John Costas commented : “In the fourth quarter of 2020, we witnessed the most outstanding turnaround in the container industry for as long as I can remember. Market participants were caught by surprise as the chronic underinvestment in capacity coupled with a sudden resurgence of demand created a spike that drove container box rates to all-time highs. This led to a massive increase in our customers’ profitability and significantly diminished the counterparty risk that was so prevalent at the end of the first quarter of 2020. The charter market, in turn, rapidly strengthened, resulting in decade-high charter rates across almost all vessel types. Now everyone is focused on whether the current market strength is sustainable and for how long. Fortunately, incremental vessel supply will remain low for the time being. Although there have been new orders placed, the current orderbook is at historically low levels. Since there is a two-year lead time for new orders to hit the water, supply growth should be moderate for the next couple of years. What will happen next depends a lot on the environmental initiatives, regulations and of course demand. As far as Danaos is concerned we experienced a strong quarter, completed delivery of all contracted vessels, realized significant gains, displayed exceptional rechartering performance and entered into agreements for a very important refinancing. This quarter we saw an improvement in Adjusted EBITDA and Adjusted Net Income compared to the same quarter in the prior year. This improvement should be even more pronounced in the coming quarters as new contracted charters at significantly higher rates start to contribute to our top line. We have concluded 27 recharterings over the past three months for periods of 12-24 months at rates between two and three times the rates of the expiring charters. In doing so, we have practically covered 91% of our 2021 operating days and a significant portion of our 2022 operating days. We currently expect revenue in 2021 to exceed 2020 revenue by at least $100 million. The recent performance of both ZIM and HMM has resulted in a $23.8 million increase in the recorded value of our bond holdings in these two companies, which increased in value to approximately $63 million as of the end of 2020. The ZIM IPO has also provided a marked-to-market value for our 10.2mn shares in ZIM, which have a value exceeding $200 million based on Zim’s closing share price of $20.12 per share on February 12, 2021. These shares were valued at $75,000 as of the end of 2020. We have also recently concluded a $300 million bond offering, which was over three times oversubscribed, an extraordinary accomplishment for a first-time issuer. These funds, together with another $950 million of bank and lease financing, will be used to refinance most of our existing credit facilities and form the basis of our new strategy as we will not have any maturities until 2025. We are happy that the market has acknowledged our accomplishments, leading to a dramatic outperformance of our share price as compared to our peers. We are well-positioned and committed to continue to take actions to create value for our shareholders”

hellenicshippingnews Thursday, February 18, 2021 1:55:00 AM EAT

John Costas commented : “We are pleased to report improved performance in the Company’s profitability during this quarter. Container trade has staged a remarkable recovery since the end of May, when 11.4% of the vessels in the global fleet stood idle. Time charter rates have increased across all vessel sizes, and the time charter market is at or close to multi-year highs for all vessel sizes. The ability of the liner companies to consistently manage capacity addressed the swift drop in volumes at the onset of the pandemic, which alleviated pressure on our customers’ cash flows and stabilized freight rates. All our customers have reported strong profitability which significantly mitigates our counterparty risk. Volumes have consistently improved, particularly in Transpacific eastbound, intra-Asia and North-South trade lanes, as volumes have recovered faster than expected. Notably, the increase in rates has been most pronounced in smaller vessel types. Danaos has the greatest amount of leverage to this segment of the market as our larger vessels are contracted on multi-year time charters. From that perspective, the short-term chartering market has been quite dynamic. Although significant market uncertainty remains, particularly as many countries see increasing spread of COVID-19 cases, global GDP has rebounded swiftly, and IMF has recently revised its 2020 GDP estimates upwards. For 2021, the IMF forecasts global GDP growth of 5.2%, which effectively equals growth of 0.6% compared to 2019, or pre-pandemic levels. The recovery has thus far been primarily concentrated in goods rather than services, which has benefited containerized trade. We continue to execute our strategy and we are well insulated from near-term volatility due to our high charter coverage of 87% in terms of operating revenues and 64% in terms of operating days over the next 12 months. This provides significant visibility into our cash flows during this period. We also have some leverage to the presently strong market through our smaller vessels. We are also cautiously optimistic about the medium-term market outlook. The orderbook is currently in single digits as a percentage of the world fleet for the first time in 20 years. Combined with an anticipated reduction in speeds due to the various environmental initiatives, the supply side outlook is healthy. Tighter supply will help to maintain momentum in the container market or help to bring about a swift recovery if conditions deteriorate. Consistent with our growth strategy we have agreed to purchase two 9,000 TEU vessels built in 2009 which are both contracted on two year charters with a major liner company. These vessels are expected to be delivered to us between December 2020 and January 2021 and will be funded with a combination of cash and new credit facilities. With these new deliveries our fleet will for the first time exceed the 400,000 TEU mark. In the meantime, we are generating strong cash flows from our $1.1 billion charter backlog and have a healthy liquidity position. This enabled us to opportunistically repurchase 4,339,271 shares, or 17.5% of the Company’s outstanding shares, for an aggregate price of $31.1 million in privately negotiated transactions practically tripling our $10 million original buyback program. Given the holding nature of the prior owners of these shares, these repurchases increase our per share results and valuation metrics without impacting trading liquidity. In light of the continued uncertainty about the duration of the coronavirus pandemic and the ensuing economic recovery, we remain focused on maintaining a conservative financial profile and making thoughtful capital allocation decisions that align with our strategy and market expectations and deliver value to our shareholders”

