Danaos Corporation Reports Second Quarter and Half Year Results for the Period Ended June 30, 2025

ATHENS, Greece, Aug. 4, 2025 /PRNewswire/ -- Danaos Corporation ("Danaos") (NYSE: DAC), one of the world's largest independent owners of container vessels and drybulk vessels, today reported unaudited results for the period ended June 30, 2025.

	Financial Summary Three Months Ended June 30, 2025 and Three Months Ended June 30, 2024 Unaudited (Expressed in thousands of United States dollars, except as otherwise stated)
				Three Months Ended								Three Months Ended
				June 30, 2025								June 30, 2024
	Financial & Operating Metrics			Container Vessels		Dry bulk Vessels		Other		Total		Container Vessels		Dry bulk Vessels		Other		Total
	Operating Revenues			$239,446		$22,708		-		$262,154		$230,586		$15,720		-		$246,306
	Voyage Expenses, excl. commissions			$(442)		$(6,424)		-		$(6,866)		$(448)		$(3,269)		-		$(3,717)
	Time Charter Equivalent Revenues (1)			$239,004		$16,284		-		$255,288		$230,138		$12,451		-		$242,589
	Net income			$115,893		$266		$14,745		$130,904		$133,683		$2,290		$5,179		$141,152
	Adjusted net income(2)			$116,680		$266		$11		$116,957		$127,063		$2,290		$2,955		$132,308
	Earnings per share, basic									$7.14								$7.30
	Earnings per share, diluted									$7.12								$7.23
	Adjusted earnings per share, diluted (2)									$6.36								$6.78
	Operating Days			6,623		908		-				6,088		604		-
	Time Charter Equivalent $/day (1)			$36,087		$17,934		-				$37,802		$20,614		-
	Ownership days			6,734		910		-				6,253		694		-
	Average number of vessels			74.0		10.0		-				68.7		7.6		-
	Fleet Utilization			98.4 %		99.8 %		-				97.4 %		87.0 %		-
	Adjusted EBITDA (2)			$170,163		$5,898		$(20)		$176,041		$169,121		$4,712		$2,955		$176,788
	Consolidated Balance Sheet & Leverage Metrics						As of June 30, 2025							As of December 31, 2024
	Cash and cash equivalents									$546,164								$453,384
	Availability under Revolving Credit Facility									$270,000								$292,500
	Marketable securities (3)									$107,919								$60,850
	Total cash liquidity & marketable securities(4)									$924,083								$806,734
	Debt, gross of deferred finance costs									$770,326								$744,546
	Net Debt (5)									$224,162								$291,162
	LTM Adjusted EBITDA (6)									$716,338								$722,615
	Net Debt / LTM Adjusted EBITDA									0.31x								0.40x
1.		Time charter equivalent revenues and time charter equivalent US$/day are non-GAAP measures. Refer to the reconciliation provided in the appendix.
2.		Adjusted net income, adjusted earnings per share and adjusted EBITDA are non-GAAP measures. Refer to the reconciliation of net income to adjusted net income and adjusted earnings per share; and net income to adjusted EBITDA provided below.
3.		Marketable securities refer to fair value of 6,256,181 and 4,070,214 shares of common stock of SBLK on June 30, 2025 and December 31, 2024 respectively.
4.		Total cash liquidity & marketable securities includes: (i) cash and cash equivalents, (ii) availability under our Revolving Credit Facility and (iii) marketable securities.
5.		Net Debt is defined as total debt gross of deferred finance costs less cash and cash equivalents.
6.		Last twelve months Adjusted EBITDA. Refer to the reconciliation provided below.

For management purposes, the Company is organized based on operating revenues generated from container vessels and dry-bulk vessels and has two reporting segments: (1) a container vessels segment and (2) a dry-bulk vessels segment. The Company measures segment performance based on net income. Items included in the applicable segment's net income are directly allocated to the extent that the items are directly or indirectly attributable to the segments. With regards to the items that are allocated by indirect calculations, their allocation is commensurate to the utilization of key resources. The Other column includes components that are not allocated to any of the Company's reportable segments and includes investments in an affiliate accounted for using the equity method of accounting and investments in marketable securities.

	Financial Summary Six Months Ended June 30, 2025 and Six Months Ended June 30, 2024 Unaudited (Expressed in thousands of United States dollars, except as otherwise stated)
				Six Months Ended								Six Months Ended
				June 30, 2025								June 30, 2024
	Financial & Operating Metrics			Container Vessels		Dry bulk Vessels		Other		Total		Container Vessels		Dry bulk Vessels		Other		Total
	Operating Revenues			$475,636		$39,825		-		$515,461		$463,997		$35,758		-		$499,755
	Voyage Expenses, excl. commissions			$(749)		$(14,794)		-		$(15,543)		$(936)		$(14,096)		-		$(15,032)
	Time Charter Equivalent Revenues (1)			$474,887		$25,031		-		$499,918		$463,061		$21,662		-		$484,723
	Net income/(loss)			$234,938		$(6,276)		$17,389		$246,051		$272,042		$2,627		$16,981		$291,650
	Adjusted net income / (loss) (2)			$236,483		$(6,276)		$172		$230,379		$265,919		$2,627		$3,778		$272,324
	Earnings per share, basic									$13.27								$15.05
	Earnings per share, diluted									$13.24								$14.92
	Adjusted earnings per share, diluted (2)									$12.39								$13.93
	Operating Days			13,074		1,740		-				12,107		1,200		-
	Time Charter Equivalent $/day (1)			$36,323		$14,386		-				$38,247		$18,052		-
	Ownership days			13,371		1,810		-				12,438		1,331		-
	Average number of vessels			73.9		10.0		-				68.3		7.3		-
	Fleet Utilization			97.8 %		96.1 %		-				97.3 %		90.2 %		-
	Adjusted EBITDA (2)			$343,051		$4,549		$114		$347,714		$343,309		$6,904		$3,778		$353,991
1.		Time charter equivalent revenues and time charter equivalent US$/day are non-GAAP measures. Refer to the reconciliation provided in the appendix.
2.		Adjusted net income/(loss), adjusted earnings per share and adjusted EBITDA are non-GAAP measures. Refer to the reconciliation of net income to adjusted net income and adjusted earnings per share; and net income to adjusted EBITDA provided below.

Highlights for the Second Quarter and Half Year Results Ended June 30, 2025:

• In June 2025, we added one 6,014 TEU newbuilding containership to our orderbook, which has expected delivery in 2027. We took delivery of 6 newbuilding containerships in 2024 and 1 in January 2025.
• Our remaining orderbook currently consists of 16 newbuilding containership vessels with an aggregate capacity of 134,234 TEU with expected deliveries of one vessel in 2025, three vessels in 2026, ten vessels in 2027 and two vessels in 2028. All the vessels in our orderbook are designed with the latest eco characteristics, will be methanol fuel ready, fitted with open loop scrubbers (except for two 6,014 TEU vessels) and Alternative Maritime Power (AMP) units and will be built in accordance with the latest requirements of the International Maritime Organization (IMO) in relation to Tier III emission standards and Energy Efficiency Design Index (EEDI) Phase III.
• We have secured multi-year charter arrangements for all of our 16 newbuilding vessels orderbook, with an average charter duration of approximately 5.2 years weighted by aggregate contracted charter hire.
• Since the date of the previous earnings release, we added approximately $113 million to our contracted revenue backlog through a combination of a new charter for our recent containership newbuilding vessel and charter extensions for three of our existing container vessels.
• As a result, total contracted cash operating revenues, on the basis of concluded charter contracts through the date of this release, currently stand at $3.6 billion, including newbuildings. The remaining average contracted charter duration for our containership fleet is 3.8 years, weighted by aggregate contracted charter hire.
• Contracted operating days charter coverage for our container vessel fleet is currently 99% for 2025 and 88% for 2026. This includes newbuildings based on their scheduled delivery dates.
• As of the date of this release, Danaos has repurchased a total of 2,937,158 shares of its common stock in the open market for $205.7 million under its recently upsized $300 million authorized share repurchase program that was originally introduced in June 2022 and was upsized twice in $100 million increments, in November 2023 and in April 2025.
• Danaos has declared a dividend of $0.85 per share of common stock for the Second Quarter of 2025. The dividend is payable on August 28, 2025, to stockholders of record as of August 19, 2025.

