Danaos Corporation reported its fourth-quarter 2024 operating revenues increased by 3.6% to $258.2 million, up from $249.3 million in Q4 2023. For the full year 2024, operating revenues surpassed $1 billion, reaching $1,014.1 million, an increase from $973.6 million in 2023. However, adjusted net income for Q4 2024 decreased to $133.3 million, or $6.93 per diluted share, from $136.0 million, or $6.99 per diluted share, in Q4 2023.
The company's non-adjusted net income for Q4 2024 saw a significant decline to $90.4 million, or $4.70 per diluted share, compared to $149.9 million, or $7.70 per diluted share, in Q4 2023. This decline was partly due to a $35.6 million loss on marketable securities in Q4 2024, contrasting with a $20.8 million gain in Q4 2023. Full-year 2024 adjusted net income also decreased to $532.4 million, or $27.47 per diluted share, from $567.6 million, or $28.52 per diluted share, in 2023.
Danaos strengthened its financial position by arranging a new $850 million facility from a bank syndicate to fully cover the financing of all vessels on order. The company's charter backlog stood at $3.4 billion, providing 97% coverage for 2025 and 79% for 2026 for its container vessel fleet. Net debt as of December 31, 2024, was $291.162 million, with a net debt to LTM Adjusted EBITDA ratio of 0.40x.
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