hellenicshippingnews Monday, November 9, 2020 1:21:00 AM EAT

John Costas commented : “We are pleased to report improved adjusted earnings for both the second quarter of 2020 and the first six months of the year. The Company’s adjusted net income of $42.5 million for the second quarter of 2020 increased by $8.2 million, or 23.9% when compared to adjusted net income of $34.3 million for the second quarter of 2019. Adjusted EBITDA also improved by $4.5 million, or 6%, to $80.1 million for the second quarter of 2020 compared to $75.6 million for the second quarter of 2019. Although economic activity has been subdued since the start of the coronavirus pandemic, we have seen increasing signs of confidence with liner companies in recent weeks as a number of previously blanked sailings have been reinstated, implying that demand is gradually improving. This has also translated into improving charter rates for vessels greater than 4,000 TEU in size. Recently reported financial results of the liner companies have also been encouraging since, as we had anticipated, prudent capacity management, reduced bunker prices and falling interest rates have more than compensated for the drop in volumes caused by the pandemic. We are also cautiously optimistic about the medium-term market outlook. The orderbook is currently in single digits as a percentage of the world fleet for the first time in 20 years. Combined with an anticipated reduction in speeds due to the various environmental initiatives, the supply side outlook is healthy. Tighter supply will help to accelerate the recovery in the container market. We continue to execute our strategy and we are well insulated from near-term volatility due to our high charter coverage of 85% in terms of operating revenues and 62% in terms of operating days over the next 12 months. This provides significant visibility into our cash flows during this period. We have now concluded all the scrubber installation investments and took delivery of two 8,500 TEU vessels during the second quarter. Finally, we have ample liquidity and a $1.2 billion charter backlog, which provides us with flexibility to both manage our business and react to growth opportunities that may present themselves. Given continued uncertainty about the duration of the coronavirus pandemic and the ensuing economic recovery, we are focused on maintaining a conservative financial profile and making thoughtful capital allocation decisions that align with our strategy and market expectations. We also remain committed to operational excellence and technological innovation, which allows us to continually deliver a high quality service to our customers. Our commitment has enabled us to maintain our leadership position in the container shipping industry throughout multiple market cycles and during the current challenging environment. We believe that our focus and strategy will ultimately enhance shareholder value far and above the steel value of our fleet”