Danaos' CEO Dr. John Coustas commented:

As we move through the second half of the year, some uncertainties around global trade are beginning to subside. In particular, there is increasing clarity about tariffs, many of which have been or are being finalized at much lower rates than feared. While tariffs on imports to the U.S. will be much higher than historic averages, the U.S. economy is stable, and the American consumer keeps purchasing foreign goods. As inventories normalize, we anticipate a gradual improvement in trade flows.

Geopolitically, there have been no major shifts, with the conflicts in Ukraine and Gaza ongoing. The absence of further escalation is somewhat reassuring, though the potential for volatility remains elevated. We continue to monitor developments closely, but we have not seen any new disruptions to global shipping routes in the past quarter.

Against this backdrop, we are maintaining our disciplined approach to capital allocation. We are not broadly participating in the current wave of speculative ordering, particularly in the feeder segment, where pricing appears disconnected from long-term fundamentals, and are only pursuing investments that meet our return criteria. In the second quarter, we added one additional 6,000 TEU vessel to our orderbook at a shipyard with which we have an existing relationship. Importantly, this vessel has already been fixed on a five year charter to a long standing client, locking in visibility and attractive returns.

Our chartering strategy continues to deliver results. We added approximately $113 million to our contracted revenue backlog since the previous earnings release, and our $3.6 billion total contracted revenue base provides meaningful insulation from short-term market fluctuations. Our contracted charter coverage stands at 99% for 2025 and 88% for 2026, including newbuildings scheduled for delivery during this period.

On the dry bulk side, we saw some seasonal firming in the market, but broader weakness persists, largely due to deflationary conditions in China. While we continue to evaluate opportunities in the sector, asset values for modern tonnage remain elevated, and we are in no rush to commit capital in an uncertain macroeconomic environment.

From a financial perspective, we remain in an enviable position. With minimal leverage and a growing base of contracted earnings, we have the luxury of patience. Our strong balance sheet and cash generation capacity provide ample firepower to support our strategic priorities and position Danaos for long-term success. We continue to focus on disciplined execution, operational excellence, and value creation for our shareholders.

Three months ended June 30, 2025 compared to the three months ended June 30, 2024

During the three months ended June 30, 2025, Danaos had an average of 74 container vessels and 10 drybulk vessels compared to 68.7 container vessels and 7.6 drybulk vessels during the three months ended June 30, 2024. Our container vessels utilization for the three months ended June 30, 2025 was 98.4% compared to 97.4% in the three months ended June 30, 2024. Our drybulk vessels utilization for the three months ended June 30, 2025 was 99.8% compared to 87.0% in the three months ended June 30, 2024.

Our adjusted net income amounted to $117.0 million, or $6.36 per diluted share, for the three months ended June 30, 2025 compared to $132.3 million, or $6.78 per diluted share, for the three months ended June 30, 2024. We have adjusted our net income in the three months ended June 30, 2025 for a $14.7 million change in fair value of investments and a $0.8 million of non-cash finance fees amortization.

Adjusted net income of our container vessels segment amounted to $116.7 million for the three months ended June 30, 2025 compared to $127.1 million for the three months ended June 30, 2024. We adjusted net income of container vessels segment in the three months ended June 30, 2025 for a $0.8 million of non-cash finance fees amortization.

Adjusted net income of our drybulk vessels segment amounted to $0.3 million income for the three months ended June 30, 2025 compared to $2.3 million income for the three months ended June 30, 2024.

The $15.3 million decrease in adjusted net income for the three months ended June 30, 2025 compared to the three months ended June 30, 2024 is primarily attributable to a $24.7 million increase in total operating expenses, a $3.6 million increase in net finance expenses, a $2.7 million decrease in dividends received, and a $0.2 million increase in equity loss on investments, partially off-set by a $15.9 million increase in operating revenues.

Please refer to the Adjusted Net Income reconciliation tables, which appear later in this earnings release.

On a non-adjusted basis, our net income amounted to $130.9 million, or $7.12 earnings per diluted share, for the three months ended June 30, 2025 compared to net income of $141.2 million, or $7.23 earnings per diluted share, for the three months ended June 30, 2024. Our net income for the three months ended June 30, 2025 includes $14.7 million gain on marketable securities compared to $2.2 million gain on marketable securities in the three months ended June 30, 2024. On a non-adjusted basis, the net income of our container vessels segment amounted to $115.9 million for the three months ended June 30, 2025 compared to $133.7 million for the three months ended June 30, 2024. On a non-adjusted basis, the net income of our drybulk vessels segment amounted to $0.3 million net income for the three months ended June 30, 2025 compared to $2.3 million income for the three months ended June 30, 2024.

Operating Revenues
Operating revenues increased by $15.9 million, to $262.2 million in the three months ended June 30, 2025 from $246.3 million in the three months ended June 30, 2024.

Operating revenues of our container vessels segment increased by 3.9%, or $8.9 million, to $239.4 million in the three months ended June 30, 2025, compared to $230.5 million in the three months ended June 30, 2024, analyzed as follows:

• $19.7 million increase in revenues as a result of newbuilding containership vessel additions;
• $2.7 million increase in revenues as a result of higher fleet utilization between the two periods;
• $8.2 million decrease in revenues as a result of lower charter rates between the two periods; and
• $5.3 million decrease in revenues due to lower non-cash revenue recognition in accordance with US GAAP.

Operating revenues of our drybulk vessels segment increased by 44.3%, or $7.0 million, to $22.8 million in the three months ended June 30, 2025, compared to $15.8 million of revenues in the three months ended June 30, 2024, analyzed as follows:

• $6.9 million increase in revenues as a result of dry bulk vessel acquisitions; and
• $0.1 million net increase in revenues as a result of higher dry bulk vessel utilization partially offset by lower charter rates between the two periods.

Vessel Operating Expenses
Vessel operating expenses increased by $9.3 million to $56.4 million in the three months ended June 30, 2025 from $47.1 million in the three months ended June 30, 2024, primarily as a result of the increase in the average number of vessels in our fleet due to container vessel newbuilding deliveries and dry bulk vessels acquisitions, combined with an increase in the average daily operating cost of our vessels to $7,556 per vessel per day for the three months ended June 30, 2025 compared to $6,961 per vessel per day for the three months ended June 30, 2024, mainly due to increased total repairs & maintenance expenses between the two periods. Management believes that our daily operating costs remain among the most competitive in the industry.

Depreciation & Amortization
Depreciation & Amortization includes Depreciation and Amortization of Deferred Dry-docking and Special Survey Costs.

Depreciation
Depreciation expense increased by $5.3 million, to $40.7 million in the three months ended June 30, 2025 from $35.4 million in the three months ended June 30, 2024, due to the increase in the average number of vessels in our fleet.

Amortization of Deferred Dry-docking and Special Survey Costs
Amortization of deferred dry-docking and special survey costs increased by $4.5 million to $11.5 million in the three months ended June 30, 2025, from $7.0 million in the three months ended June 30, 2024, reflecting a larger number of vessels drydocked for which vessels drydocking amortization costs were recognized during the three months ended June 30, 2025 compared to the three months ended June 30, 2024.

General and Administrative Expenses
General and administrative expenses decreased by $0.1 million, to $11.2 million in the three months ended June 30, 2025 from $11.3 million in the three months ended June 30, 2024.

Other Operating Expenses
Other Operating Expenses include Voyage Expenses.

