Danaos expands fleet as profits boom

Danaos ship

Danaos Corporation (Danaos) has reported exceptional unaudited results for the first quarter of the year, with a net income of $331.5 million.

The adjusted net income soared by 305.7 per cent year-on-year amounting to $235.3 million for the three months ended 31 March 2022, while operating revenues increased by 74 per cent to $229.9 million compared to the same period last year.

According to the company, results have been primarily generated by higher charter rates and new acquired vessels.

Vessel operating expenses rose to $39.2 million in Q1 2022, as a result of the increase in the average number of vessels in its fleet and an increase in the average daily operating cost for vessels on time charter.

Danaos has reported that new containerships are currently under construction and are set to bring the total volume of its fleet to nearly half a million containers (436,589 TEU).

© Danaos

“The first quarter of 2022 was another exceptional one for Danaos,” commented Dr. John Coustas, Danaos CEO.

“Having already seeded the future with $2.7 billion of contracted revenue, we are operating from a position of strength and confidence.

“This allowed us to invest in the future by ordering six vessels in the 7,000 – 8,000 TEU range, to be delivered between March and September 2024, that are ready to be converted to run on green methanol when such fuel is widely available.

“The broader market has been affected by geopolitical events, high energy prices, inflation, the interest rate outlook, and China’s “Zero-Covid” policy.

“In the midst of an uncertain backdrop, Danaos is well positioned to continue to execute our strategy.”

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