Danaos Corporation, one of the world's largest independent owners of containerships, has reported unaudited results for the period ended June 30, 2016.
Highlights for the Second Quarter and Half Year 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%. Operating revenues of $274.5 million for the six months ended June 30, 2016 compared to $280.1 million for the six months ended June 30, 2015, a decrease of 2.0%.
Adjusted EBITDA1 of $99.9 million for the three months ended June 30, 2016 compared to $103.1 million for the three months ended June 30, 2015, a decrease of 3.1%. Adjusted EBITDA1 of $199.2 million for the six months ended June 30, 2016 compared to $205.9 million for the six months ended June 30, 2015, a decrease of 3.3%.
Total contracted operating revenues were $2.8 billion2 as of June 30, 2016, with charters extending through 2028 and remaining average contracted charter duration of 6.8 years, weighted by aggregate contracted charter hire.
Charter coverage of 94.8%2 for the next 12 months in terms of operating revenues and 84.7% in terms of contracted operating days.