Voyage Expenses
Voyage expenses increased by $4.1 million to $16.8 million in the three months ended June 30, 2025 from $12.7 million in the three months ended June 30, 2024, mainly driven by a $3.6 million increase in voyage expenses of our dry bulk vessels, attributed to the different mix of time charter and voyage charter contracts under which our dry bulk vessels were deployed between the two periods.

Voyage expenses of our container vessels segment increased by $0.4 million to $8.9 million in the three months ended June 30, 2025, from $8.5 million in the three months ended June 30, 2024, mainly due to increased commissions. For the three months ended June 30, 2025, total voyage expenses of our container vessels comprised of $8.5 million in commissions and $0.4 million in other voyage expenses, compared to $8.0 million in commissions and $0.5 million in other voyage expenses for the three months ended June 30, 2024.

Voyage expenses of our drybulk vessels segment increased by $3.7 million to $7.9 million in the three months ended June 30, 2025 compared to $4.2 million voyage expenses in the three months ended June 30, 2024. For the three months ended June 30, 2025, voyage expenses of our drybulk vessels comprised of $1.5 million in commissions and $6.4 million in other voyage expenses, mainly comprised of bunkers cost and port expenses, compared to $0.9 million in commissions and $3.3 million in other voyage expenses for the three months ended June 30, 2024.

Interest Expense and Interest Income
Interest expense increased by $4.6 million, to $9.7 million, in the three months ended June 30, 2025 from $5.1 million in the three months ended June 30, 2024. The increase in interest expense is a result of:

• $3.5 million increase in interest expense due to an increase in our average indebtedness by $264.9 million between the two periods. Average indebtedness was $776.9 million in the three months ended June 30, 2025, compared to average indebtedness of $512.0 million in the three months ended June 30, 2024. This increase was also partially offset by a decrease in our debt service cost by approximately 0.9% as a result of lower SOFR rates between the two periods;
• $0.8 million increase in interest expense due to a decrease in the amount of interest expense capitalized on our vessels under construction that was $4.8 million in the three months ended June 30, 2025, when compared to capitalized interest of $5.6 million in the three months ended June 30, 2024; and
• $0.3 million increase in the amortization of deferred finance costs between the two periods.

As of June 30, 2025, our outstanding debt, gross of deferred finance costs, was $770.3 million, which included $262.8 million principal amount of our Senior Notes. These balances compare to debt of $577.8 million, which included $262.8 million principal amount of our Senior Notes, gross of deferred finance costs, as of June 30, 2024. The increase in our outstanding debt is due to loans drawn down to partially finance our container vessel newbuilding deliveries.

Interest income increased by $0.8 million to $3.7 million in the three months ended June 30, 2025 compared to $2.9 million in the three months ended June 30, 2024, mainly driven by higher average cash balances between the two periods.

Gain on investments
The $15.0 million gain on investments in the three months ended June 30, 2025 consisted of the change in fair value of our shareholding interest in Star Bulk Carriers Corp. ("SBLK") of $14.7 million and dividend income on these shares of $0.3 million. This compares to a $5.3 million gain on investments in the three months ended June 30, 2024, representing a $2.2 million change in fair value on our Star Bulk Carriers Corp. ("SBLK") shareholding interest and dividend income on these shares of $3.1 million.

Equity loss on investments
Equity loss on investments amounting to $0.3 million loss and $0.1 million loss in the three months June 30, 2025 and June 30, 2024, respectively, relates to our share of expenses of Carbon Termination Technologies Corporation ("CTTC"), currently engaged in the research and development of decarbonization technologies for the shipping industry.

Other finance expenses
Other finance expenses increased by $0.1 million to $1.0 million in the three months ended June 30, 2025 compared to $0.9 million in the three months ended June 30, 2024.

Loss on derivatives
Amortization of deferred realized losses on interest rate swaps remained stable at $0.9 million in each of the three months ended June 30, 2025 and June 30, 2024.

Other income/(expenses), net
Other income/(expenses), net amounted to an expense of $1.4 million in the three months ended June 30, 2025 compared to an expense of $0.1 million in the three months ended June 30, 2024.

Adjusted EBITDA
Adjusted EBITDA decreased by 0.5%, or $0.8 million, to $176.0 million in the three months ended June 30, 2025 from $176.8 million in the three months ended June 30, 2024. The decrease was attributed to (i) $14.6 million increase in total operating expenses, (ii) $0.1 million increase in net financing expenses, (iii) $2.7 million decrease in dividends received and (iv) $0.2 million increase in equity loss on investments offset by (v) $16.8 million increase in operating revenues. Adjusted EBITDA for the three months ended June 30, 2025 is adjusted for a $14.7 million change in fair value of investments and stock based compensation of $0.1 million. Tables reconciling Adjusted EBITDA to Net Income can be found at the end of this earnings release.

Adjusted EBITDA of container vessels segment increased by 0.7%, or $1.1 million, to $170.2 million in the three months ended June 30, 2025 from $169.1 million in the three months ended June 30, 2024.

Adjusted EBITDA of drybulk vessels segment increased by $1.2 million to $5.9 million in the three months ended June 30, 2025 from $4.7 million in the three months ended June 30, 2024.

Six months ended June 30, 2025 compared to the six months ended June 30, 2024

During the six months ended June 30, 2025, Danaos had an average of 73.9 container vessels and 10 drybulk vessels compared to 68.3 container vessels and 7.3 drybulk vessels during the six months ended June 30, 2024. Our container vessels utilization for the six months ended June 30, 2025 was 97.8% compared to 97.3% in the six months ended June 30, 2024. Our drybulk vessels utilization for the six months ended June 30, 2025 was 96.1% compared to 90.2% in the six months ended June 30, 2024.

Our adjusted net income amounted to $230.4 million, or $12.39 per diluted share, for the six months ended June 30, 2025 compared to $272.3 million, or $13.93 per diluted share, for the six months ended June 30, 2024. We have adjusted our net income in the six months ended June 30, 2025 for a $17.2 million change in fair value of investments and a $1.5 million of non-cash finance fees amortization.

Adjusted net income of our container vessels segment amounted to $236.5 million for the six months ended June 30, 2025 compared to $265.9 million for the six months ended June 30, 2024. We adjusted net income of container vessels segment in the six months ended June 30, 2025 for a $1.5 million of non-cash finance fees amortization.

Adjusted net income / loss of our drybulk vessels segment amounted to $6.3 million loss for the six months ended June 30, 2025 compared to $2.6 million income for the six months ended June 30, 2024.

The $41.9 million decrease in adjusted net income for the six months ended June 30, 2025 compared to the six months ended June 30, 2024 is primarily attributable to a $44.2 million increase in total operating expenses, a $9.7 million increase in net finance expenses, a $3.3 million decrease in dividends received, a $0.4 million increase in equity loss on investments, partially off-set by a $15.7 million increase in operating revenues.

Please refer to the Adjusted Net Income reconciliation tables, which appear later in this earnings release.

On a non-adjusted basis, our net income amounted to $246.1 million, or $13.24 earnings per diluted share, for the six months ended June 30, 2025 compared to net income of $291.7 million, or $14.92 earnings per diluted share, for the six months ended June 30, 2024. Our net income for the six months ended June 30, 2025 includes $17.2 million gain on marketable securities compared to $13.2 million gain on marketable securities in the six months ended June 30, 2024. On a non-adjusted basis, the net income of our container vessels segment amounted to $234.9 million for the six months ended June 30, 2025 compared to $272.0 million for the six months ended June 30, 2024. On a non-adjusted basis, the net income / loss of our drybulk vessels segment amounted to $6.3 million loss for the six months ended June 30, 2025 compared to $2.6 million income for the six months ended June 30, 2024.

Operating Revenues
Operating revenues increased by $15.7 million, to $515.5 million in the six months ended June 30, 2025 from $499.8 million in the six months ended June 30, 2024.