hellenicshippingnews Thursday, August 6, 2020 12:55:00 AM EAT

John Costas commented : "We are pleased to report improved adjusted earnings for both the second quarter of 2020 and the first six months of the year. The Company's adjusted net income of $42.5 million for the second quarter of 2020 increased by $8.2 million , or 23.9% when compared to adjusted net income of $34.3 million for the second quarter of 2019. Adjusted EBITDA also improved by $4.5 million , or 6%, to $80.1 million for the second quarter of 2020 compared to $75.6 million for the second quarter of 2019. Although economic activity has been subdued since the start of the coronavirus pandemic, we have seen increasing signs of confidence with liner companies in recent weeks as a number of previously blanked sailings have been reinstated, implying that demand is gradually improving. This has also translated into improving charter rates for vessels greater than 4,000 TEU in size. Recently reported financial results of the liner companies have also been encouraging since, as we had anticipated, prudent capacity management, reduced bunker prices and falling interest rates have more than compensated for the drop in volumes caused by the pandemic. We are also cautiously optimistic about the medium-term market outlook. The orderbook is currently in single digits as a percentage of the world fleet for the first time in 20 years. Combined with an anticipated reduction in speeds due to the various environmental initiatives, the supply side outlook is healthy. Tighter supply will help to accelerate the recovery in the container market. We continue to execute our strategy and we are well insulated from near-term volatility due to our high charter coverage of 85% in terms of operating revenues and 62% in terms of operating days over the next 12 months. This provides significant visibility into our cash flows during this period. We have now concluded all the scrubber installation investments and took delivery of two 8,500 TEU vessels during the second quarter. Finally, we have ample liquidity and a $1.2 billion charter backlog, which provides us with flexibility to both manage our business and react to growth opportunities that may present themselves. Given continued uncertainty about the duration of the coronavirus pandemic and the ensuing economic recovery, we are focused on maintaining a conservative financial profile and making thoughtful capital allocation decisions that align with our strategy and market expectations. We also remain committed to operational excellence and technological innovation, which allows us to continually deliver a high quality service to our customers. Our commitment has enabled us to maintain our leadership position in the container shipping industry throughout multiple market cycles and during the current challenging environment. We believe that our focus and strategy will ultimately enhance shareholder value far and above the steel value of our fleet"

prnewswire Monday, August 3, 2020 11:35:00 PM EAT

John Costas concluded : “Once the current crisis subsides, the industry will need to refocus on these initiatives, and we continue to actively participate in research on the future of our fleet and the industry,”

worldmaritimenews Wednesday, July 15, 2020 3:20:00 PM EAT

John Costas said : “The good thing about our customers is that they have managed, through the withdrawal of capacity, to keep box rates at the same level or even stronger levels during the pandemic,” “The biggest problems from demand issues in the past came when there was also a catastrophic fall in box rates”

hellenicshippingnews Thursday, May 21, 2020 2:03:00 PM EAT

John Costas commented : "We are pleased to report improved earnings for the year ended December 31, 2019 . The Company's adjusted net income of $148.7 million for 2019 increased by $17.5 million , or 13.3%, compared to adjusted net income of $131.2 million for 2018. This improvement was primarily the result of a $13.7 million decrease in total operating costs and a $15.1 million decrease in net finance expenses, partially offset by an $11.5 million decrease in operating revenues. Adjusted EBITDA for 2019 was $310.6 million , a slight decrease from $317.8 million for 2018. "

prnewswire Tuesday, February 11, 2020 1:05:00 AM EAT

John Costas concluded : “Anticipated slow steaming and re-designing of liner networks ahead of the implementation of new restrictions on sulphur emissions in 2020 together with vessels exiting service to be fitted with scrubbers are all positive supply side developments that may lead to improved charter rates,”

worldmaritimenews Wednesday, February 20, 2019 10:55:00 AM EAT

John Costas added : “The charter market for the sub 4,000 TEU vessels is relatively stable, with charter rates slightly higher than the lows of 2016, while the size segment between 4,000 to 5,000 TEU is facing more pressure. For larger vessel sizes, the fourth quarter is typically the low season of the year. We will have more clarity on the state of that segment as we approach the peak season in the spring of 2018. We do not expect a material improvement in the market environment next year, given the large number of vessel deliveries scheduled for 2018. Danaos continues to have low near term exposure to the weak spot market as a result of the aforementioned strong charter coverage,”

