Danaos Corporation, one of the world’s largest independent owners of containerships, reported unaudited results for the fourth quarter and the year ended December 31, 2023.

• In December 2023, we completed the acquisition of our 7th Capesize bulk carrier. This brings the total aggregate capacity of our Capesize bulk carriers fleet to 1,231,157 DWT as of December 31, 2023. Additionally, in February 2024, we entered into agreements to acquire 2 Capesize bulk carriers that aggregate 354,579 DWT.

• In February 2024 we added two additional 8,258 TEU newbuildings to our orderbook with expected deliveries during the fourth quarter of 2026 and first quarter of 2027, respectively. As a result, we now have 12 container vessels under construction with an aggregate capacity of 91,430 TEU, with expected deliveries of six vessels in 2024, two vessels in 2025, three vessels in 2026 and one vessel in 2027. All our newbuildings are designed with the latest eco characteristics, will be methanol fuel ready, fitted with Alternative Maritime Power Units and will all be built in accordance with the latest requirements of the International Maritime Organization in relation to Tier III emission standards and Energy Efficiency Design Index (EEDI) Phase III.

• As of the date of this release, Danaos has repurchased a total of 1,597,995 shares of its common stock in the open market for $99.2 million, under its share repurchase program of up to $100 million announced in June 2022. A $100 million increase to this program, for a total aggregate amount of $200 million, was approved by our Board on November 10, 2023.

• During the last three months we added approximately $43 million to our contracted revenue backlog through the arrangement of new charters for five container vessels in our fleet.

• As a result, total contracted cash operating revenues, on the basis of concluded charter contracts through the date of this release, are $2.3 billion. The remaining average contracted charter duration is 3.0 years, weighted by aggregate contracted charter hire.

• Contracted operating days charter coverage for our containership fleet is currently 95.8% for 2024 and 62.0% for 2025.

Danaos has declared a dividend of $0.80 per share of common stock for the fourth quarter of 2023, which is payable on March 14, 2024, to stockholders of record as of February 28, 2024. 3 of 21

Danaos’ CEO Dr. John Coustas commented:

“Danaos continued to deliver strong results in the fourth quarter of 2023, as geopolitical events continued to impact global shipping markets. Mostly recently, the conflict in the Middle East expanded to the seas with attacks on vessels in the Red Sea area. This dramatically altered trade routes and the performance of liner companies as most major companies decided to reroute their vessels away from the Suez Canal, sailing longer distances around the Cape of Good Hope to reach Europe. This in turn increased ton mile demand, leading to a capacity shortage that drove box rates significantly higher by up to 300%, while it is expected that box rates will remain elevated as long as the disruption continues. Against this backdrop, we have some secured additional charters for our vessels at very healthy levels.

In the fourth quarter of 2023, Danaos completed delivery of all seven Capesize vessels that we had agreed to acquire earlier in 2023. Subsequent to the end of the year, we entered into agreements to acquire two additional Capesize vessels as we continue to diversify our revenues and look to capture upside from a healthy dry bulk market. The market for Capesize vessels is showing unusual seasonal strength as Brazilian iron ore exports increase, the coal trade remains elevated, and demand for minor bulks like bauxite and agricultural commodities is following a global recovery. Recent stimulus measures in China aimed at supporting construction, infrastructure projects, and consumer demand is expected to keep demand steady as fleet growth begins to slow over the next two years. We continue to explore interesting opportunities in the dry bulk sector.

Danaos has also recently ordered two more 8,258 TEU vessels at Yangzijiang shipyard and we now have a total of four vessels under construction at that shipyard with deliveries scheduled for the second half of 2026 and the first quarter of 2027. All twelve vessels in our newbuilding program are methanol ready and are designed with the latest eco characteristics. Demand for shipyard delivery slots is very high as the industry is quickly moving to reduce carbon emissions by operating green vessels.

As we continue to execute our strategy, we remain focused on taking actions that will ultimately benefit our shareholders. Danaos is well positioned with a very strong balance sheet and significant revenue visibility into 2025. This provides us with the flexibility to return value to our shareholders through dividends and share repurchases and also pursue opportunities to ensure the long-term resilience of the company.”

Three months ended December 31, 2023 compared to the three months ended December 31, 2022

During the three months ended December 31, 2023, Danaos had an average of 68.0 container vessels and 4.5 Capesize bulk carriers compared to 69.8 container vessels during the three months ended December 31, 2022. Our container vessels utilization for the three months ended December 31, 2023 was 97.7% compared to 94.8% for the three months ended December 31, 2022. The increase in container vessels utilization was mainly due to the decreased days of scheduled dry-docking of our vessels.

Our adjusted net income amounted to $136.0 million, or $6.99 per share, for the three months ended December 31, 2023 compared to $141.7 million, or $6.99 per share, for the three months ended December 31, 2022. We have adjusted our net income in the three months ended December 31, 2023 for a $20.8 million change in fair value of investments, $6.3 million of stock based compensation and a $0.5 million non-cash fees amortization.

Adjusted net income of our container vessels segment amounted to $137.6 million for the three months ended December 31, 2023 compared to $141.7 million for the three months ended December 31, 2022.

We adjusted net income of container vessels segment in the three months ended December 31, 2023 for $6.1 million of stock based compensation and a $0.5 million non-cash fees amortization.

Adjusted net loss of our drybulk vessels segment amounted to $1.6 million for the three months ended December 31, 2023 compared to none for the three months ended December 31, 2022, as we were not engaged in the drybulk vessels segment during that period. We adjusted net loss of our drybulk vessels segment in the three months ended December 31, 2023 for $0.2 million of stock based compensation.

The $5.7 million decrease in adjusted net income for the three months ended December 31, 2023 compared to the three months ended December 31, 2022 is primarily attributable to a $17.0 million increase in total operating expenses, a $3.2 million decrease in operating revenues and a $0.1 million equity loss on investments, which were partially offset by a $7.5 million decrease in prior service cost of our defined benefit retirement plan, a $6.9 million decrease in net finance expenses and a $0.2 million increase in dividends received.

On a non-adjusted basis, our net income amounted to $149.9 million, or $7.70 earnings per diluted share, for the three months ended December 31, 2023 compared to net income of $152.7 million, or $7.54 earnings per diluted share, for the three months ended December 31, 2022. On a non-adjusted basis, the net income of our container vessels segment amounted to $131.0 million for the three months ended

December 31, 2023. On a non-adjusted basis, the net loss of our drybulk vessels segment amounted to $1.9 million for the three months ended December 31, 2023.

Full report: Danaos.com