ATHENS, Greece, Feb. 9, 2026 /PRNewswire/ -- Danaos Corporation ("Danaos") (NYSE: DAC), one of the world's largest independent owners of container vessels, today reported unaudited results for the period ended December 31, 2025.
Financial Summary
Three Months Ended December 31, 2025 and Three Months Ended December 31, 2024
Unaudited
(
Expressed in thousands of United States dollars, except as otherwise stated
)
Three Months Ended
Three Months Ended
December
3
1
,
2025
December 31, 2024
Financial & Operating Container Drybulk Other Total Container Drybulk Other Total
Metrics Vessels Vessels Vessels Vessels
Operating Revenues $240,695 $25,570 $266,265 $237,510 $20,669 $258,179
Voyage Expenses, excl. commissions $(314) $(3,887) $(4,201) $925 $(4,960) $(4,035)
Time Charter Equivalent Revenues (1) $240,381 $21,683 $262,064 $238,435 $15,709 $254,144
Net income/(loss) $107,305 $6,225 $4,384 $117,914 $121,985 $1,740 $(33,298) $90,427
Adjusted net income(2) $123,588 $7,184 $443 $131,215 $128,697 $2,300 $2,276 $133,273
Earnings per share, basic $6.43 $4.72
Earnings per share, diluted $6.42 $4.70
Adjusted earnings per share, diluted (2) $7.14 $6.93
Operating Days 6,812 918 6,467 775
Time Charter Equivalent $/day (1) $35,288 $23,620 $36,869 $20,270
Ownership days 6,860 920 6,706 920
Average number of vessels 74.6 10.0 72.9 10.0
Fleet Utilization 99.3 % 99.8 % 96.4 % 84.2 %
Adjusted EBITDA (2) $176,715 $12,924 $403 $190,042 $180,700 $6,775 $2,252 $189,727
Consolidated Balance Sheet & Leverage Metrics As of
December
3
1
,
2025 As of December 31, 2024
Cash and cash equivalents $1,037,292 $453,384
Availability under Revolving Credit Facility $247,500 $292,500
Marketable securities (3) $120,244 $60,850
Total cash liquidity & marketable securities(4) $1,405,036 $806,734
Debt, gross of deferred finance costs $1,177,782 $744,546
Net Debt (5) $140,490 $291,162
LTM Adjusted EBITDA (6) $719,376 $722,615
Net Debt / LTM Adjusted EBITDA 0.20x 0.40x
1. Time charter equivalent revenues and time charter equivalent US$/day are non-GAAP measures. Refer to the reconciliation provided in the
appendix.
2. Adjusted net income, 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 below.
3. Marketable securities refer to fair value of 6,256,181 and 4,070,214 shares of common stock of SBLK on December 31, 2025 and December
31, 2024, respectively.
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 defined as debt gross of deferred finance costs less cash and cash equivalents.
6.
Last twelve months Adjusted EBITDA. Refer to the reconciliation provided below.
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
Year Ended December 31, 2025 and Year Ended December 31, 2024
Unaudited
(
Expressed in thousands of United States dollars, except as otherwise stated
)
Year Ended
Year Ended
December 31, 2025
December 31, 2024
Financial & Operating Container Drybulk Other Total Container Drybulk Other Total
Metrics Vessels Vessels Vessels Vessels
Operating Revenues $955,433 $87,023 $1,042,456 $937,077 $77,033 $1,014,110
Voyage Expenses, excl. $(1,972) $(21,992) $(23,964) $746 $(27,075) $(26,329)
commissions
Time Charter Equivalent $953,461 $65,031 $1,018,492 $937,823 $49,958 $987,781
Revenues (1)
Net income/(loss) $460,946 $3,353 $30,315 $494,614 $518,129 $4,429 $(17,485) $505,073
Adjusted net income (2) $480,637 $4,312 $774 $485,723 $519,759 $4,989 $7,694 $532,442
Earnings per share, basic $26.83 $26.15
Earnings per share, diluted $26.76 $26.05
Adjusted earnings per $26.28 $27.47
share, diluted (2)
Operating Days 26,565 3,578 24,961 2,753
Time Charter Equivalent $/day (1) $35,892 $18,175 $37,572 $18,147
Ownership days 27,039 3,650 25,684 3,164
Average number of vessels 74.1 10.0 70.2 8.6
Fleet Utilization 98.2 % 98.0 % 97.2 % 87.0 %
Adjusted EBITDA (2) $692,134 $26,601 $641 $719,376 $697,463 $17,505 $7,647 $722,615
1. Time charter equivalent revenues and time charter equivalent $/day are non-GAAP measures. Refer to the reconciliation provided in the
appendix.
2. Adjusted net income, adjusted earnings per share, diluted and adjusted EBITDA are non-GAAP measures. Refer to the reconciliation of net
income/(loss) to adjusted net income and adjusted earnings per share, diluted; and net income/(loss) to adjusted EBITDA provided
below.
Highlights for the Fourth Quarter and Year Ended December 31, 2025 and up to date of this release:
Financing developments
- On October 16, 2025, the Company successfully placed a $500 million senior unsecured bond with a seven-year tenor and a coupon of 6.875%. On December 1, 2025, we utilized $111.4 million from this offering towards early repayment of two secured credit facilities, and we have issued a redemption notice to repay in full early on March 2, 2026 our 8.5% senior notes due 2028 with an outstanding principal amount of $262.8 million. The remaining proceeds, after application to refinancing-related costs and expenses, including fees and commissions, are available for general corporate purposes.
- As of December 31, 2025, out of our total 85 vessel fleet, we have 77 debt free vessels of which 61 are unencumbered and 16 are encumbered in connection with our $382.5 million Revolving Credit Facility on which no debt has been drawn.
- We have entered into Japanese Operating Lease ("Jolco") transactions for two of our recently delivered newbuilding vessels, 'Phoebe' and 'Greenhouse' that were refinanced out of our $450 million syndicated credit facility that originally housed them. The Jolco transactions were consummated on October 30, 2025 and January 15, 2026, respectively, each for a consideration of $80 million and a tenor of eight years.
Fleet developments
- Since our previous earnings announcement we have added four 5,300 TEU containership vessels to our orderbook with deliveries in 2028 and 2029.
- As a result, our containership orderbook currently consists of 27 newbuilding containership vessels with an aggregate capacity of 174,550 TEU with expected deliveries of three vessels in 2026, thirteen vessels in 2027, seven vessels in 2028 and four vessels in 2029. All vessels in our orderbook are designed with the latest eco characteristics and 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.
- In relation to our dry bulk fleet, we have placed orders for two Newcastlemax dry bulk carriers of approximately 211,000 DWT capacity each, with expected delivery dates in 2028 while, as previously announced, we expect to take delivery of a secondhand Capesize dry bulk vessel towards the end of the first quarter of 2026.
- On a pro forma, fully delivered basis, assuming the delivery of all vessels currently under construction and on order, our fleet would consist of 102 containerships with an aggregate capacity of approximately 652,041 TEUs and 13 dry bulk vessels, comprising 11 Capesize bulk carriers and two Newcastlemax bulk carriers, with an aggregate capacity of approximately 2.37 million DWT.
