Tuesday 8th of February 2022 10:35:12 AM

Danaos trades lower despite beating estimates for Q4

  • Danaos (DAC -2.7%) reports Q4 operating revenues increase by 79.8% Y/Y to $215M.
  • Total contracted operating revenues were $2.85B as of Dec. 31, 2021, with charters extending through 2028 and remaining average contracted charter duration of 4.0 years.
  • Charter coverage of 96.6% for the next 12 months based on current operating revenues and 95.5% in terms of contracted operating days.
  • Adj. EBITDA of $159.2M compared to $83M which was an increase of 91.8%.
  • The Co. raises dividend by 50% to $0.75/share payable on Feb. 28, 2022.
  • As a result of these factors, the share price quadrupled in 2021, bringing the co.'s market capitalization close to $2B.
  • As of Dec. 31, 2021, outstanding debt, gross of deferred finance costs, was $1,142M, which includes $300M aggregate principal amount of Senior Notes, and our leaseback obligation was $226.5M.
  • On Jan. 17, 2022, entered into an agreement to sell two 20 years old 6,422 TEU vessels for gross consideration of $130M which are expected to be delivered to the buyer in Nov. 2022.
  • Previously: Danaos Non-GAAP EPS of $6.10 beats by $1.15, revenue of $215M beats by $23.82M (Feb. 7)
  • Previously: Danaos raises dividend by 50% to $0.75 (Feb. 7)


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