Danaos Corporation reported unaudited results for the three-month period ended March 31, 2026:
Financing developments
- On March 2, 2026, Danaos Corporation repaid in full 8.5% senior notes due 2028, with an outstanding principal amount of US$262.8 million.
- On March 2, 2026, Danaos Corporation prepaid the outstanding principal amount of US$213.8 million under syndicated US$450.0 million loan facility, relating to the vessels Catherine C, Greenland, Interasia Accelerate, and Interasia Amplify.
- In connection with the prepayment, Danaos Corporation entered into Japanese Operating Leases ("Jolco") in respect of these four vessels for an aggregate consideration of US$371 million and a tenor of eight years. One of the Jolco transactions was consummated on March 23, 2026 for a consideration of US$100 million, two on March 26, 2026 for a consideration of $85.5 million each, and one on April 16, 2026 for a consideration of US$100 million. Additionally, two more vessels are expected to be refinanced through Jolco transactions in June 2026.
- As of March 31, 2026, out of the total fleet of 86 vessels, 79 of 86 vessels were debt-free, including 67 unencumbered vessels and 12 pledged as collateral under Danaos Corporation's US$382.5 million revolving credit facility, which remains undrawn. As of the date of this release, available committed borrowing capacity was US$236.25 million under the Revolving Credit Facility, US$850 million under the syndicated facility, and US$207 million under the Jolco facilities, in each case subject to customary conditions precedent to drawdown.
Fleet developments
- Since Danaos Corporation's previous earnings announcement, Danaos Corporation have added two 5000 TEU containership vessels to the orderbook with expected deliveries in 2027. Danaos Corporation have arranged 3 year charters for both of these vessels and have added approximately US$85 million to our contracted revenue backlog. Prior to delivery of these vessels, charterers have the option to extend the firm charter period to up to 7.4 years instead of 3 years. Additionally, Danaos Corporation have placed orders for two Newcastlemax dry bulk carriers of approximately 211 000 dwt capacity each with expected deliveries in 2028.
- Danaos Corporation containership orderbook currently consists of 29 newbuilding containership vessels with an aggregate capacity of 184 550 TEU with expected deliveries of three vessels in 2026, fifteen vessels in 2027, seven vessels in 2028, and four vessels in 2029. All vessels in Danaos Corporation's orderbook 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. The majority of the orderbook vessels will be also equipped with additional eco-features, including methanol-ready capability and scrubber installations, while a portion are further designed with ammonia-ready capability.
- Danaos Corporation dry bulk vessel orderbook currently consists of four 211 000 dwt Newcastlemax dry bulk carriers, all with expected deliveries in 2028. All four Newcastlemax newbuildings will be built in accordance with IMO Tier III emission standards and EEDI Phase III requirements, and will be equipped with scrubbers.
- On March 19, 2026, Danaos Corporation took delivery of the previously announced secondhand Capesize vessel which was renamed to John Junior.
- On a pro forma, fully delivered basis, assuming the delivery of all vessels currently under construction and on order, Danaos Corporation fleet would consist of 104 containerships with an aggregate capacity of approximately 662 041 TEUs and 15 dry bulk vessels, comprising 11 Capesize bulk carriers and four Newcastlemax bulk carriers, with an aggregate capacity of approximately 2.8 million DWT.
Chartering developments
- Since the date of Danaos Corporation's previous earnings release, Danaos Corporation have added approximately US$120 million to contracted revenue backlog through a combination of charter extensions and forward new charters for certain of existing container vessels and vessels on order.
- As a result, total contracted operating revenues, based on concluded charter contracts through the date of this release, currently stand at US$4.1 billion, including newbuildings. The remaining average contracted charter duration for our containership fleet is 4.2 years, weighted by aggregate contracted charter hire.
- Contracted operating days charter coverage for container vessel fleet is currently 100% for 2026, 87.9% for 2027 and 65.3% for 2028. This includes newbuildings based on their scheduled delivery dates.
Investments
- In April 2026, Danaos Corporation acquired an approximately 1.9% equity interest, comprising of 45 454 545 newly issued ordinary shares, in Yoda PLC (CSE: YODA), a Cyprus-listed investment company. Yoda PLC's portfolio is focused on shipping investments in the LNG and container sectors, real estate and other participations including healthcare. The shares were subscribed at €1.10 per share for total cash consideration of €50.0 million (approximately US$58.6 million).
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