Danaos(US:DAC)2021-11-12 20:47Business Overview - Danaos has a charter backlog of $2.1 billion through 2028 with world leading liner companies[12] - The company has strong operating days contract coverage of 100% for the remainder of 2021 and 90% for 2022[15] - Danaos met the IMO 2030 carbon intensity targets 11 years ahead of requirements in 2019 and continues to meet the target with a 45% reduction in CO2 emissions per ton miles for year 2020 compared with base year 2008[20] Financial Performance - Danaos' LTM Adjusted EBITDA is $433 million[30] - The company's Net Debt / LTM Adjusted EBITDA ratio is 3.1x[30] - Operating Revenue increased by $77 million in Q3 2021 due to higher charter rates and vessel acquisitions[42] - Adjusted Net Income increased by $77 million in Q3 2021[42] Fleet and Market Dynamics - The current industry order-book is about 23.5% involving deliveries through 2025[29] - Trade yoy Growth is 8.2% in 2021(E) and 4.3% in 2022(F)[80, 79] - The volume of idle capacity remains at historical lows, with 0.6% Idle Fleet at End-Oct 21 vs a peak of 12% in Jun 20[85]