EMEA News
Danaos Posts Steady Financials, Adds to Methanol Newbuilds Orderbook
Operating income and net profits remained steady in Danaos' fourth quarter results compared with the same quarter a year ago.
The boxship and drybulk operator's annual results were also steady compared to the previous year. The company posted profits of $576 million on income of just under $1 billion for 2023 with similar numbers seen in 2022.
In February, the firm added two dual-fuel boxship newbuildings to bringing the number of ships it has under construction to 12.
"All our newbuildings are designed with the latest eco characteristics, will be methanol fuel ready, fitted with Alternative Maritime Power Units and will all be built in accordance with the latest requirements of the International Maritime Organization in relation to Tier III emission standards and Energy Efficiency Design Index Phase III," the company said.
Commenting on the results, Danaos chief executive John Coustas said that tensions in the Red Sea had driven box rates up by 300% and that rates were likely to remain high as long as the situation persists. The company had secured additional charters for its vessels at very healthy levels on the back that, he added
Looking ahead, Danaos "is well positioned with a very strong balance sheet and significant revenue visibility into 2025", according to the company.
