of investments, (ii) a $6.0 million loss on debt extinguishment, and (iii) $1.8 million of non-cash amortization of finance fees and debt discount.
Adjusted net income of our container vessels segment amounted to $237.1 million for the six months ended June 30, 2026 compared to $236.5 million for the six months ended June 30, 2025. We adjusted net income of container vessels segment in the six months ended June 30, 2026 for: (i) a $6.0 million loss on debt extinguishment and (ii) $1.8 million of non-cash amortization of finance fees and debt discount.
Adjusted net income/(loss) of our drybulk vessels segment amounted to $13.8 million income for the six months ended June 30, 2026, compared to $6.3 million loss for the six months ended June 30, 2025.
The $25.3 million increase in adjusted net income for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 was primarily attributable to: (i) a $12.6 million increase in operating revenues, (ii) a $7.8 million decrease in net finance expenses, (iii) a $4.8 million increase in dividends received, (iv) a $0.4 million decrease in total operating expenses, partially offset by a $0.3 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 $292.2 million, or $16.02 earnings per diluted share, for the six months ended June 30, 2026 compared to net income of $246.1 million, or $13.24 earnings per diluted share, for the six months ended June 30, 2025. Our net income for the six months ended June 30, 2026 includes $44.4 million gain on marketable securities (gross of dividend income) compared to $17.2 million gain on marketable securities (gross of dividend income) in the six months ended June 30, 2025. On a non-adjusted basis, the net income of our container vessels segment amounted to $229.4 million for the six months ended June 30, 2026 compared to $234.9 million for the six months ended June 30, 2025. On a non-adjusted basis, the net income/(loss) of our drybulk vessels segment amounted to $13.8 million net income for the six months ended June 30, 2026 compared to $6.3 million net loss for the six months ended June 30, 2025.
Operating Revenues
Operating revenues increased by $12.6 million, to $528.1 million in the six months ended June 30, 2026 from $515.5 million in the six months ended June 30, 2025.
Operating revenues of our container vessels segment decreased by 1.6%, or $7.4 million, to $468.2 million in the six months ended June 30, 2026, compared to $475.6 million in the six months ended June 30, 2025, analyzed as follows:
- $10.6 million lower revenues due to a decrease in non-cash revenue recognition in accordance with US GAAP;
- $6.3 million decrease in revenues as a result of lower charter rates;
partially offset by:
- $7.1 million increase in revenues as a result of newbuilding containership vessel additions;
- $2.4 million increase in revenues as a result of lower revenue off-hire in the current period.
Operating revenues of our drybulk vessels segment increased by 50.5%, or $20.1 million, to $59.9 million in the six months ended June 30, 2026, compared to $39.8 million of revenues in the six months ended June 30, 2025. The increase was primarily driven by a significant improvement in Time Charter Equivalent rate per day, which increased to $28,007 per day in the six months ended June 30, 2026, from $14,386 per day in the six months ended June 30, 2025, reflecting improved market conditions, as well as the operation of an additional vessel in our drybulk fleet. This improvement was partially offset by a lower fleet utilization rate of 91.2% in the six months ended June 30, 2026 compared to 96.1% in the six months ended June 30, 2025.
Vessel Operating Expenses
Vessel operating expenses decreased by $1.4 million to $106.7 million for the six months ended June 30, 2026, from $108.1 million for the six months ended June 30, 2025. This decrease occurred despite an increase in the average number of vessels in our fleet and reflects a reduction in average daily operating costs to $7,052 per day from $7,294 per day in the prior-year period. 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 $1.9 million, to $82.6 million in the six months ended June 30, 2026 from $80.7 million in the six months ended June 30, 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 $0.3 million to $22.8 million in the six months ended June 30, 2026 from $22.5 million in the six months ended June 30, 2025.
General and Administrative Expenses
General and administrative expenses increased by $6.1 million to $29.5 million for the six months ended June 30, 2026, from $23.4 million for the six months ended June 30, 2025. The increase was mainly attributable to $2.7 million in higher management fees which was partially driven by the increase in the average number of vessels in our fleet, as well as a $3.4 million increase in corporate general and administrative expenses.
Other Operating Expenses
Other Operating Expenses include Voyage Expenses.
