Danaos Corporation, one of the world's largest independent owners of containerships, has reported unaudited results for the period ended June 30, 2017.
Highlights for the Second Quarter and Half Year Ended June 30, 2017:
Adjusted net income1 of $29.0 million, or $0.26 per share, for the three months ended June 30, 2017 compared to $47.7 million, or $0.43 per share, for the three months ended June 30, 2016, a decrease of 39.1%. Adjusted net income1 of $53.6 million, or $0.49 per share, for the six months ended June 30, 2017 compared to $94.9 million, or $0.86 per share, for the six months ended June 30, 2016, a decrease of 43.6%.
Operating revenues of $113.9 million for the three months ended June 30, 2017 compared to $137.0 million for the three months ended June 30, 2016, a decrease of 16.9%. Operating revenues of $224.0 million for the six months ended June 30, 2017 compared to $274.5 million for the six months ended June 30, 2016, a decrease of 18.4%.
Adjusted EBITDA1 of $78.1 million for the three months ended June 30, 2017 compared to $99.9 million for the three months ended June 30, 2016, a decrease of 21.8%. Adjusted EBITDA1 of $150.6 million for the six months ended June 30, 2017 compared to $199.2 million for the six months ended June 30, 2016, a decrease of 24.4%.
Total contracted operating revenues were $1.9 billion as of June 30, 2017, with charters extending through 2028 and remaining average contracted charter duration of 6.2 years, weighted by aggregate contracted charter hire.
Charter coverage of 87% for the next 12 months based on current operating revenues and 66% in terms of contracted operating days.