Danaos Corporation has closed the third trimester of this year with a net loss of -8,4 million dollars



the Greek Danaos Corporation, that she is placed owner of a fleet of 55 portacontainer to chartering near other companies, has closed the third trimester of this year with a net loss of -8,4 million dollars respect to a profit clearly of 42,1 million dollars in the period July-september last year. The revenues are diminished of the -22,7% attesting itself to 111,7 million dollars and the operating profit has recorded a bending of the -64,1% coming down to 26,5 million dollars.

the Greek society has emphasized that on the results hung the impact of the failure of the South Korean company Hanjin Shipping, mail in controlled administration at the beginning last September, that it was one of the main customers of the Danaos. We remember that to the 30 september they were the eight portacontainer of the Danaos rented to the Hanjin Shipping and that to 1° the past september same the eight ships, of which three of the ability to 10.100 teu and five of the ability to 3.400 teu, still turned out to chartering near to the South Korean company.

Danaos has specified that, as a result of the failure of the Hanjin Shipping, in the budget of the third trimester of 2016 is not recognized generated operating revenues from the ships rented to the South Korean company and that this has involved a reduction of the revenues of the Greek society pairs to 24,8 million dollars and moreover has represented the main contribution to the decrease of 21 million dollars of the clearly rectified economic result that is come down to 22,8 million dollars regarding 43,8 million dollars in the third trimester of 2015.

Moreover, because of the failure of the Hanjin, that it has had also an impact negative on the activities financial institutions of the Greek company, Danaos has recorded a write-off of 15 million dollars relative to the payments of the charterings which had from the South Korean company to the 30 june 2016.

Danaos has specified that of the eight ships previously rented to the Hanjin and re-entries in possession of the Greek company, the five portacontainer by 3.400 teu are rinoleggiate to other companies, while negotiations are on in order to rent also the three units from 10.100 teu that Danaos previews to deliver to the customers after the end of the first trimester of 2017.

Last July, moreover, Danaos has tightened an agreement with the other company of South Korean navigation Hyundai Merchant Marine (HMM) for a reduction of the amount of the installments of chartering of the 13 portacontainer that the Greek company has rented that Asian.

Danaos clearly has archived item the first nine months of 2016 with a profit of 80,4 million dollars on revenues pairs to 386,2 million dollars, with contractions respective of the -27,3% and the -9,0% regarding the period January-september last year. The operating profit is piled to 160,1 million dollars (- 24.7%).