Chartering developments
- Since the date of our previous earnings release, we have added approximately $428 million to our contracted revenue backlog through a combination of charter extensions and forward new charters for 17 of our existing container vessels.
- As a result, total contracted operating revenues, based on concluded charter contracts through the date of this release, currently stand at $4.3 billion, including newbuildings. The remaining average contracted charter duration for our containership fleet is 4.3 years, weighted by aggregate contracted charter hire.
- Contracted operating days charter coverage for our container vessel fleet is currently 100% for 2026, 87% for 2027 and 64% for 2028. This includes newbuildings based on their scheduled delivery dates.
New Investments
- On January 20, 2026, the Company announced a strategic partnership with Glenfarne Group to advance the Alaska LNG project. This partnership includes a $50 million development capital equity investment in Glenfarne Alaska Partners LLC. In addition, Danaos Corporation will also be the preferred tonnage provider to construct and operate at least six LNG carriers to deliver LNG to global customers for Glenfarne Alaska LNG, LLC, majority owner and developer of the Alaska LNG Project.This transaction provides Danaos with an opportunity to capitalize on its expertise in global seaborne transportation and expand the footprint of Danaos in the LNG and Energy segments.
Share buy-back and dividends
- As of the date of this release, Danaos has repurchased a total of 3,247,444 shares of its common stock in the open market for $235.1 million under its $300.0 million authorized share repurchase program, that was originally introduced in June 2022 and was upsized twice in $100.0 million increments, in November 2023 and in April 2025.
- Danaos has declared a dividend of $0.90 per share of common stock for the fourth quarter of 2025. The dividend is payable on March 4, 2026, to stockholders of record as of February 23, 2026.
Danaos' CEO Dr. John Coustas commented:
In this quarter it became evident that the business community continues to adapt quickly to geopolitical disruptions. Despite concerns that tariff and geopolitical uncertainty would cause a U.S. slowdown, it has not materialized. At the same time, the hype around AI-related investments has increased optimism, China's exports continue to set new records and consequently container volumes have reached record highs. With the Suez Canal still largely avoided by major liners, and trade patterns increasingly transforming to multipolar, demand for midsize vessels has remained very strong.
Against this background we continued our strategy of securing long term employment for our existing vessels through forward fixtures by either extending existing charters or by new charters even for late 2027 dates. We also continued to invest in modern container vessels. We ordered six 1,800 TEU vessels, four 5,300 TEU vessels, and two 211k DWT Newcastlemax dry bulk vessels for deliveries in 2028 and 2029. We have secured 10-year charters for four of these vessels, and the Company's total contracted revenue increased to $4.3 billion as of the end of the quarter, giving us great earnings visibility into the future from which we derive comfort on our ability to manage any eventual future market developments.
On the financing front, we completed a seven-year $500 million unsecured bond offering at 6.875% coupon, one of the most competitively priced deals ever achieved in the shipping industry for an unsecured bond of such tenor, further diversifying the capital structure and re-affirming our access to the deep and liquid international debt capital markets.
Our liquidity at year-end reached $1.4 billion. Backed by a strong financial profile, we have begun exploring selective investments in the energy sector to broaden revenue sources and expand in the LNG business. In this context, Danaos became a strategic investor in the Alaska LNG project, providing access to LNG transportation opportunities associated with a facility planned to produce 20 MTPA annually.
The Company remains focused on positioning itself at the forefront of shipping and energy growth areas for the benefit of our shareholders.
Three months ended December 31, 2025 compared to the three months ended December 31, 2024
During the three months ended December 31, 2025, Danaos had an average of 74.6 container vessels and 10 capesize drybulk vessels compared to 72.9 container vessels and 10 capesize drybulk vessels during the three months ended December 31, 2024. Our container vessels utilization for the three months ended December 31, 2025 was 99.3% compared to 96.4% in the three months ended December 31, 2024. Our drybulk vessels utilization for the three months ended December 31, 2025 was 99.8% compared to 84.2% in the three months ended December 31, 2024.
Our adjusted net income amounted to $131.2 million, or $7.14 per diluted share, for the three months ended December 31, 2025 compared to $133.3 million, or $6.93 per diluted share, for the three months ended December 31, 2024. We have adjusted our net income in the three months ended December 31, 2025 for $14.7 million of stock based compensation expense and one-off discretionary cash bonus, a $3.9 million gain from the change in fair value of investments, a $1.4 million loss on debt extinguishment and a $1.2 million non-cash finance fees amortization.
Adjusted net income of our container vessels segment amounted to $123.6 million for the three months ended December 31, 2025 compared to $128.7 million for the three months ended December 31, 2024. We adjusted net income of container vessels segment in the three months ended December 31, 2025 for a $13.7 million of stock based compensation expense and one-off discretionary cash bonus, a $1.4 million loss on debt extinguishment and a $1.2 million non-cash finance fees amortization.
Adjusted net income of our drybulk vessels segment amounted to $7.2 million for the three months ended December 31, 2025 compared to $2.3 million for the three months ended December 31, 2024. We adjusted net income of drybulk vessels segment in the three months ended December 31, 2025 for a $1.0 million of stock based compensation expense and one-off discretionary cash bonus.
The $2.1 million decrease in our adjusted net income for the three months ended December 31, 2025 compared to the three months ended December 31, 2024 is primarily attributable to (i) a $6.6 million increase in total operating expenses, (ii) a $2.1 million decrease in claims received, (iii) a $1.8 million decrease in dividends received, (iv) a $0.1 million increase in equity loss on investments, offset by (v) a $8.1 million increase in operating revenues, and (vi) a $0.4 million decrease in net finance expenses.
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 $117.9 million, or $6.42 earnings per diluted share, for the three months ended December 31, 2025 compared to net income of $90.4 million, or $4.70 earnings per diluted share, for the three months ended December 31, 2024. Our net income for the three months ended December 31, 2025 includes $3.9 million gain on marketable securities (gross of dividend income) compared to $35.6 million loss on marketable securities (gross of dividend income) in the three months ended December 31, 2024. On a non-adjusted basis, the net income of our container vessels segment amounted to $107.3 million for the three months ended December 31, 2025 compared to $122.0 million for the three months ended December 31, 2024. On a non-adjusted basis, the net income of our drybulk vessels segment amounted to $6.2 million of net income for the three months ended December 31, 2025 compared to $1.7 million of net income for the three months ended December 31, 2024.
Operating Revenues
Operating revenues increased by 3.1%, or by $8.1 million, to $266.3 million in the three months ended December 31, 2025 from $258.2 million in the three months ended December 31, 2024.
Operating revenues of our container vessels segment increased by 1.3%, or $3.2 million, to $240.7 million in the three months ended December 31, 2025 from $237.5 million in the three months ended December 31, 2024, analyzed as follows:
- $7.8 million increase in revenues as a result of higher fleet utilization between the two periods;
- $5.2 million increase in revenues as a result of newbuilding containership vessel additions;
- $7.8 million decrease in revenues as a result of lower charter rates between the two periods; and
- $2.0 million decrease in revenues due to lower non-cash revenue recognition in accordance with US GAAP.