Operating revenues of our container vessels segment increased by 2.5%, or $11.7 million, to $475.7 million in the six months ended June 30, 2025, compared to $464.0 million in the six months ended June 30, 2024, analyzed as follows:

• $43.6 million increase in revenues as a result of newbuilding containership vessel additions;
• $17.5 million decrease in revenues as a result of lower charter rates between the two periods;
• $10.7 million decrease in revenues due to lower non-cash revenue recognition in accordance with US GAAP;
• $3.5 million decrease in revenues as a result of lower fleet utilization between the two periods; and
• $0.2 million decrease in revenues due to the disposal of one containership vessel.

Operating revenues of our drybulk vessels segment increased by 11.2%, or $4.0 million, to $39.8 million in the six months ended June 30, 2025, compared to $35.8 million of revenues in the six months ended June 30, 2024, analyzed as follows:

• $13.0 million increase in revenues as a result of dry bulk vessel acquisitions; and
• $9.0 million net decrease in revenues as a result of lower charter rates partially offset by higher fleet utilization between the two periods.

Vessel Operating Expenses
Vessel operating expenses increased by $17.9 million to $108.1 million in the six months ended June 30, 2025 from $90.2 million in the six months ended June 30, 2024, primarily as a result of the increase in the average number of vessels in our fleet due to container vessel newbuilding deliveries and dry bulk vessels acquisitions, combined with an increase in the average daily operating cost of our vessels to $7,294 per vessel per day for the six months ended June 30, 2025 compared to $6,729 per vessel per day for the six months ended June 30, 2024, mainly due to increased total repairs & maintenance expenses between the two periods. Management believes that our daily operating costs remain among the most competitive in the industry.

Depreciation & Amortization
Depreciation & Amortization includes Depreciation and Amortization of Deferred Dry-docking and Special Survey Costs.

Depreciation
Depreciation expense increased by $11.5 million, to $80.7 million in the six months ended June 30, 2025 from $69.2 million in the six months ended June 30, 2024, due to the increase in the average number of vessels in our fleet.

Amortization of Deferred Dry-docking and Special Survey Costs
Amortization of deferred dry-docking and special survey costs increased by $10.1 million to $22.5 million in the six months ended June 30, 2025, from $12.4 million in the six months ended June 30, 2024, reflecting a larger number of vessels drydocked for which vessels drydocking amortization costs were recognized during the six months ended June 30, 2025 compared to the six months ended June 30, 2024.

General and Administrative Expenses
General and administrative expenses increased by $1.9 million, to $23.4 million in the six months ended June 30, 2025 from $21.5 million in the six months ended June 30, 2024. The increase was mainly attributable to $1.6 million higher management fees due to the increase in the average number of vessels in our fleet and a $0.3 million increase in corporate general and administrative expenses.

Other Operating Expenses
Other Operating Expenses include Voyage Expenses.

Voyage Expenses
Voyage expenses increased by $1.9 million to $34.9 million in the six months ended June 30, 2025 from $33.0 million in the six months ended June 30, 2024, mainly driven by a $1.4 million increase in commissions.

Voyage expenses of our container vessels segment increased by $1.0 million to $17.7 million in the six months ended June 30, 2025, from $16.7 million in the six months ended June 30, 2024, mainly due to increased commissions. For the six months ended June 30, 2025, total voyage expenses of our container vessels comprised of $17.0 million in commissions and $0.7 million in other voyage expenses compared to $15.8 million in commissions and $0.9 million in other voyage expenses for the six months ended June 30, 2024.

Voyage expenses of our drybulk vessels segment increased by $0.9 million to $17.2 million in the six months ended June 30, 2025 compared to $16.3 million voyage expenses in the six months ended June 30, 2024. For the six months ended June 30, 2025, voyage expenses of our drybulk vessels comprised of $2.4 million in commissions and $14.8 million in other voyage expenses, mainly comprised of bunkers cost and port expenses, compared to $2.2 million in commissions and $14.1 million in other voyage expenses for the six months ended June 30, 2024.

Interest Expense and Interest Income
Interest expense increased by $11.5 million, to $19.7 million, in the six months ended June 30, 2025 from $8.2 million in the six months ended June 30, 2024. The increase in interest expense is a result of:

• $8.7 million increase in interest expense due to an increase in our average indebtedness by $314.4 million between the two periods. Average indebtedness was $777.2 million in the six months ended June 30, 2025, compared to average indebtedness of $462.8 million in the six months ended June 30, 2024. This increase was also partially offset by a decrease in our debt service cost by approximately 1% as a result of lower SOFR rates between the two periods;
• $2.2 million increase in interest expense due to a decrease in the amount of interest expense capitalized on our vessels under construction that was $9.3 million in the six months ended June 30, 2025, when compared to capitalized interest of $11.5 million in the six months ended June 30, 2024; and
• $0.6 million increase in the amortization of deferred finance costs between the two periods.

As of June 30, 2025, our outstanding debt, gross of deferred finance costs, was $770.3 million, which included $262.8 million principal amount of our Senior Notes. These balances compare to debt of $577.8 million, which included $262.8 million principal amount of our Senior Notes, gross of deferred finance costs, as of June 30, 2024. The increase in our outstanding debt is due to loans drawn down to partially finance our container vessel newbuilding deliveries.

Interest income increased by $1.5 million to $7.3 million in the six months ended June 30, 2025 compared to $5.8 million in the six months ended June 30, 2024, mainly driven by higher average cash balances between the two periods.

Gain on investments
The $17.9 million gain on investments in the six months ended June 30, 2025 consisted of the change in fair value of our shareholding interest in Star Bulk Carriers Corp. ("SBLK") of $17.2 million and dividend income on these shares of $0.7 million. This compares to a $17.2 million gain on investments in the six months ended June 30, 2024, representing an $13.2 million change in fair value on our Star Bulk Carriers Corp. ("SBLK") shareholding interest and dividend income on these shares of $4.0 million.

Equity loss on investments
Equity loss on investments amounting to $0.6 million and $0.2 million loss in the six months June 30, 2025 and June 30, 2024, respectively, relates to our share of expenses of Carbon Termination Technologies Corporation ("CTTC"), currently engaged in the research and development of decarbonization technologies for the shipping industry.

Other finance expenses
Other finance expenses increased by $0.3 million to $2.0 million in the six months ended June 30, 2025 compared to $1.7 million in the six months ended June 30, 2024.

Loss on derivatives
Amortization of deferred realized losses on interest rate swaps remained stable at $1.8 million in each of the six months ended June 30, 2025 and June 30, 2024.

Other income/(expenses), net
Other income/expenses, net amounted to expense of $0.9 million in the six months ended June 30, 2025 compared to income of $0.2 million in the six months ended June 30, 2024.

Adjusted EBITDA
Adjusted EBITDA decreased by 1.8%, or $6.3 million, to $347.7 million in the six months ended June 30, 2025 from $354.0 million in the six months ended June 30, 2024. This decrease was attributed to (i) a $22.5 million increase in total operating expenses, (ii) a $0.4 million increase in net finance expenses, (iii) a $3.3 million decrease in dividends received and (iv) a $0.4 million increase in equity loss on investments partially offset by (v) a $20.3 million increase in operating revenues (excluding $4.5 million decrease in amortization of assumed time-charters). Adjusted EBITDA for the six months ended June 30, 2025 is adjusted for a $17.2 million change in fair value of investments and stock based compensation of $0.3 million.

Adjusted EBITDA of container vessels segment decreased by 0.1%, or $0.2 million, to $343.1 million in the six months ended June 30, 2025 from $343.3 million in the six months ended June 30, 2024.

Adjusted EBITDA of drybulk vessels segment decreased by $2.4 million to $4.5 million in the six months ended June 30, 2025 from $6.9 million in the six months ended June 30, 2024.

Dividend Payment
Danaos has declared a dividend of $0.85 per share of common stock for the Second Quarter of 2025, which is payable on August 28, 2025, to stockholders of record as of August 19, 2025.

