By George George
Danaos Corporation announced a record profit for another quarter, in the interests of Giannis Koustas, due to the high fares in the containerships, with the shipowner expressing optimism for “an excellent course of the company in the next three years”.
In particular, operating income amounted to $ 195.9 million in the third quarter of this year, compared to $ 118.9 million in the same period in 2020. Net profit “jumped” from $ 42.7 million to 217, $ 2 million, while adjusted EBITDA rose to $ 149.6 million from $ 83.3 million last year.
Total charter revenue was $ 2.1 billion at the end of the nine months, with some charters extending to 2028. The fleet is 100% covered for the rest of the year and 90% for 2022.
During the third quarter, Danaos completed the acquisition of Gemini, a shipping company with five containerships, a move that boosted the company’s EBITDA and net profits. At the same time, the shareholding in the Israeli container transport company ZIM will contribute about half a billion dollars to the revenues of 2021.
In fact, the shipping company is distributing a dividend of $ 0.50 per share, which will be paid on December 2, 2021.
The shipowner does not “see” de-escalation
Speaking about the market of containerships, Mr. Koustas placed special emphasis on the ongoing problems that disrupt the global supply chain. “Despite efforts to reduce problems, there are no signs that conditions are improving. This is mainly due to rising demand, a lack of available vessels to meet demand and low productivity levels in ports and other infrastructure,” he said.
“At the same time,” he continued, “as deliveries of new ships in 2022 are expected to be lower than those of 2021, we do not expect a reversal in the short term, at least in terms of ship supply. “Environmental regulations, which will limit the supply of ships, due to the expected reduction of speeds. Overall, we do not expect dramatic differences, provided that demand remains healthy.”
“Danaos’ continued strong performance is ensured by existing charters, with an average duration of 3.3 years and new ones, which lock in at current prices for many years. We believe that strong market conditions will be maintained in the short term, which will support “ship charters next year and will ensure the excellent performance of the company for the next three years” concluded Mr. Koustas.
The company’s fleet consists of 71 containerships, with a total capacity of 436,589 TEUs.
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Source From: Capital
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