SeaNews Turkey - Danaos profit and revenue surges despite stagnation in container market

Wednesday, 19.Jun.2013, 20:31 (GMT+3)

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Danaos profit and revenue surges despite stagnation in container market

Danaos profit and revenue surges despite stagnation in container market

GREEK containership lessor Danaos Corporation posted 36 per cent pre-tax profit increase in second quarter to US$106.7 million year on year, drawn on revenues of $146.7 million, up 28 per cent.
Wednesday, 01.Aug.2012, 01:14 (GMT+3)

GREEK containership lessor Danaos Corporation posted 36 per cent pre-tax profit increase in second quarter to US$106.7 million year on year, drawn on revenues of $146.7 million, up 28 per cent.

First half pre-tax profit increased 41.5 per cent year on year $203.2 million, drawn revenues of $280.9 million, up 31.4 per cent, the New York-listed company announced.

"We continued to improve in revenue and net income while operating costs are being squeezed," said Danaos CEO John Coustas.

"The container market experienced a stagnation during this quarter and now, although demand for larger vessels in excess of 6,000 TEU remains reasonable, we have a standstill on smaller tonnage," said Dr Coustas.

Danaos said it managed to improve daily vessel operating cost to $5,995 per day for Q2 compared to $6,166 per day for the same period a year earlier.

During the second quarter of 2012, the company had also completed its newbuilding programme with the delivery of three newly built containerships with a total carrying capacity of 39,300 TEU, which have been all deployed on 12-year time charters. In addition, the company sold and delivered the Montreal, a 28 year old vessel, and realised a net gain on the sale of $800,000.

The remaining average charter duration of its fleet was 10.1 years at the end of June, while total contracted operating revenues were $5.2 billion as of June 30 through to 2028.

Since going public in 2006, the New York-listed company has more than tripled its container carrying capacity, which has been growing 21 per cent annually.

"The good news is that capacity management in the liner sector resulted in a stability of box rates and this fact in combination with the significant reduction in fuel oil costs will drive liner companies solidly in the black for the 2nd and 3rd quarters," said Dr Coustas.

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The 366 metres long container giant MSC BEATRICE passing through the Strait of Çanakkale (Dardanelles). Photo by Ahmet Güven.

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