Operating revenues of our drybulk vessels segment increased by 23.7%, or by $4.9 million, to $25.6 million in the three months ended December 31, 2025, compared to $20.7 million of revenues in the three months ended December 31, 2024, as a result of improved charter rates and higher dry bulk vessel utilization between the two periods.
Vessel Operating Expenses
Vessel operating expenses increased by $2.8 million to $48.4 million in the three months ended December 31, 2025 from $45.6 million in the three months ended December 31, 2024, primarily as a result of the increase in the average number of vessels in our fleet due to container vessel newbuilding deliveries and the increase in average daily operating cost of our vessels to $6,377 per vessel per day for the three months ended December 31, 2025 compared to $6,135 per vessel per day for the three months ended December 31, 2024. 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 Drydocking and Special Survey Costs.
Depreciation
Depreciation expense increased by $1.1 million, to $41.5 million in the three months ended December 31, 2025 from $40.4 million in the three months ended December 31, 2024 due to the increase in the average number of vessels in our fleet.
Amortization of Deferred Drydocking and Special Survey Costs
Amortization of deferred drydocking and special survey costs increased by $1.5 million to $10.8 million in the three months ended December 31, 2025 from $9.3 million in the three months ended December 31, 2024.
General and Administrative Expenses
General and administrative expenses increased by $6.7 million, to $28.4 million in the three months ended December 31, 2025 from $21.7 million in the three months ended December 31, 2024. The increase was mainly attributable to a one-off discretionary cash bonus of $4.8 million distributed to certain employees, a $1.8 million increase in stock based compensation expense, a $0.2 million higher management fees due to the increase in the average number of vessels in our fleet partially offset by a $0.1 million decrease in corporate general and administrative expenses.
Other Operating Expenses
Other Operating Expenses include Voyage Expenses.
Voyage Expenses
Voyage expenses increased by $0.1 million to $14.2 million in the three months ended December 31, 2025 from $14.1 million in the three months ended December 31, 2024.
Voyage expenses of our container vessels segment increased by $0.8 million to $8.8 million in the three months ended December 31, 2025, from $8.0 million in the three months ended December 31, 2024, mainly due to increased other voyage expenses.
Voyage expenses of our dry bulk vessels segment decreased by $0.7 million, to $5.4 million in the three months ended December 31, 2025, compared to $6.1 million voyage expenses in the three months ended December 31, 2024. For the three months ended December 31, 2025, voyage expenses of our dry bulk vessels comprised of $1.5 million in commissions and $3.9 million in other voyage expenses, mainly comprised of bunkers cost and port expenses, compared to $1.1 million in commissions and $5.0 million in other voyage expenses for the three months ended December 31, 2024, reflecting an increase in time charter employment of our dry bulk vessels during the three months ended December 31, 2025 compared to the three months ended December 31, 2024.
Interest Expense and Interest Income
Interest expense increased by $4.7 million, to $14.6 million in the three months ended December 31, 2025 from $9.9 million in the three months ended December 31, 2024. The increase in interest expense is a result of:
- $5.8 million increase in interest expense due to an increase in our average indebtedness by $397.1 million between the two periods, partially offset by a decrease in our average debt service cost. Average indebtedness was $1,144.3 million in the three months ended December 31, 2025, compared to average indebtedness of $747.2 million in the three months ended December 31, 2024, while our average debt service cost decreased by approximately 0.5% mainly as a result of lower SOFR rates between the two periods;
- $0.5 million increase in the amortization of deferred finance costs and debt discount between the two periods; and
- $1.6 million decrease in interest expense due to an increase in the amount of interest expense capitalized on our vessels under construction that was $6.3 million in the three months ended December 31, 2025, when compared to capitalized interest of $4.7 million in the three months ended December 31, 2024.
As of December 31, 2025, our outstanding debt, gross of deferred finance costs, was $1,177.8 million, which include $262.8 million principal amount of the 8.5% Senior Notes, which we will redeem in full on March 2, 2026, and $500.0 million principal amount of the 6.875% Senior Notes. These balances compare to debt of $744.5 million, which included $262.8 million principal amount of the 8.5% Senior Notes as of December 31, 2024. The increase in our outstanding debt is mainly due to (i) the issuance of the $500.0 million aggregate principal amount of the 6.875% Senior Notes in October 2025, (ii) the loans drawn down to partially finance our container vessel newbuildings, partially offset by (iii) the early prepayment of two secured facilities.
Interest income increased by $4.6 million to $8.5 million in the three months ended December 31, 2025 compared to $3.9 million in the three months ended December 31, 2024, mainly driven by higher average cash balances between the two periods, partially offset by lower interest rates on cash deposits.
Gain/(Loss) on Investments
The $4.6 million gain on investments in the three months ended December 31, 2025 consisted of the gain from the change in fair value of our shareholding interest in Star Bulk Carriers Corp. ("SBLK") of $3.9 million and dividend income on these shares of $0.7 million. This compares to a $33.1 million loss on investments in the three months ended December 31, 2024, representing a $35.6 million loss from the change in fair value change on our SBLK shareholding interest, which was partially offset by dividend income on these shares of $2.5 million.
Loss on Debt Extinguishment
The loss on debt extinguishment of $1.4 million in the three months ended December 31, 2025 related to our early extinguishment of debt compared to nil in the three months ended December 31, 2024.
Equity Loss on Investments
Equity loss on investments amounting to $0.3 million and $0.2 million in the three months ended December 31, 2025 and 2024, respectively, relates to our share of initial expenses of Carbon Termination Technologies Corporation ("CTTC"), currently engaged in the research and development of decarbonization technologies for the shipping industry.
Other Finance Expenses
Other finance expenses remained stable at $0.9 million in each of the three months ended December 31, 2025 and December 31, 2024, respectively.
Loss on Derivatives
Amortization of deferred realized losses on interest rate swaps remained stable at $0.9 million in each of the three months ended December 31, 2025 and December 31, 2024.
Other Income/(Expenses), Net
Other income/(expenses), net, amounted to an expense of $0.1 million in the three months ended December 31, 2025 compared to an income of $2.8 million in the three months ended December 31, 2024. Other income/(expenses), net, for the three months ended December 31, 2024 primarily consisted of $2.1 million of cash collected from the bankruptcy trustee of Hanjin Shipping as a partial payment of our claim under the Hanjin bankruptcy proceedings.
Adjusted EBITDA
Adjusted EBITDA increased by 0.2%, or by $0.3 million, to $190.0 million in the three months ended December 31, 2025 from $189.7 million in the three months ended December 31, 2024. The increase was attributed to (i) $8.1 million increase in operating revenues, partially offset by (ii) $5.9 million increase in total operating expenses, (iii) $1.8 million decrease in dividends received, and (iv) $0.1 million increase in equity loss on investments. Adjusted EBITDA for the three months ended December 31, 2025 is adjusted for (i) $3.9 million gain from the change in fair value of investments, (ii) $14.8 million expense of stock based compensation and one-off discretionary cash bonus, and (iii) $1.4 million of loss on debt extinguishment. Tables reconciling Adjusted EBITDA to Net Income can be found at the end of this earnings release.
Adjusted EBITDA of container vessels segment decreased by $4.0 million, to $176.7 million in the three months ended December 31, 2025 from $180.7 million in the three months ended December 31, 2024.