Conference Call and Webcast
On Tuesday, August 5, 2025 at 9:00 A.M. ET, the Company's management will host a conference call to discuss the results.

Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 877 270 2148 (US Toll Free Dial In), 0800 279 9489 (UK Toll Free Dial In) or [phone] (Standard International Dial In). Please indicate to the operator that you wish to join the Danaos Corporation earnings call.

A telephonic replay of the conference call will be available until August 12, 2025 by dialing 1 877 344 7529 (US Toll Free Dial In) or 1-412-317-0088 (Standard International Dial In) and using 5422088# as the access code.

Audio Webcast
There will also be a live and then archived webcast of the conference call on the Danaos website (www.danaos.com). Participants of the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

Slide Presentation
A slide presentation regarding the Company and the container and dry bulk industry will also be available on the Danaos website (www.danaos.com).

About Danaos Corporation
Danaos Corporation is one of the largest independent owners of modern, large-size container vessels. Our current fleet of 74 container vessels aggregating 471,477 TEUs and 16 under construction container vessels aggregating 134,234 TEUs ranks Danaos among the largest container vessels charter owners in the world based on total TEU capacity. Danaos has also recently invested in the dry bulk sector with the acquisition of 10 capesize drybulk vessels aggregating 1,760,861 DWT. Our container vessels fleet is chartered to many of the world's largest liner companies on fixed-rate charters. Our long track record of success is predicated on our efficient and rigorous operational standards and environmental controls. Danaos Corporation's shares trade on the New York Stock Exchange under the symbol "DAC".

Forward-Looking Statements
Matters discussed in this release may constitute forward-looking statements within the meaning of the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions. Although Danaos Corporation believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, Danaos Corporation cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, geopolitical conditions, including any trade disruptions resulting from tariffs or other protectionist measures imposed by the United States or other countries, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydocking, changes in Danaos Corporation's operating expenses, including bunker prices, drydocking and insurance costs, our ability to operate profitably in the drybulk sector, performance of shipyards constructing our contracted newbuilding vessels, ability to obtain financing and comply with covenants in our financing arrangements, actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, including the conflict in Ukraine and related sanctions, the conflict in Israel and the Gaza Strip, potential disruption of shipping routes such as Houthi attacks in the Red Sea and the Gulf of Aden, due to accidents and political events or acts by terrorists.

Risks and uncertainties are further described in reports filed by Danaos Corporation with the U.S. Securities and Exchange Commission.

Visit our website at www.danaos.com

APPENDIX

Container vessels fleet utilization
Vessel Utilization (No. of Days)		Three months ended		Three months ended		Six months ended		Six months ended
		June 30,		June 30,		June 30,		June 30,
		2025		2024		2025		2024
Ownership Days		6,734		6,253		13,371		12,438
Less Off-hire Days:
Scheduled Off-hire Days		(103)		(95)		(270)		(162)
Other Off-hire Days		(8)		(70)		(27)		(169)
Operating Days		6,623		6,088		13,074		12,107
Vessel Utilization		98.4 %		97.4 %		97.8 %		97.3 %
Operating Revenues (in '000s of US$)		$239,446		$230,586		$475,636		$463,997
Less: Voyage Expenses excluding commissions (in '000s of US$)		(442)		(448)		(749)		(936)
Time Charter Equivalent Revenues (in '000s of US$)		239,004		230,138		474,887		463,061
Time Charter Equivalent US$/per day		$36,087		$37,802		$36,323		$38,247
Drybulk vessels fleet utilization
Vessel Utilization (No. of Days)		Three months ended		Three months ended		Six months ended		Six months ended
		June 30,		June 30,		June 30,		June 30,
		2025		2024		2025		2024
Ownership Days		910		694		1,810		1,331
Less Off-hire Days:
Scheduled Off-hire Days		-		(90)		(56)		(121)
Other Off-hire Days		(2)		-		(14)		(10)
Operating Days		908		604		1,740		1,200
Vessel Utilization		99.8 %		87.0 %		96.1 %		90.2 %
Operating Revenues (in '000s of US$)		$22,708		$15,720		$39,825		$35,758
Less: Voyage Expenses excluding commissions (in '000s of US$)		(6,424)		(3,269)		(14,794)		(14,096)
Time Charter Equivalent Revenues (in '000s of US$)		16,284		12,451		25,031		21,662
Time Charter Equivalent US$/per day		$17,934		$20,614		$14,386		$18,052

1)

We define Operating Days as the total number of Ownership Days net of Scheduled off-hire days (days associated with scheduled repairs, drydockings or special or intermediate surveys or days) and net of off-hire days associated with unscheduled repairs or days waiting to find employment but including days our vessels were sailing for repositioning. The shipping industry uses Operating Days to measure the number of days in a period during which vessels actually generate revenues or are sailing for repositioning purposes. Our definition of Operating Days may not be comparable to that used by other companies in the shipping industry.

2)

Time charter equivalent US$/per day ("TCE rate") represents the average daily TCE rate of our container vessels segment and drybulk vessels segment calculated dividing time charter equivalent revenues of each segment by operating days of each segment. TCE rate is a standard shipping industry performance measure used primarily to compare period to period changes in a shipping company's performance despite changes in the mix of charter types i.e., voyage charters, time charters, bareboat charters under which its vessels may be employed between the periods. Our method of computing TCE rate may not necessarily be comparable to TCE rates of other companies due to differences in methods of calculation. We include TCE rate, a non- GAAP measure, as it provides additional meaningful information in conjunction with operating revenues, the most directly comparable GAAP measure, and it assists our management in making decisions regarding the deployment and use of our operating vessels and assists investors and our management in evaluating our financial performance.

Fleet List

The following table describes in detail our container vessels deployment profile as of August 1, 2025:

Vessel Name	Vessel Size		Year Built		Expiration of Charter (2)
	(TEU) (1)
Ambition (ex Hyundai Ambition)	13,100		2012		April 2027
Speed (ex Hyundai Speed)	13,100		2012		March 2027
Kota Plumbago (ex Hyundai Smart)	13,100		2012		July 2027
Kota Primrose (ex Hyundai Respect)	13,100		2012		April 2027
Kota Peony (ex Hyundai Honour)	13,100		2012		March 2027
Express Rome	10,100		2011		May 2027
Express Berlin	10,100		2011		December 2029
Express Athens	10,100		2011		May 2027
Le Havre	9,580		2006		June 2028
Pusan C	9,580		2006		May 2028
Bremen	9,012		2009		January 2028
C Hamburg	9,012		2009		January 2028
Niledutch Lion	8,626		2008		May 2028
Kota Manzanillo	8,533		2005		December 2028
Belita	8,533		2006		June 2028
CMA CGM Melisande	8,530		2012		January 2028
CMA CGM Attila	8,530		2011		May 2027
CMA CGM Tancredi	8,530		2011		July 2027
CMA CGM Bianca	8,530		2011		September 2027
CMA CGM Samson	8,530		2011		November 2027
America	8,468		2004		April 2028
Europe	8,468		2004		May 2028
Kota Santos	8,463		2005		June 2029
Catherine C (3)	8,010		2024		June 2029
Greenland (3)	8,010		2024		August 2029
Greenville (4)	8,010		2024		October 2029
Greenfield (5)	8,010		2024		November 2029
Interasia Accelerate (3)	7,165		2024		April 2027
Interasia Amplify (4)	7,165		2024		September 2027
CMA CGM Moliere	6,500		2009		March 2027
CMA CGM Musset	6,500		2010		July 2027
CMA CGM Nerval	6,500		2010		November 2025
CMA CGM Rabelais	6,500		2010		January 2026
Racine	6,500		2010		June 2029
YM Mandate	6,500		2010		January 2028
YM Maturity	6,500		2010		April 2028
Savannah (ex Zim Savannah)	6,402		2002		June 2027
Dimitra C	6,402		2002		April 2027
Phoebe (6)	6,014		2025		October 2031
Suez Canal	5,610		2002		April 2028
Kota Lima	5,544		2002		September 2025
Wide Alpha	5,466		2014		January 2030
Stephanie C	5,466		2014		September 2028
Euphrates (ex Maersk Euphrates)	5,466		2014		September 2028
Wide Hotel	5,466		2015		March 2030
Wide India	5,466		2015		October 2028
Wide Juliet	5,466		2015		August 2026
Seattle C	4,253		2007		October 2026
Vancouver	4,253		2007		November 2026
Derby D	4,253		2004		January 2027
Tongala	4,253		2004		November 2026
Rio Grande	4,253		2008		November 2026
Merve A	4,253		2008		August 2027
Kingston	4,253		2008		June 2027
Monaco (ex ZIM Monaco)	4,253		2009		September 2026
Dalian	4,253		2009		April 2028
ZIM Luanda	4,253		2009		August 2028
Dimitris C	3,430		2001		September 2027
Express Black Sea	3,400		2011		January 2027
Express Spain	3,400		2011		January 2027
Express Argentina	3,400		2010		December 2026
Express Brazil	3,400		2010		April 2027
Express France	3,400		2010		July 2027
Singapore	3,314		2004		March 2027
Colombo	3,314		2004		January 2027
Zebra	2,602		2001		November 2025
Artotina	2,524		2001		January 2026
Advance	2,200		1997		June 2026
Future	2,200		1997		May 2026
Sprinter	2,200		1997		May 2026
Bridge	2,200		1998		January 2028
Progress C	2,200		1998		April 2026
Phoenix D	2,200		1997		March 2026
Highway	2,200		1998		January 2028

