- Danaos Secures $850 Million Loan to Finance Newbuild Orders.
- Danaos Orderbook Grows to 15 New Vessels with 2027-2028 Deliveries.
- Eco-Friendly Container Vessels Lead Danaos’ Expansion Plans.
Danaos Corporation will further add to its fleet two new vessels designated 9,200 TEU. Orders were placed in December 2024, and the delivery is expected to be completed by 2027. February 2025 saw Danaos finalize a self-syndicated loan facility agreement of up to US$850 million to finance the remaining newbuild container vessels, including the two recently ordered, reports Container News.
Current Orderbook and Recent Deliveries
Danaos’s remaining orderbook consists of 15 newbuild vessels with a total capacity of 128,220 TEUs. The expected delivery schedule is as follows:
- One vessel in 2025
- Three vessels in 2026
- Nine vessels in 2027
- Two vessels in 2028
The company took delivery of six new container ships in 2024 and one in January 2025.
Eco-Friendly Vessel Design
“All the vessels in our orderbook are designed with the latest eco characteristics, will be methanol fuel ready, fitted with open-loop scrubbers 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,” said Danaos.
Long-Term Charter Arrangements Secured
Danaos has secured multi-year charter arrangements for 13 of the 15 remaining newbuild vessels, with an average charter duration of 5.1 years based on aggregate contracted charter hire. Danaos expects operating revenues to exceed US$1 billion for 2024, about 4.2% up compared with last year. Nevertheless, adjusted net income fell to US$532 million, dropping US$35 million from 2023.
CEO’s Comments on Financial Strategy
Danaos CEO Dr. John Coustas commented: “Our profitability remains consistent, and we are using our strong balance sheet to increase dividends, continue our share buyback program, and source opportunities to grow our company for the benefit of our shareholders.”
He added: “Our strategic focus remains on maintaining a robust financial position, securing long-term contracts for vessels coming off charter, and investing in modern, fuel-efficient container vessels to enhance our competitive position in the market. We are committed to delivering value to our shareholders through prudent financial management and strategic growth initiatives.”
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Source: Container News
