Danaos Corporation announced its second-quarter 2025 financial results, with operating revenues increasing by 6.4% to $262.2 million from $246.3 million in Q2 2024. For the first half of 2025, operating revenues rose to $515.5 million from $499.8 million in the first half of 2024. However, adjusted net income for Q2 2025 decreased to $117.0 million, or $6.36 per diluted share, compared to $132.3 million, or $6.78 per diluted share, in the prior year period.
The decline in adjusted net income was primarily due to a $24.7 million increase in total operating expenses and a $3.6 million rise in net finance expenses. Vessel operating expenses increased by $9.3 million to $56.4 million, with daily operating costs rising to $7,556 per vessel per day from $6,961. Despite these cost increases, the company's net debt decreased to $224.162 million as of June 30, 2025, down from $291.162 million at December 31, 2024, improving the net debt to LTM Adjusted EBITDA ratio to 0.31x.
Danaos added $113 million to its contracted revenue backlog since the previous earnings release, bringing the total to $3.6 billion, with 99% charter coverage for 2025 and 88% for 2026. The company also added one additional 6,000 TEU vessel to its orderbook, which has already been fixed on a five-year charter to a long-standing client, ensuring future revenue visibility.
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