Voyage Expenses
Voyage expenses decreased by $6.4 million to $28.5 million in the six months ended June 30, 2026 from $34.9 million in the six months ended June 30, 2025, mainly driven by (i) a $5.1 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 partially offset by an increase in commissions during the six months ended June 30, 2026, and (ii) a $2.4 million decrease in voyage expenses of our drybulk vessels, attributed to the different mix of time charter and voyage charter contracts under which our drybulk vessels were deployed between the two periods.
Voyage expenses of our container vessels segment decreased by $4.0 million to $13.7 million in the six months ended June 30, 2026 from $17.7 million in the six months ended June 30, 2025, driven by a $5.1 million gain arising from early termination agreements for certain vessels operating under time charter arrangements, with retention of bunkers on redelivery at no consideration partially offset by an increase in commissions during the six months ended June 30, 2026.
Voyage expenses of our drybulk vessels segment decreased by $2.4 million to $14.8 million in the six months ended June 30, 2026, compared to $17.2 million in the six months ended June 30, 2025. For the six months ended June 30, 2026, voyage expenses of our drybulk vessels comprised $3.8 million in commissions and $11.0 million in other voyage expenses, mainly comprised of bunkers costs and port expenses, compared to $2.4 million in commissions and $14.8 million in other voyage expenses for the six months ended June 30, 2025, reflecting an increase in time charter employment of our drybulk vessels during the six months ended June 30, 2026 compared to the six months ended June 30, 2025.
Interest Expense and Interest Income
Interest expense increased by $0.3 million, to $20.0 million in the six months ended June 30, 2026 from $19.7 million in the six months ended June 30, 2025. The increase in interest expense is a result of:
- $7.1 million increase in interest expense due to an increase in our average indebtedness by $327.9 million between the two periods, partially offset by a decrease in our average debt service cost. Average indebtedness was $1,105.1 million in the six months ended June 30, 2026, compared to average indebtedness of $777.2 million in the six months ended June 30, 2025, while our average debt service cost decreased by approximately 0.8%, mainly as a result of lower SOFR rates and a lower weighted average coupon following the refinancing of our bond;
- $0.2 million increase in the amortization of deferred finance costs and debt discount between the two periods;
partially off-set by:
- $7.0 million decrease in interest expense due to an increase in the amount of interest expense capitalized on our vessels under construction that was $16.3 million in the six months ended June 30, 2026, when compared to capitalized interest of $9.3 million in the six months ended June 30, 2025.
As of June 30, 2026, our outstanding debt, gross of deferred finance costs, was $1,232.7 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 increase in our outstanding debt was mainly due to the drawdowns of $658.0 million under the Jolco facilities offset by: (i) the repayment in full of the $335.2 million outstanding under the $450 million syndicated credit facility and (ii) the repayment of the $262.8 million principal amount of the 8.5% Senior Notes.
Interest income increased by $7.7 million, to $15.0 million in the six months ended June 30, 2026 compared to $7.3 million in the six months ended June 30, 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 $49.8 million gain on investments for the six months ended June 30, 2026 consisted of (i) the change in fair value of our shareholding interest in Star Bulk Carriers Corp. ("SBLK") of $36.0 million, (ii) dividend income on SBLK shares of $5.4 million and (iii) the change in fair value of our shareholding interest in Yoda PLC of $8.4 million. This compares to a $17.9 million gain on investments for the six months ended June 30, 2025, which consisted of a $17.2 million gain from the change in fair value of our shareholding interest in SBLK and $0.7 million of dividend income on these shares.
Loss on Debt Extinguishment
The loss on debt extinguishment of $6.0 million in the six months ended June 30, 2026 related to our early extinguishment of debt compared to nil in the six months ended June 30, 2025.
Loss on Equity Investments
Loss on equity investments amounted to $0.8 million and $0.6 million in the six months ended June 30, 2026 and June 30, 2025, respectively. For the six months ended June 30, 2026, loss on equity investments comprised (i) $0.7 million relating to our share of expenses of CTTC, currently engaged in the research and development of decarbonization technologies for the shipping industry, and (ii) $0.1 million relating to our share of expenses of Glenfarne Alaska Partners LLC, in connection with the development of the Alaska LNG project. For the six months ended June 30, 2025, loss on equity investments of $0.6 million related solely to our share of expenses of CTTC.
Other Finance Expenses
Other finance expenses decreased by $0.2 million to $1.8 million in the six months ended June 30, 2026 compared to $2.0 million in the six months ended June 30, 2025.
