Danaos Corporation Reports Results for the Fourth Quarter and Year Ended December 31, 2025
Rhea-AI Summary
Danaos Corporation (NYSE: DAC) reported unaudited results for the period ended December 31, 2025, showing consolidated adjusted EBITDA of $719.4M and year-end cash liquidity and marketable securities of $1.405B. Net debt/LTM adjusted EBITDA improved to 0.20x.
Key actions include a $500M seven-year unsecured bond, early repayments of secured facilities, Jolco financings for two newbuilds, $235.1M of share repurchases, a $0.90 quarterly dividend, and a contracted revenue backlog of $4.3B.
Positive
- Year-end total cash liquidity & marketable securities increased to $1.405B
- Net Debt / LTM Adjusted EBITDA improved to 0.20x from 0.40x
- Placed a $500M seven-year unsecured bond at 6.875% to refinance and enhance liquidity
- Contracted operating revenues backlog of $4.3B, with average containership charter duration 4.3 years
- Repurchased 3,247,444 shares for $235.1M under the buyback program
Negative
- Gross debt increased to $1,177.8M from $744.5M year-over-year
- Availability under Revolving Credit Facility declined to $247.5M from $292.5M
News Market Reaction – DAC
On the day this news was published, DAC gained 1.90%, reflecting a mild positive market reaction. Our momentum scanner triggered 2 alerts that day, indicating moderate trading interest and price volatility. This price movement added approximately $37M to the company's valuation, bringing the market cap to $1.97B at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
DAC is up 1.61% while key marine shipping peers show mixed moves: NMM +2.81%, CMRE +1.19%, ZIM +2.22%, GSL +2.44%, but GOGL is down 3.62%. The mixed directions point to a stock-specific reaction rather than a uniform sector rotation.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Aug 04 | Q2 2025 earnings | Neutral | +0.5% | Q2 2025 net income declined year-on-year while operating revenues increased. |
| May 13 | Q1 2025 earnings | Negative | -3.6% | Q1 2025 net income fell versus Q1 2024 amid stable operating revenues. |
| Feb 10 | Q4 2024 earnings | Positive | +4.0% | Q4 2024 showed higher operating revenues and strong adjusted net income and liquidity. |
| May 28 | Q1 2024 earnings | Positive | -2.9% | Q1 2024 delivered higher revenues and strong net income but shares declined. |
| Feb 13 | Q4 2023 earnings | Neutral | -3.8% | Q4 2023 results triggered a notable negative move despite limited detail provided. |
Earnings releases have produced mixed reactions, with several positive fundamental updates but an average -1.18% next-day move and a blend of aligned and divergent price responses.
Recent earnings releases for Danaos show consistent profitability and strong contracted backlog but uneven share-price reactions. Q4 2024 results on Feb 10, 2025 highlighted higher operating revenues, robust adjusted net income, and substantial liquidity, with shares rising 3.95%. Earlier in 2025, Q1 and Q2 results showed solid operating revenues and large net income figures but also year-on-year profit declines, leading to moves of -3.65% and 0.52%. The company has repeatedly emphasized multi‑year charter coverage and sizeable contracted revenues, themes that continue in the latest full‑year 2025 release.
Historical Comparison
Across the last five earnings releases, DAC’s average next-day move was -1.18%. Today’s +1.61% reaction to Q4 and full‑year 2025 results is moderately more positive than the typical post‑earnings pattern.
Earnings updates over 2024–2025 emphasize resilient operating revenues, sizeable contracted backlog, strong liquidity, and ongoing fleet expansion, with the latest report adding incremental backlog, higher liquidity and continued capital returns via buybacks and dividends.
Market Pulse Summary
This announcement details solid Q4 and full‑year 2025 performance, with total operating revenues of $1,042,456 and net income of $494,614 (both thousands of USD). Liquidity reached $1,405,036 (thousands of USD), supported by a $500 million senior unsecured bond and low net debt. Contracted operating revenues of $4.3 billion and full charter coverage for 2026 enhance visibility. Investors may monitor execution on the sizeable vessel orderbook, developments in the Alaska LNG partnership, and future chartering activity across container and dry bulk markets.
Key Terms
time charter equivalent revenues financial
adjusted EBITDA financial
japanese operating lease ("jolco") financial
tier III emission standards technical
energy efficiency design index (eedi) phase III technical
newcastlemax technical
capesize technical
senior unsecured bond financial
AI-generated analysis. Not financial advice.
Financial Summary Three Months Ended December 31, 2025 and Three Months Ended December 31, 2024 Unaudited (Expressed in thousands of | ||||||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||||
December 31, 2025 | December 31, 2024 | |||||||||||||||||||
Financial & Operating | Container | Drybulk | Other | Total | Container | Drybulk | Other | Total | ||||||||||||
Operating Revenues | - | - | ||||||||||||||||||
Voyage Expenses, excl. commissions | - | - | ||||||||||||||||||
Time Charter Equivalent Revenues (1) | - | - | ||||||||||||||||||
Net income/(loss) | ||||||||||||||||||||
Adjusted net income(2) | ||||||||||||||||||||
Earnings per share, basic | ||||||||||||||||||||
Earnings per share, diluted | ||||||||||||||||||||
Adjusted earnings per share, diluted (2) | ||||||||||||||||||||
Operating Days | 6,812 | 918 | - | 6,467 | 775 | - | ||||||||||||||
Time Charter Equivalent $/day (1) | - | - | ||||||||||||||||||
Ownership days | 6,860 | 920 | - | 6,706 | 920 | - | ||||||||||||||
Average number of vessels | 74.6 | 10.0 | - | 72.9 | 10.0 | - | ||||||||||||||
Fleet Utilization | 99.3 % | 99.8 % | - | 96.4 % | 84.2 % | - | ||||||||||||||
Adjusted EBITDA (2) | ||||||||||||||||||||
Consolidated Balance Sheet & Leverage Metrics | As of December 31, 2025 | As of December 31, 2024 | ||||||||||||||||||
Cash and cash equivalents | ||||||||||||||||||||
Availability under Revolving Credit Facility | ||||||||||||||||||||
Marketable securities (3) | ||||||||||||||||||||
Total cash liquidity & marketable securities(4) | ||||||||||||||||||||
Debt, gross of deferred finance costs | ||||||||||||||||||||
Net Debt (5) | ||||||||||||||||||||
LTM Adjusted EBITDA (6) | ||||||||||||||||||||
Net Debt / LTM Adjusted EBITDA | 0.20x | 0.40x | ||||||||||||||||||
1. | Time charter equivalent revenues and time charter equivalent US$/day are non-GAAP measures. Refer to the reconciliation provided in the appendix. |
2. | Adjusted net income, adjusted earnings per share, diluted, and adjusted EBITDA are non-GAAP measures. Refer to the reconciliation of net income to adjusted net income and adjusted earnings per share, diluted; and net income to adjusted EBITDA provided below. |
3. | Marketable securities refer to fair value of 6,256,181 and 4,070,214 shares of common stock of SBLK on December 31, 2025 and December 31, 2024, respectively. |
4. | Total cash liquidity & marketable securities includes: (i) cash and cash equivalents, (ii) availability under our Revolving Credit Facility and (iii) marketable securities. |
5. | Net Debt is defined as debt gross of deferred finance costs less cash and cash equivalents. |
6. | Last twelve months Adjusted EBITDA. Refer to the reconciliation provided below. |
For management purposes, the Company is organized based on operating revenues generated from container vessels and drybulk vessels and has two reporting segments: (1) a container vessels segment, and (2) a drybulk vessels segment. The Company measures segment performance based on net income. Items included in the applicable segment's net income are directly allocated to the extent that the items are directly or indirectly attributable to the segments. With regards to the items that are allocated by indirect calculations, their allocation is commensurate to the utilization of key resources. The Other column includes components that are not allocated to any of the Company's reportable segments and includes investments in an affiliate accounted for using the equity method of accounting and investments in marketable securities.
