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

People & Company News

ISC Profit Slip in Q2 2014 but Pay Dividend

International Shipholding Corporation (ISC) has announced financial results for the quarter ended June 30, 2014, summarized here: Net Loss he Company reported a net loss of $664,

Admiral on U.S. Navy & Asia Pacific Re-balancing Act

The commander of U.S. Pacific Command has briefed Pentagon reporters, discussing the U.S. rebalance to the Asia-Pacific region, successful engagement with partners

Hornbeck Offshore Ride High on Q2 2014 Results

Hornbeck Offshore Services, Inc. has announced its financial results for the second quarter ended June 30, 2014.  Following are highlights for this period and excerpts

Finance

Asia Dry Bulk Capesize Rates Stay Flat

Rates for capesize bulk carriers on key Asian routes are set to remain in the doldrums next week, staying flat or gaining just a few cents as an oversupply of ships weighs on cargo availability,

ISC Profit Slip in Q2 2014 but Pay Dividend

International Shipholding Corporation (ISC) has announced financial results for the quarter ended June 30, 2014, summarized here: Net Loss he Company reported a net loss of $664,

Hornbeck Offshore Ride High on Q2 2014 Results

Hornbeck Offshore Services, Inc. has announced its financial results for the second quarter ended June 30, 2014.  Following are highlights for this period and excerpts

Container Ships

Hamburg Süd Opens Office in Nanjing

On August 1, Hamburg Süd will open an office in Nanjing, China, to be headed by general manager Steven Pu. Hamburg Süd now operates from 20 locations in Greater China.

Kenya's Mombasa Port Traffic Up 13% in H1

Container traffic through Kenya's biggest port grew by 12.8 percent in the first six months of the year after new cargo handling infrastructure was built to shorten the turnaround time for ships.

HHLA Creates 50 Jobs at Container Terminal Burchardkai

Hamburger Hafen und Logistik AG (HHLA) said it needs 50 additional commercial employees for the container terminal Burchardkai (CTB). The company continues its

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Pod Propulsion Salvage Ship Repair Shipbuilding / Vessel Construction Sonar
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: 0.1799 sec (6 req/sec)