(1)	Twenty-feet equivalent unit, the international standard measure for containers and container vessels capacity.
(2)	Earliest date charters could expire. Some charters include options for the charterer to extend their terms.
(3)	The newbuilding vessels were delivered in the second quarter of 2024.
(4)	The newbuilding vessels were delivered in the third quarter of 2024.
(5)	The newbuilding vessel was delivered in the fourth quarter of 2024.
(6)	The newbuilding vessel was delivered in the first quarter of 2025.

Container vessels under construction as of August 1, 2025:
Hull Number	Vessel Size (TEU)		Expected Delivery Year			Minimum Charter Duration
Hull No. CV5900-08	6,014		2025			6.8 Years
Hull No. YZJ2023-1556	8,258		2026			5 Years
Hull No. YZJ2023-1557	8,258		2026			5 Years
Hull No. YZJ2024-1612	8,258		2026			5 Years
Hull No. YZJ2024-1613	8,258		2027			5 Years
Hull No. YZJ2024-1625	8,258		2027			5 Years
Hull No. YZJ2024-1626	8,258		2027			5 Years
Hull No. YZJ2024-1668	8,258		2027			5 Years
Hull No. C9200-7	9,200		2027			4.8 Years
Hull No. C9200-8	9,200		2027			4.8 Years
Hull No. C9200-9	9,200		2027			4.8 Years
Hull No. C9200-10	9,200		2028			4.8 Years
Hull No. C9200-11	9,200		2028			4.8 Years
Hull No. H2596	9,200		2027			6 Years
Hull No. H2597	9,200		2027			6 Years
Hull No. CV5900-09	6,014		2027			4.8 Years

The following table describes the details of our Capesize drybulk vessels as of August 1, 2025:
Vessel Name	Capacity (DWT) (1)		Year Built
Achievement	175,966		2011
Genius	175,580		2012
Ingenuity	176,022		2011
Integrity	175,966		2010
Peace	175,858		2010
W Trader	175,879		2009
E Trader	175,886		2009
Gouverneur (ex Xin Hang) (2)	178,043		2010
Valentine (ex Star Audrey) (2)	175,125		2011
Danaos (ex Guo May) (3)	176,536		2011

(1)	DWT, dead weight tons, the international standard measure for drybulk vessels capacity.
(2)	The vessels were delivered in the second quarter of 2024.
(3)	The vessel was delivered in the third quarter of 2024.

	DANAOS CORPORATION Condensed Consolidated Statements of Income - Unaudited (Expressed in thousands of United States dollars, except per share amounts)
		Three months ended		Three months ended		Six months ended		Six months ended
		June 30,		June 30,		June 30,		June 30,
		2025		2024		2025		2024
OPERATING REVENUES		$262,154		$246,306		$515,461		$499,755
OPERATING EXPENSES
	Vessel operating expenses	(56,385)		(47,090)		(108,087)		(90,204)
	Depreciation & amortization	(52,213)		(42,352)		(103,211)		(81,667)
	General & administrative	(11,206)		(11,297)		(23,428)		(21,541)
	Other operating expenses	(16,810)		(12,678)		(34,945)		(33,020)
	Net gain on disposal of vessel	-		7,094		-		7,094
Income From Operations		125,540		139,983		245,790		280,417
OTHER INCOME/(EXPENSES)
	Interest income	3,661		2,923		7,266		5,859
	Interest expense	(9,711)		(5,106)		(19,714)		(8,230)
	Gain on investments	15,047		5,276		17,896		17,187
	Other finance expenses	(973)		(868)		(1,960)		(1,750)
	Equity loss on investments	(333)		(97)		(565)		(206)
	Other income/(expenses), net	(1,424)		(56)		(866)		179
	Realized loss on derivatives	(903)		(903)		(1,796)		(1,806)
Total Other Income/(Expenses), net		5,364		1,169		261		11,233
Net Income		130,904		141,152		246,051		291,650
EARNINGS PER SHARE
Basic earnings per share		$7.14		$7.30		$13.27		$15.05
Diluted earnings per share		$7.12		$7.23		$13.24		$14.92
Basic weighted average number of common shares (in thousands of shares)		18,344		19,348		18,546		19,380
Diluted weighted average number of common shares (in thousands of shares)		18,396		19,520		18,588		19,552

Non-GAAP Measures 1 Reconciliation of Net Income to Adjusted Net Income - Unaudited
	Three months ended		Three months ended		Six months ended		Six months ended
	June 30,		June 30,		June 30,		June 30,
	2025		2024		2025		2024
Net Income	$130,904		$141,152		$246,051		$291,650
Change in fair value of investments	(14,734)		(2,224)		(17,217)		(13,203)
Net gain on disposal of vessel	-		(7,094)		-		(7,094)
Amortization of financing fees	787		474		1,545		971
Adjusted Net Income	$116,957		$132,308		$230,379		$272,324
Adjusted Earnings Per Share, diluted	$6.36		$6.78		$12.39		$13.93
Diluted weighted average number of shares (in thousands of shares)	18,396		19,520		18,588		19,552

1 The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, management believes that certain non-GAAP financial measures used in managing the business may provide users of this financial information additional meaningful comparisons between current results and results in prior operating periods. Management believes that these non-GAAP financial measures can provide additional meaningful reflection of underlying trends of the business because they provide a comparison of historical information that excludes certain items that impact the overall comparability. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company's performance. See the Table above for supplemental financial data and corresponding reconciliations to GAAP financial measures for the three and six months ended June 30, 2025 and 2024. The non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company's reported results prepared in accordance with GAAP. The non-GAAP financial measures as presented above may not be comparable to similarly titled measures of other companies in the shipping or other industries.

