ATHENS based Danaos Corporation, a leading international owner of containerships, has posted a 454 per cent increase in unaudited net profit of US$61.1 million.
Fourth quarter profit came in at US$13.4 million against a 2010 loss of $8.8 million, drawn on quarterly revenues of $128.3 million, which increased 27.7 per cent year on year.
"This year was one of the most eventful ones in recent history. The year started with a strong container market, but towards the end of the second quarter we started to experience weakness in all segments and liner companies started to lose pricing power," said Danaos CEO John Coustas.
"This was due to the combined effect of a fight for market share from industry leaders, the slowdown in Europe Far East trade due to the European debt crisis and the inflow of the substantial new capacity in this trade, the combined effect of which resulted in a new sharp deterioration of the box freight rates," said Dr Coustas.
"We continued to execute our newbuilding programme and during this last quarter we took delivery of two containerships of 8,530 TEU entering on 12 year time charters. The remaining newbuilding programme is on track as we have already taken delivery of a 13,100-TEU containership in February 2012 and five more vessels of 60,930 TEU in aggregate will be delivered through the end of the second quarter of 2012," he said.
SHIPPING NEWS
22 February 2012 - 23:04
Danaos posts profit increase of 454pc to US$13.4 million in 2011
ATHENS based Danaos Corporation, a leading international owner of containerships, has posted a 454 per cent increase in unaudited net profit of US$61.1 million.
SHIPPING NEWS
22 February 2012 - 23:04
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