Danaos Corporation

What they do

Danaos owns and operates containerships and drybulk vessels, chartering them to liner operators and other customers under time charters, bareboat charters and voyage charters. The fleet is deployed across Europe, Asia Pacific and the Americas, with segment reporting split between container vessels and drybulk vessels. Operations are managed through affiliated manager Danaos Shipping Company Limited, and the company also holds an interest in Eagle Bulk Shipping Inc.

Revenue drivers

• Container vessels — The primary segment, earning charter hire from containerships on time and bareboat charters; reported as a separate operating segment alongside drybulk.
• Drybulk vessels — A second operating segment that charters drybulk vessels; segment revenue and geographic splits are disclosed for Europe, Asia Pacific and the Americas.
• Voyage charters — A charter type disclosed separately from time and bareboat charters, contributing contract revenue alongside the two vessel segments.

Recent performance

Annual revenue rose from $689.5 million in 2021 to $1.04 billion in 2025, with the latest year up from $1.01 billion in 2024. Net income declined from $1.05 billion in 2021 to $494.6 million in 2025, and was $505.1 million in 2024. Diluted EPS was $26.76 in 2025 versus $26.05 in 2024. Operating cash flow was $644.8 million in 2025, up from $621.8 million in 2024. At 2025-12-31, total assets were $5.11 billion, total liabilities $1.32 billion, shareholder equity $3.80 billion and cash and equivalents $1.04 billion.

Strategy

The company funds itself through secured and unsecured facilities and notes, including a syndicated $450.0 million facility, a BNP Paribas/Credit Agricole $130 million facility, an Alpha Bank $55.25 million facility and senior unsecured notes due 2028 and 2032. It has vessels under construction and entered a JOLCO greenhouse facility, with a subsequent event dated 2026-01-15. It also holds an investment in Eagle Bulk Shipping Inc. Fleet composition at 2025-12-31 includes containerships and drybulk vessels.

Risks

• Charter rate and vessel demand — Revenue depends on charter rates for containerships and drybulk vessels, and annual net income has fallen from $1.05 billion in 2021 to $494.6 million in 2025.
• Leverage and refinancing — Long-term debt was $872.1 million at 2025-12-31, with secured syndicated, bilateral and note facilities carrying defined payment and covenant terms.
• Related-party management — Operations and general and administrative expenses are managed by affiliated manager Danaos Shipping Company Limited, and restricted stock has been awarded to its employees.
• Litigation and counterparty exposure — The filing references an unsecured claim submitted to the Seoul Central District Court against Hanjin Shipping, with related allowance considerations over collectibility.

Outlook

The filing reports vessels under construction and a JOLCO greenhouse facility, and a subsequent event dated 2026-01-15, indicating continued fleet and financing activity into 2026. It also discloses a subsequent event related to the syndicated $450.0 million facility dated 2026-02-28. No forward guidance figures are provided in the excerpted material.