Loss on Derivatives
Amortization of deferred realized losses on interest rate swaps remained stable at $1.8 million in the six months ended June 30, 2026 and June 30, 2025.
Other (Expenses)/Income, net
Other (expenses)/income, net, amounted to an expense of $0.01 million in the six months ended June 30, 2026 compared to an expense of $0.9 million in the six months ended June 30, 2025.
Adjusted EBITDA
Adjusted EBITDA increased by 5.7%, or $19.7 million, to $367.4 million for the six months ended June 30, 2026, from $347.7 million for the six months ended June 30, 2025. The increase was primarily attributable to: (i) a $12.6 million increase in operating revenues, (ii) a $4.8 million increase in dividends received, (iii) a $2.6 million decrease in total operating expenses, partially offset by a $0.3 million increase in loss on equity investments. Adjusted EBITDA for the six months ended June 30, 2026 is adjusted for: (i) a $44.4 million gain from the change in fair value of investments, (ii) a $6.0 million of loss on debt extinguishment and (iii) stock based compensation of $0.3 million. Tables reconciling Net Income/(Loss) to Adjusted EBITDA can be found at the end of this earnings release.
Adjusted EBITDA of container vessels segment decreased by 2.2%, or $7.5 million, to $335.6 million in the six months ended June 30, 2026 from $343.1 million in the six months ended June 30, 2025.
Adjusted EBITDA of drybulk vessels segment increased by $22.7 million to $27.2 million in the six months ended June 30, 2026 from $4.5 million in the six months ended June 30, 2025.
Dividend Payment
On July 6, 2026, Danaos declared a dividend of $0.90 per share of common stock for the second quarter of 2026, which was paid on July 30, 2026, to stockholders of record as of July 21, 2026.
Recent Developments
In July 2026, we took delivery of the 8,258 TEU under-construction container vessel with Hull No. YZJ2023-1556, named "Santorini Express", which commenced a long-term charter upon delivery.
Conference Call and Webcast
On Tuesday, August 4, 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 (U.S. Toll Free Dial-in), +1 412 317 5130 (International Dial-in) or +44 (0) 2037 694 533 (International Dial-in (London LT)). 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 August 11, 2026 by dialing 1 855 669 9658 (U.S. Toll Free Dial In) or 1-412-317-0088 (Standard International Dial-in) and using 1304645# 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 76 containerships aggregating 485,749 TEUs and 28 under construction container vessels aggregating 176,292 TEUs ranks Danaos among the largest container vessels charter owners in the world based on total pro-forma capacity of 662,041 TEUs. Danaos has also invested in the drybulk sector through the acquisition of 11 capesize drybulk vessels and the recent order of four Newcastlemax drybulk 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 and in marketable securities, 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.com
APPENDIX
Container vessels fleet utilization
Vessel Utilization (No. of Days) Three months ended Three months ended Six months ended Six months ended
June 30, June 30, June 30, June 30,
2026 2025 2026 2025
Ownership Days 6,825 6,734 13,575 13,371
Less Off-hire Days:
Scheduled Off-hire Days (93) (103) (239) (270)
Other Off-hire Days (64) (8) (73) (27)
Operating Days
(1) 6,668 6,623 13,263 13,074
Vessel Utilization
(2) 97.7 % 98.4 % 97.7 % 97.8 %
Operating Revenues (in '000s of US$) $238,650 $239,446 $468,200 $475,636
Less: Voyage (Expenses)/Income excluding $(1,791) $(442) $2,810 $(749)
commissions (in '000s of US$)
Time Charter Equivalent Revenues (in '000s of US$) $236,859 $239,004 $471,010 $474,887
Time Charter Equivalent US$/per day
(3) $35,522 $36,087 $35,513 $36,323
Drybulk vessels fleet utilization
---
Vessel Utilization (No. of Days) Three months ended Three months ended Six months ended Six months ended
June 30, June 30, June 30, June 30,
2026 2025 2026 2025
Ownership Days 1,001 910 1,914 1,810
Less Off-hire Days:
Scheduled Off-hire Days (163) (56)
Other Off-hire Days (5) (2) (6) (14)
Operating Days
(1) 996 908 1,745 1,740
Vessel Utilization
(2) 99.5 % 99.8 % 91.2 % 96.1 %
Operating Revenues (in '000s of US$) $35,720 $22,708 $59,868 $39,825
Less: Voyage Expenses excluding commissions (in $(5,441) $(6,424) $(10,995) $(14,794)
'000s of US$)
Time Charter Equivalent Revenues (in '000s of $30,279 $16,284 $48,873 $25,031
US$)
Time Charter Equivalent US$/per day
(3) $30,401 $17,934 $28,007 $14,386
(1) We define Operating Days as the total number of Ownership Days net of Scheduled off-hire days (days associated with scheduled repairs, drydockings or special or intermediate
surveys or days) and net of off-hire days associated with unscheduled repairs or days waiting to find employment but including days our vessels were sailing for repositioning.
