Danaos Corp 1Q Report
Danaos Corporation (NYSE: DAC), an international owner of containerships, reported unaudited results for the period ended March 31, 2009. • Net earnings on a comparable basis of $20.0 million or $0.37 per share for the quarter ended March 31, 2009 compared to $25.9 million or $0.48 per share for the respective period of 2008, adjusted for a gain on sale of vessels of $5.6 million recorded during the first quarter of 2008. • Operating revenues of $75.3 million for the quarter ended March 31, 2009 compared to $69.9 million for the respective period of 2008. • EBITDA on a comparable basis of $47.9 million for the quarter ended March 31…
Danaos 3Q, 9 Month Report
Danaos Corporation (“Danaos”) (NYSE: DAC), a leading international owner of containerships, reported unaudited results for the period ended September 30, 2008. • Net earnings from continuing operations of $28.0 million or $0.51 per share and $93.2 million or $1.71 per share for the quarter and the nine months ended September 30, 2008, respectively, compared to $25.5 million or $0.47 per share and $78.4 million or $1.44 per share for the respective periods of 2007. • Operating revenues from continuing operations of $76.4 million and $220.2 million for the quarter and the nine months ended September 30, 2008, respectively, compared to $62.6 million and $187.5 million for the respective periods of 2007.
Danaos to Acquire Three Containerships
Danaos Corporation has signed contracts to acquire three 1998 built, 2,200 TEU containerships. These vessels, the Hyundai Progress, the Hyundai Bridge, and the Hyundai Highway were built by Hyundai Heavy Industries. The size of this deal is in the region of $90m and the vessels are expected to be delivered to Danaos on February 11, March 17 and March 18, 2008. The acquisition will be financed by existing credit facilities and own funds. Danaos also announced that subsequent to the acquisition agreement it has arranged ten-year charter agreements for these three vessels with Hyundai Merchant Marine at fixed daily rates which reflect current market conditions. Upon delivery to Danaos, all three vessels will have just concluded their five year dry-docking planned maintenance.
