Greek containership owner Danaos has suffered a 35 per cent year-on-year decline in second quarter net profit to US$15.9 million, but CEO John Coustas says the peak season would produce a container shipping recovery.
"We believe that during the upcoming August-September peak season liner companies should be able to restore some pricing power on box rates," said Dr Coustas.
"We are getting signals of a visible recovery based on volumes traded. There are routes where the vessels are once again running at capacity," he said.
The net profit for the three months to June 30 excluded a $9.3 million gain on vessel sales, against $24.4 million in the same period of 2008, reported Newark's Journal of Commerce.
Operating revenue grew seven per cent to $79.1 million, mainly because of six 4,253-TEU ships joining the fleet which contributed $10.4 million in revenue from charters to Israeli carrier Zim.
Dr Coustas said Danaos has negotiated delayed deliveries for 25 of its 28 vessels on order. The ships had aggregate remaining instalment payments of $2.1 billion on June 30. Danaos currently operates a fleet of 41 ships with a combined capacity of 165,933 TEU.
Earlier this month, Danaos announced it had reached agreement on waiver terms for all three of its credit facilities totalling $908 million, the report added.
"We believe that during the upcoming August-September peak season liner companies should be able to restore some pricing power on box rates," said Dr Coustas.
"We are getting signals of a visible recovery based on volumes traded. There are routes where the vessels are once again running at capacity," he said.
The net profit for the three months to June 30 excluded a $9.3 million gain on vessel sales, against $24.4 million in the same period of 2008, reported Newark's Journal of Commerce.
Operating revenue grew seven per cent to $79.1 million, mainly because of six 4,253-TEU ships joining the fleet which contributed $10.4 million in revenue from charters to Israeli carrier Zim.
Dr Coustas said Danaos has negotiated delayed deliveries for 25 of its 28 vessels on order. The ships had aggregate remaining instalment payments of $2.1 billion on June 30. Danaos currently operates a fleet of 41 ships with a combined capacity of 165,933 TEU.
Earlier this month, Danaos announced it had reached agreement on waiver terms for all three of its credit facilities totalling $908 million, the report added.