Financial Summary Year Ended December 31, 2025 and Year Ended December 31, 2024 Unaudited (Expressed in thousands of | ||||||||||||||||||
Year Ended | Year Ended | |||||||||||||||||
December 31, 2025 | December 31, 2024 | |||||||||||||||||
Financial & Operating | Container | Drybulk | Other | Total | Container | Drybulk | Other | Total | ||||||||||
Operating Revenues | - | - | ||||||||||||||||
Voyage Expenses, excl. | - | - | ||||||||||||||||
Time Charter Equivalent | - | - | ||||||||||||||||
Net income/(loss) | ||||||||||||||||||
Adjusted net income (2) | ||||||||||||||||||
Earnings per share, basic | ||||||||||||||||||
Earnings per share, diluted | ||||||||||||||||||
Adjusted earnings per | ||||||||||||||||||
Operating Days | 26,565 | 3,578 | - | 24,961 | 2,753 | - | ||||||||||||
Time Charter Equivalent $/day (1) | - | - | ||||||||||||||||
Ownership days | 27,039 | 3,650 | - | 25,684 | 3,164 | - | ||||||||||||
Average number of vessels | 74.1 | 10.0 | - | 70.2 | 8.6 | - | ||||||||||||
Fleet Utilization | 98.2 % | 98.0 % | - | 97.2 % | 87.0 % | - | ||||||||||||
Adjusted EBITDA (2) | ||||||||||||||||||
1. | Time charter equivalent revenues and time charter equivalent $/day are non-GAAP measures. Refer to the reconciliation provided in the appendix. |
2. | Adjusted net income, adjusted earnings per share, diluted and adjusted EBITDA are non-GAAP measures. Refer to the reconciliation of net income/(loss) to adjusted net income and adjusted earnings per share, diluted; and net income/(loss) to adjusted EBITDA provided below. |
Highlights for the Fourth Quarter and Year Ended December 31, 2025 and up to date of this release:
Financing developments
- On October 16, 2025, the Company successfully placed a
$500 million 6.875% . On December 1, 2025, we utilized$111.4 million 8.5% senior notes due 2028 with an outstanding principal amount of$262.8 million - As of December 31, 2025, out of our total 85 vessel fleet, we have 77 debt free vessels of which 61 are unencumbered and 16 are encumbered in connection with our
$382.5 million - We have entered into Japanese Operating Lease ("Jolco") transactions for two of our recently delivered newbuilding vessels, 'Phoebe' and 'Greenhouse' that were refinanced out of our
$450 million $80 million
Fleet developments
- Since our previous earnings announcement we have added four 5,300 TEU containership vessels to our orderbook with deliveries in 2028 and 2029.
- As a result, our containership orderbook currently consists of 27 newbuilding containership vessels with an aggregate capacity of 174,550 TEU with expected deliveries of three vessels in 2026, thirteen vessels in 2027, seven vessels in 2028 and four vessels in 2029. All vessels in our orderbook are designed with the latest eco characteristics 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.
- In relation to our dry bulk fleet, we have placed orders for two Newcastlemax dry bulk carriers of approximately 211,000 DWT capacity each, with expected delivery dates in 2028 while, as previously announced, we expect to take delivery of a secondhand Capesize dry bulk vessel towards the end of the first quarter of 2026.
- On a pro forma, fully delivered basis, assuming the delivery of all vessels currently under construction and on order, our fleet would consist of 102 containerships with an aggregate capacity of approximately 652,041 TEUs and 13 dry bulk vessels, comprising 11 Capesize bulk carriers and two Newcastlemax bulk carriers, with an aggregate capacity of approximately 2.37 million DWT.
Chartering developments
- Since the date of our previous earnings release, we have added approximately
$428 million - As a result, total contracted operating revenues, based on concluded charter contracts through the date of this release, currently stand at
$4.3 billion - Contracted operating days charter coverage for our container vessel fleet is currently
100% for 2026,87% for 2027 and64% for 2028. This includes newbuildings based on their scheduled delivery dates.
New Investments
- On January 20, 2026, the Company announced a strategic partnership with Glenfarne Group to advance the Alaska LNG project. This partnership includes a
$50 million
Share buy-back and dividends
- As of the date of this release, Danaos has repurchased a total of 3,247,444 shares of its common stock in the open market for
$235.1 million $300.0 million $100.0 million - Danaos has declared a dividend of
$0.90
Danaos' CEO Dr. John Coustas commented:
In this quarter it became evident that the business community continues to adapt quickly to geopolitical disruptions. Despite concerns that tariff and geopolitical uncertainty would cause a
Against this background we continued our strategy of securing long term employment for our existing vessels through forward fixtures by either extending existing charters or by new charters even for late 2027 dates. We also continued to invest in modern container vessels. We ordered six 1,800 TEU vessels, four 5,300 TEU vessels, and two 211k DWT Newcastlemax dry bulk vessels for deliveries in 2028 and 2029. We have secured 10-year charters for four of these vessels, and the Company's total contracted revenue increased to
On the financing front, we completed a seven-year
Our liquidity at year-end reached
The Company remains focused on positioning itself at the forefront of shipping and energy growth areas for the benefit of our shareholders.
