John Coustas-led Danaos Corp has joined the feeder container vessel newbuilding bandwagon, while also aiming to expand its Capesize fleet with additional units
US-listed Danaos said in its Q3 earnings report that it has ordered six 1,800-TEU container vessels at an undisclosed shipyard, with deliveries scheduled between 2027 and 2029.
The owner has already secured 10-year charters for four of the newbuildings, adding approximately US$236M to its contracted revenue backlog.
According to the company’s fleet list, its smallest container ships currently have capacities of around 2,200 TEU and were built before 2000, underscoring the need for fleet renewal.
With this latest order – alongside the pair of 7,165-TEU vessels announced in late September – Danaos now fields an orderbook of 23 vessels totalling 153,350 TEU, largely concentrated in the mid-size segment.
“Demand for mid-size and larger vessels continues unabated, and we have secured new charters for vessels opening as far out as the beginning of 2028,” said Danaos chief executive Dr John Coustas.
“Shipyard slots for 2028 deliveries are becoming scarce and newbuilding prices continue to rise. We have selectively extended our newbuilding programme at below-market prices and have already secured multi-year employment for these new orders.”
Danaos has now arranged multi-year charters for 21 of its 23 newbuildings, with an average charter duration of approximately 5.8 years.
Total contracted cash operating revenues currently stand at US$4.1Bn, including newbuildings, based on all concluded charter agreements to date. The company’s container fleet has a remaining average contracted charter duration of 4.3 years, weighted by aggregate contracted hire.
Capesize expansion plans
Danaos has also re-entered the Capesize bulk carrier market, signing a memorandum agreement to acquire a vessel scheduled for delivery in Q1 2026.
Speaking during the company’s earnings call, Dr Coustas said Danaos aims to increase its exposure to the Capesize segment, focusing on selective opportunities in the secondhand market, as newbuildings are currently “unattractive.” He noted the company is now looking to identify high-quality tonnage.
The chief executive reiterated that Danaos has no intention of expanding into other bulk carrier sizes.
Dr Coustas also commented that the company remains satisfied with its investment in Greece-based Star Bulk, saying “there is room for appreciation.”
On a fully delivered basis, Danaos will oversee a fleet of 11 Capesize bulk carriers, aggregating roughly 1.9M dwt.
Improved financial performance
Danaos reported operating revenue of US$261M in Q3 2025, up from US$256M a year earlier. Net income rose to US$131M from US$123M.
For the January–September 2025 period, operating revenue reached US$776M (up from US$756M), while net income totalled US$377M (down from US$415M).
Commenting on market conditions, Dr Coustas said the recent easing of trade and tariff tensions between the United States and China has allowed trade flows to resume unimpeded.
He added the “redirection of Chinese exports to the EU and other countries kept trading activity and container traffic at an all-time high during the third quarter of the year.”
“The charter market remains robust, and the idle fleet is at an all-time low,” Dr Coustas said.
