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 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