Three months ended December 31, 2025 compared to the three months ended December 31, 2024
During the three months ended December 31, 2025, Danaos had an average of 74.6 container vessels and 10 capesize drybulk vessels compared to 72.9 container vessels and 10 capesize drybulk vessels during the three months ended December 31, 2024. Our container vessels utilization for the three months ended December 31, 2025 was
Our adjusted net income amounted to
Adjusted net income of our container vessels segment amounted to
Adjusted net income of our drybulk vessels segment amounted to
The
Please refer to the Adjusted Net Income reconciliation tables, which appear later in this earnings release.
On a non-adjusted basis, our net income amounted to
Operating Revenues
Operating revenues increased by
Operating revenues of our container vessels segment increased by
$7.8 million $5.2 million $7.8 million $2.0 million
Operating revenues of our drybulk vessels segment increased by
Vessel Operating Expenses
Vessel operating expenses increased by
Depreciation & Amortization
Depreciation & Amortization includes Depreciation and Amortization of Deferred Drydocking and Special Survey Costs.
Depreciation
Depreciation expense increased by
Amortization of Deferred Drydocking and Special Survey Costs
Amortization of deferred drydocking and special survey costs increased by
General and Administrative Expenses
General and administrative expenses increased by
Other Operating Expenses
Other Operating Expenses include Voyage Expenses.
Voyage Expenses
Voyage expenses increased by
Voyage expenses of our container vessels segment increased by
Voyage expenses of our dry bulk vessels segment decreased by
Interest Expense and Interest Income
Interest expense increased by
$5.8 million $397.1 million $1,144.3 million $747.2 million 0.5% mainly as a result of lower SOFR rates between the two periods;$0.5 million $1.6 million $6.3 million $4.7 million
As of December 31, 2025, our outstanding debt, gross of deferred finance costs, was
Interest income increased by
Gain/(Loss) on Investments
The
Loss on Debt Extinguishment
The loss on debt extinguishment of
Equity Loss on Investments
Equity loss on investments amounting to
Other Finance Expenses
Other finance expenses remained stable at
Loss on Derivatives
Amortization of deferred realized losses on interest rate swaps remained stable at
Other Income/(Expenses), Net
Other income/(expenses), net, amounted to an expense of
Adjusted EBITDA
Adjusted EBITDA increased by
Adjusted EBITDA of container vessels segment decreased by
Adjusted EBITDA of drybulk vessels segment increased by
Year ended December 31, 2025 compared to the year ended December 31, 2024
During the year ended December 31, 2025, Danaos had an average of 74.1 container vessels and 10 capesize drybulk vessels compared to 70.2 container vessels and 8.6 capesize drybulk vessels during the year ended December 31, 2024. Our container vessels utilization for the year ended December 31, 2025 was
Our adjusted net income amounted to
Adjusted net income of our container vessels segment amounted to
Adjusted net income of our drybulk vessels segment amounted to
The
Please refer to the Adjusted Net Income reconciliation tables, which appear later in this earnings release.
On a non-adjusted basis, our net income amounted to
Operating Revenues
Operating revenues increased by
Operating revenues of our container vessels segment increased by
$60.1 million $5.0 million $29.7 million $16.9 million $0.2 million
Operating revenues of our drybulk vessels segment increased by
$13.0 million $3.0 million 98% for 2025 from87% in 2024, while the Time Charter Equivalent rate improved to$18,175 $18,147
Vessel Operating Expenses
Vessel operating expenses increased by
Depreciation & Amortization
Depreciation & Amortization includes Depreciation and Amortization of Deferred Drydocking and Special Survey Costs.
Depreciation
Depreciation expense increased by
Amortization of Deferred Drydocking and Special Survey Costs
Amortization of deferred drydocking and special survey costs increased by
General and Administrative Expenses
General and administrative expenses increased by
Other Operating Expenses
Other Operating Expenses include Voyage Expenses.
Voyage Expenses
Voyage expenses decreased by
Voyage expenses of our drybulk vessels segment decreased by
Voyage expenses of container vessels segment increased by
Interest Expense and Interest Income
Interest expense increased by
$15.6 million $286.7 million $867.3 million $580.6 million 0.76% mainly as a result of lower SOFR rates between the two periods;$1.2 million $0.2 million $21.7 million $21.5 million
As of December 31, 2025, our outstanding debt, gross of deferred finance costs, was
Interest income increased by
Gain/(Loss) on Investments
The
Loss on Debt Extinguishment
The loss on debt extinguishment of
Equity Loss on Investments
Equity loss on investments amounting to
Other Finance Expenses
Other finance expenses increased by
Loss on Derivatives
Amortization of deferred realized losses on interest rate swaps remained stable at
Other Income/(Expenses), Net
Other income/(expenses), net, amounted to an expense of
Adjusted EBITDA
Adjusted EBITDA decreased by
Adjusted EBITDA of container vessels segment decreased by
Adjusted EBITDA of drybulk vessels segment increased by
Dividend Payment
Danaos has declared a dividend of
Recent Developments
On January 15, 2026, we received
We have delivered a notice of redemption to redeem in full the
On January 20, 2026, the Company announced a strategic partnership with Glenfarne Group to advance the Alaska LNG project. This partnership includes a
Conference Call and Webcast
On Tuesday, February 10, 2026 at 9:00 A.M. ET, the Company's management will host a conference call to discuss the results.
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 833 890 6464 (US Toll Free Dial In), 0 800 279 9489 (
A telephonic replay of the conference call will be available until February 17, 2026 by dialing 1 855 669 9658 (US Toll Free Dial In) or 1-412-317-0088 (Standard International Dial In) and using 4481482# as your access code.
Audio Webcast
There will also be a live and then archived webcast of the conference call on the Danaos website (www.danaos.com). Participants of the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
Slide Presentation
A slide presentation regarding the Company and the container and drybulk industry will also be available on the Danaos website (www.danaos.com).
About Danaos Corporation
Danaos Corporation is one of the largest independent owners of modern, large-size container vessels. Our current fleet of 75 container vessels aggregating 477,491 TEUs and 27 under construction container vessels aggregating 174,550 TEUs ranks Danaos among the largest container vessels charter owners in the world based on total TEU capacity. Danaos has also invested in the dry bulk sector through the acquisition of 11 capesize drybulk vessels and the recent order of two Newcastlemax dry bulk newbuildings, which, on a fully delivered basis, will aggregate approximately 2,365,286 DWT. Our container vessels fleet is chartered to many of the world's largest liner companies on fixed-rate charters. Our long track record of success is predicated on our efficient and rigorous operational standards and environmental controls. Danaos Corporation's shares trade on the New York Stock Exchange under the symbol "DAC".
