container

 

Danaos said in its second-quarter results that shipping lines were quick to sign charters as the disruption in the Red Sea had consumed available capacity.

“The last few months brought continued market disruption as conditions in the Red Sea remained challenged and the Ukraine war persisted. Panama Canal crossings, however, returned to normal levels, eliminating that source of disruption for now. Market conditions have led liner companies to reassess their capacity requirement and rushed to secure tonnage, including tonnage with forward deliveries,” the company said in its earnings statement.

In addition, the company said environmental regulations have increased demand from container lines for modern capacity on medium-term charters.

In the past two months, Danaos said it added $900 million to its contracted revenue backlog — $203 million in two-year charters for nine existing containerships in its fleet and $679 million in new charters and contract extensions for newly built vessels.

In the second quarter of 2024, three new containerships were delivered to the company’s fleet, starting three charters, and the company ordered six new-build containerships at Chinese shipyards for delivery in 2027 and 2028.

Danaos currently has multi-year charters for 20 newbuildings, including three delivered in Q2, with an average term of 4.5 years. Charters to date represent $3.2 billion in revenue.

The percentage of the container fleet chartered for 2024 is 99% and 80% for 2025. In Q2 2024, Danaos reported revenue of $246.3 million, up from $241.5 million in the same period in 2023. Net profit was $141.2 million in Q2 2024, down from $147 million in Q2 2023.

 

Source: Phaata.com (via Seatrade-Maritime)

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