worldmaritimenews Tuesday, October 31, 2017 2:24:00 PM EAT

John Costas said : “The charter market is moving sideways at levels slightly above the lows of 2016 but we have not yet seen a meaningful improvement to signal a market recovery. Box rates have improved as a result of improved capacity deployment through the alliances and the recent industry consolidation activity has reduced our counterparty risks,” “On the other hand, consolidation in the liner industry combined with legacy newbuilding orders for large vessels still to be delivered is anticipated to maintain pressure on charter rates for a considerable amount of time. Danaos continues to have low near term exposure to the weak spot market with charter coverage of 87% for the next 12 months based on current operating revenues and 66% in terms of contracted operating days,”

worldmaritimenews Tuesday, August 1, 2017 11:17:00 AM EAT

John Costas said : “During the fourth quarter, our fleet utilization decreased to 90.4% after the Hanjin charter cancellations,”

seatrade-global Wednesday, February 22, 2017 7:33:00 AM EAT

John Costas said : “As such, we do not expect rates to meaningfully improve for another 18-24 months absent a significant increase in demand combined with increased scrapping activity,”

seatrade-global Wednesday, February 22, 2017 7:33:00 AM EAT

John Costas said : “Notwithstanding the negative consequences of the Hanjin bankruptcy, the company is currently in a position to fully service all of its operational and contractual financial obligations,”

worldmaritimenews Friday, December 16, 2016 4:41:00 PM EAT

John Costas stated : "We are disappointed that the Korean Development Bank has failed to support an important participant in the global containership business,"

marinelink Wednesday, November 2, 2016 8:49:00 AM EAT

John Costas added : "Danaos actively supported Hanjin in its efforts to restructure its operations and we are hopeful that Hanjin will be able to achieve a restructuring of its business and emerge from court receivership as a financially stronger company. We will closely monitor the process and seek to preserve the value of our assets for the benefit of our shareholders"

marinelink Wednesday, November 2, 2016 8:49:00 AM EAT

John Costas explained : "On the market front the situation is stagnant while the liner companies are struggling to absorb the influx of the mega containerships amidst a weak demand environment in the main-lane trades, particularly in the Europe - Far East trade with GDP in the Eurozone expected to marginally contract in 2013 and the growth figures in China not being as robust as initially anticipated," "The US economy seems to be rebounding but this is not in itself enough to drive a market improvement. The peripheral trades are doing much better and at the moment this is the only bright side of the market. The orderbook is currently at only 20% of the current fleet but it is clear that the surplus in shipyard capacity and the very low new building prices being offered pose a risk to the timing of the recovery of the market"

seatrade-global Tuesday, September 6, 2016 10:41:00 AM EAT

John Costas said : "We are disappointed that the Korean Development Bank has failed to support an important participant in the global containership business,"

seatrade-global Friday, September 2, 2016 8:06:00 AM EAT

John Costas said : "We are disappointed that the Korean Development Bank has failed to support an important participant in the global containership business,"

seatrade-global Friday, September 2, 2016 7:39:00 AM EAT

John Costas stated : “We are disappointed that the Korean Development Bank has failed to support an important participant in the global containership business,”

hellenicshippingnews Thursday, September 1, 2016 9:19:00 PM EAT

John Costas commented : “The fundamentals of the container market remain very challenging. For the first time since 2009, the Asia to Europe route, the most important trade lane in terms of teu miles, contracted by almost 3% in 2015. Moderate improvements in other trade lanes resulted in an increase in overall container trade growth of 2.5% in 2015,”

seatrade-global Friday, May 20, 2016 11:14:00 AM EAT

John Costas said : “Newbuilding orders have also come to a halt, teu newbuilding capacity scheduled to be delivered in 2016 is expected to be lower than 2015, while scrapping activity, which was rather low in 2015, is anticipated to accelerate in 2016. As a result, we expect that fleet growth will be in the region of 5% for 2016, which will help to correct the current imbalance,”