Forward-Looking Statements
Matters discussed in this release may constitute forward-looking statements within the meaning of the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements reflect our current views with respect to future events and financial performance, including contracted revenue, fleet growth and market conditions, and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions. Although Danaos Corporation believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, Danaos Corporation cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, geopolitical conditions, including any trade disruptions resulting from tariffs, port fees or other protectionist measures imposed by
Risks and uncertainties are further described in reports filed by Danaos Corporation with the
Visit our website at www.danaos.com
APPENDIX
Container Vessels Fleet Utilization | |||||||||
Container Vessels Utilization (No. of Days) | Three months | Three months | Year ended | Year ended | |||||
December 31, | December 31, | December 31, | December 31, | ||||||
2025 | 2024 | 2025 | 2024 | ||||||
Ownership Days | 6,860 | 6,706 | 27,039 | 25,684 | |||||
Less Off-hire Days: | |||||||||
Scheduled Off-hire Days | (38) | (236) | (430) | (525) | |||||
Other Off-hire Days | (10) | (3) | (44) | (198) | |||||
Operating Days(1) | 6,812 | 6,467 | 26,565 | 24,961 | |||||
Fleet Utilization | 99.3 % | 96.4 % | 98.2 % | 97.2 % | |||||
Operating Revenues (in '000s of US$) | |||||||||
Less: Voyage Expenses excluding | (314) | 925 | (1,972) | 746 | |||||
Time Charter Equivalent Revenues (in '000s | 240,381 | 238,435 | 953,461 | 937,823 | |||||
Time Charter Equivalent US$/per day(2) | |||||||||
Drybulk Vessels Fleet Utilization | |||||||||
Drybulk Vessels Utilization (No. of Days) | Three months | Three months | Year ended | Year ended | |||||
December 31, | December 31, | December 31, | December 31, | ||||||
2025 | 2024 | 2025 | 2024 | ||||||
Ownership Days | 920 | 920 | 3,650 | 3,164 | |||||
Less Off-hire Days: | |||||||||
Scheduled Off-hire Days | - | (138) | (56) | (378) | |||||
Other Off-hire Days | (2) | (7) | (16) | (33) | |||||
Operating Days(1) | 918 | 775 | 3,578 | 2,753 | |||||
Fleet Utilization | 99.8 % | 84.2 % | 98.0 % | 87.0 % | |||||
Operating Revenues (in '000s of US$) | |||||||||
Less: Voyage Expenses excluding | (3,887) | (4,960) | (21,992) | (27,075) | |||||
Time Charter Equivalent Revenues (in '000s | 21,683 | 15,709 | 65,031 | 49,958 | |||||
Time Charter Equivalent US$/per day(2) | |||||||||
1) | We define Operating Days as the total number of Ownership Days net of Scheduled off-hire days (days associated with scheduled repairs, drydockings or special or intermediate surveys or days) and net of off-hire days associated with unscheduled repairs or days waiting to find employment but including days our vessels were sailing for repositioning. The shipping industry uses Operating Days to measure the number of days in a period during which vessels actually generate revenues or are sailing for repositioning purposes. Our definition of Operating Days may not be comparable to that used by other companies in the shipping industry. |
2) | Time charter equivalent US$/per day ("TCE rate") represents the average daily TCE rate of our container vessels segment and drybulk vessels segment calculated dividing time charter equivalent revenues of each segment by operating days of each segment. TCE rate is a standard shipping industry performance measure used primarily to compare period to period changes in a shipping company's performance despite changes in the mix of charter types i.e., voyage charters, time charters, bareboat charters under which its vessels may be employed between the periods. Our method of computing TCE rate may not necessarily be comparable to TCE rates of other companies due to differences in methods of calculation. We include TCE rate, a non- GAAP measure, as it provides additional meaningful information in conjunction with operating revenues, the most directly comparable GAAP measure, and it assists our management in making decisions regarding the deployment and use of our operating vessels and assists investors and our management in evaluating our financial performance. |
Fleet List
The following table describes in detail our container vessels deployment profile as of February 9, 2026:
Vessel Name | Vessel (TEU) (1) | Year Built | Expiration of Charter (2) | ||
Ambition | 13,100 | 2012 | April 2027 | ||
Speed | 13,100 | 2012 | March 2027 | ||
Kota Plumbago | 13,100 | 2012 | July 2027 | ||
Kota Primrose | 13,100 | 2012 | April 2027 | ||
Kota Peony | 13,100 | 2012 | March 2027 | ||
Express | 10,100 | 2011 | November 2030 | ||
Express | 10,100 | 2011 | December 2029 | ||
Express | 10,100 | 2011 | October 2030 | ||
Le Havre | 9,580 | 2006 | June 2028 | ||
Pusan C | 9,580 | 2006 | May 2028 | ||
9,012 | 2009 | January 2028 | |||
C Hamburg | 9,012 | 2009 | January 2028 | ||
Niledutch Lion | 8,626 | 2008 | May 2028 | ||
Kota Manzanillo | 8,533 | 2005 | December 2028 | ||
Belita | 8,533 | 2006 | June 2028 | ||
CMA CGM Melisande | 8,530 | 2012 | January 2028 | ||
CMA CGM Attila | 8,530 | 2011 | May 2027 | ||
CMA CGM Tancredi | 8,530 | 2011 | July 2027 | ||
CMA CGM Bianca | 8,530 | 2011 | September 2027 | ||
CMA CGM Samson | 8,530 | 2011 | November 2027 | ||
America | 8,468 | 2004 | April 2028 | ||
8,468 | 2004 | May 2028 | |||
Kota Santos | 8,463 | 2005 | June 2029 | ||
Catherine C (3) | 8,010 | 2024 | June 2029 | ||
8,010 | 2024 | August 2029 | |||
8,010 | 2024 | October 2029 | |||
Greenfield (5) | 8,010 | 2024 | November 2029 | ||
