Athens, Greece - May 13, 2019
Danaos Corporation ("Danaos") (NYSE: DAC), one of the world's largest independent owners of containerships, today reported unaudited results for the quarter ended March 31, 2019.
Highlights for the First Quarter Ended March 31, 2019:
• Adjusted net income1 of $38.6 million, or $2.53 per share2, for the three months ended March 31, 2019 compared to $28.0 million, or $3.56 per share2, for the three months ended March 31, 2018, an increase of 37.9%.
• Operating revenues of $112.9 million for the three months ended March 31, 2019 compared to $111.9 million for the three months ended March 31, 2018, an increase of 0.9%.
• Adjusted EBITDA1 of $77.5 million for the three months ended March 31, 2019 compared to $76.6 million for the three months ended March 31, 2018, an increase of 1.2%.
• Total contracted operating revenues were $1.5 billion as of March 31, 2019, with charters extending through 2028 and remaining average contracted charter duration of 4.7 years, weighted by aggregate contracted charter hire.
• Charter coverage of 86% for the next 12 months based on current operating revenues and 71% in terms of contracted operating days.
• Effected 1:14 reverse stock split on May 2, 2019, which the Company believes will cure the previously announced NYSE deficiency caused by our stock trading below $1.
• Concluded sale and leaseback transactions for two 13,100 TEU containerships on April 12, 2019, resulting in net proceeds of $144.8 million, which were used to repay credit facilities secured by mortgages on the vessels.
About Danaos Corporation
Danaos Corporation is one of the largest independent owners of modern, large-size containerships. Our current fleet of 59 containerships aggregating 351,614 TEUs, including four vessels owned by Gemini Shipholdings Corporation, a joint venture, ranks Danaos among the largest containership charter owners in the world based on total TEU capacity. 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".
Danaos Corporation press release