Danaos Corporation Reports First Quarter Results for the Period Ended March 31, 2020

Athens, Greece - May 18, 2020

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, 2020.

Highlights for the First Quarter Ended March 31, 2020:

• Adjusted net income1 of $33.3 million, or $1.34 per share, for the three months ended March 31, 2020 compared to $38.6 million, or $2.53 per share, for the three months ended March 31, 2019, a decrease of 13.7%.

• Operating revenues of $106.2 million for the three months ended March 31, 2020 compared to $112.9 million for the three months ended March 31, 2019, a decrease of 5.9%.

• Adjusted EBITDA 1 of $71.9 million for the three months ended March 31, 2020 compared to $77.5 million for the three months ended March 31, 2019, a decrease of 7.2%.

• Total contracted operating revenues were $1.3 billion as of March 31, 2020, with charters extending through 2028 and remaining average contracted charter duration of 3.8 years, weighted by aggregate contracted charter hire.

• Charter coverage of 85% for the next 12 months based on current operating revenues and 66% in terms of contracted operating days.

Full report

About Danaos Corporation
Danaos Corporation is one of the largest independent owners of modern, large-size containerships. Our current fleet of 62 containerships aggregating 377,236 TEUs, including five 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