Revenues Up in Danaos' Latest Financial Report

Press Release
Tuesday, November 06, 2012

Greece-based container ship owners, Danaos Corp., reports Q3 & nine months results for period ended September 30, 2012.

Highlights for the Third Quarter and Nine Months Ended September 30, 2012:

 

  • Operating revenues of $156.3 million for the three months ended September 30, 2012 compared to $126.0 million for the three months ended September 30, 2011, an increase of 24.0%. Operating revenues of $437.2 million for the nine months ended September 30, 2012 compared to $339.8 million for the nine months ended September 30, 2011, an increase of 28.7%.
  • Adjusted EBITDA1 of $116.2 million for the three months ended September 30, 2012 compared to $86.2 million for the three months ended September 30, 2011, an increase of 34.8%. Adjusted EBITDA1 of $319.3 million for the nine months ended September 30, 2012 compared to $229.8 million for the nine months ended September 30, 2011, an increase of 38.9%.
  • Adjusted net income of $15.6 million, or $0.14 per share, for the three months ended September 30, 2012 compared to $17.6 million, or $0.16 per share, for the three months ended September 30, 2011. Adjusted net income1 of $48.8 million, or $0.44 per share, for the nine months ended September 30, 2012 compared to $45.0 million, or $0.41 per share, for the nine months ended September 30, 2011.
  • We managed to improve our daily vessel operating cost by 8%, to $5,835 per day for the three months ended September 30, 2012 compared to $6,321 per day for the three months ended September 30, 2011.
  • The remaining average charter duration of our fleet was 9.9 years as of September 30, 2012 (weighted by aggregate contracted charter hire).
  • Total contracted operating revenues were $5.1 billion as of September 30, 2012, through 2028.
  • Charter coverage of 84.3% for the next 12 months in terms of contracted operating days and 95.1% in terms of operating revenues.

Danaos' CEO Dr. John Coustas commented:

The company's performance for the first 9 months of 2012 is a testament to the resilience of our business model during a challenging period for the container market. Adjusted Net Income stands at $48.8 million or $0.44 per share for the nine months ended September 30, 2012, compared to $45.0 million or $0.41 per share for the same period one year ago. Adjusted EBITDA has reached $319.3 million for the nine months ended September 30, 2012 compared to $229.8 million for the same period one year ago as a result of our fleet expansion program concluded in the previous quarter.

In terms of macro-economic fundamentals, the European financial crisis has been at the forefront of a global economic slowdown this year, with the expectation being that European GDP will marginally contract in 2012. This has also impacted economic growth in the United States which has been sluggish but still expected to do better than 2011, while it is now clear that the pace of growth in China will be moderated. This global slowdown has adversely affected container trade growth and it is clear that the industry is currently facing a demand supply imbalance.
 

Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Environmental Awards Recognize 84 Foss Vessels

With a combined 840 years without an environmental incident, 84 Foss Maritime and subsidiary companies' tugs and tank barges have been recognized by a major maritime

Rates Increase Boosts Diana Containerships Q3 Income

Diana Containerships Inc. reported net income of $1.4 million for the third quarter of 2014, compared to a net loss of $0.7 million for the respective period of 2013.

Belgian Port Workers Strike

Port workers in Belgium began a 24-hour strike today, November 24, which will end at midnight, Inchcape Shipping Services (ISS) reported. It is anticipated that

Finance

Rates Increase Boosts Diana Containerships Q3 Income

Diana Containerships Inc. reported net income of $1.4 million for the third quarter of 2014, compared to a net loss of $0.7 million for the respective period of 2013.

EU Backs Nantes St-Nazaire and Vigo Transport Link

The EU's TEN-T Program will back the upgrade of the existing sea line between Nantes St-Nazaire, France and Vigo, Spain with over €3.5 million to ensure reliable

Egypt Eyes Suez Container Port Renegotiation

Egypt is trying to renegotiate an extension of an agreement worth $1.5 billion with Suez Canal Container Terminal which has a concession to run a port near the entrance to the canal,

Container Ships

Rates Increase Boosts Diana Containerships Q3 Income

Diana Containerships Inc. reported net income of $1.4 million for the third quarter of 2014, compared to a net loss of $0.7 million for the respective period of 2013.

EU Backs Nantes St-Nazaire and Vigo Transport Link

The EU's TEN-T Program will back the upgrade of the existing sea line between Nantes St-Nazaire, France and Vigo, Spain with over €3.5 million to ensure reliable

Egypt Eyes Suez Container Port Renegotiation

Egypt is trying to renegotiate an extension of an agreement worth $1.5 billion with Suez Canal Container Terminal which has a concession to run a port near the entrance to the canal,

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1770 sec (6 req/sec)