The shipping industry uses Operating Days to measure the number of days in a period during which vessels actually generate revenues or are sailing for repositioning purposes. Our
definition of Operating Days may not be comparable to that used by other companies in the shipping industry.
(2)
Vessel utilization is calculated by dividing Operating Days by Ownership Days.
(3) Time charter equivalent US$/per day ("TCE rate") is a metric calculated by dividing time charter equivalent revenues of each segment by operating days of each segment. Operating
days of each segment is calculated by deducting vessel off-hire days of each segment from total ownership days of each segment. TCE rate reflects the average daily net revenue
performance of our vessels in each segment, derived from time charter equivalent revenues, a non-GAAP measure as described above. 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 and 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 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 List
Operating Container Vessels
The following table describes in detail our 76 container vessels deployment profile as of August 3, 2026:
Vessel Name Vessel Year Expiration of
Built Charter
(2)
Size
(TEU)
(1)
Ambition 13,100 2012 April 2027
Speed 13,100 2012 March 2027
Kota Plumbago 13,100 2012
July 2027
Kota Primrose 13,100 2012 April 2027
Kota Peony 13,100 2012 March 2027
Express Rome 10,100 2011 August 2030
Express Berlin 10,100 2011 March 2029
Express Athens 10,100 2011
July 2030
Le Havre 9,580 2006 August 2031
Pusan C 9,580 2006
July 2031
Bremen 9,012 2009 March 2031
C Hamburg 9,012 2009 March 2031
Niledutch Lion 8,626 2008
July 2029
Kota Manzanillo 8,533 2005 December 2028
Belita 8,533 2006
June 2031
CMA CGM Melisande 8,530 2012 January 2032
CMA CGM Attila 8,530 2011
May 2031
CMA CGM Tancredi 8,530 2011
July 2031
CMA CGM Bianca 8,530 2011 September 2031
CMA CGM Samson 8,530 2011 November 2031
America 8,468 2004
June 2031
Europe 8,468 2004
July 2031
Kota Santos 8,463 2005
June 2029
Santorini Express
(4) 8,258 2026
July 2031
Catherine C 8,010 2024
June 2029
Greenland 8,010 2024 August 2029
Greenville 8,010 2024 October 2029
Greenfield 8,010 2024 November 2029
Interasia Accelerate 7,165 2024 April 2032
Interasia Amplify 7,165 2024 September 2032
CMA CGM Moliere 6,500 2009 August 2030
CMA CGM Musset 6,500 2010 September 2030
CMA CGM Nerval 6,500 2010 October 2030
CMA CGM Rabelais 6,500 2010 January 2028
Racine 6,500 2010 March 2029
YM Mandate 6,500 2010 January 2028
YM Maturity 6,500 2010 April 2028
Savannah 6,402 2002
June 2027
Dimitra C 6,402 2002
May 2028
Phoebe
(3) 6,014 2025 October 2031
Greenhouse
(3) 6,014 2025 August 2032
Suez Canal 5,610 2002 April 2028
Kota Lima 5,544 2002 November 2028
Wide Alpha 5,466 2014 January 2030
Stephanie C 5,466 2014 September 2028
Euphrates 5,466 2014 September 2028
Wide Hotel 5,466 2015 March 2030
Wide India 5,466 2015 October 2028
Wide Juliet 5,466 2015 August 2027
Seattle C 4,253 2007
June 2029
Vancouver 4,253 2007 October 2029
Derby D 4,253 2004 December 2029
Tongala 4,253 2004 October 2029
Rio Grande 4,253 2008 October 2029
Paolo 4,253 2008 November 2027
Kingston 4,253 2008
June 2029
Monaco 4,253 2009
May 2029
Dalian 4,253 2009 April 2028
Jamaica (ex Luanda) 4,253 2009 August 2028
Dimitris C 3,430 2001 September 2027
Express Black Sea 3,400 2011 September 2029
Express Spain 3,400 2011 September 2029
Express Argentina 3,400 2010 September 2029
Express Brazil 3,400 2010 April 2027
Express France 3,400 2010
July 2027
Singapore 3,314 2004 November 2029
Colombo 3,314 2004 September 2029
Zebra 2,602 2001 April 2029
Artotina 2,524 2001 November 2027
Advance 2,200 1997 September 2027
Future 2,200 1997 September 2027
Sprinter 2,200 1997 November 2027
Bridge 2,200 1998 January 2028
Progress C 2,200 1998 January 2028
Phoenix D 2,200 1997
June 2027
Highway 2,200 1998 January 2028
Total TEUs 485,749
(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 during 2025.