Adjusted EBITDA of drybulk vessels segment increased by $6.1 million to $12.9 million in the three months ended December 31, 2025 from $6.8 million in the three months ended December 31, 2024.
Year ended December 31, 2025 compared to the year ended December 31, 2024
During the year ended December 31, 2025, Danaos had an average of 74.1 container vessels and 10 capesize drybulk vessels compared to 70.2 container vessels and 8.6 capesize drybulk vessels during the year ended December 31, 2024. Our container vessels utilization for the year ended December 31, 2025 was 98.2% compared to 97.2% in the year ended December 31, 2024. Our drybulk vessels utilization for the year ended December 31, 2025 was 98.0% compared to 87.0% in the year ended December 31, 2024.
Our adjusted net income amounted to $485.7 million, or $26.28 per diluted share, for the year ended December 31, 2025 compared to $532.4 million, or $27.47 per diluted share, for the year ended December 31, 2024. We have adjusted our net income in the year ended December 31, 2025 for a $29.5 million gain from the change in fair value of investments, a $14.7 million of stock based compensation expense and one-off discretionary cash bonus, a $3.5 million non-cash finance fees amortization and a $2.5 million loss on debt extinguishment.
Adjusted net income of our container vessels segment amounted to $480.6 million for the year ended December 31, 2025 compared to $519.8 million for the year ended December 31, 2024. We adjusted net income of container vessels segment in the year ended December 31, 2025 for a $13.7 million of stock based compensation expense and one-off discretionary cash bonus, a $3.5 million non-cash finance fees amortization and a $2.5 million loss on debt extinguishment.
Adjusted net income of our drybulk vessels segment amounted to $4.3 million for the year ended December 31, 2025 compared to $5.0 million for the year ended December 31, 2024. We adjusted net income of drybulk vessels segment in the year ended December 31, 2025 for a $1.0 million of stock based compensation expense and one-off discretionary cash bonus.
The $46.7 million decrease in adjusted net income for the year ended December 31, 2025 compared to the year ended December 31, 2024, is primarily attributable to (i) a $57.0 million increase in total operating expenses, (ii) a $7.6 million decrease in dividends received, (iii) a $9.0 million increase in net finance expenses, (iv) a $2.1 million decrease in claims received, offset by (iv) $28.3 million increase in operating revenues, and (v) a $0.7 million decrease in equity loss on 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 $494.6 million, or $26.76 earnings per diluted share, for the year ended December 31, 2025 compared to net income of $505.1 million, or $26.05 earnings per diluted share, for the year ended December 31, 2024. Our net income for the year ended December 31, 2025 includes $29.5 million gain on marketable securities (gross of dividend income) compared to $25.2 million loss on marketable securities (gross of dividend income) in the year ended December 31, 2024. On a non-adjusted basis, the net income of our container vessels segment amounted to $460.9 million for the year ended December 31, 2025 compared to $518.1 million for the year ended December 31, 2024. On a non-adjusted basis, the net income of our drybulk vessels segment amounted to $3.4 million for the year ended December 31, 2025 compared to $4.4 million net income for the year ended December 31, 2024.
Operating Revenues
Operating revenues increased by 2.8%, or by $28.4 million, to $1,042.5 million in the year ended December 31, 2025 from $1,014.1 million in the year ended December 31, 2024.
Operating revenues of our container vessels segment increased by 2.0%, or by $18.3 million, to $955.4 million in the year ended December 31, 2025 from $937.1 million in the year ended December 31, 2024, analyzed as follows:
- $60.1 million increase in revenues as a result of newbuilding containership vessel additions;
- $5.0 million increase in revenues as a result of higher fleet utilization between the two periods;
- $29.7 million decrease in revenues as a result of lower charter rates between the two periods;
- $16.9 million decrease in revenues due to lower non-cash revenue recognition in accordance with US GAAP;
- $0.2 million decrease in revenues due to the disposal of one containership vessel.
Operating revenues of our drybulk vessels segment increased by 13.0%, or by $10.0 million, to $87.0 million in the year ended December 31, 2025, compared to $77.0 million of revenues in the year ended December 31, 2024, analyzed as follows:
- $13.0 million increase in revenues as a result of dry bulk vessel acquisitions; and
- $3.0 million net decrease in revenues as a result of an increase in the deployment of our drybulk vessels through time charter contracts instead of voyage charter contracts between the two periods. Drybulk fleet utilization improved to 98% for 2025 from 87% in 2024, while the Time Charter Equivalent rate improved to $18,175 per day in 2025 from $18,147 per day in 2024.
Vessel Operating Expenses
Vessel operating expenses increased by $23.1 million to $208.8 million in the year ended December 31, 2025 from $185.7 million in the year ended December 31, 2024, primarily as a result of the increase in the average number of vessels in our fleet due to container vessel newbuilding deliveries and dry bulk vessels acquisitions and the increase in average daily operating cost of our vessels to $6,969 per vessel per day for the year ended December 31, 2025 compared to $6,606 per vessel per day for the year ended December 31, 2024. 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 Drydocking and Special Survey Costs.
Depreciation
Depreciation expense increased by $15.1 million, to $163.4 million in the year ended December 31, 2025 from $148.3 million in the year ended December 31, 2024, due to the increase in the average number of vessels in our fleet.
Amortization of Deferred Drydocking and Special Survey Costs
Amortization of deferred drydocking and special survey costs increased by $14.9 million to $44.1 million in the year ended December 31, 2025 from $29.2 million in the year ended December 31, 2024, reflecting a larger number of vessels drydocked for which vessels drydocking amortization costs were recognized during the year ended December 31, 2025 compared to the year ended December 31, 2024.
General and Administrative Expenses
General and administrative expenses increased by $10.2 million, to $64.4 million in the year ended December 31, 2025 from $54.2 million in the year ended December 31, 2024. The increase was mainly attributable to a one-off discretionary cash bonus of $4.8 million distributed to certain employees, a $2.2 million increase in stock based compensation expense, a $2.0 million higher management fees due to the increase in the average number of vessels and a $1.2 million increase in corporate general and administrative expense, during the year ended December 31, 2025 compared to the year ended December 31, 2024.
Other Operating Expenses
Other Operating Expenses include Voyage Expenses.
Voyage Expenses
Voyage expenses decreased by $1.0 million to $63.1 million in the year ended December 31, 2025 from $64.1 million in the year ended December 31, 2024.
Voyage expenses of our drybulk vessels segment decreased by $4.3 million to $27.3 million in the year ended December 31, 2025 compared to $31.6 million voyage expenses in the year ended December 31, 2024. For the year ended December 31, 2025, voyage expenses of our drybulk vessels comprised of $5.3 million in commissions and $22.0 million in other voyage expenses, mainly comprised of bunkers cost and port expenses, compared to $4.5 million in commissions and $27.1 million in other voyage expenses for the year ended December 31, 2024, reflecting an increase in time charter employment of our dry bulk vessels during the year ended December 31, 2025 compared to the year ended December 31, 2024.
Voyage expenses of container vessels segment increased by $3.3 million to $35.8 million in the year ended December 31, 2025 from $32.5 million in the year ended December 31, 2024, mainly due to increased other voyage expenses.
