Danaos Q3 profit up 24.8pc to US$47.3 million as sales rise 6.4pc
GREEK-based containership non-operating owner Danaos posted a 24
GREEK-based containership non-operating owner Danaos posted a 24.8 per cent year-on-year third quarter net profit increase to US$47.3 million drawn on revenues of $118 million, up 6.4 per cent.
Growth was driven by higher charter rates and a greater number of average ships chartered, said the company. Danaos also completed a $31.1 million share repurchase programme which caused significant appreciation in the company's shares.
'Looking forward, the company appears well-positioned, with four recent ship acquisitions: two 2009-built 6,520-TEU and two 9,000-TEU ships,' said Danaos.
'The company expects delivery of the two 9,000-TEU ships in January, which will have a positive impact on earnings for the full 2021 fiscal year. Combined with charter rates at a 10-year high, Danaos is poised to see decent earnings growth over the next year,' it said.
With significant debt reduction year on year, and significantly lower interest rates, Danaos' interest expense dropped by $12.5 million for the first nine months of the year.