(4)
The newbuilding vessel was delivered in July 2026.
Under Construction Container Vessels
The following table describes in detail our 28 container vessels under construction as of August 3, 2026:
Hull Number Vessel Size Expected Minimum
Delivery Charter
TEU
(1) Duration
Year
(2)
Hull No. YZJ2023-1557 8,258 2026 5.0 years
Hull No. YZJ2024-1612 8,258 2026 5.0 years
Hull No. C9200-7 9,200 2027 4.8 years
Hull No. C9200-8 9,200 2027 4.8 years
Hull No. CV5900-09 6,014 2027 4.8 years
Hull No. YZJ2024-1613 8,258 2027 5.0 years
Hull No. YZJ2024-1625 8,258 2027 5.0 years
Hull No. YZJ2024-1626 8,258 2027 5.0 years
Hull No. YZJ2024-1668 8,258 2027 5.0 years
Hull No. H2596 9,200 2027 6.0 years
Hull No. C7100-9 7,165 2027 5.0 years
Hull No. C7100-10 7,165 2027 5.0 years
Hull No. C9200-9 9,200 2027 4.8 years
Hull No. H2597 9,200 2027 6.0 years
Hull No. S1162 1,800 2027 9.9 years
Hull No. NGY0041
(4) 5,000 2027 7.3 years
Hull No. NGY0042
(4) 5,000 2027 7.3 years
Hull No. S1163 1,800 2028 9.9 years
Hull No. C9200-10 9,200 2028 4.8 years
Hull No. S1164 1,800 2028 9.9 years
Hull No. C9200-11 9,200 2028 4.8 years
Hull No. S1165 1,800 2028 9.9 years
Hull 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 TEUs 176,292
(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 Vessels
The following table describes the details of our 11 Capesize drybulk vessels as of August 3, 2026:
Vessel Name Capacity Year
Built
(DWT) (1)
Genius 175,580 2012
Achievement 175,966 2011
Ingenuity 176,022 2011
Danaos 176,536 2011
Valentine 175,125 2011
Integrity 175,966 2010
Peace 175,858 2010
Gouverneur 178,043 2010
W Trader 175,879 2009
E Trader 175,886 2009
John Junior (ex. Hebei No.1)
(2) 182,425 2009
Total DWT capacity 1,943,286
(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 Vessels
The following table describes the details of our four Newcastlemax drybulk vessels as of August 3, 2026:
Vessel Name
(2) Capacity Expected
(DWT) (1) Delivery
Year
DJCFD010 211,000 2028
DJCFD011 211,000 2028
DJCFD016 211,000 2028
DJCFD017 211,000 2028
Total DWT capacity 844,000
(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 CORPORATION
Condensed Consolidated Statements of Income - Unaudited
(Expressed in thousands of United States dollars, except per share amounts)
Three months ended Three months ended Six months ended Six months ended
June 30, June 30, June 30, June 30,
2026 2025 2026 2025
OPERATING REVENUES $274,370 $262,154 $528,068 $515,461
OPERATING EXPENSES
Vessel operating expenses (56,688) (56,385) (106,672) (108,087)
Depreciation & amortization (52,262) (52,213) (105,421) (103,211)
General & administrative (14,865) (11,206) (29,502) (23,428)
Other operating expenses (17,828) (16,810) (28,549) (34,945)
Income From Operations 132,727 125,540 257,924 245,790
OTHER INCOME/(EXPENSES)
Interest income 7,401 3,661 14,958 7,266
Interest expense (8,127) (9,711) (19,986) (19,714)
Gain on investments 24,025 15,047 49,800 17,896
Loss on debt extinguishment (1,405) (6,027)
Other finance expenses (947) (973) (1,815) (1,960)
Loss on equity investments (534) (333) (811) (565)
Other (expenses)/income, net (422) (1,424) (11) (866)
Realized loss on derivatives (903) (903) (1,796) (1,796)
Total Other Income/(Expenses), net 19,088 5,364 34,312 261
Net Income $151,815 $130,904 $292,236 $246,051
EARNINGS PER SHARE
Basic earnings per share $8.34 $7.14 $16.05 $13.27
Diluted earnings per share $8.32 $7.12 $16.02 $13.24
Basic weighted average number of common shares 18,204 18,344 18,207 18,546
(in thousands of shares)
Diluted weighted average number of common shares 18,256 18,396 18,245 18,588
(in thousands of shares)
Non-GAAP Measures
(1)
Reconciliation of Net Income to Adjusted Net Income - Unaudited
Three months ended Three months ended Six months ended Six months ended
June 30, June 30, June 30, June 30,
