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            november 14, 2019

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Danaos quarterly profit up 32pc


Athens-based containership owner Danaos Corp's net profit rose 32 per cent year on year to US$30.1 million, drawn on revenues of $113.6 million, up 1.6 per cent.
But in the first nine months of the year, adjusted net income declined 28.9 per cent year on year to $83.7 million, on 12.6 per cent lower operating revenues of $337.6 million, reported American Shipper.
Moreover, Danaos is still in breach of financial agreements arising from charters with the bankrupt Hanjin Shipping, is now engaged with lenders to refinance debts due next year.
"In the meantime, we continue to generate positive cash flows and are in a position to service all operational obligations as well as scheduled principal amortization and interest payments," said CEO John Coustas.
Total contracted operating revenues stood at $1.8 billion as of September 30, Danaos said, with charters extending through 2028 and remaining average contracted charter duration of six years, weighted by aggregate contracted charter hire.
Commenting on the results, Danaos CEO John Coustas said: "Our earnings for the third quarter of 2017 improved markedly when compared to the earnings of third quarter of 2016 which were negatively impacted in the aftermarket with Hanjin bankruptcy.
"This is mainly the result of our high charter contract coverage which remains at 87 per cent for the next 12 months based on current operating revenues and 71 per cent in terms of contracted operated days," said Dr Coustas.
"Adjusted net income of $30.1 million for this quarter represented an increase of $7.3 million compared to $22.8 million for the third quarter of 2016.
"This increase was attributable to a $6 million increase in the operating revenues of the vessels that were previously chartered to Hanjin that had not recorded any operating revenues during the third quarter of 2016, and improved operating performance of $1.3 million."

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