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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

China COSCO to be First through the Expanded Panama Canal

China COSCO Shipping has won the draw for its container vessel Andronikos to make the ceremonial first transit through the Expanded Panama Canal during the waterway’s inauguration on Sunday, June 26.

Sellick Equipment to Open New Facility

On April, 20, 2016, at the young age of 97 years, Walter Sellick along with sons Howard Sellick - President, David Sellick - Vice President and grandson Colin Sellick - Systems Manager,

Asia Tankers-VLCCs Rates Ease as Tanker Jams Fade

Port congestion eases at Basra and Chinese ports; tanker demand set to expand on lower oil prices. Freight rates for very large crude carriers (VLCCs), hurt by slower-than-usual release of cargo,

Finance

MARAD: $5 Mln Available for Marine Highway Projects

The Maritime Administration (MARAD) has announced the availability of $5 million in Federal funding to expand marine highway service by creating new or expanding

Baltic Index Down on Lower Capesize, Panamax Rates

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, slipped on Friday, as demand for capesize and panamax vessels fell.

Oil Rally is Not Just About Hedge Funds: Kemp

Oil prices are becoming dangerously overheated as speculators anticipate a rebalancing of supply and demand that has barely started, according to many oil analysts.

Container Ships

Drug Interception at Red Hook Container Terminal

Approximately 121 pounds of heroin and eight pounds of cocaine were discovered in a shipping container of vegetables that was moving from Ecuador to Miami, Fla.

China COSCO to be First through the Expanded Panama Canal

China COSCO Shipping has won the draw for its container vessel Andronikos to make the ceremonial first transit through the Expanded Panama Canal during the waterway’s inauguration on Sunday, June 26.

EU Clears CMA CGM, NOL Merger, with Conditions

The European Commission said on Friday it had cleared French shipping group CMA CGM's $2.4 billion takeover of Neptune Orient Lines on condition that NOL pulls out from a rival shipping alliance.

 
 
Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Pod Propulsion Ship Electronics Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | 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: 0.1043 sec (10 req/sec)