2026 2025 2026 2025
Net Income $151,815 $130,904 $292,236 $246,051
Change in fair value of investments (20,897) (14,734) (44,357) (17,217)
Loss on debt extinguishment 1,405 6,027
Amortization of financing fees and debt discount 800 787 1,765 1,545
Adjusted Net Income $133,123 $116,957 $255,671 $230,379
Adjusted Earnings Per Share, diluted $7.29 $6.36 $14.01 $12.39
Diluted weighted average number of shares (in thousands of shares) 18,256 18,396 18,245 18,588
(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 and six months ended June 30, 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 CORPORATION
Condensed Consolidated Balance Sheets - Unaudited
(Expressed in thousands of United States dollars)
As of As of
June 30, December 31,
2026 2025
ASSETS
CURRENT ASSETS
Cash and cash equivalents $1,008,268 $1,037,292
Accounts receivable, net 32,346 38,730
Investments 223,176 120,244
Other current assets 126,402 123,153
1,390,192 1,319,419
NON-CURRENT ASSETS
Fixed assets, net 3,214,185 3,269,703
Advances for vessels under construction & vessel
acquisition 729,187 428,147
Deferred charges, net 54,469 54,356
Investments 12,388
Other non-current assets 47,213 42,305
4,057,442 3,794,511
TOTAL ASSETS $5,447,634 $5,113,930
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Long-term debt, current portion $26,629 $283,015
Accounts payable, accrued liabilities & other
current liabilities 122,857 118,661
149,486 401,676
LONG-TERM LIABILITIES
Long-term debt, net 1,184,091 872,076
Other long-term liabilities 57,248 44,601
1,241,339 916,677
STOCKHOLDERS' EQUITY
Common stock 182 183
Additional paid-in capital 590,457 591,584
Accumulated other comprehensive loss (68,522) (71,412)
Retained earnings 3,534,692 3,275,222
4,056,809 3,795,577
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $5,447,634 $5,113,930
DANAOS CORPORATION
Condensed Consolidated Statements of Cash Flows - Unaudited
(Expressed in thousands of United States dollars)
Three months Three months Six Six
ended ended
months ended months ended
June 30, June 30, June 30, June 30,
2026 2025 2026 2025
Operating Activities:
Net income $151,815 $130,904 $292,236 $246,051
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation 41,777 40,698 82,639 80,726
Amortization of deferred drydocking & special survey costs and
finance costs 11,285 12,302 24,547 24,030
Prior service cost and periodic cost 906 1,722 1,346 2,807
Gain on investments (20,897) (14,734) (44,357) (17,217)
Loss on debt extinguishment 1,405 6,027
Payments for drydocking/special survey (9,013) (12,016) (22,895) (27,805)
Amortization of deferred realized losses on cash flow interest
rate swaps 903 903 1,796 1,796
Loss on equity investments 534 333 811 565
Stock based compensation 2,417 1,723 4,807 3,428
Accounts receivable 3,071 (2,758) 4,506 (2,586)
Other assets, current and non-current 13,227 17,909 9,148 11,525
Accounts payable and accrued liabilities 4,536 (3,148) 12,937 (5,703)
Other liabilities, current and long-term 2,394 (11,059) (6,052) (20,978)
Net Cash provided by Operating Activities 204,360 162,779 367,496 296,639
Investing Activities:
Vessel additions and advances for vessels under construction (177,638) (21,331) (329,278) (107,021)
Investments (58,575) (30,270) (71,492) (30,270)
Insurance proceeds from disposal of vessel 1,681
Net Cash used in Investing Activities (236,213) (51,601) (400,770) (135,610)
Financing Activities:
Proceeds from long-term debt 307,000 658,000 44,000
Debt repayments and debt prepayments (120,538) (9,415) (603,057) (18,220)
Dividends paid (16,378) (15,559) (32,756) (31,449)
Repurchase of common stock (19,438) (6,823) (53,212)
Finance costs (6,170) (1,145) (11,114) (9,368)
Net Cash provided by/(used in) Financing Activities 163,914 (45,557) 4,250 (68,249)
Net increase/(decrease) in cash and cash equivalents 132,061 65,621 (29,024) 92,780
