Danaos first-quarter revenues jump 35.6 percent
Danaos Corporation ("Danaos") (NYSE: DAC), a leading international owner of containerships, reported unaudited results for the quarter ended March 31, 2012, which show that first-quarter operating revenues leaped 35.6% from the same period a year ago to $134.2 million (versus $99.0 million in 2011), the Corp. press release said.
In the reporting period, adjusted EBITDA1 surged 47.9% to $96.4 million (vs $65.2m). Adjusted net income totaled $17.6 million, or $0.16 per share compared to $11.4 million, or $0.10 per share a year earlier.
During the first quarter of 2012, the Corporation took delivery of three newly built containerships with an aggregate carrying capacity of 34,730 TEU, which have been deployed on 12-year time charters.
The remaining average charter duration of Danaos' fleet was 10.0 years as of March 31, 2012 (weighted by aggregate contracted charter hire).
Total contracted operating revenues were $5.4 billion as of March 31, 2012, through 2028. Charter coverage of 88% for the remainder of 2012 in terms of contracted operating days and 95% in terms of operating revenues.
Danaos' CEO Dr. John Coustas commented: "During this first quarter, we evidenced the seeds of the container market recovery. The Liner companies were aligned in box rate hikes which, until now, have been pretty successful. The charter market became more active with rates on some post-panamax vessels almost doubling and we evidence a trickle down effect on the large panamaxes. This development will put most liner companies back in the black for 2012 and will greatly reduce the counterparty risk that was troubling the market."
Danaos Corporation is an international owner of containerships, chartering its vessels to many of the world's largest liner companies. Our current fleet of 62 containerships aggregating 336,849 TEUs ranks Danaos among the largest containership charter owners in the world based on total TEU capacity. Danaos is one of the largest US listed containership companies based on fleet size. Furthermore, the company has a contracted fleet of 2 additional containerships aggregating 26,200 TEU with scheduled deliveries up to June 2012. The company's shares trade on the New York Stock Exchange under the symbol "DAC."