Announced 08/05
- Rev of $246.3M
- Net Income of $141.1M
- Took delivery of three newbuilds, and placed orders for an additional 6 newbuilds
- Over the last two months, DAC has added over $900M to its contract backlog.
- DAC also has a dry bulk fleet - 10 Capesize vessels. The company now has a full complement of dry bulk vessels
Danaos (DAC) - These are Greeks – That’s my only logical explanation for what motivated the company to diverge into dry bulk shipping. Seems like they were doing quite okay with their container fleet.
DAC also has an investment in SBLK (abt 4M shares)
Have not dug deep enough into the name. But DAC’s newbuild orderbook is 17 newbuilds. The company claims coverage for all their newbuilds. Does that include the 6 newbuilds ordered subsequent to end of Q2 2024? Don’t know.
Excluding the newbuilds, leverage is light for DAC’s existing fleet.
Owned in the past. Economou had a stake (don’t know if he still does)