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Visual21 Nov 2025
Data center suppliers
Danaos (DAC) investor relations material
Danaos Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary18 Nov, 2025
Executive summary
Q3 2025 operating revenues rose to $260.7 million, with adjusted net income of $124.1 million ($6.75 per share) and a 6% dividend increase to $0.90 per share.
The company expanded its orderbook to 23 newbuilding containerships, securing multi-year charters for 21 of them and adding $745 million to contracted revenue backlog, now totaling $4.1 billion with a 4.3-year average duration.
Robust charter market conditions persisted, with high demand for mid-size and larger vessels, low idle fleet, and strong operational efficiency.
Continued investment in the dry bulk Capesize segment, with dry bulk assets under 5% of total assets and 10 Capesize vessels acquired.
Pioneered digitalization and ESG, achieving a 51.4% CO2 emissions reduction per ton mile in 2024, surpassing IMO 2030 targets.
Financial highlights
Adjusted EBITDA for Q3 2025 was $181.6 million, up 1.5% year-over-year; nine-month adjusted EBITDA was $529.3 million.
Cash and cash equivalents at quarter-end were $596.4 million, with total liquidity of $971.4 million.
Net debt/LTM adjusted EBITDA ratio improved to 0.23x as of September 30, 2025.
Vessel operating expenses for Q3 2025 increased to $52.3 million, with daily operating cost at $6,927 per vessel.
Q3 2025 time charter equivalent (TCE) per day: $35,663 for container vessels, $19,910 for dry bulk vessels.
Outlook and guidance
Contracted charter backlog increased by $745 million since the last earnings release, now totaling $4.1 billion with a 4.3-year average duration.
Contract coverage is 100% for 2025, 95% for 2026, and 71% for 2027.
Charter market remains robust, with rates above historical averages and newbuilding prices rising; shipyard slots for 2028 are scarce.
Conventional fuels expected to remain prevalent in the medium term due to IMO's net-zero framework postponement.
New bond's impact on debt cost and maturity?
Newbuilding program's future revenue contribution?
Drybulk segment performance vs. container fleet?
Future Capesize fleet growth plans?
Drivers of robust container charter demand?
Outlook for share repurchase program pace?
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Frequently asked questions
Danaos Corporation owns and operates a fleet of containerships that are chartered to global liner companies under long-term contracts. The company provides marine transportation services supporting international trade. It focuses on fleet efficiency and long-term customer relationships. The company is headquartered in Athens, Greece, and its shares are listed on the NYSE.
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