seatrade-global Friday, May 20, 2016 11:14:00 AM EAT

John Costas commented : “In the fourth quarter of 2020, we witnessed the most outstanding turnaround in the container industry for as long as I can remember. Market participants were caught by surprise as the chronic underinvestment in capacity coupled with a sudden resurgence of demand created a spike that drove container box rates to all-time highs. This led to a massive increase in our customers’ profitability and significantly diminished the counterparty risk that was so prevalent at the end of the first quarter of 2020. The charter market, in turn, rapidly strengthened, resulting in decade-high charter rates across almost all vessel types. Now everyone is focused on whether the current market strength is sustainable and for how long. Fortunately, incremental vessel supply will remain low for the time being. Although there have been new orders placed, the current orderbook is at historically low levels. Since there is a two-year lead time for new orders to hit the water, supply growth should be moderate for the next couple of years. What will happen next depends a lot on the environmental initiatives, regulations and of course demand. As far as Danaos is concerned we experienced a strong quarter, completed delivery of all contracted vessels, realized significant gains, displayed exceptional rechartering performance and entered into agreements for a very important refinancing. This quarter we saw an improvement in Adjusted EBITDA and Adjusted Net Income compared to the same quarter in the prior year. This improvement should be even more pronounced in the coming quarters as new contracted charters at significantly higher rates start to contribute to our top line. We have concluded 27 recharterings over the past three months for periods of 12-24 months at rates between two and three times the rates of the expiring charters. In doing so, we have practically covered 91% of our 2021 operating days and a significant portion of our 2022 operating days. We currently expect revenue in 2021 to exceed 2020 revenue by at least $100 million. The recent performance of both ZIM and HMM has resulted in a $23.8 million increase in the recorded value of our bond holdings in these two companies, which increased in value to approximately $63 million as of the end of 2020. The ZIM IPO has also provided a marked-to-market value for our 10.2mn shares in ZIM, which have a value exceeding $200 million based on Zim’s closing share price of $20.12 per share on February 12, 2021. These shares were valued at $75,000 as of the end of 2020. We have also recently concluded a $300 million bond offering, which was over three times oversubscribed, an extraordinary accomplishment for a first-time issuer. These funds, together with another $950 million of bank and lease financing, will be used to refinance most of our existing credit facilities and form the basis of our new strategy as we will not have any maturities until 2025. We are happy that the market has acknowledged our accomplishments, leading to a dramatic outperformance of our share price as compared to our peers. We are well-positioned and committed to continue to take actions to create value for our shareholders”

hellenicshippingnews Thursday, February 18, 2021 1:55:00 AM EAT

John Costas commented : “We are pleased to report improved performance in the Company’s profitability during this quarter. Container trade has staged a remarkable recovery since the end of May, when 11.4% of the vessels in the global fleet stood idle. Time charter rates have increased across all vessel sizes, and the time charter market is at or close to multi-year highs for all vessel sizes. The ability of the liner companies to consistently manage capacity addressed the swift drop in volumes at the onset of the pandemic, which alleviated pressure on our customers’ cash flows and stabilized freight rates. All our customers have reported strong profitability which significantly mitigates our counterparty risk. Volumes have consistently improved, particularly in Transpacific eastbound, intra-Asia and North-South trade lanes, as volumes have recovered faster than expected. Notably, the increase in rates has been most pronounced in smaller vessel types. Danaos has the greatest amount of leverage to this segment of the market as our larger vessels are contracted on multi-year time charters. From that perspective, the short-term chartering market has been quite dynamic. Although significant market uncertainty remains, particularly as many countries see increasing spread of COVID-19 cases, global GDP has rebounded swiftly, and IMF has recently revised its 2020 GDP estimates upwards. For 2021, the IMF forecasts global GDP growth of 5.2%, which effectively equals growth of 0.6% compared to 2019, or pre-pandemic levels. The recovery has thus far been primarily concentrated in goods rather than services, which has benefited containerized trade. We continue to execute our strategy and we are well insulated from near-term volatility due to our high charter coverage of 87% in terms of operating revenues and 64% in terms of operating days over the next 12 months. This provides significant visibility into our cash flows during this period. We also have some leverage to the presently strong market through our smaller vessels. We are also cautiously optimistic about the medium-term market outlook. The orderbook is currently in single digits as a percentage of the world fleet for the first time in 20 years. Combined with an anticipated reduction in speeds due to the various environmental initiatives, the supply side outlook is healthy. Tighter supply will help to maintain momentum in the container market or help to bring about a swift recovery if conditions deteriorate. Consistent with our growth strategy we have agreed to purchase two 9,000 TEU vessels built in 2009 which are both contracted on two year charters with a major liner company. These vessels are expected to be delivered to us between December 2020 and January 2021 and will be funded with a combination of cash and new credit facilities. With these new deliveries our fleet will for the first time exceed the 400,000 TEU mark. In the meantime, we are generating strong cash flows from our $1.1 billion charter backlog and have a healthy liquidity position. This enabled us to opportunistically repurchase 4,339,271 shares, or 17.5% of the Company’s outstanding shares, for an aggregate price of $31.1 million in privately negotiated transactions practically tripling our $10 million original buyback program. Given the holding nature of the prior owners of these shares, these repurchases increase our per share results and valuation metrics without impacting trading liquidity. In light of the continued uncertainty about the duration of the coronavirus pandemic and the ensuing economic recovery, we remain focused on maintaining a conservative financial profile and making thoughtful capital allocation decisions that align with our strategy and market expectations and deliver value to our shareholders”

