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27 November 2021 The on-line newspaper devoted to the world of transports 21:25 GMT+1

November 9, 2021

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Carrier renter Danaos celebrates achievements record financial records

Coustas: excellent market conditions should ensure stellar performance for the next three years

Danaos Corporation, a company that has a fleet of 71 container ships with the total load capacity of 437 thousand teu rented from leading companies of world navigation, is benefiting from the extremely favorable recorded by the maritime transport market containerized. "We are sure - explained the administrator Delegate of Danaos, John Coustas, illustrating the latest results quarterly financials achieved by the company - that everyone is at knowledge of well-known disruptions in the global supply chain that last unchanged. This situation, despite its effect negative on world growth - specified Coustas - had extremely positive effects on our market which continues to strengthen. Despite the efforts of all those involved to alleviate the dysfunctions of the global supply chain, there are no signs of improvement in conditions. The main factors that the cause - also recalled Coustas - are the increase of the demand, the lack of ships available to meet that demand and low levels of productivity in ports and other ground infrastructure. In addition, given that it is expected that in 2022 the deliveries of new ships will be lower than those of 2021, there will be no we expect any improvement, at least from the supply front to short term of ships. In 2023, an increase in deliveries, although - warned the CEO of the Danaos - there will be a balancing effect determined by the new environmental regulations that are likely to have the consequence to reduce the effect of the supply of ships due to the planned reductions in their speed'.

In the third quarter of this year Danaos reported revenues record amounting to 195.9 million dollars, a figure that represents a increase of +64.7% on the same period of 2020 and an increase of 40 million compared to the previous historical quarterly peak marked in the third quarter of 2012.

In the period July-September 2021, operating profit also reached a new historical peak having amounted to 112.3 million of dollars, +112.9% more than in the third quarter last year and 36 million more than the previous one record also obtained in the third quarter of 2012. Danaos has filed the third quarter of this year with a net profit of 217.2 million dollars (+407.7%).

In the first nine months of 2021 the company registered revenues of 474.5 million dollars, with a growth of +38.8% on the corresponding period last year. Operating profit was attested to 242,6 million dollars (+65.2%) and the net profit to 886.8 million dollars (+703.5%).

Danaos expects the strong growth trend of its financial performance will be long-lasting: "the scheduled shipping companies - Coustas took over - are announcing record results that are extremely positive for Danaos given that the solid credit quality of our customers continue to improve. The continuous and relevant performance of Danaos is insured by the rentals already in place of the average duration of 3.3 years and from new rentals that block the current ones rates for several years. We expect - explained Coustas - that the excellent market conditions will persist in the short term, the which will support next year the need to carry out new rentals and this should ensure stellar performance for the next three years'.

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