Cash and cash equivalents, beginning of period 876,207 480,543 1,037,292 453,384
Cash and cash equivalents, end of period $1,008,268 $546,164 $1,008,268 $546,164
Supplemental cash flow information:
Cash paid for interest, net of amounts capitalized(1) $(2,083) $3,671 $21,028 $18,921
(1) The negative amount reflects that capitalized interest exceeded cash paid for
interest during the period.
DANAOS CORPORATION
Reconciliation of Net Income to Adjusted EBITDA - Unaudited
(Expressed in thousands of United States dollars)
Three months Three months Six Six
ended ended
months ended months ended
June 30, June 30, June 30, June 30,
2026 2025 2026 2025
Net income $151,815 $130,904 $292,236 $246,051
Depreciation 41,777 40,698 82,639 80,726
Amortization of deferred drydocking & special survey costs 10,485 11,515 22,782 22,485
Amortization of deferred finance costs, commitment fees and debt discount 1,270 1,349 2,723 2,685
Amortization of deferred realized losses on interest rate swaps 903 903 1,796 1,796
Interest income (7,401) (3,661) (14,958) (7,266)
Interest expense excluding amortization of finance costs 7,327 8,924 18,221 18,169
Change in fair value of investments (20,897) (14,734) (44,357) (17,217)
Loss on debt extinguishment 1,405 6,027
Stock based compensation 143 143 284 285
Adjusted EBITDA
(1) $186,827 $176,041 $367,393 $347,714
Last twelve Last twelve
months months
ended
ended
June 30, December 31,
2026 2025
Net income $540,799 $494,614
Depreciation 165,279 163,366
Amortization of deferred drydocking & special survey costs 44,371 44,074
Amortization of deferred finance costs, commitment fees and debt discount 5,732 5,694
Amortization of deferred realized losses on interest rate swaps 3,622 3,622
Interest income (27,240) (19,548)
Interest expense excluding amortization of finance costs 39,407 39,355
Change in fair value of investments (56,681) (29,541)
Loss on debt extinguishment 8,526 2,499
Stock based compensation & one-off discretionary cash bonus 15,240 15,241
Adjusted EBITDA
(1) $739,055 $719,376
(1) Adjusted EBITDA represents net income 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, adjusted for the change in fair value of investments, stock based compensation & one-off discretionary cash bonus 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 the Company and to the 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 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 and six months ended June 30, 2026 and June 30, 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 CORPORATION
Reconciliation of Net Income to Adjusted EBITDA per segment
Three Months Ended June 30, 2026 and Three Months Ended June 30, 2025
Unaudited
(Expressed in thousands of United States dollars)
Three Months Ended Three Months Ended
June 30, 2026
June 30, 2025
Container Drybulk Other Total Container Drybulk Other Total
Vessels Vessels Vessels Vessels
Net income $116,104 $12,176 $23,535 $151,815 $115,893 $266 $14,745 $130,904
Depreciation 37,918 3,859 41,777 37,390 3,308 40,698
Amortization of deferred drydocking & special survey costs 7,766 2,719 10,485 9,201 2,314 11,515
Amortization of deferred finance costs, commitment fees 1,270 1,270 1,349 1,349
and debt discount
Amortization of deferred realized losses on interest rate swaps 903 903 903 903
Interest income (7,357) (44) (7,401) (3,630) (31) (3,661)
Interest expense excluding amortization of finance costs 7,327 7,327 8,924 8,924
Change in fair value of investments - (20,897) (20,897) (14,734) (14,734)
Loss on debt extinguishment 1,405 1,405
Stock based compensation 133 10 143 133 10 143
Adjusted EBITDA
(1) $165,469 $18,764 $2,594 $186,827 $170,163 $5,898 $(20) $176,041
