The following is a summary of the Danaos Corporation (DAC) Q1 2024 Earnings Call Transcript:
Financial Performance:
Danaos Corporation reported Q1 2024 adjusted EPS of $7.15 per share, or adjusted net income of $140 million, compared to adjusted EPS of $7.14 per share, or $145.3 million for Q1 2023.
Adjusted EBITDA declined by 1% to $177.2 million in Q1 2024, compared to $179 million in Q1 2023.
Danaos' net debt reduced to $134.3 million by the end of Q1 2024.
Business Progress:
Danaos performed necessary rechartering activity ahead of its forecasts and further increased its contracted revenue backlog by $423 million, raising it to $2.5 billion with an average charter duration of 2.9 years.
Danaos expanded its drybulk fleet, adding a Capesize vessel and aims for continuous fleet expansion supported by arranged conservative financing.
Leveraging global geopolitical uncertainties, Danaos is prioritizing growth opportunities.
More details: Danaos IR
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