Danaos Corporation Announces Additions of $616 million to its Contracted Revenue Backlog and the Addition of Five Containership Vessels to its Newbuildings Orderbook
08 Juillet 2024 - 8:00PM
Business Wire
Danaos Corporation (NYSE: DAC), one of the world’s largest
independent owners of containerships, announced today that (i) it
has added $616 million to its contracted revenue backlog and (ii)
has added an extra five newbuilding containerships to its
orderbook.
The contract revenue backlog additions include (i) approximately
$203 million of forward two-year charter fixtures for nine of its
existing vessels and (ii) approximately $413 million of charter
fixtures for the new five newbuilding orders with an average
charter duration of 4.8 years weighted by aggregate contracted
charter hire.
The five newbuilding orders with an aggregate contract price of
$509 million comprise of one additional 8,258 container vessel to
be built at Yangzijiang shipyard in China expected to be delivered
in 2027 and four 9,200 TEU container vessels to be built at Dalian
shipyard in China, three of which have expected deliveries in 2027
and one vessel in 2028. All five vessels are designed with the
latest eco characteristics, will be methanol fuel ready, fitted
with open loop scrubbers and Alternative Maritime Power (AMP) units
and will be built in accordance with the latest requirements of the
International Maritime Organization (IMO) in relation to Tier III
emission standards and Energy Efficiency Design Index (EEDI) Phase
III.
As a result of the recent activity, total contracted cash
operating revenues, on the basis of concluded charter contracts
through the date of this release, currently stand at $2.9 billion.
The remaining average contracted charter duration is 3.1 years,
weighted by aggregate contracted charter hire.
Contracted operating days charter coverage for the container
vessel fleet is currently 99% for 2024 and 80% for 2025. This
includes newbuildings based on their scheduled delivery dates.
During the second quarter of 2024 we have taken delivery of the
first three newbuilding vessels, namely two 8,010 TEU vessels and
one 7,165 TEU vessel. As a result, as of the date of this press
release, we currently have 16 container vessels under construction
with an aggregate capacity of 129,819 TEU. We anticipate delivery
of three newbuilding vessels in the remainder of 2024, two vessels
in 2025, three vessels in 2026, seven vessels in 2027 and one
vessel in 2028.
The Company’s CEO, Dr. John Coustas, commented:
“We are very pleased to announce the commissioning of a further
five containerships that are at the forefront of new technology.
With this new order, Danaos continues to solidify its position as
one of the major players in the containership market worldwide and
makes yet another solid step towards fleet modernization.
At the same time, we are also pleased to report the results of
our recent chartering activity. We have now secured multi-year
charters for all the vessels in our orderbook while we have also
made significant additions to the contracted revenue backlog of our
existing fleet and have further improved earnings and cash flow
visibility.
We will continue to work to maximize our profitability and
secure more accretive transactions with a focus on creating value
for our shareholders.”
About Danaos Corporation
Danaos Corporation is one of the largest independent owners of
modern, large-size container vessels. Our current fleet of 70
containerships aggregating 442,278 TEUs and 16 under construction
container vessels aggregating 129,819 TEUs ranks Danaos among the
largest container vessels charter owners in the world based on
total TEU capacity. Danaos has also recently invested in the
drybulk sector with the acquisition of 10 Capesize drybulk vessels
aggregating 1,760,861 DWT. Our fleet is chartered to many of the
world's largest liner companies on fixed-rate charters. Our long
track record of success is predicated on our efficient and rigorous
operational standards and environmental controls. Danaos
Corporation's shares trade on the New York Stock Exchange under the
symbol "DAC".
Visit our website at www.danaos.com
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version on businesswire.com: https://www.businesswire.com/news/home/20240708599916/en/
Company: Evangelos Chatzis Chief Financial Officer
Danaos Corporation Athens, Greece Tel.: +30 210 419 6480 E-Mail:
cfo@danaos.com Investor Relations and Financial Media
Rose & Company New York Tel. 212-359-2228 E-Mail:
danaos@rosecoglobal.com
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