	DANAOS CORPORATION Condensed Consolidated Balance Sheets - Unaudited (Expressed in thousands of United States dollars)
			As of		As of
			June 30,		December 31,
			2025		2024
ASSETS
CURRENT ASSETS
	Cash, cash equivalents and restricted cash		$546,164		$453,384
	Accounts receivable, net		27,454		25,578
	Other current assets		233,824		192,005
			807,442		670,967
NON-CURRENT ASSETS
	Fixed assets, net		3,284,665		3,290,309
	Advances for vessels acquisition and vessels under construction		304,686		265,838
	Deferred charges, net		64,079		58,759
	Other non-current assets		60,288		57,781
			3,713,718		3,672,687
TOTAL ASSETS			$4,521,160		$4,343,654
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
	Long-term debt, current portion		$37,660		$35,220
	Accounts payable, accrued liabilities & other current liabilities		113,058		133,734
			150,718		168,954
LONG-TERM LIABILITIES
	Long-term debt, net		723,534		699,563
	Other long-term liabilities		54,355		50,337
			777,889		749,900
STOCKHOLDERS' EQUITY
	Common stock		183		190
	Additional paid-in capital		601,653		650,864
	Accumulated other comprehensive loss		(68,053)		(70,430)
	Retained earnings		3,058,770		2,844,176
			3,592,553		3,424,800
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY			$4,521,160		$4,343,654

	DANAOS CORPORATION Condensed Consolidated Statements of Cash Flows - Unaudited (Expressed in thousands of United States dollars)
		Three months ended		Three months ended		Six months ended		Six months ended
		June 30,		June 30,		June 30,		June 30,
		2025		2024		2025		2024
Operating Activities:
	Net income	$130,904		$141,152		$246,051		$291,650
	Adjustments to reconcile net income to net cash provided by operating activities:
	Depreciation	40,698		35,380		80,726		69,243
	Amortization of deferred drydocking & special survey costs and finance costs	12,302		7,446		24,030		13,395
	Amortization of assumed time charters	-		(1,036)		-		(4,534)
	Prior service cost and periodic cost	1,722		458		2,807		715
	Gain on investments	(14,734)		(2,224)		(17,217)		(13,203)
	Net gain on disposal of vessel	-		(7,094)		-		(7,094)
	Payments for drydocking/special survey	(12,016)		(10,449)		(27,805)		(14,618)
	Amortization of deferred realized losses on cash flow interest rate swaps	903		903		1,796		1,806
	Equity loss on investments	333		97		565		206
	Stock based compensation	1,723		1,577		3,428		3,153
	Accounts receivable	(2,758)		(9,343)		(2,586)		(12,795)
	Other assets, current and non-current	17,909		9,320		11,525		21,207
	Accounts payable and accrued liabilities	(3,148)		11,995		(5,703)		5,767
	Other liabilities, current and long-term	(11,059)		(23,907)		(20,978)		(47,331)
Net Cash provided by Operating Activities		162,779		154,275		296,639		307,567
Investing Activities:
	Vessel additions and advances for vessels under construction	(21,331)		(217,728)		(107,021)		(341,855)
	Net proceeds and insurance proceeds from disposal of vessel	-		9,923		1,681		10,639
	Investments in affiliates/marketable securities	(30,270)		-		(30,270)		-
Net Cash used in Investing Activities		(51,601)		(207,805)		(135,610)		(331,216)
Financing Activities:
	Proceeds from long-term debt	-		126,000		44,000		181,000
	Debt repayment	(9,415)		(6,875)		(18,220)		(13,750)
	Dividends paid	(15,559)		(15,476)		(31,449)		(31,011)
	Repurchase of common stock	(19,438)		(1,094)		(53,212)		(5,223)
	Finance costs	(1,145)		(905)		(9,368)		(6,730)
Net Cash (used in) / provided by Financing Activities		(45,557)		101,650		(68,249)		124,286
Net increase in cash and cash equivalents		65,621		48,120		92,780		100,637
Cash and cash equivalents, beginning of period		480,543		324,326		453,384		271,809
Cash and cash equivalents, end of period		$546,164		$372,446		$546,164		$372,446

DANAOS CORPORATION Reconciliation of Net Income to Adjusted EBITDA - Unaudited (Expressed in thousands of United States dollars)
	Three months ended		Three months ended		Six months ended		Six months ended
	June 30,		June 30,		June 30,		June 30,
	2025		2024		2025		2024
Net income	$130,904		$141,152		$246,051		$291,650
Depreciation	40,698		35,380		80,726		69,243
Amortization of deferred drydocking & special survey costs	11,515		6,972		22,485		12,424
Amortization of assumed time charters	-		(1,036)		-		(4,534)
Amortization of deferred finance costs and commitment fees	1,349		1,026		2,685		2,299
Amortization of deferred realized losses on interest rate swaps	903		903		1,796		1,806
Interest income	(3,661)		(2,923)		(7,266)		(5,859)
Interest expense excluding amortization of finance costs	8,924		4,632		18,169		7,259
Change in fair value of investments	(14,734)		(2,224)		(17,217)		(13,203)
Stock based compensation	143		-		285		-
Net gain on disposal of vessel	-		(7,094)		-		(7,094)
Adjusted EBITDA (1)	$176,041		$176,788		$347,714		$353,991

	Last twelve months ended		Last twelve months ended
	June 30,		June 30,
	2025		2024
Net income	$459,474		$574,727
Depreciation	159,827		135,091
Amortization of deferred drydocking & special survey costs	39,222		22,750
Amortization of assumed time charters	-		(13,366)
Amortization of deferred finance costs and commitment fees	5,291		4,673
Amortization of deferred realized losses on interest rate swaps	3,622		3,632
Interest income	(14,297)		(11,673)
Interest expense excluding amortization of finance costs	34,769		14,179
Change in fair value of investments	21,165		(24,632)
Stock based compensation	8,503		6,340
Net gain on disposal of vessel	(1,238)		(7,094)
Adjusted EBITDA (1)	$716,338		$704,627

1)	Adjusted EBITDA represents net income before interest income and expense, depreciation, amortization of deferred drydocking & special survey costs, amortization of assumed time charters, amortization of deferred finance costs and commitment fees, amortization of deferred realized losses on interest rate swaps, adjusted for the change in fair value of investments, stock based compensation, loss on debt extinguishment and net gain on disposal/sale of vessels. However, Adjusted EBITDA is not a recognized measurement under U.S. generally accepted accounting principles, or "GAAP." We believe that the presentation of Adjusted EBITDA is useful to investors because it is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. We also believe that EBITDA and Adjusted EBITDA assist investors and analysts in comparing our performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. In evaluating Adjusted EBITDA, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. The non-GAAP financial measures as presented above may not be comparable to similarly titled measures of other companies in the shipping or other industries.
	Note: Items to consider for comparability include gains and charges. Gains positively impacting net income are reflected as deductions to net income. Charges negatively impacting net income are reflected as increases to net income.
	The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, management believes that certain non-GAAP financial measures used in managing the business may provide users of this financial information additional meaningful comparisons between current results and results in prior operating periods. Management believes that these non-GAAP financial measures can provide additional meaningful reflection of underlying trends of the business because they provide a comparison of historical information that excludes certain items that impact the overall comparability. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company's performance. See the Tables above for supplemental financial data and corresponding reconciliations to GAAP financial measures for the three and six months ended June 30, 2025 and June 30, 2024. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company's reported results prepared in accordance with GAAP.

