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Danaos (DAC) investor relations material
Danaos Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved strong financial performance in Q2 2026, with operating revenues rising to $274.4M, driven by robust dry bulk market and stable container revenues.
Adjusted net income for Q2 2026 was $133.1M ($7.29/share), up year-over-year, with diluted EPS at $8.32.
Extended charter coverage and secured a record $4.6B contracted revenue backlog, ensuring high revenue visibility for coming years.
Successfully navigated geopolitical disruptions, maintaining full operational status and safety for vessels and crews.
Strategic investments in LNG, equity stakes in Yoda PLC and Star Bulk Carriers, and ongoing fleet renewal with newbuilds.
Financial highlights
Q2 2026 operating revenues: $274.4M (up from $262.2M in Q2 2025); H1 2026: $528.1M (up from $515.5M year-over-year).
Adjusted EBITDA for Q2 2026 was $186.8M (up 6.1% YoY); H1 2026: $367.4M (up 5.7%).
Free cash flow for the last twelve months reached $684.7M.
Cash and cash equivalents at June 30, 2026: $1.01B; total liquidity: $1.5B.
Net debt at June 30, 2026: $224.5M; net debt/LTM adjusted EBITDA: 0.3x.
Outlook and guidance
Contracted revenue backlog reached $4.6B, with 100% container operating days covered for 2026, 93% for 2027, 79% for 2028, and 61% for 2029.
Management remains cautious on new investments due to elevated asset prices and market volatility, prioritizing balance sheet strength.
Market expects a rebound in world container trade in 2027 after modest 1.7% growth in 2026.
Charter rates remain above historical averages, supported by strong demand and manageable orderbook.
Dividend policy remains steady, with future increases subject to board decision.
- $2.3bn charter backlog, $539.9m Free Cash Flow and 0.20x net leverage.DAC
Q4 2023 - Q1 2026 net income and EBITDA rose, with $1.3B liquidity and a $4.1B revenue backlog.DAC
Q1 2026 - Strong 2025 with record backlog, robust liquidity, and major fleet and LNG sector expansion.DAC
Q4 2025 - Q2 2025 saw revenue growth, high liquidity, and a $3.6B backlog despite lower profits.DAC
Q2 2025 - Q3 2025 delivered strong earnings, robust liquidity, and a $4.1bn backlog amid favorable markets.DAC
Q3 2025 - Multi-year charters, $3.2B backlog, and eco-fleet expansion drive strong financial results.DAC
Q2 2024 - High charter coverage and strong cash flow drive resilient Q3 2024 performance.DAC
Q3 2024 - Lower earnings but strong backlog and liquidity support resilience amid market headwinds.DAC
Q1 2025 - 2024 saw strong earnings, high charter coverage, and robust liquidity despite market headwinds.DAC
Q4 2024
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