Interasia Accelerate (3) | 7,165 | 2024 | April 2032 | ||
Interasia Amplify (4) | 7,165 | 2024 | September 2032 | ||
CMA CGM Moliere | 6,500 | 2009 | August 2030 | ||
CMA CGM Musset | 6,500 | 2010 | September 2030 | ||
CMA CGM Nerval | 6,500 | 2010 | October 2030 | ||
CMA CGM Rabelais | 6,500 | 2010 | January 2028 | ||
6,500 | 2010 | June 2029 | |||
YM Mandate | 6,500 | 2010 | January 2028 | ||
YM Maturity | 6,500 | 2010 | April 2028 | ||
Savannah | 6,402 | 2002 | June 2027 | ||
Dimitra C | 6,402 | 2002 | April 2027 | ||
Phoebe (6) | 6,014 | 2025 | October 2031 | ||
Greenhouse (7) | 6,014 | 2025 | August 2032 | ||
Suez Canal | 5,610 | 2002 | April 2028 | ||
Kota | 5,544 | 2002 | November 2028 | ||
Wide Alpha | 5,466 | 2014 | January 2030 | ||
Stephanie C | 5,466 | 2014 | September 2028 | ||
Euphrates | 5,466 | 2014 | September 2028 | ||
Wide Hotel | 5,466 | 2015 | March 2030 | ||
Wide | 5,466 | 2015 | October 2028 | ||
Wide Juliet | 5,466 | 2015 | August 2026 | ||
Seattle C | 4,253 | 2007 | June 2029 | ||
4,253 | 2007 | October 2029 | |||
Derby D | 4,253 | 2004 | December 2029 | ||
Tongala | 4,253 | 2004 | October 2029 | ||
Rio Grande | 4,253 | 2008 | October 2029 | ||
Paolo (ex Merve A) | 4,253 | 2008 | November 2027 | ||
4,253 | 2008 | June 2027 | |||
4,253 | 2009 | May 2029 | |||
4,253 | 2009 | April 2028 | |||
4,253 | 2009 | August 2028 | |||
Dimitris C | 3,430 | 2001 | September 2027 | ||
Express Black Sea | 3,400 | 2011 | September 2029 | ||
Express | 3,400 | 2011 | September 2029 | ||
Express | 3,400 | 2010 | September 2029 | ||
Express | 3,400 | 2010 | April 2027 | ||
Express | 3,400 | 2010 | July 2027 | ||
3,314 | 2004 | November 2029 | |||
3,314 | 2004 | September 2029 | |||
Zebra | 2,602 | 2001 | December 2026 | ||
Artotina | 2,524 | 2001 | November 2027 | ||
Advance | 2,200 | 1997 | September 2027 | ||
Future | 2,200 | 1997 | September 2027 | ||
Sprinter | 2,200 | 1997 | November 2027 | ||
Bridge | 2,200 | 1998 | January 2028 | ||
Progress C | 2,200 | 1998 | January 2028 | ||
Phoenix D | 2,200 | 1997 | June 2027 | ||
Highway | 2,200 | 1998 | January 2028 |
(1) | Twenty-feet equivalent unit, the international standard measure for containers and container vessels capacity. |
(2) | Earliest date charters could expire. Some charters include options for the charterer to extend their terms. |
(3) | The newbuilding vessels were delivered in the second quarter of 2024. |
(4) | The newbuilding vessels were delivered in the third quarter of 2024. |
(5) | The newbuilding vessel was delivered in the fourth quarter of 2024. |
(6) | The newbuilding vessel was delivered in the first quarter of 2025. |
(7) | The newbuilding vessel was delivered in the fourth quarter of 2025. |
Container vessels under construction as of February 9, 2026: | |||||
Hull Number | Vessel TEU (1) | Expected | Minimum | ||
Hull No. YZJ2023-1556 | 8,258 | 2026 | 5 years | ||
Hull No. YZJ2023-1557 | 8,258 | 2026 | 5 years | ||
Hull No. YZJ2024-1612 | 8,258 | 2026 | 5 years | ||
Hull No. C9200-7 | 9,200 | 2027 | 4.8 years | ||
Hull No. C9200-8 | 9,200 | 2027 | 4.8 years | ||
Hull No. CV5900-09 (3) | 6,014 | 2027 | 4.8 years | ||
Hull No. YZJ2024-1613 | 8,258 | 2027 | 5 years | ||
Hull No. YZJ2024-1625 | 8,258 | 2027 | 5 years | ||
Hull No. YZJ2024-1626 | 8,258 | 2027 | 5 years | ||
Hull No. YZJ2024-1668 | 8,258 | 2027 | 5 years | ||
Hull No. H2596 | 9,200 | 2027 | 6 years | ||
Hull No. C7100-9 (4) | 7,165 | 2027 | 5 years | ||
Hull No. C7100-10 (4) | 7,165 | 2027 | 5 years | ||
Hull No. C9200-9 | 9,200 | 2027 | 4.8 years | ||
Hull No. H2597 | 9,200 | 2027 | 6 years | ||
Hull No. S1162 (5) | 1,800 | 2027 | 9.9 years | ||
Hull No. S1163 (5) | 1,800 | 2028 | 9.9 years | ||
Hull No. C9200-10 | 9,200 | 2028 | 4.8 years | ||
Hull No. S1164 (5) | 1,800 | 2028 | 9.9 years | ||
Hull No. C9200-11 | 9,200 | 2028 | 4.8 years | ||
Hull No. S1165 (5) | 1,800 | 2028 | 9.9 years | ||
Hull No. S1166 (5) | 1,800 | 2028 | - | ||
Hull No. H2638 (5) | 5,300 | 2028 | - | ||
Hull No. S1167 (5) | 1,800 | 2029 | - | ||
Hull No. H2639 (5) | 5,300 | 2029 | - | ||
Hull No. H2640 (6) | 5,300 | 2029 | - | ||
Hull No. H2641 (6) | 5,300 | 2029 | - | ||
(1) | Twenty-feet equivalent unit, the international standard measure for containers and container vessels capacity. |
(2) | Under construction container vessels' expected delivery dates were sorted based on the upcoming deliveries. |
(3) | The newbuilding containership vessel was added to our orderbook in the second quarter of 2025. |
(4) | The newbuilding containership vessels were added to our orderbook in the third quarter of 2025. |
(5) | The newbuilding containership vessels were added to our orderbook in the fourth quarter of 2025. |
(6) | The newbuilding containership vessels were added to our orderbook in the first quarter of 2026. |
The following table presents details of our Capesize drybulk vessels, on a fully delivered basis, as of February 9, 2026: | |||
Vessel Name | Capacity | Year Built (2) | |
(DWT) (1) | |||
Genius | 175,580 | 2012 | |
Achievement | 175,966 | 2011 | |
Ingenuity | 176,022 | 2011 | |
Danaos (3) | 176,536 | 2011 | |
Valentine (4) | 175,125 | 2011 | |
Integrity | 175,966 | 2010 | |
Peace | 175,858 | 2010 | |
Gouverneur (4) | 178,043 | 2010 | |
W Trader | 175,879 | 2009 | |
E Trader | 175,886 | 2009 | |
Capesize drybulk vessel(5) | 182,425 | 2009 | |
(1) | DWT, dead weight tons, the international standard measure for drybulk vessels capacity. |
(2) | Capesize drybulk carrier vessels was sorted by their year built, from newest to oldest. |
(3) | The vessel was delivered in the third quarter of 2024. |
(4) | The vessels were delivered in the second quarter of 2024. |