Interest Expense and Interest Income
Interest expense increased by $16.6 million, to $42.8 million in the year ended December 31, 2025 from $26.2 million in the year ended December 31, 2024. The increase in interest expense is a result of:
- $15.6 million increase in interest expense due to an increase in our average indebtedness by $286.7 million between the two periods, partially offset by a decrease in our average debt service cost. Average indebtedness was $867.3 million in the year ended December 31, 2025, compared to average indebtedness of $580.6 million in the year ended December 31, 2024, while our average debt service cost decreased by approximately 0.76% mainly as a result of lower SOFR rates between the two periods;
- $1.2 million increase in the amortization of deferred finance costs and debt discount between the two periods; and
- $0.2 million decrease in interest expense due to an increase in the amount of interest expense capitalized on our vessels under construction that was $21.7 million in the year ended December 31, 2025, when compared to capitalized interest of $21.5 million in the year ended December 31, 2024.
As of December 31, 2025, our outstanding debt, gross of deferred finance costs, was $1,177.8 million, which include $262.8 million principal amount of the 8.5% Senior Notes and $500.0 million principal amount of the 6.875% Senior Notes. These balances compare to debt of $744.5 million, which included $262.8 million principal amount of the 8.5% Senior Notes as of December 31, 2024. The increase in our outstanding debt is mainly due to (i) the issuance of the $500.0 million aggregate principal amount of the 6.875% Senior Notes in October 2025, (ii) the loans drawn down to partially finance our container vessel newbuildings, partially offset by (iii) the early prepayment of two secured facilities.
Interest income increased by $6.6 million to $19.5 million in the year ended December 31, 2025 compared to $12.9 million in the year ended December 31, 2024, 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/(Loss) on Investments
The $31.2 million gain on investments in the year ended December 31, 2025 consisted of the gain from the change in fair value of our shareholding interest in Star Bulk Carriers Corp. ("SBLK") of $29.5 million and dividend income on these shares of $1.7 million. This compares to a $15.9 million loss on investments in the year ended December 31, 2024, representing a $25.2 million loss from the change in fair value on our SBLK shareholding interest and dividend income on these shares of $9.3 million.
Loss on Debt Extinguishment
The loss on debt extinguishment of $2.5 million in the year ended December 31, 2025 related to our early extinguishment of debt compared to nil in the year ended December 31, 2024.
Equity Loss on Investments
Equity loss on investments amounting to $1.0 million and $1.6 million in the years ended December 31, 2025 and December 31, 2024, respectively, relates to our share of initial expenses of CTTC, currently engaged in the research and development of decarbonization technologies for the shipping industry.
Other Finance Expenses
Other finance expenses increased by $0.1 million to $3.7 million in the year ended December 31, 2025 compared to $3.6 million in the year ended December 31, 2024.
Loss on Derivatives
Amortization of deferred realized losses on interest rate swaps remained stable at $3.6 million in each of the years ended December 31, 2025 and December 31, 2024.
Other Income/(Expenses), Net
Other income/(expenses), net, amounted to an expense of $1.2 million in the year ended December 31, 2025, compared to an income of $2.2 million in the year ended December 31, 2024. Other income/(expenses), net, for the year ended December 31, 2024 mainly consisted of income of $2.1 million related to cash collected from the bankruptcy trustee of Hanjin Shipping as a partial payment of our claim under the Hanjin bankruptcy proceedings.
Adjusted EBITDA
Adjusted EBITDA decreased by 0.4%, or by $3.2 million, to $719.4 million in the year ended December 31, 2025 from $722.6 million in the year ended December 31, 2024. The decrease was attributed to (i) $28.6 million increase in total operating expenses, (ii) $7.6 million decrease in dividends received, (iii) $0.5 million increase in net financing expenses, partially offset by (iv) $32.9 million increase in operating revenues (excluding $4.5 million decrease in amortization of assumed time-charters), and (ii) $0.6 million decrease in equity loss on investments. Adjusted EBITDA for the year ended December 31, 2025 is adjusted for (i) $29.5 million gain from the change in fair value of investments, (ii) $15.2 million expense of stock based compensation and one-off discretionary cash bonus, and (iii) $2.5 million of loss on debt extinguishment.
Adjusted EBITDA of container vessels segment decreased by $5.4 million, to $692.1 million in the year ended December 31, 2025 from $697.5 million in the year ended December 31, 2024.
Adjusted EBITDA of drybulk vessels segment increased by $9.1 million to $26.6 million in the year ended December 31, 2025 from $17.5 million in the year ended December 31, 2024.
Dividend Payment
Danaos has declared a dividend of $0.90 per share of common stock for the fourth quarter of 2025, which is payable on March 4, 2026 to stockholders of record as of February 23, 2026.
Recent Developments
On January 15, 2026, we received $80.0 million pursuant to a Japanese Operating Lease with Call Option for the vessel Greenhouse (the "JOLCO Greenhouse Facility") with a tenor of eight years.
We have delivered a notice of redemption to redeem in full the 8.5% Senior Notes on March 2, 2026, for an aggregate redemption price that is expected to be approximately $273.9 million, consisting of $262.8 million of outstanding principal and approximately $11.2 million of accrued but unpaid interest, assuming a redemption date of March 2, 2026.
On January 20, 2026, the Company announced a strategic partnership with Glenfarne Group to advance the Alaska LNG project. This partnership includes a $50 million development capital equity investment in Glenfarne Alaska Partners LLC. In addition, Danaos Corporation will also be the preferred tonnage provider to construct and operate at least six LNG carriers to deliver LNG to global customers for Glenfarne Alaska LNG, LLC, majority owner and developer of the Alaska LNG Project. This transaction provides Danaos with an opportunity to capitalize on its expertise in global seaborne transportation and expand the footprint of Danaos in the LNG and Energy segments.
Conference Call and Webcast
On Tuesday, February 10, 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 (US Toll Free Dial In), 0 800 279 9489 (UK Toll Free Dial In) or +44 (0) 2075 441 375 (Standard International Dial In). 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 February 17, 2026 by dialing 1 855 669 9658 (US Toll Free Dial In) or 1-412-317-0088 (Standard International Dial In) and using 4481482# 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.
