Danaos net profit drops 17.7pc in 2006, but surges in Q4
Major global owner and charterer of containerships, the New York-listed Danaos Corporation of Greece, has reported net profit has fallen 17.7 per cent in 2006 to US$101.1 million from $122.9 million in '05.
The company blamed the fall on decreasing revenues in the dry bulk carrier area, offset by a fourth-quarter net earnings surge of 31.9 per cent from $23.2 in 2005 to $30.6 million last year.
Operating revenue in 2006 increased slightly by 1.7 per cent from $241.4 million to $245.6 million. Fourth quarter operating revenue rose 22.2 per cent from $56.6 million to $69.2 million mainly due to the addition of six vessels to the company's fleet.
Said Danaos CEO John Coustas: "In the fourth quarter of 2006 we acquired and took delivery of the three second-hand 4,814-TEU vessels that we chartered to the AP Moller Maersk Group for five years each. We also added to our fleet the newly built 9,580-TEU CSCL Le Havre, which is one out of 19 more scheduled new deliveries to follow in the next four years.
Dr Coustas said tonnage demand from the charter market accelerated driving the charter rates higher while the actual rise had been much more pronounced in the larger vessel sizes above 3,000 TEU.
"During the first months of 2007 we increased our order-book by four 6,800 TEU vessels. Danaos' total orders now stand at 19 large size containerships of a total of 102,324 TEU, equivalent to 73 per cent of our current fleet," he added.
The four new 6,800-TEU vessels, costing a total of $400 million, are expected to be delivered during 2010.
The company blamed the fall on decreasing revenues in the dry bulk carrier area, offset by a fourth-quarter net earnings surge of 31.9 per cent from $23.2 in 2005 to $30.6 million last year.
Operating revenue in 2006 increased slightly by 1.7 per cent from $241.4 million to $245.6 million. Fourth quarter operating revenue rose 22.2 per cent from $56.6 million to $69.2 million mainly due to the addition of six vessels to the company's fleet.
Said Danaos CEO John Coustas: "In the fourth quarter of 2006 we acquired and took delivery of the three second-hand 4,814-TEU vessels that we chartered to the AP Moller Maersk Group for five years each. We also added to our fleet the newly built 9,580-TEU CSCL Le Havre, which is one out of 19 more scheduled new deliveries to follow in the next four years.
Dr Coustas said tonnage demand from the charter market accelerated driving the charter rates higher while the actual rise had been much more pronounced in the larger vessel sizes above 3,000 TEU.
"During the first months of 2007 we increased our order-book by four 6,800 TEU vessels. Danaos' total orders now stand at 19 large size containerships of a total of 102,324 TEU, equivalent to 73 per cent of our current fleet," he added.
The four new 6,800-TEU vessels, costing a total of $400 million, are expected to be delivered during 2010.