(5) | The vessel was agreed to be purchased on October 17, 2025, and is expected to be delivered to the Company by March 2026. |
Newcastlemax drybulk vessels under construction as of February 9, 2026: | ||||
Hull Number | Capacity | Expected | ||
(DWT) (1) | ||||
Hull No. DJCFD10 (2) | 211,000 | 2028 | ||
Hull No. DJCFD11 (2) | 211,000 | 2028 | ||
(1) | DWT, dead weight tons, the international standard measure for drybulk vessels capacity. |
(2) | The newbuilding drybulk vessels were added to our orderbook in the first quarter of 2026. |
DANAOS CORPORATION Condensed Consolidated Statements of Income - Unaudited (Expressed in thousands of | |||||||||
Three months | Three months | Year ended | Year ended | ||||||
December 31, | December 31, | December 31, | December 31, | ||||||
2025 | 2024 | 2025 | 2024 | ||||||
OPERATING REVENUES | |||||||||
OPERATING EXPENSES | |||||||||
Vessel operating expenses | (48,436) | (45,654) | (208,779) | (185,724) | |||||
Depreciation & amortization | (52,290) | (49,627) | (207,440) | (177,505) | |||||
General & administrative | (28,393) | (21,709) | (64,410) | (54,228) | |||||
Other operating expenses | (14,221) | (14,082) | (63,061) | (64,101) | |||||
Net gain on disposal of vessel | - | 1,681 | - | 8,332 | |||||
Income From Operations | 122,925 | 128,788 | 498,766 | 540,884 | |||||
OTHER INCOME/(EXPENSES) | |||||||||
Interest income | 8,471 | 3,907 | 19,548 | 12,890 | |||||
Interest expense | (14,587) | (9,942) | (42,842) | (26,185) | |||||
Gain/(Loss) on investments | 4,629 | (33,131) | 31,221 | (15,903) | |||||
Loss on debt extinguishment | (1,417) | - | (2,499) | - | |||||
Other finance expenses | (855) | (899) | (3,722) | (3,593) | |||||
Equity loss on investments | (285) | (191) | (1,039) | (1,629) | |||||
Other income/(expenses), net | (54) | 2,808 | (1,197) | 2,241 | |||||
Realized loss on derivatives | (913) | (913) | (3,622) | (3,632) | |||||
Total Other Income/(Expenses), net | (5,011) | (38,361) | (4,152) | (35,811) | |||||
Net Income | 117,914 | 90,427 | 494,614 | 505,073 | |||||
EARNINGS PER SHARE | |||||||||
Earnings per share, basic | |||||||||
Earnings per share, diluted | |||||||||
Basic weighted average number of common | 18,330 | 19,162 | 18,432 | 19,316 | |||||
Diluted weighted average number of common | 18,366 | 19,220 | 18,480 | 19,385 | |||||
Non-GAAP Measures1 Reconciliation of Net Income to Adjusted Net Income – Unaudited | |||||||
Three months | Three months | Year ended | Year ended | ||||
December 31, | December 31, | December 31, | December 31, | ||||
2025 | 2024 | 2025 | 2024 | ||||
Net Income | |||||||
Change in fair value of investments | (3,941) | 35,574 | (29,541) | 25,179 | |||
Loss on debt extinguishment | 1,417 | - | 2,499 | - | |||
Net gain on disposal of vessel | - | (1,681) | - | (8,332) | |||
Stock based compensation & one-off | 14,664 | 8,196 | 14,664 | 8,196 | |||
Amortization of financing fees and debt | 1,161 | 757 | 3,487 | 2,326 | |||
Adjusted Net Income | |||||||
Adjusted Earnings Per Share, diluted | |||||||
Diluted weighted average number of shares (in thousands of shares) | 18,366 | 19,220 | 18,480 | 19,385 | |||
1 The Company reports its financial results in accordance with |
DANAOS CORPORATION Condensed Consolidated Balance Sheets - Unaudited (Expressed in thousands of
| |||||
As of | As of | ||||
December 31, | December 31, | ||||
2025 | 2024 | ||||
ASSETS | |||||
CURRENT ASSETS | |||||
Cash and cash equivalents | |||||
Accounts receivable, net | 38,730 | 25,578 | |||
Other current assets | 243,397 | 192,005 | |||
1,319,419 | 670,967 | ||||
NON-CURRENT ASSETS | |||||
Fixed assets, net | 3,269,703 | 3,290,309 | |||
Advances for vessels under construction & vessel acquisition | 428,147 | 265,838 | |||
Deferred charges, net | 54,356 | 58,759 | |||
Other non-current assets | 42,305 | 57,781 | |||
3,794,511 | 3,672,687 | ||||
TOTAL ASSETS | |||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||
CURRENT LIABILITIES | |||||
Long-term debt, current portion | |||||
Accounts payable, accrued liabilities & other current liabilities | 118,661 | 133,734 | |||
401,676 | 168,954 | ||||
LONG-TERM LIABILITIES | |||||
Long-term debt, net | 872,076 | 699,563 | |||
Other long-term liabilities | 44,601 | 50,337 | |||
916,677 | 749,900 | ||||
STOCKHOLDERS' EQUITY | |||||
Common stock | 183 | 190 | |||
Additional paid-in capital | 591,584 | 650,864 | |||
Accumulated other comprehensive loss | (71,412) | (70,430) | |||
Retained earnings | 3,275,222 | 2,844,176 | |||
3,795,577 | 3,424,800 | ||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | |||||
DANAOS CORPORATION Condensed Consolidated Statements of Cash Flows - Unaudited (Expressed in thousands of | ||||||||
Three months | Three months | Year ended | Year ended | |||||
December 31, | December 31, | December 31, | December 31, | |||||
2025 | 2024 | 2025 | 2024 | |||||
Operating Activities: | ||||||||
Net income | ||||||||
Adjustments to reconcile net income to net cash provided by | ||||||||
Depreciation | 41,463 | 40,375 | 163,366 | 148,344 | ||||
Amortization of deferred drydocking & special survey costs and | 11,988 | 10,009 | 47,561 | 31,487 | ||||
Amortization of assumed time charters | - | - | - | (4,534) | ||||
Prior service cost and periodic cost | 623 | (422) | 4,031 | 1,426 | ||||
(Gain)/loss on investments | (3,941) | 35,574 | (29,541) | 25,179 | ||||
Loss on debt extinguishment | 1,417 | - | 2,499 | - | ||||
Net gain on disposal of vessel | - | (1,681) | - | (8,332) | ||||
Payments for drydocking/special survey costs deferred | (4,353) | (21,878) | (39,671) | (50,568) | ||||