DANAOS CORPORATION Reconciliation of Net Income to Adjusted EBITDA per segment Three Months Ended June 30, 2025 and Three Months Ended June 30, 2024 Unaudited (Expressed in thousands of United States dollars)
	Three Months Ended								Three Months Ended
	June 30, 2025								June 30, 2024
	Container Vessels		Drybulk Vessels		Other		Total		Container Vessels		Drybulk Vessels		Other		Total
Net income/(loss)	$115,893		$266		$14,745		$130,904		$133,683		$2,290		$5,179		$141,152
Depreciation	37,390		3,308		-		40,698		33,247		2,133		-		35,380
Amortization of deferred drydocking & special survey costs	9,201		2,314		-		11,515		6,683		289		-		6,972
Amortization of assumed time charters	-		-		-		-		(1,036)		-		-		(1,036)
Amortization of deferred finance costs and commitment fees	1,349		-		-		1,349		1,026		-		-		1,026
Amortization of deferred realized losses on interest rate swaps	903		-		-		903		903		-		-		903
Interest income	(3,630)		-		(31)		(3,661)		(2,923)		-		-		(2,923)
Interest expense excluding amortization of finance costs	8,924		-		-		8,924		4,632		-		-		4,632
Change in fair value of investments	-		-		(14,734)		(14,734)		-		-		(2,224)		(2,224)
Stock based compensation	133		10		-		143		-		-		-		-
Net gain on disposal of vessel	-		-		-		-		(7,094)		-		-		(7,094)
Adjusted EBITDA (1)	$170,163		$5,898		$(20)		$176,041		$169,121		$4,712		$2,955		$176,788

1)	Adjusted EBITDA represents net income before interest income and expense, depreciation, amortization of deferred drydocking & special survey costs, amortization of assumed time charters, amortization of deferred finance costs and commitment fees, amortization of deferred realized losses on interest rate swaps and adjusted for the change in fair value of investments and stock based compensation. However, Adjusted EBITDA is not a recognized measurement under U.S. generally accepted accounting principles, or "GAAP." We believe that the presentation of Adjusted EBITDA is useful to investors because it is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. We also believe that EBITDA and Adjusted EBITDA assist investors and analysts in comparing our performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. In evaluating Adjusted EBITDA, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. The non-GAAP financial measures as presented above may not be comparable to similarly titled measures of other companies in the shipping or other industries.
	Note: Items to consider for comparability include gains and charges. Gains positively impacting net income are reflected as deductions to net income. Charges negatively impacting net income are reflected as increases to net income.
	The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, management believes that certain non-GAAP financial measures used in managing the business may provide users of these financial information additional meaningful comparisons between current results and results in prior operating periods. Management believes that these non-GAAP financial measures can provide additional meaningful reflection of underlying trends of the business because they provide a comparison of historical information that excludes certain items that impact the overall comparability. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company's performance. See the Tables above for supplemental financial data and corresponding reconciliations to GAAP financial measures for the three and six months ended June 30, 2025 and 2024. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company's reported results prepared in accordance with GAAP.

DANAOS CORPORATION Reconciliation of Net Income to Adjusted EBITDA per segment Six Months Ended June 30, 2025 and Six Months Ended June 30, 2024 Unaudited (Expressed in thousands of United States dollars)
	Six Months Ended								Six Months Ended
	June 30, 2025								June 30, 2024
	Container Vessels		Drybulk Vessels		Other		Total		Container Vessels		Drybulk Vessels		Other		Total
Net income/(loss)	$234,938		$(6,276)		$17,389		$246,051		$272,042		$2,627		$16,981		$291,650
Depreciation	74,154		6,572		-		80,726		65,255		3,988		-		69,243
Amortization of deferred drydocking & special survey costs	18,252		4,233		-		22,485		12,135		289		-		12,424
Amortization of assumed time charters	-		-		-		-		(4,534)		-		-		(4,534)
Amortization of deferred finance costs and commitment fees	2,685		-		-		2,685		2,299		-		-		2,299
Amortization of deferred realized losses on interest rate swaps	1796		-		-		1796		1,806		-		-		1,806
Interest income	(7,208)		-		(58)		(7,266)		(5,859)		-		-		(5,859)
Interest expense excluding amortization of finance costs	18,169		-		-		18,169		7,259		-		-		7,259
Change in fair value of investments	-		-		(17,217)		(17,217)		-		-		(13,203)		(13,203)
Stock based compensation	265		20		-		285		-		-		-		-
Net gain on disposal of vessel	-		-		-		-		(7,094)		-		-		(7,094)
Adjusted EBITDA ( 2 )	$343,051		$4,549		$114		$347,714		$343,309		$6,904		$3,778		$353,991

2)	Adjusted EBITDA represents net income before interest income and expense, depreciation, amortization of deferred drydocking & special survey costs, amortization of assumed time charters, amortization of deferred finance costs and commitment fees, amortization of deferred realized losses on interest rate swaps and adjusted for the change in fair value of investments and stock based compensation. However, Adjusted EBITDA is not a recognized measurement under U.S. generally accepted accounting principles, or "GAAP." We believe that the presentation of Adjusted EBITDA is useful to investors because it is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. We also believe that EBITDA and Adjusted EBITDA assist investors and analysts in comparing our performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. In evaluating Adjusted EBITDA, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. The non-GAAP financial measures as presented above may not be comparable to similarly titled measures of other companies in the shipping or other industries.
	Note: Items to consider for comparability include gains and charges. Gains positively impacting net income are reflected as deductions to net income. Charges negatively impacting net income are reflected as increases to net income.
	The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, management believes that certain non-GAAP financial measures used in managing the business may provide users of these financial information additional meaningful comparisons between current results and results in prior operating periods. Management believes that these non-GAAP financial measures can provide additional meaningful reflection of underlying trends of the business because they provide a comparison of historical information that excludes certain items that impact the overall comparability. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company's performance. See the Tables above for supplemental financial data and corresponding reconciliations to GAAP financial measures for the three and six months ended June 30, 2025 and 2024. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company's reported results prepared in accordance with GAAP.

DANAOS CORPORATION Reconciliation of Net Income to Adjusted Net Income per segment Three Months Ended June 30, 2025 and Three Months Ended June 30, 2024 Unaudited (Expressed in thousands of United States dollars)
		Three Months Ended								Three Months Ended
		June 30, 2025								June 30, 2024
		Container Vessels		Drybulk Vessels		Other		Total		Container Vessels		Drybulk Vessels		Other		Total
Net income/(loss)		$115,893		$266		$14,745		$130,904		$133,683		$2,290		$5,179		$141,152
Change in fair value of investments		-		-		(14,734)		(14,734)		-		-		(2,224)		(2,224)
Amortization of financing fees		787		-		-		787		474		-		-		474
Net gain on disposal of vessel		-		-		-		-		(7,094)		-		-		(7,094)
Adjusted Net income/(loss) (1)		$116,680		$266		$11		$116,957		$127,063		$2,290		$2,955		$132,308
Adjusted Earnings per Share, diluted								$6.36				-		-		$6.78
Diluted weighted average number of shares (in thousands of shares)								18,396								19,520

DANAOS CORPORATION Reconciliation of Net Income to Adjusted Net Income per segment Six Months Ended June 30, 2025 and Six Months Ended June 30, 2024 Unaudited (Expressed in thousands of United States dollars)
		Six Months Ended								Six Months Ended
		June 30, 2025								June 30, 2024
		Container Vessels		Drybulk Vessels		Other		Total		Container Vessels		Drybulk Vessels		Other		Total
Net income/(loss)		$234,938		$(6,276)		$17,389		$246,051		$272,042		$2,627		$16,981		$291,650
Change in fair value of investments		-		-		(17,217)		(17,217)		-		-		(13,203)		(13,203)
Amortization of financing fees		1,545		-		-		1,545		971		-		-		971
Net gain on disposal of vessel		-		-		-		-		(7,094)		-		-		(7,094)
Adjusted Net income/(loss) (1)		$236,483		$(6,276)		$172		$230,379		$265,919		$2,627		$3,778		$272,324
Adjusted Earnings per Share, diluted								$12.39				-		-		$13.93
Diluted weighted average number of shares (in thousands of shares)								18,588								19,552

1)

The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, management believes that certain non-GAAP financial measures used in managing the business may provide users of this financial information additional meaningful comparisons between current results and results in prior operating periods. Management believes that these non-GAAP financial measures can provide additional meaningful reflection of underlying trends of the business because they provide a comparison of historical information that excludes certain items that impact the overall comparability. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company's performance. See the Table above for supplemental financial data and corresponding reconciliations to GAAP financial measures for the three and six months ended June 30, 2025 and 2024. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company's reported results prepared in accordance with GAAP. The non-GAAP financial measures as presented above may not be comparable to similarly titled measures of other companies in the shipping or other industries.

SOURCE Danaos Corporation