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 container vessels. Our current fleet of 75 container vessels aggregating 477,491 TEUs and 27 under construction container vessels aggregating 174,550 TEUs ranks Danaos among the largest container vessels charter owners in the world based on total TEU capacity. Danaos has also invested in the dry bulk sector through the acquisition of 11 capesize drybulk vessels and the recent order of two Newcastlemax dry bulk newbuildings, which, on a fully delivered basis, will aggregate approximately 2,365,286 DWT. 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 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, 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 or threatened actions by Iran, 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
V
essels
F
leet
U
tilization
---
Container Vessels Utilization (No. of Days) Three months Three months Year Year
ended ended
ended ended
December December 3 December December
3 1 3 3
1 , 1 1
, , ,
2025 2024 2025 2024
Ownership Days 6,860 6,706 27,039 25,684
Less Off-hire Days:
Scheduled Off-hire Days (38) (236) (430) (525)
Other Off-hire Days (10) (3) (44) (198)
Operating Days(1) 6,812 6,467 26,565 24,961
Fleet
Utilization 99.3 % 96.4 % 98.2 % 97.2 %
Operating Revenues (in '000s of US$) $240,695 $237,510 $955,433 $937,077
Less: Voyage Expenses excluding (314) 925 (1,972) 746
commissions (in '000s of US$)
Time Charter Equivalent Revenues (in '000s 240,381 238,435 953,461 937,823
of US$)
Time Charter Equivalent US$/per day(2) $35,288 $36,869 $35,892 $37,572
Drybulk
V
essels
F
leet
U
tilization
---
Drybulk Vessels Utilization (No. of Days) Three months Three months Year Year
ended ended
ended ended
December December 3 December December
3 1 3 3
1 , 1 1
, , ,
2025 2024 2025 2024
Ownership Days 920 920 3,650 3,164
Less Off-hire Days:
Scheduled Off-hire Days (138) (56) (378)
Other Off-hire Days (2) (7) (16) (33)
Operating Days(1) 918 775 3,578 2,753
Fleet
Utilization 99.8 % 84.2 % 98.0 % 87.0 %
Operating Revenues (in '000s of US$) $25,570 $20,669 $87,023 $77,033
Less: Voyage Expenses excluding (3,887) (4,960) (21,992) (27,075)
commissions (in '000s of US$)
Time Charter Equivalent Revenues (in '000s 21,683 15,709 65,031 49,958
of US$)
Time Charter Equivalent US$/per day(2) $23,620 $20,270 $18,175 $18,147
1) We define Operating Days as the total number of Ownership Days net of Scheduled off-hire days (days associated with scheduled repairs,
drydockings or special or intermediate surveys or days) and net of off-hire days associated with unscheduled repairs or days waiting
to find employment but including days our vessels were sailing for repositioning. The shipping industry uses Operating Days to measure
the number of days in a period during which vessels actually generate revenues or are sailing for repositioning purposes. Our
definition of Operating Days may not be comparable to that used by other companies in the shipping industry.
2) Time charter equivalent US$/per day ("TCE rate") represents the average daily TCE rate of our container vessels segment and drybulk
vessels segment calculated dividing time charter equivalent revenues of each segment by operating days of each segment. 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, 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 provides additional meaningful information in
conjunction with operating revenues, the most directly comparable GAAP measure, and 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
The following table describes in detail our container vessels deployment profile as of February 9, 2026:
Vessel Name Vessel Year Expiration of Charter
Built (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 November 2030
Express Berlin 10,100 2011 December 2029
Express Athens 10,100 2011 October 2030
Le Havre 9,580 2006
June 2028
Pusan C 9,580 2006
May 2028
Bremen 9,012 2009 January 2028
C Hamburg 9,012 2009 January 2028
Niledutch Lion 8,626 2008
May 2028
Kota Manzanillo 8,533 2005 December 2028
Belita 8,533 2006
June 2028
CMA CGM Melisande 8,530 2012 January 2028
CMA CGM Attila 8,530 2011
May 2027
CMA CGM Tancredi 8,530 2011
July 2027
CMA CGM Bianca 8,530 2011 September 2027
CMA CGM Samson 8,530 2011 November 2027
America 8,468 2004
April 2028
Europe 8,468 2004
May 2028
Kota Santos 8,463 2005
June 2029
Catherine C (3) 8,010 2024
June 2029
Greenland (3) 8,010 2024 August 2029
Greenville (4) 8,010 2024 October 2029
Greenfield (5) 8,010 2024 November 2029
Interasia Accelerate (3) 7,165 2024
April 2032
Interasia Amplify (4) 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
June 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
April 2027
Phoebe (6) 6,014 2025 October 2031
Greenhouse (7) 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 2026
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 (ex
Merve A
) 4,253 2008 November 2027
Kingston 4,253 2008
June 2027
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 December 2026
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
(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 in the second quarter of 2024.
(4)
The newbuilding vessels were delivered in the third quarter of 2024.
(5)
The newbuilding vessel was delivered in the fourth quarter of 2024.
(6)
The newbuilding vessel was delivered in the first quarter of 2025.
(7)
The newbuilding vessel was delivered in the fourth quarter of 2025.
Container vessels under construction as of February 9, 2026:
Hull Number Vessel Expected Minimum
Size Delivery Charter
Year
((2)) Duration
TEU
(1)
Hull No. YZJ2023-1556 8,258 2026 5 years
Hull No. YZJ2023-1557 8,258 2026 5 years
Hull No. YZJ2024-1612 8,258 2026 5 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
(3) 6,014 2027 4.8 years
Hull No. YZJ2024-1613 8,258 2027 5 years
Hull No. YZJ2024-1625 8,258 2027 5 years
Hull No. YZJ2024-1626 8,258 2027 5 years
Hull No. YZJ2024-1668 8,258 2027 5 years
Hull No. H2596 9,200 2027 6 years
Hull No. C7100-9
(4) 7,165 2027 5 years
Hull No. C7100-10
(4) 7,165 2027 5 years
Hull No. C9200-9 9,200 2027 4.8 years
Hull No. H2597 9,200 2027 6 years
Hull No. S1162
(5) 1,800 2027 9.9 years
Hull No. S1163
(5) 1,800 2028 9.9 years
Hull No. C9200-10 9,200 2028 4.8 years
Hull No. S1164
(5) 1,800 2028 9.9 years
Hull No. C9200-11 9,200 2028 4.8 years
Hull No. S1165
(5) 1,800 2028 9.9 years
Hull No. S1166
(5) 1,800 2028
Hull No. H2638
(5) 5,300 2028
Hull No. S1167
(5) 1,800 2029
Hull No. H2639
(5) 5,300 2029
Hull No. H2640
(6) 5,300 2029
Hull No. H2641
(6) 5,300 2029
(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 vessel was added to our orderbook in the second quarter
of 2025.
(4) The newbuilding containership vessels were added to our orderbook in the third quarter
of 2025.
(5) The newbuilding containership vessels were added to our orderbook in the fourth quarter
of 2025.
(6) The newbuilding containership vessels were added to our orderbook in the first quarter
of 2026.
The following table presents details of our Capesize drybulk vessels, on a fully delivered basis, as of February 9, 2026:
Vessel Name Capacity Year Built ((2))
(DWT) (1)
Genius 175,580 2012
Achievement 175,966 2011
Ingenuity 176,022 2011
Danaos (3) 176,536 2011
Valentine (4) 175,125 2011
Integrity 175,966 2010
Peace 175,858 2010
Gouverneur (4) 178,043 2010
W Trader 175,879 2009
E Trader 175,886 2009
Capesize drybulk vessel(5) 182,425 2009
(1)
DWT, dead weight tons, the international standard measure for drybulk vessels capacity.
(2)
Capesize drybulk carrier vessels was sorted by their year built, from newest to oldest.
(3)
The vessel was delivered in the third quarter of 2024.
(4)
The vessels were delivered in the second quarter of 2024.
(5) The vessel was agreed to be purchased on October 17, 2025, and is expected to be delivered to the
Company by March 2026.
Newcastlemax drybulk vessels under construction as of February 9, 2026:
Hull Number Capacity Expected
Delivery
Year
(
DWT
)
(1)
Hull No.
DJCFD10 (2) 211,000 2028
Hull No.