Amortization of deferred realized losses on cash flow interest | 913 | 913 | 3,622 | 3,632 | ||||
Equity loss on investments | 285 | 191 | 1,039 | 1,629 | ||||
Stock based compensation | 11,584 | 9,811 | 16,755 | 14,558 | ||||
Accounts receivable | (1,415) | 1,176 | (3,783) | (5,403) | ||||
Other assets, current and non-current | 4,826 | (3,006) | 23,393 | 20,769 | ||||
Accounts payable and accrued liabilities | 6,445 | 11,207 | (6,637) | 10,246 | ||||
Other liabilities, current and long-term | (8,258) | (16,057) | (32,495) | (71,756) | ||||
Net Cash provided by Operating Activities | 179,491 | 156,639 | 644,753 | 621,750 | ||||
Investing Activities: | ||||||||
Vessel additions, advances for vessels under construction and | (97,380) | (78,135) | (296,690) | (659,343) | ||||
Net proceeds and insurance proceeds from disposal of vessel | - | - | 1,681 | 10,196 | ||||
Investments in affiliates/marketable securities | (417) | (417) | (30,687) | (1,642) | ||||
Net Cash used in Investing Activities | (97,797) | (78,552) | (325,696) | (650,789) | ||||
Financing Activities: | ||||||||
Proceeds from long-term debt | 576,675 | 63,000 | 620,675 | 362,000 | ||||
Debt repayments and debt prepayments | (163,129) | (7,930) | (190,764) | (27,970) | ||||
Dividends paid | (16,542) | (16,320) | (63,550) | (62,807) | ||||
Repurchase of common stock | (22,527) | (47,617) | (75,739) | (53,332) | ||||
Finance costs | (15,250) | (172) | (25,771) | (7,277) | ||||
Net Cash provided by/(used in) Financing Activities | 359,227 | (9,039) | 264,851 | 210,614 | ||||
Net increase in cash and cash equivalents | 440,921 | 69,048 | 583,908 | 181,575 | ||||
Cash and cash equivalents, beginning of period | 596,371 | 384,336 | 453,384 | 271,809 | ||||
Cash and cash equivalents, end of period | ||||||||
DANAOS CORPORATION Reconciliation of Net Income to Adjusted EBITDA - Unaudited (Expressed in thousands of | |||||||
Three Months | Three months | Year ended | Year ended | ||||
December 31, | December 31, | December 31, | December 31, | ||||
2025 | 2024 | 2025 | 2024 | ||||
Net income | |||||||
Depreciation | 41,463 | 40,375 | 163,366 | 148,344 | |||
Amortization of deferred drydocking & special survey costs | 10,827 | 9,252 | 44,074 | 29,161 | |||
Amortization of assumed time charters | - | - | - | (4,534) | |||
Amortization of finance costs, commitment fees and debt discount | 1,683 | 1,371 | 5,694 | 4,905 | |||
Amortization of deferred realized losses on interest rate swaps | 913 | 913 | 3,622 | 3,632 | |||
Interest income | (8,471) | (3,907) | (19,548) | (12,890) | |||
Interest expense excluding amortization of finance costs | 13,426 | 9,185 | 39,355 | 23,859 | |||
Change in fair value of investments | (3,941) | 35,574 | (29,541) | 25,179 | |||
Loss on debt extinguishment | 1,417 | - | 2,499 | - | |||
Stock based compensation & one-off discretionary cash bonus | 14,811 | 8,218 | 15,241 | 8,218 | |||
Net gain on disposal of vessels | - | (1,681) | - | (8,332) | |||
Adjusted EBITDA(1) | |||||||
1) | Adjusted EBITDA represents net income before interest income and expense, depreciation, amortization of deferred drydocking & special survey costs, amortization of assumed time charters, amortization of deferred finance costs and commitment fees, amortization of deferred realized losses on interest rate swaps, adjusted for the change in fair value of investments, stock based compensation & one-off discretionary cash bonus, loss on debt extinguishment and net gain on disposal of vessel. However, Adjusted EBITDA is not a recognized measurement under |
Note: Items to consider for comparability include gains and charges. Gains positively impacting net income are reflected as deductions to net income. Charges negatively impacting net income are reflected as increases to net income. | |
The Company reports its financial results in accordance with |
DANAOS CORPORATION Reconciliation of Net Income to Adjusted EBITDA per segment Three Months Ended December 31, 2025 and Three Months Ended December 31, 2024 Unaudited (Expressed in thousands of
| |||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||
December 31, 2025 | December 31, 2024 | ||||||||||||||||
Container | Drybulk | Other | Total | Container | Drybulk | Other | Total | ||||||||||
Net income/(loss) | |||||||||||||||||
Depreciation | 38,102 | 3,361 | - | 41,463 | 37,048 | 3,327 | - | 40,375 | |||||||||
Amortization of deferred drydocking | 8,456 | 2,371 | - | 10,827 | 8,105 | 1,147 | - | 9,252 | |||||||||
Amortization of deferred finance costs, | 1,683 | - | - | 1,683 | 1,371 | - | - | 1,371 | |||||||||
Amortization of deferred realized | 913 | - | - | 913 | 913 | - | - | 913 | |||||||||
Interest income | (8,429) | (2) | (40) | (8,471) | (3,883) | - | (24) | (3,907) | |||||||||
Interest expense excluding amortization | 13,426 | - | - | 13,426 | 9,185 | - | - | 9,185 | |||||||||
Change in fair value of investments | - | - | (3,941) | (3,941) | - | - | 35,574 | 35,574 | |||||||||
Loss on debt extinguishment | 1,417 | - | - | 1,417 | - | - | - | - | |||||||||
Stock based compensation & one-off | 13,842 | 969 | - | 14,811 | 7,657 | 561 | - | 8,218 | |||||||||
Net gain on disposal of vessel | - | - | - | - | (1,681) | - | - | (1,681) | |||||||||
Adjusted EBITDA(1) | |||||||||||||||||
1) | Adjusted EBITDA represents net income before interest income and expense, depreciation, amortization of deferred drydocking & special survey costs, amortization of deferred finance costs and commitment fees, amortization of deferred realized losses on interest rate swaps and adjusted for the change in fair value of investments, stock based compensation & one-off discretionary cash bonus, loss on debt extinguishment and net loss on disposal of vessel. However, Adjusted EBITDA is not a recognized measurement under |