hellenicshippingnews Monday, November 9, 2020 1:21:00 AM EAT

John Costas commented : “We are pleased to report improved adjusted earnings for both the second quarter of 2020 and the first six months of the year. The Company’s adjusted net income of $42.5 million for the second quarter of 2020 increased by $8.2 million, or 23.9% when compared to adjusted net income of $34.3 million for the second quarter of 2019. Adjusted EBITDA also improved by $4.5 million, or 6%, to $80.1 million for the second quarter of 2020 compared to $75.6 million for the second quarter of 2019. Although economic activity has been subdued since the start of the coronavirus pandemic, we have seen increasing signs of confidence with liner companies in recent weeks as a number of previously blanked sailings have been reinstated, implying that demand is gradually improving. This has also translated into improving charter rates for vessels greater than 4,000 TEU in size. Recently reported financial results of the liner companies have also been encouraging since, as we had anticipated, prudent capacity management, reduced bunker prices and falling interest rates have more than compensated for the drop in volumes caused by the pandemic. We are also cautiously optimistic about the medium-term market outlook. The orderbook is currently in single digits as a percentage of the world fleet for the first time in 20 years. Combined with an anticipated reduction in speeds due to the various environmental initiatives, the supply side outlook is healthy. Tighter supply will help to accelerate the recovery in the container market. We continue to execute our strategy and we are well insulated from near-term volatility due to our high charter coverage of 85% in terms of operating revenues and 62% in terms of operating days over the next 12 months. This provides significant visibility into our cash flows during this period. We have now concluded all the scrubber installation investments and took delivery of two 8,500 TEU vessels during the second quarter. Finally, we have ample liquidity and a $1.2 billion charter backlog, which provides us with flexibility to both manage our business and react to growth opportunities that may present themselves. Given continued uncertainty about the duration of the coronavirus pandemic and the ensuing economic recovery, we are focused on maintaining a conservative financial profile and making thoughtful capital allocation decisions that align with our strategy and market expectations. We also remain committed to operational excellence and technological innovation, which allows us to continually deliver a high quality service to our customers. Our commitment has enabled us to maintain our leadership position in the container shipping industry throughout multiple market cycles and during the current challenging environment. We believe that our focus and strategy will ultimately enhance shareholder value far and above the steel value of our fleet”