DJCFD1
1
(2) 211,000 2028
(1) DWT, dead weight tons, the international standard measure for drybulk
vessels capacity.
(2) The newbuilding 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 Three months Year Year
ended ended
ended ended
December 31 December 31 December 31 December 31
, , , ,
2025 2024 2025 2024
OPERATING REVENUES $266,265 $258,179 $1,042,456 $1,014,110
OPERATING EXPENSES
Vessel operating expenses (48,436) (45,654) (208,779) (185,724)
Depreciation & amortization (52,290) (49,627) (207,440) (177,505)
General & administrative (28,393) (21,709) (64,410) (54,228)
Other operating expenses (14,221) (14,082) (63,061) (64,101)
Net gain on disposal of vessel 1,681 8,332
Income From Operations 122,925 128,788 498,766 540,884
OTHER INCOME/(EXPENSES)
Interest income 8,471 3,907 19,548 12,890
Interest expense (14,587) (9,942) (42,842) (26,185)
Gain/(Loss) on investments 4,629 (33,131) 31,221 (15,903)
Loss on debt extinguishment (1,417) (2,499)
Other finance expenses (855) (899) (3,722) (3,593)
Equity loss on investments (285) (191) (1,039) (1,629)
Other income/(expenses), net (54) 2,808 (1,197) 2,241
Realized loss on derivatives (913) (913) (3,622) (3,632)
Total Other Income/(Expenses), net (5,011) (38,361) (4,152) (35,811)
Net Income 117,914 90,427 494,614 505,073
EARNINGS PER SHARE
Earnings per share, basic $6.43 $4.72 $26.83 $26.15
Earnings per share, diluted $6.42 $4.70 $26.76 $26.05
Basic weighted average number of common 18,330 19,162 18,432 19,316
shares (in thousands of shares)
Diluted weighted average number of common 18,366 19,220 18,480 19,385
shares (in thousands of shares)
Non-GAAP Measures(1)
Reconciliation of Net Income to Adjusted Net Income - Unaudited
Three months Three months Year Year
ended ended
ended ended
December 31 December 31 December 31 December 31
, , , ,
2025 2024 2025 2024
Net Income $117,914 $90,427 $494,614 $505,073
Change in fair value of investments (3,941) 35,574 (29,541) 25,179
Loss on debt extinguishment 1,417 2,499
Net gain on disposal of vessel - (1,681) (8,332)
Stock based compensation & one-off 14,664 8,196 14,664 8,196
discretionary cash bonus
Amortization of financing fees and debt 1,161 757 3,487 2,326
discount
Adjusted Net Income $131,215 $133,273 $485,723 $532,442
Adjusted Earnings Per Share, diluted $7.14 $6.93 $26.28 $27.47
Diluted weighted average number of shares 18,366 19,220 18,480 19,385
(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 and Adjusted Earnings per share, diluted, that 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 months and years
ended December 31, 2025 and 2024, respectively. 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
December
3
1
, December 31,
2025 2024
ASSETS
CURRENT ASSETS
Cash and cash equivalents $1,037,292 $453,384
Accounts receivable, net 38,730 25,578
Other current assets 243,397 192,005
1,319,419 670,967
NON-CURRENT ASSETS
Fixed assets, net 3,269,703 3,290,309
Advances for vessels under construction & vessel
acquisition 428,147 265,838
Deferred charges, net 54,356 58,759
Other non-current assets 42,305 57,781
3,794,511 3,672,687
TOTAL ASSETS $5,113,930 $4,343,654
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Long-term debt, current portion $283,015 $35,220
Accounts payable, accrued liabilities & other
current liabilities 118,661 133,734
401,676 168,954
LONG-TERM LIABILITIES
Long-term debt, net 872,076 699,563
Other long-term liabilities 44,601 50,337
916,677 749,900
STOCKHOLDERS' EQUITY
Common stock 183 190
Additional paid-in capital 591,584 650,864
Accumulated other comprehensive loss (71,412) (70,430)
Retained earnings 3,275,222 2,844,176
3,795,577 3,424,800
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $5,113,930 $4,343,654
DANAOS CORPORATION
Condensed Consolidated Statements of Cash Flows - Unaudited
(Expressed in thousands of United States dollars)
Three months Three months Year Year
ended ended
ended ended
December December December December
3 3 3 3
1
, 1 1 1
, , ,
2025 2024 2025 2024
Operating Activities:
Net income $117,914 $90,427 $494,614 $505,073
Adjustments to reconcile net income to net cash
provided by
operating activities:
Depreciation 41,463 40,375 163,366 148,344
Amortization of deferred drydocking & special
survey costs and 11,988 10,009 47,561 31,487
finance costs
Amortization of assumed time charters (4,534)
Prior service cost and periodic cost 623 (422) 4,031 1,426
(Gain)/loss on investments (3,941) 35,574 (29,541) 25,179
Loss on debt extinguishment 1,417 2,499
Net gain on disposal of vessel (1,681) (8,332)
Payments for drydocking/special survey costs
deferred (4,353) (21,878) (39,671) (50,568)
Amortization of deferred realized losses on cash
flow interest 913 913 3,622 3,632
rate swaps
Equity loss on investments 285 191 1,039 1,629
Stock based compensation 11,584 9,811 16,755 14,558
Accounts receivable (1,415) 1,176 (3,783) (5,403)
Other assets, current and non-current 4,826 (3,006) 23,393 20,769
Accounts payable and accrued liabilities 6,445 11,207 (6,637) 10,246
Other liabilities, current and long-term (8,258) (16,057) (32,495) (71,756)
Net Cash provided by Operating Activities 179,491 156,639 644,753 621,750
Investing Activities:
Vessel additions, advances for vessels under
construction and (97,380) (78,135) (296,690) (659,343)
vessel acquisition
Net proceeds and insurance proceeds from disposal
of vessel 1,681 10,196
Investments in affiliates/marketable securities (417) (417) (30,687) (1,642)
Net Cash used in Investing Activities (97,797) (78,552) (325,696) (650,789)
Financing Activities:
Proceeds from long-term debt 576,675 63,000 620,675 362,000
Debt repayments and debt prepayments (163,129) (7,930) (190,764) (27,970)
Dividends paid (16,542) (16,320) (63,550) (62,807)
Repurchase of common stock (22,527) (47,617) (75,739) (53,332)
Finance costs (15,250) (172) (25,771) (7,277)
Net Cash provided by/(used in) Financing Activities 359,227 (9,039) 264,851 210,614
Net increase in cash and cash equivalents 440,921 69,048 583,908 181,575
Cash and cash equivalents, beginning of period 596,371 384,336 453,384 271,809
Cash and cash equivalents, end of period $1,037,292 $453,384 $1,037,292 $453,384
DANAOS CORPORATION
Reconciliation of Net Income to Adjusted EBITDA - Unaudited
(Expressed in thousands of United States dollars)
Three Months Thr Year
e ended
e months Year ended
ended ended
December December 31 December 31 December
3 , , 3
1
, 1
,
2025 2024 2025 2024
Net income $117,914 $90,427 $494,614 $505,073
Depreciation 41,463 40,375 163,366 148,344
Amortization of deferred drydocking & special survey costs 10,827 9,252 44,074 29,161
Amortization of assumed time charters - (4,534)
Amortization of finance costs, commitment fees and debt discount 1,683 1,371 5,694 4,905
Amortization of deferred realized losses on interest rate swaps 913 913 3,622 3,632
Interest income (8,471) (3,907) (19,548) (12,890)
Interest expense excluding amortization of finance costs 13,426 9,185 39,355 23,859
Change in fair value of investments (3,941) 35,574 (29,541) 25,179
Loss on debt extinguishment 1,417 2,499
