John Coustas News

Greek shipowner Danaos Corporation announced Monday that it has ordered four 7,200 TEU containerships from Daehan Shipbuilding in South Korea. The neo-panamax newbuilds are slated for delivery in the first half of 2024.The vessels will be methanol fuel ready, will come with open loop scrubbers and will be built in accordance with the latest requirements of the International Maritime Organization (IMO) in relation to Tier III emission standards and Energy Efficiency Design Index (EEDI) Phase III, said New York-listed Danaos, one of the world's largest charterers of containerships.“These vessels are at the forefront of new technology, come with the latest specifications on emissions requirements and are methanol ready.

Danaos Corporation on Wednesday announced it has entered into an agreement to acquire six secondhand 5,466 TEU container vessels en bloc for $260 million.The vessels, which have an average age of 6.8 years, were built at Hanjin Subic Bay shipyard and are on time charter contracts with a weighted average charter duration of approximately two years.The acquired vessels, which are expected to be gradually delivered to the company by the end of the third quarter of 2021, are eco-design wide beam vessels with improved fuel consumption and load efficiency characteristics when compared to conventional designs, the company said.The acquisition…

Danaos Corporation, a leading international owner of containerships, has announced the consummation of its previously announced debt refinancing , significantly strengthening the Company's capital structure and reducing its outstanding debt by approximately USD 551 million.The debt refinancing strengthens the Company's financial position through the significant debt reduction, reset financial and certain other credit facility covenants, modified interest rates and amortization profiles and the extension of existing debt maturities by approximately five years to December 31, 2023. Danaos' CEO Dr. John Coustas said: "We are pleased to announce the closing of our comprehensive debt refinancing agreement…

Danaos Corporation, a leading international owner of containerships, has reached an agreement with certain of its lenders currently holding approximately $2.2 billion of debt maturing on December 31, 2018, that will significantly strengthen the Company's capital structure and result in a debt reduction of approximately $551 million. Pursuant to a comprehensive debt re-financing agreement (RA) with certain of its lenders, as well as Danaos Investment Limited as Trustee of the 883 Trust (DIL), its largest stockholder, and its manager, Danaos Shipping Co. Ltd., the Company will strengthen its financial position through a significant debt reduction…

Danaos Corporation reports its results for the third quarter of 2016 in the aftermath of the bankruptcy of Hanjin Shipping, one of Danaos' large customers. Danaos' CEO Dr. John Coustas says: "As a result of the bankruptcy, we did not recognize any operating revenues for the vessels that had been chartered to Hanjin during the quarter. As a result of the Hanjin bankruptcy we also recorded a write-off of $15.8 million, representing the outstanding charter hire owed to us by Hanjin as of June 30, 2016. Additionally, principally as a result of the effects of the cancellation of the Hanjin charters, the Company was in breach of certain financial covenants as at September 30, 2016 for which we have obtained waivers until April 1, 2017.

Danaos Corporation, one of the world's largest independent owners of containerships, today received notice that Hanjin Shipping Co. Ltd. (Hanjin) has filed for receivership with the Seoul Central District Court and requested that the court freeze its assets. Danaos currently charters eight of its vessels to Hanjin on long term, fixed rate time charters. The time charters associated with these vessels represent approximately $560 million of Danaos' $2.8 billion contracted revenue backlog as of June 30, 2016. The vessels contracted to Hanjin include three 10,100 TEU vessels built in 2011 and five 3,400 TEU vessels built in 2010 and 2011. "We are disappointed that the Korean Development Bank has failed to support an important participant in the global containership business," stated Dr.

Danaos Corporation, one of the world's largest independent owners of containerships, has reported net income of $47.7 million for the three months ended June 30, 2016 compared to $38.0 million, for the three months ended June 30, 2015, an increase of 25.5% for the period ended June 30, 2016. Adjusted net income of $94.9 million, or $0.86 per share, for the six months ended June 30, 2016 compared to $68.6 million, or $0.62 per share, for the six months ended June 30, 2015, an increase of 38.3%. Operating revenues of $137.0 million for the three months ended June 30, 2016 compared to $141.5 million for the three months ended June 30, 2015, a decrease of 3.2%.

