Greek Containership Owners, Danaos, Report Growth

Press Release
Tuesday, July 31, 2012

Danaos Corporation reports (unaudited) Second Quarter and Half Year results for the period ended June 30, 2012.

Highlights for the Second Quarter and Half Year Ended June 30, 2012:

    •    Operating revenues of $146.7 million for the three months ended June 30, 2012 compared to $114.8 million for the three months ended June 30, 2011, an increase of 27.8%. Operating revenues of $280.9 million for the six months ended June 30, 2012 compared to $213.8 million for the six months ended June 30, 2011, an increase of 31.4%.
    •    Adjusted EBITDA1 of $106.7 million for the three months ended June 30, 2012 compared to $78.4 million for the three months ended June 30, 2011, an increase of 36.1%. Adjusted EBITDA1 of $203.2 million for the six months ended June 30, 2012 compared to $143.6 million for the six months ended June 30, 2011, an increase of 41.5%.
    •    Adjusted net income of $16.2 million, or $0.15 per share, for the three months ended June 30, 2012 compared to $16.1 million, or $0.15 per share, for the three months ended June 30, 2011. Adjusted net income1 of $33.1 million, or $0.30 per share, for the six months ended June 30, 2012 compared to $27.5 million, or $0.25 per share, for the six months ended June 30, 2011.
    •    We managed to improve our daily vessel operating cost to $5,995 per day for the three months ended June 30, 2012 compared to $6,166 per day for the three months ended June 30, 2011.
    •    During the second quarter of 2012, we completed our newbuilding program with the delivery of three newly built containerships with an aggregate carrying capacity of 39,300 TEU, which have been all deployed on 12-year time charters. Furthermore, we sold and delivered the Montreal, a 28 year old vessel, and realized a net gain on the sale of $0.8 million.
    •    The remaining average charter duration of our fleet was 10.1 years as of June 30, 2012 (weighted by aggregate contracted charter hire).
    •    Total contracted operating revenues were $5.2 billion as of June 30, 2012, through 2028.
    •    Charter coverage of 86% for the next 12 months in terms of contracted operating days and 93.5% in terms of operating revenues.

Danaos' CEO Dr. John Coustas commented:

During the second quarter of 2012, we completed our extensive new-building program that has established Danaos as one of the largest and most reliable containership operating lessors in the world with a 64 vessel fleet and a 363,049 TEU carrying capacity. Since going public in 2006, we have more than tripled our TEU carrying capacity, which has been growing at a 21% compounded annual growth rate.
 
 

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