Stock based compensation & one-off discretionary cash bonus 14,811 8,218 15,241 8,218
Net gain on disposal of vessels - (1,681) (8,332)
Adjusted EBITDA(1) $190,042 $189,727 $719,376 $722,615
1) Adjusted EBITDA represents net income before interest income and expense, depreciation, amortization of deferred drydocking & special
survey costs, amortization of assumed time charters, amortization of deferred finance costs and commitment fees, 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, loss on debt extinguishment and net gain on disposal of vessel. 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 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 EBITDA and 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 months and
years ended December 31, 2025 and 2024, 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 December 31, 2025 and Three Months Ended December 31, 2024
Unaudited
(Expressed in thousands of United States dollars)
Three Months Ended
Three Months Ended
December
3
1
, 202
5 December 31
, 202
4
Container Drybulk Other Total Container Drybulk Other Total
Vessels Vessels Vessels Vessels
$107,305 $6,225 $4,384 $117,914 $121,985 $1,740 $(33,298) $90,427
Net income/(loss)
Depreciation 38,102 3,361 41,463 37,048 3,327 40,375
Amortization of deferred drydocking 8,456 2,371 10,827 8,105 1,147 9,252
& special survey costs
Amortization of deferred finance costs, 1,683 1,683 1,371 1,371
commitment fees and debt discount
Amortization of deferred realized 913 913 913 913
losses on interest rate swaps
(8,429) (2) (40) (8,471) (3,883) (24) (3,907)
Interest income
Interest expense excluding amortization 13,426 13,426 9,185 9,185
of finance costs
Change in fair value of investments (3,941) (3,941) 35,574 35,574
Loss on debt extinguishment 1,417 1,417
Stock based compensation & one-off 13,842 969 14,811 7,657 561 8,218
discretionary cash bonus
Net gain on disposal of vessel (1,681) (1,681)
Adjusted EBITDA(1) $176,715 $12,924 $403 $190,042 $180,700 $6,775 $2,252 $189,727
1) Adjusted EBITDA represents net income before interest income and expense, depreciation, amortization of deferred drydocking & special
survey costs, amortization of deferred finance costs and commitment fees, amortization of deferred realized losses on interest rate
swaps and adjusted for the change in fair value of investments, stock based compensation & one-off discretionary cash bonus, loss on
debt extinguishment and net loss on disposal of vessel. 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 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 EBITDA and 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
December 31, 2025 and 2024, 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
Year Ended December 31, 2025 and Year Ended December 31, 2024
Unaudited
(Expressed in thousands of United States dollars)
Year
Ended Year
Ended
December 31, 2025 December
3
1
, 202
4
Container Drybulk Other Total Container Drybulk Other Total
Vessels Vessels Vessels Vessels
$460,946 $3,353 $30,315 $494,614 $518,129 $4,429 $(17,485) $505,073
Net income/(loss)
Depreciation 150,075 13,291 163,366 137,823 10,521 148,344
Amortization of deferred drydocking & special 35,114 8,960 44,074 27,167 1,994 29,161
survey costs
Amortization of assumed time charters (4,534) (4,534)
Amortization of deferred finance costs, 5,694 5,694 4,905 4,905
commitment fees and debt discount
Amortization of deferred realized losses 3,622 3,622 3,632 3,632
on interest rate swaps
(19,413) (2) (133) (19,548) (12,843) (47) (12,890)
Interest income
Interest expense excluding amortization 39,355 39,355 23,859 23,859
of finance costs
Change in fair value of investments (29,541) (29,541) 25,179 25,179
Loss on debt extinguishment 2,499 2,499
Stock based compensation & one-off 14,242 999 15,241 7,657 561 8,218
discretionary cash bonus
Net gain on disposal of vessel (8,332) (8,332)
Adjusted EBITDA(1) $692,134 $26,601 $641 $719,376 $697,463 $17,505 $7,647 $722,615
1) Adjusted EBITDA represents net income before interest income and expense, depreciation, amortization of deferred drydocking & special survey costs, amortization of assumed time charters, amortization of deferred finance costs and commitment fees, amortization of deferred realized losses on interest rate swaps and adjusted for
the change in fair value of investments, stock based compensation & one-off discretionary cash bonus, loss on debt extinguishment and net gain on disposal of vessel. 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 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 EBITDA and 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 years ended December 31, 2025 and 2024, 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 December 31, 2025 and Three Months Ended December 31, 2024
Unaudited
(Expressed in thousands of United States dollars)
Three Months Ended
Three Months Ended
December
3
1
, 202
5 December 31
, 202
4
Container Drybulk Other Total Container Drybulk Other Total
Vessels Vessels Vessels Vessels
Net income/(loss) $107,305 $6,225 $4,384 $117,914 $121,985 $1,740 $(33,298) $90,427
Change in fair value of investments (3,941) (3,941) 35,574 35,574
Loss on debt extinguishment 1,417 1,417
Amortization of financing fees and 1,161 1,161 757 757
debt discount
Stock based compensation & one-off 13,705 959 14,664 7,636 560 8,196
discretionary cash bonus
Net gain on disposal of vessel (1,681) (1,681)
Adjusted Net income(1) $123,588 $7,184 $443 $131,215 $128,697 $2,300 $2,276 $133,273
Adjusted Earnings per Share, diluted $7.14 $6.93
Diluted weighted average number of shares 18,366 19,220
(in thousands of shares)
DANAOS CORPORATION
Reconciliation of Net Income to Adjusted Net Income per segment
Year Ended December 31, 2025 and Year Ended December 31, 2024
Unaudited
(Expressed in thousands of United States dollars)
Year
Ended Year
Ended
December 31
, 202
5 December
3
1
, 202
4
Container Drybulk Other Total Container Drybulk Other Total
Vessels Vessels Vessels Vessels
Net income/(loss) $460,946 $3,353 $30,315 $494,614 $518,129 $4,429 $(17,485) $505,073
Change in fair value of investments (29,541) (29,541) 25,179 25,179
Loss on debt extinguishment 2,499 2,499
Amortization of financing fees and 3,487 3,487 2,326 2,326
debt discount
Stock based compensation & one-off 13,705 959 14,664 7,636 560 8,196
discretionary cash bonus
Net gain on disposal of vessel (8,332) (8,332)
Adjusted Net income(1) $480,637 $4,312 $774 $485,723 $519,759 $4,989 $7,694 $532,442
Adjusted Earnings per Share, diluted $26.28 $27.47
Diluted weighted average number of shares 18,480 19,385
(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 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 months and years ended December 31, 2025 and 2024, 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.
View original content:https://www.prnewswire.com/news-releases/danaos-corporation-reports-results-for-the-fourth-quarter-and-year-ended-december-31-2025-302682861.html
SOURCE Danaos Corporation
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