Danaos keeps cashing in closing H1 2022 at near $500 million

Danaos Corporation (Danaos) has reported strong unaudited results for the second quarter and first half of the year, more than doubling its quarterly adjusted net income compared with a year ago.

The adjusted net income soared by 128 per cent year-on-year amounting to $157.1 million for the three months ended 30 June 2022, while operating revenues increased by 71.4 per cent to $250.9 million compared to the same period last year.

During the first half of the year, Danaos registered an exceptional year-on-year increase of 209.2 per cent in adjusted net income coming to $392.4 million.

Operating revenues stood at $480.8 million for the six months ended 30 June 2022 for an increase of 72.6 per cent compared to the same period last year.

Lastly, the company’s adjusted EBITDA stood at $192.1 million for the three months ended 30 June 2022, while the first six months of the year saw an increase of 130.8 per cent for a total of $461.6 million.

According to the company’s statement, the strong performance registered mostly resulted from higher charter rates and revenue generated by newly acquired vessels.

Source: porttechnology.org