Danaos Corporation today reported unaudited results for the period ended June 30, 2016. * Adjusted net income1 of $47.7 million, or $0.43 per share, for the three months ended June 30, 2016 compared to $38.0 million, or $0.35 per share, for the three months ended June 30, 2015, an increase of 25.5%. Adjusted net income1 of $94.9 million, or $0.86 per share, for the six months ended June 30, 2016 compared to $68.6 million, or $0.62 per share, for the six months ended June 30, 2015, an increase of 38.3%. * Operating revenues of $137.0 million for the three months ended June 30, 2016 compared to $141.5 million for the three months ended June 30, 2015, a decrease of 3.2%.

Danaos Corporation one of the world's largest independent owners of containerships, today reported unaudited results for the fourth quarter and the year ended December 31, 2015. * Adjusted net income1 of $47.2 million, or $0.43 per share, for the three months ended December 31, 2015 compared to $23.5 million, or $0.21 per share, for the three months ended December 31, 2014, an increase of 100.9%. Adjusted net income1 of $159.5 million, or $1.45 per share, for the year ended December 31, 2015 compared to $60.0 million, or $0.55 per share, for the year ended December 31, 2014, an increase of 165.8%. * Operating revenues of $143.3 million for the three months ended December 31, 2015 compared to $140.7 million for the three months ended December 30, 2014, an increase of 1.8%.

Shipping minister says current measurement method not effective. On the day he took office as Greece's shipping minister in June 2012, Kostis Moussouroulis received a visit from a 90-year-old shipowner. He still remembers the older man's words: "Don't forget, the best minister of shipping and maritime affairs is the minister who is doing nothing for the shipping industry. That's the way Greek shipowners like it. The magnates who run one of the biggest merchant marine fleets in the world have long argued that if Greece tried to tax them, they would leave - and that their departure would devastate the economy. In recent years, as international institutions repeatedly bailed out Greece, the lenders have also pushed Athens to beef up its tax take.

Danaos Corporation announced today the acquisition of three vessels through a newly-formed joint venture, capitalizing on depressed asset prices in the resale market. The vessels were acquired by Gemini Shipholdings Corporation, a newly-formed entity ("Gemini") beneficially owned by Danaos and its largest stockholder. Danaos' initial 49% ownership interest in Gemini was acquired through an investment of $7.35 million. * The 6,422 TEU NYK Lodestar, built in 2001 at Samsung Heavy Industries, which has already commenced a 2 year time charter with NYK. * The 5,610 TEU Suez Canal, built in 2002 at Hyundai Heavy Industries, which is on a 7 year bareboat charter to Gemini with a purchase obligation at the end of the charter.

The second Annual Danish Maritime Forum, scheduled for October 7-8, 2015, in Copenhagen, brings together a wealth of global maritime leaders to address present and long-term challenges for industry. Discussions at this year’s Danish Maritime Forum are influenced by volatility in global markets and uncertainties about future growth and will focus on how the maritime industry can address these challenges in both the short and long term. Other topical issues will include the New Chinese Silk Road, the global energy outlook and the future of ocean governance.

Danaos Corporation, a leading international owner of containerships, today reported unaudited results for the period ended September 30, 2014. * Operating revenues of $139.5 million for the three months ended September 30, 2014 compared to $148.4 million for the three months ended September 30, 2013, a decrease of 6.0%. Operating revenues of $411.4 million for the nine months ended September 30, 2014 compared to $441.1 million for the nine months ended September 30, 2013, a decrease of 6.7%. * Adjusted EBITDA1 of $104.1 million for the three months ended September 30, 2014 compared to $109.5 million for the three months ended September 30, 2013, a decrease of 4.9%.

Danaos Corporation ("Danaos") (NYSE: DAC), a leading international owner of containerships, today reported unaudited results for the period ended June 30, 2014. *Operating revenues of $136.4 million for the three months ended June 30, 2014 compared to $146.6 million for the three months ended June 30, 2013, a decrease of 7.0%. Operating revenues of $271.9 million for the six months ended June 30, 2014 compared to $292.7 million for the six months ended June 30, 2013, a decrease of 7.1%. *Adjusted EBITDA1 of $99.0 million for the three months ended June 30, 2014 compared to $107.4 million for the three months ended June 30, 2013, a decrease of 7.8%.