Note: Items to consider for comparability include gains and charges. Gains positively impacting net income are reflected as deductions to net income. Charges negatively impacting net income are reflected as increases to net income. | |
The Company reports its financial results in accordance with |
DANAOS CORPORATION Reconciliation of Net Income to Adjusted EBITDA per segment Year Ended December 31, 2025 and Year Ended December 31, 2024 Unaudited (Expressed in thousands of
| |||||||||||||||||
Year Ended | Year Ended | ||||||||||||||||
December 31, 2025 | December 31, 2024 | ||||||||||||||||
Container | Drybulk | Other | Total | Container | Drybulk | Other | Total | ||||||||||
Net income/(loss) | |||||||||||||||||
Depreciation | 150,075 | 13,291 | - | 163,366 | 137,823 | 10,521 | - | 148,344 | |||||||||
Amortization of deferred drydocking & special | 35,114 | 8,960 | - | 44,074 | 27,167 | 1,994 | - | 29,161 | |||||||||
Amortization of assumed time charters | - | - | - | - | (4,534) | - | - | (4,534) | |||||||||
Amortization of deferred finance costs, | 5,694 | - | - | 5,694 | 4,905 | - | - | 4,905 | |||||||||
Amortization of deferred realized losses | 3,622 | - | - | 3,622 | 3,632 | - | - | 3,632 | |||||||||
Interest income | (19,413) | (2) | (133) | (19,548) | (12,843) | - | (47) | (12,890) | |||||||||
Interest expense excluding amortization | 39,355 | - | - | 39,355 | 23,859 | - | - | 23,859 | |||||||||
Change in fair value of investments | - | - | (29,541) | (29,541) | - | - | 25,179 | 25,179 | |||||||||
Loss on debt extinguishment | 2,499 | - | - | 2,499 | - | - | - | - | |||||||||
Stock based compensation & one-off | 14,242 | 999 | - | 15,241 | 7,657 | 561 | - | 8,218 | |||||||||
Net gain on disposal of vessel | - | - | - | - | (8,332) | - | - | (8,332) | |||||||||
Adjusted EBITDA(1) | |||||||||||||||||
1) Adjusted EBITDA represents net income before interest income and expense, depreciation, amortization of deferred drydocking & special survey costs, amortization of assumed time charters, amortization of deferred finance costs and commitment fees, amortization of deferred realized losses on interest rate swaps and adjusted for the change in fair value of investments, stock based compensation & one-off discretionary cash bonus, loss on debt extinguishment and net gain on disposal of vessel. However, Adjusted EBITDA is not a recognized measurement under |
Note: Items to consider for comparability include gains and charges. Gains positively impacting net income are reflected as deductions to net income. Charges negatively impacting net income are reflected as increases to net income. |
The Company reports its financial results in accordance with |
DANAOS CORPORATION Reconciliation of Net Income to Adjusted Net Income per segment Three Months Ended December 31, 2025 and Three Months Ended December 31, 2024 Unaudited (Expressed in thousands of
| ||||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||
December 31, 2025 | December 31, 2024 | |||||||||||||||||
Container | Drybulk | Other | Total | Container | Drybulk | Other | Total | |||||||||||
Net income/(loss) | ||||||||||||||||||
Change in fair value of investments | - | - | (3,941) | (3,941) | - | - | 35,574 | 35,574 | ||||||||||
Loss on debt extinguishment | 1,417 | - | - | 1,417 | - | - | - | - | ||||||||||
Amortization of financing fees and | 1,161 | - | - | 1,161 | 757 | - | - | 757 | ||||||||||
Stock based compensation & one-off | 13,705 | 959 | - | 14,664 | 7,636 | 560 | - | 8,196 | ||||||||||
Net gain on disposal of vessel | - | - | - | - | (1,681) | - | - | (1,681) | ||||||||||
Adjusted Net income(1) | ||||||||||||||||||
Adjusted Earnings per Share, diluted | ||||||||||||||||||
Diluted weighted average number of shares (in thousands of shares) | 18,366 | 19,220 | ||||||||||||||||
DANAOS CORPORATION Reconciliation of Net Income to Adjusted Net Income per segment Year Ended December 31, 2025 and Year Ended December 31, 2024 Unaudited (Expressed in thousands of
| |||||||||||||||||
Year Ended | Year Ended | ||||||||||||||||
December 31, 2025 | December 31, 2024 | ||||||||||||||||
Container | Drybulk | Other | Total | Container | Drybulk | Other | Total | ||||||||||
Net income/(loss) | |||||||||||||||||
Change in fair value of investments | - | - | (29,541) | (29,541) | - | - | 25,179 | 25,179 | |||||||||
Loss on debt extinguishment | 2,499 | - | - | 2,499 | - | - | - | - | |||||||||
Amortization of financing fees and | 3,487 | - | - | 3,487 | 2,326 | - | - | 2,326 | |||||||||
Stock based compensation & one-off | 13,705 | 959 | - | 14,664 | 7,636 | 560 | - | 8,196 | |||||||||
Net gain on disposal of vessel | - | - | - | - | (8,332) | - | - | (8,332) | |||||||||
Adjusted Net income(1) | |||||||||||||||||
Adjusted Earnings per Share, diluted | |||||||||||||||||
Diluted weighted average number of shares (in thousands of shares) | 18,480 | 19,385 | |||||||||||||||
1) | The Company reports its financial results in accordance with |
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SOURCE Danaos Corporation
FAQ
What were Danaos (DAC) key liquidity figures as of December 31, 2025?
How did Danaos (DAC) change its capital structure in Q4 2025?
What is Danaos (DAC) contracted revenue backlog and charter coverage for 2026–2028?
How much stock has Danaos (DAC) repurchased under its buyback program?
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Did Danaos (DAC) announce dividends for Q4 2025 and when will they be paid?
