Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors use tried-and-true metrics and fundamental analysis to find companies that they believe are undervalued at their current ...

Danaos Corporation (NYSE:DAC) Q4 2023 Earnings Conference Call February 14, 2024 9:00 AM ET Company Participants John Coustas - CEO Evangelos Chatzis - CFO Conference Call Participants Omar Nokta - Jefferies Clement Mullins - Value Investors Operator Good day, and welcome to the Danaos Corporation conference call to discuss the financial results for the Three Months ended December 31, 2023. As a reminder, todayÂ's call is being recorded. Hosting the call today is Dr. John Coustas, Chief Executive Officer of ...

Container Vessels Other Total Adjustments Loss on debt extinguishment - - - - 18,588 - - 18,588 Adjusted Earnings per share $6.99 $6.99 Dry Bulk Adjustments | --- | --- | --- | --- | |-------------------------------|-------------------------|---------------------|------------------| | Container Vessels \n$588,447 | Dry Bulk Vessels \n- | Other \n$(29,237) | Total \n$559,210 | | | | | | | 11,520 | - | - | 11,520 | | 5,440 | - | - | 5,440 | | - | - | 176,386 | 176,386 | | (4,351) | - | - | (4,351) | | (37,225 ...

ATHENS, Greece--(BUSINESS WIRE)--Danaos Corporation (“Danaos”) (NYSE: DAC), one of the world’s largest independent owners of containerships, today reported unaudited results for the fourth quarter and the year ended December 31, 2023. Highlights for the Fourth Quarter and Year Ended December 31, 2023:   Financial Summary Three Months Ended December 31, 2023 and Three Months Ended December 31, 2022 Unaudited (Expressed in thousands of United States dollars, except as otherwise stated)   ...

General_4530/Moment via Getty Images The shipping industry doesn't generate a lot of excitement for most investors. Even within the shipping sector, containerships are a particularly unfavored industry right now as the boom of 2021-2022 resulted in a too many additional ships being ordered, which are just beginning to hit the water now. But within this space, I believe Danaos Corporation (NYSE:DAC) has done just about everything right and will still perform very well over the next few years. Bear Case - ...

ATHENS, Greece, Feb. 08, 2024 (GLOBE NEWSWIRE) -- Danaos Corporation (NYSE: DAC), one of the world's largest independent owners of containerships, announced today that it will release its results for the fourth quarter ended December 31, 2023, after the close of the market in New York on Tuesday, February 13, 2024. The Company's management team will host a conference call to discuss the results on Wednesday, February 14, 2023 at 9:00 A.M. ET.  Conference Call Details:Participants should dial into the call 1 ...

November 2023 Readers of this presentation should review our Annual Report on Form 20-F filed with the SEC on March 9, 2023, including the section entitled "Key Information" and "Risk Factors", and our other filings with the SEC for a discussion of factors and circumstances that could affect our future financial results and our ability to realize the expectations stated herein. | --- | --- | |-------|---------------------| | | | | | | | | | | | | | | | | | Leading | | | | | ✓ | Containership Owner | Investo ...

Financial Data and Key Metrics - Cash position at the end of Q3 was $306 million, with total liquidity, including the revolving credit facility, standing at $655 million, providing significant flexibility for capital deployment [1] - Net debt decreased to $111 million as of September 30, 2023, with a net debt to adjusted EBITDA ratio of 0.16x, and 48 out of 72 vessels being unencumbered and debt-free [18] - Adjusted net income decreased by $33.9 million to $143 million in Q3 2023 compared to $176.9 million in Q3 2022, primarily due to the absence of a $23.2 million ZIM dividend recognized in the prior year [31] - Adjusted EBITDA decreased by 16.5% or $35.1 million to $178 million in Q3 2023, mainly due to the non-recurrence of the ZIM dividend [34] - Interest expense decreased by $9.3 million to $3.8 million in Q3 2023, driven by significant deleveraging and a $5.8 million reduction due to lower average indebtedness [21][33] Business Line Data and Key Metrics - The company secured $178 million in contracted revenue through new charters for six container ships, including $103 million for two 13,000 TEU vessels and $68 million for two 10,000 TEU vessels [17][35] - Charter coverage for 2024 increased to 90%, with a contracted revenue backlog of $2.5 billion and an average charter duration of 3.2 years [27][35] - Vessel operating expenses increased by $300,000 to $39.5 million in Q3 2023, driven by inflationary pressures on repairs, maintenance, and insurance premiums [32] - G&A expenses decreased slightly to $7.1 million in Q3 2023 compared to $7.2 million in Q3 2022 [21] Market Data and Key Metrics - The container transport market stagnated in Q3 2023 due to inventory destocking and weak retail sales, leading to a dramatic decrease in liner company profitability [25] - Charter rates for vessels smaller than 3,000 TEU returned to pre-pandemic levels, while rates for larger vessels remained stable due to scarcity of open tonnage for 2024 [26][27] - The dry bulk market showed resilience, with the company achieving rates well ahead of expectations for its newly delivered capesize bulk carriers [28] Company Strategy and Industry Competition - The company is pursuing opportunities in both the container and dry bulk sectors, with a focus on the Cape sector and investments in Eagle Bulk for dry bulk, and new building and modern eco vessels for containers [5][6] - The company’s strategy of deleveraging has been effective, shielding it from high interest costs and providing flexibility in capital allocation [18][29] - The company increased its quarterly dividend to $0.80 per share and authorized an additional $100 million in share buybacks, having returned over $200 million to shareholders in the last 18 months [30] Management Commentary on Operating Environment and Future Outlook - Management highlighted significant uncertainty in the market and emphasized the need to be near the bottom of the market before engaging in large-scale investments [6] - The company expects charter rates in the dry bulk market to remain under pressure in the near term but will monitor the market for opportunistic expansion [28] - Management noted that liner companies are still cash-rich, but the possibility of charter amendments and extensions could increase earnings visibility in the future [10] Other Important Information - The company capitalized $3.5 million in interest expense related to vessels under construction, with interest income of $3.1 million covering over 80% of interest expense for the quarter [16] - The company’s investor presentation and updated disclosures are available on its website for further details [34][35] Q&A Session Summary Question: Opportunities in Dry Bulk and Container Markets - The company is actively pursuing opportunities in both dry bulk and container markets, with a focus on the Cape sector and modern eco vessels [4][5] - Management noted that some companies are looking to disengage from the container market due to expiring charters and a challenging environment, creating potential opportunities [8] Question: Charter Amendments and Extensions - The company has not yet seen significant requests for charter amendments or extensions but noted that such deals could be beneficial for increasing earnings visibility [9][10] Question: Market Activity for Modern Eco Vessels - Management observed that some companies are looking to sell modern eco vessels as charters expire, indicating potential opportunities in the market [7][8]

OPERATING AND FINANCIAL REVIEW AND PROSPECTS The following discussion and analysis should be read in conjunction with our interim condensed consolidated financial statements (unaudited) and the notes thereto included elsewhere in this report. Results of Operations Three months ended September 30, 2023 compared to three months ended September 30, 2022 During the three months ended September 30, 2023, Danaos had an average of 68.0 container vessels compared to 71.0 container vessels during the three months en ...

Conference Call Participants In the second quarter of 2023, Danaos received the Gold first place awards in the Governance and Environment categories in the inaugural ESG Shipping Awards. These accolades which we're proud of acknowledge the company's exemplary efforts in promoting sustainable practices, social responsibility, and strong governance and reaffirm our position as a leader in responsible maritime operations. The timing of the awards is notable as the IMO recently reiterated and strengthened its c ...