Greek container ship owners, Danaos Corp. reports unaudit financial results for the period ended September 30, 2013 for its chartered out container ship fleet. Operating revenues of $148.4 million for the three months ended September 30, 2013 compared to $156.3 million for the three months ended September 30, 2012, a decrease of 5.1%. Operating revenues of $441.1 million for the nine months ended September 30, 2013 compared to $437.2 million for the nine months ended September 30, 2012, an increase of 0.9%.

Operating revenues of $146.6 million for the three months ended June 30, 2013 compared to $146.7 million for the three months ended June 30, 2012, a decrease of 0.1%. Operating revenues of $292.7 million for the six months ended June 30, 2013 compared to $280.9 million for the six months ended June 30, 2012, an increase of 4.2%. Adjusted EBITDA1 of $107.4 million for the three months ended June 30, 2013 compared to $106.7 million for the three months ended June 30, 2012, an increase of 0.7%. Adjusted EBITDA1 of $216.0 million for the six months ended June 30, 2013 compared to $203.2 million for the six months ended June 30, 2012, an increase of 6.3%.

Danaos Corporation reports fourth quarter and full year results for the year ended December 31, 2012. Operating revenues of $151.8 million for the three months ended December 31, 2012 compared to $128.3 million for the three months ended December 31, 2011, an increase of 18.3%. Operating revenues of $589.0 million for the year ended December 31, 2012 compared to $468.1 million for the year ended December 31, 2011, an increase of 25.8%. Adjusted EBITDA1 of $112.4 million for the three months ended December 31, 2012 compared to $88.8 million for the three months ended December 31, 2011, an increase of 26.6%. Adjusted EBITDA1 of $431.7 million for the year ended December 31, 2012 compared to $318.6 million for the year ended December 31, 2011, an increase of 35.5%.

Greece-based container ship owners, Danaos Corp., reports Q3 & nine months results for period 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%.

Danaos Corporation (NYSE: DAC), aninternational owner of containerships, announced that it received written commitments from all 14 of its bank lenders agreeing to the terms of Danaos’ previously announced arrangement with its lenders to modify its existing debt obligations and provide new credit facilities. Under the agreed terms, which are subject to final documentation and other conditions, Danaos will receive $426.0 million of new debt financing from existing bank lenders as funding toward its current newbuilding orderbook. Additionally, under Danaos' existing bank debt facilities, representing approximately $3.0 billion of indebtedness…

Danaos Corporation (NYSE: DAC), international owner of containerships, announced the formal completion of its previously announced Comprehensive Financing Plan, which fully funds Danaos’s current newbuilding program, comprised of 13 additional containerships aggregating 129,250 TEUs with scheduled deliveries up to mid 2012. The Plan provides for new financing of $818 million including $203 million from an Export-Import Bank of China led consortium, $190 million of vendor finance and $425 million from a consortium comprising of 14 of its existing bank lenders. Repayment schedules, interest rate margin and covenants have been reset and harmonized with this new structure and provide a competitive and solid financing package until end of 2018.

Greek-based containership owner Danaos Corporation (NYSE: DAC) reported unaudited results for the quarter and full year ended December 31, 2011. - Operating revenues of $128.3 million for the three months ended December 31, 2011 compared to $100.5 million for the three months ended December 31, 2010, an increase of 27.7%. - Operating revenues of $468.1 million for the year ended December 31, 2011 compared to $359.7 million for the year ended December 31, 2010, an increase of 30.1%. - Adjusted EBITDA1 of $88.8 million for the three months ended December 31, 2011 compared to $65.0 million for the three months ended December 31, 2010, an increase of 36.6%.

Danaos Corporation, containership owners, announced that on June 29, 2012, it took delivery of its fifth and final 13,100 containership, the HYUNDAI AMBITION, expanding its operational fleet to a total of 64 containerships aggregating 363,049 TEU. The HYUNDAI AMBITION, built at Hyundai Samho Heavy Industries Co. Ltd, has a carrying capacity of 13,100 TEU, is 366 meters long, 48.2 meters wide and has a speed of 24.7 knots. The vessel has already commenced its 12-year time charter with an expected annualized EBITDA run-rate contribution of approximately $18.8 mil. Dr. John Coustas, President and Chief Executive Officer of Danaos, commented…

Danaos Corporation reports (unaudited) Second Quarter and Half Year results for the period 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%.