Danaos Corporation, a leading international owner of containerships, today reported unaudited results for the quarter and full year ended December 31, 2012, said in a press release.
Highlights for the Fourth Quarter and Full 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%.
Adjusted net income of $11.7 million, or $0.11 per share, for the three months ended December 31, 2012 compared to $16.1 million, or $0.15 per share, for the three months ended December 31, 2011. Adjusted net income1 of $60.5 million, or $0.55 per share, for the year ended December 31, 2012 compared to $61.2 million, or $0.56 per share, for the year ended December 31, 2011.
The remaining average charter duration of company's fleet was 9.7 years as of December 31, 2012. Total contracted operating revenues were $4.9 billion as of December 31, 2012, through 2028. Charter coverage of 81% for the next 12 months in terms of contracted operating days and 97% in terms of operating revenues.
Danaos' CEO Dr. John Coustas commented: Despite the challenging container market environment, in 2012 we managed to maintain the Company's profitability at the 2011 levels. Adjusted Net Income for 2012 came in at $60.5 million or 55 cents per share, compared to $61.2 million or 56 cents per share for 2011, effectively remaining stable, while Adjusted EBITDA increased by 35.5% to $431.7 million for 2012 compared to $318.6 million in 2011 as a result of our fleet expansion program that was concluded this year.
Danaos Corporation is an international owner of containerships, chartering its vessels to many of the world's largest liner companies. Company's current fleet of 64 containerships aggregating 363,049 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. The company's shares trade on the New York Stock Exchange under the symbol "DAC".