Danaos Corporation reported unaudited results for the quarter ended September 30, 2025, in which adjusted net income amounted to USD 124.1 million, or USD 6.75 per diluted share, compared to USD 126.8 million, or USD 6.50 per diluted share, in the third quarter of 2024.
The company adjusted its net income for an USD 8.4 million gain from the change in the fair value of investments, an USD 1.1 million loss from debt extinguishment, and an USD 0.8 million amortization of non-cash finance charges.
Adjusted net income for the containership segment amounted to USD 120.6 million (USD 125.1 million in 2024); and for the bulk carrier segment, to USD 3.4 million (USD 0.1 million).
The USD 2.7 million decrease in adjusted net income for the three months ended September 30, 2025, compared to the same period in 2024 is primarily due to a USD 6.1 million increase in total operating expenses; a USD 2.5 million decrease in dividends received, offset by a USD 1.0 million decrease in capital loss on investments, a USD 0.4 million decrease in net finance costs, and a USD 4.5 million increase in operating revenue.
On an unadjusted basis, net income was USD 130.6 million, or USD 7.11 earnings per diluted share (123.0 million or USD 6.30).
John Coustas, Chief Executive Officer of Danaos, commented that “the charter market remains strong and the idle fleet remains at historical lows. Demand for medium and large vessels continues unabated, and we have secured new charter contracts for ships that will enter service in early 2028. Available shipyard slots for 2028 deliveries are scarce and newbuilding prices continue to increase.”
“We have selectively extended our newbuilding program at prices below the market and have already secured multi-year contracts for these new orders. Following the IMO’s one-year deferral of its Net-Zero Emissions Framework, we anticipate that conventional fuels will continue to prevail in the medium term, even though the long-term decarbonization trajectory remains unchanged,” added Coustas.