(1) Adjusted EBITDA represents net income 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 the Company and to the 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 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 June 30, 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 CORPORATION
Reconciliation of Net Income to Adjusted EBITDA per segment
Six Months Ended June 30, 2026 and Six Months Ended June 30, 2025
Unaudited
(Expressed in thousands of United States dollars)
Six Months Ended
Six Months Ended
June 30, 2026
June 30, 2025
Container Drybulk Other Total Container Drybulk Other Total
Vessels Vessels Vessels Vessels
Net income/(loss) $229,357 $13,807 $49,072 $292,236 $234,938 $(6,276) $17,389 $246,051
Depreciation 75,419 7,220 82,639 74,154 6,572 80,726
Amortization of deferred drydocking & special survey costs 16,640 6,142 22,782 18,252 4,233 22,485
Amortization of deferred finance costs, commitment fees 2,723 2,723 2,685 2,685
and debt discount
Amortization of deferred realized losses on interest rate swaps 1,796 1,796 1,796 1,796
Interest income (14,875) (83) (14,958) (7,208) (58) (7,266)
Interest expense excluding amortization of finance costs 18,221 18,221 18,169 18,169
Change in fair value of investments - (44,357) (44,357) (17,217) (17,217)
Loss on debt extinguishment 6,027 6,027
Stock based compensation 265 19 284 265 20 285
Adjusted EBITDA
(1) $335,573 $27,188 $4,632 $367,393 $343,051 $4,549 $114 $347,714
(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 the Company and to the 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 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 six months ended June 30, 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 CORPORATION
Reconciliation of Net Income to Adjusted Net Income per segment
Three Months Ended June 30, 2026 and Three Months Ended June 30, 2025
Unaudited
(Expressed in thousands of United States dollars)
Three Months Ended Three Months Ended
June 30, 2026
June 30, 2025
Container Drybulk Other Total Container Drybulk Other Total
Vessels Vessels Vessels Vessels
Net income $116,104 $12,176 $23,535 $151,815 $115,893 $266 $14,745 $130,904
Change in fair value of investments (20,897) (20,897) (14,734) (14,734)
Loss on debt extinguishment 1,405 1,405
Amortization of financing fees and debt discount 800 800 787 787
Adjusted Net income
(1) $118,309 $12,176 $2,638 $133,123 $116,680 $266 $11 $116,957
Adjusted Earnings per Share, diluted $7.29 $6.36
Diluted weighted average number of shares 18,256 18,396
(in thousands of shares)
DANAOS CORPORATION
Reconciliation of Net Income to Adjusted Net Income per segment
Six Months Ended June 30, 2026 and Six Months Ended June 30, 2025
Unaudited
(Expressed in thousands of United States dollars)
Six Months Ended
Six Months Ended
June 30, 2026
June 30, 2025
Container Drybulk Other Total Container Drybulk Other Total
Vessels Vessels Vessels Vessels
Net income/(loss) $229,357 $13,807 $49,072 $292,236 $234,938 $(6,276) $17,389 $246,051
Change in fair value of investments (44,357) (44,357) (17,217) (17,217)
Loss on debt extinguishment 6,027 6,027
Amortization of financing fees and debt discount 1,765 1,765 1,545 1,545
Adjusted Net income/(loss)
(1) $237,149 $13,807 $4,715 $255,671 $236,483 $(6,276) $172 $230,379
Adjusted Earnings per Share, diluted $14.01 $12.39
Diluted weighted average number of shares 18,245 18,588
(in thousands of shares)
(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 and six months ended June 30, 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.
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SOURCE Danaos Corporation
For further information please contact: Company Contact: Evangelos Chatzis, Chief Financial Officer, Danaos Corporation, Athens, Greece, Tel.: +30 210 419 6480, E-Mail: cfo@danaos.com or Investor Relations and Financial Media, Rose & Company, New York, Tel. 212-359-2228, E-Mail: danaos@rosecoglobal.com