hellenicshippingnews Thursday, August 6, 2020 12:55:00 AM EAT

John Costas commented : "We are pleased to report improved adjusted earnings for both the second quarter of 2020 and the first six months of the year. The Company's adjusted net income of $42.5 million for the second quarter of 2020 increased by $8.2 million , or 23.9% when compared to adjusted net income of $34.3 million for the second quarter of 2019. Adjusted EBITDA also improved by $4.5 million , or 6%, to $80.1 million for the second quarter of 2020 compared to $75.6 million for the second quarter of 2019. Although economic activity has been subdued since the start of the coronavirus pandemic, we have seen increasing signs of confidence with liner companies in recent weeks as a number of previously blanked sailings have been reinstated, implying that demand is gradually improving. This has also translated into improving charter rates for vessels greater than 4,000 TEU in size. Recently reported financial results of the liner companies have also been encouraging since, as we had anticipated, prudent capacity management, reduced bunker prices and falling interest rates have more than compensated for the drop in volumes caused by the pandemic. We are also cautiously optimistic about the medium-term market outlook. The orderbook is currently in single digits as a percentage of the world fleet for the first time in 20 years. Combined with an anticipated reduction in speeds due to the various environmental initiatives, the supply side outlook is healthy. Tighter supply will help to accelerate the recovery in the container market. We continue to execute our strategy and we are well insulated from near-term volatility due to our high charter coverage of 85% in terms of operating revenues and 62% in terms of operating days over the next 12 months. This provides significant visibility into our cash flows during this period. We have now concluded all the scrubber installation investments and took delivery of two 8,500 TEU vessels during the second quarter. Finally, we have ample liquidity and a $1.2 billion charter backlog, which provides us with flexibility to both manage our business and react to growth opportunities that may present themselves. Given continued uncertainty about the duration of the coronavirus pandemic and the ensuing economic recovery, we are focused on maintaining a conservative financial profile and making thoughtful capital allocation decisions that align with our strategy and market expectations. We also remain committed to operational excellence and technological innovation, which allows us to continually deliver a high quality service to our customers. Our commitment has enabled us to maintain our leadership position in the container shipping industry throughout multiple market cycles and during the current challenging environment. We believe that our focus and strategy will ultimately enhance shareholder value far and above the steel value of our fleet"

prnewswire Monday, August 3, 2020 11:35:00 PM EAT

John Costas concluded : “Once the current crisis subsides, the industry will need to refocus on these initiatives, and we continue to actively participate in research on the future of our fleet and the industry,”

worldmaritimenews Wednesday, July 15, 2020 3:20:00 PM EAT

John Costas said : “The good thing about our customers is that they have managed, through the withdrawal of capacity, to keep box rates at the same level or even stronger levels during the pandemic,” “The biggest problems from demand issues in the past came when there was also a catastrophic fall in box rates”

hellenicshippingnews Thursday, May 21, 2020 2:03:00 PM EAT

John Costas commented : "We are pleased to report improved earnings for the year ended December 31, 2019 . The Company's adjusted net income of $148.7 million for 2019 increased by $17.5 million , or 13.3%, compared to adjusted net income of $131.2 million for 2018. This improvement was primarily the result of a $13.7 million decrease in total operating costs and a $15.1 million decrease in net finance expenses, partially offset by an $11.5 million decrease in operating revenues. Adjusted EBITDA for 2019 was $310.6 million , a slight decrease from $317.8 million for 2018. "

prnewswire Tuesday, February 11, 2020 1:05:00 AM EAT

John Costas concluded : “Anticipated slow steaming and re-designing of liner networks ahead of the implementation of new restrictions on sulphur emissions in 2020 together with vessels exiting service to be fitted with scrubbers are all positive supply side developments that may lead to improved charter rates,”

worldmaritimenews Wednesday, February 20, 2019 10:55:00 AM EAT

John Costas added : “The charter market for the sub 4,000 TEU vessels is relatively stable, with charter rates slightly higher than the lows of 2016, while the size segment between 4,000 to 5,000 TEU is facing more pressure. For larger vessel sizes, the fourth quarter is typically the low season of the year. We will have more clarity on the state of that segment as we approach the peak season in the spring of 2018. We do not expect a material improvement in the market environment next year, given the large number of vessel deliveries scheduled for 2018. Danaos continues to have low near term exposure to the weak spot market as a result of the aforementioned strong charter coverage,”

