Danaos Takes $19 Million Hit After Zim Restructure, but Sails Into the Black in 2013

By Mike Wackett, Greek containership owner Danaos Corporation has revealed more details of its agreement with restructured ocean carrier Zim, which saw the NYSE-listed shipowner write off $19m in its 2013 accounts. The loss relates to six panamax vessels on charter to Zim until 2020 and 2021. The Israeli carrier was paying a reduced hire on the 2008/2009-built ships on … [Read more...]

Leasing Giant New Ships and Containers Remains a Healthy Business Amid a Dismal Sector

By Gavin van Marle, There have been few sectors of the liner shipping business that have done well over the past few years, but businesses leasing both containerships and containers themselves have continued to return healthy profits, while in contrast, their customers – the carriers – have continually teetered on the edge of bankruptcy. Last week, Canadian … [Read more...]

Danaos Reports 2012 Financials, German Containership Owner Shoots Par

Danaos Corporation, a Athens-based containership owner announced their 2012 year end financial results today. It was a challenging year for the global container ship market as supply outpaced demand by almost 3 percent, however through effective cost-cutting measures, Danaos maintained profits at almost exactly the same levels seen in 2011. Danaos’ CEO Dr. John … [Read more...]

Container Rate Increases Have Worked for Danaos, CEO John Costas Comments

With a fleet of 64 containerships aggregating 363,049 TEUs, Athens-based Danaos Corporation (NYSE: DAC) ranks among the largest containership charter owners in the world based on total TEU capacity and their vessels are chartered to many of the world's largest liner companies. Chief Executive Dr. John Coustas commented today on their newly-released 9 months earnings … [Read more...]

Danaos Stays in the Black While Market Uncertainty Holds the Containership Sector in Limbo

With an average contract duration of over 10 years, Greek containership owner, Danaos Corporation (NYSE: DAC) is largely protected from the fluctuations found within the spot containership market.  Cautious optimism seemed to be the message within their Q2 financial report released yesterday. "The container market experienced a stagnation during this quarter and now, although … [Read more...]