worldmaritimenews Tuesday, October 31, 2017 2:24:00 PM EAT

John Costas said : “The charter market is moving sideways at levels slightly above the lows of 2016 but we have not yet seen a meaningful improvement to signal a market recovery. Box rates have improved as a result of improved capacity deployment through the alliances and the recent industry consolidation activity has reduced our counterparty risks,” “On the other hand, consolidation in the liner industry combined with legacy newbuilding orders for large vessels still to be delivered is anticipated to maintain pressure on charter rates for a considerable amount of time. Danaos continues to have low near term exposure to the weak spot market with charter coverage of 87% for the next 12 months based on current operating revenues and 66% in terms of contracted operating days,”

worldmaritimenews Tuesday, August 1, 2017 11:17:00 AM EAT

John Costas said : “During the fourth quarter, our fleet utilization decreased to 90.4% after the Hanjin charter cancellations,”

seatrade-global Wednesday, February 22, 2017 7:33:00 AM EAT

John Costas said : “As such, we do not expect rates to meaningfully improve for another 18-24 months absent a significant increase in demand combined with increased scrapping activity,”

seatrade-global Wednesday, February 22, 2017 7:33:00 AM EAT

John Costas said : “Notwithstanding the negative consequences of the Hanjin bankruptcy, the company is currently in a position to fully service all of its operational and contractual financial obligations,”

worldmaritimenews Friday, December 16, 2016 4:41:00 PM EAT

John Costas stated : "We are disappointed that the Korean Development Bank has failed to support an important participant in the global containership business,"

marinelink Wednesday, November 2, 2016 8:49:00 AM EAT

John Costas added : "Danaos actively supported Hanjin in its efforts to restructure its operations and we are hopeful that Hanjin will be able to achieve a restructuring of its business and emerge from court receivership as a financially stronger company. We will closely monitor the process and seek to preserve the value of our assets for the benefit of our shareholders"

marinelink Wednesday, November 2, 2016 8:49:00 AM EAT

John Costas explained : "On the market front the situation is stagnant while the liner companies are struggling to absorb the influx of the mega containerships amidst a weak demand environment in the main-lane trades, particularly in the Europe - Far East trade with GDP in the Eurozone expected to marginally contract in 2013 and the growth figures in China not being as robust as initially anticipated," "The US economy seems to be rebounding but this is not in itself enough to drive a market improvement. The peripheral trades are doing much better and at the moment this is the only bright side of the market. The orderbook is currently at only 20% of the current fleet but it is clear that the surplus in shipyard capacity and the very low new building prices being offered pose a risk to the timing of the recovery of the market"

seatrade-global Tuesday, September 6, 2016 10:41:00 AM EAT

John Costas said : "We are disappointed that the Korean Development Bank has failed to support an important participant in the global containership business,"

seatrade-global Friday, September 2, 2016 8:06:00 AM EAT

John Costas said : "We are disappointed that the Korean Development Bank has failed to support an important participant in the global containership business,"

seatrade-global Friday, September 2, 2016 7:39:00 AM EAT

John Costas stated : “We are disappointed that the Korean Development Bank has failed to support an important participant in the global containership business,”

hellenicshippingnews Thursday, September 1, 2016 9:19:00 PM EAT

John Costas commented : “The fundamentals of the container market remain very challenging. For the first time since 2009, the Asia to Europe route, the most important trade lane in terms of teu miles, contracted by almost 3% in 2015. Moderate improvements in other trade lanes resulted in an increase in overall container trade growth of 2.5% in 2015,”

seatrade-global Friday, May 20, 2016 11:14:00 AM EAT

John Costas said : “Newbuilding orders have also come to a halt, teu newbuilding capacity scheduled to be delivered in 2016 is expected to be lower than 2015, while scrapping activity, which was rather low in 2015, is anticipated to accelerate in 2016. As a result, we expect that fleet growth will be in the region of 5% for 2016, which will help to correct the current imbalance,”

seatrade-global Friday, May 20, 2016 11:14:00 AM EAT