exercise 2016 of the Danaos, closed with a net loss of -366,2 million dollars, suffers of the impact of the failure of the Hanjin



The shipowning society Greek Danaos Corporation has closed the 2016 with an important net loss of -366,2 million dollars respect to a profit clearly of 117,0 million dollars in the exercise anniversary precedence. As for other companies of the field, the result clearly negative last year is produced by the impact of the reduction of the value of ships of the fleet. In the exercise 2016 Danaos in fact has recorded a decrease of the value of 25 ships pairs to 415,1 million dollars to which pairs to 29,4 million dollars (in exercise 2015 are added losses on shares were recorded a impairment loss of 41,1 million dollars for the reduction of the value of 13 ships of the fleet).

In the 2016 fleet of Danaos it was constituted medium by 55 portacontainer (56 in 2015). 1°th September the company of South Korean navigation Hanjin Shipping, that it in the long term had rental eight portacontainer of property of the Danaos, had introduced question for being mail in controlled administration, procedure to which is admitted and that it has been concluded in recent days with the decision to place Hanjin in liquidation ( on 17 February 2017).
The failure of the South Korean company has had an impact negative on the economic performances of the Danaos that give the charterings of the eight ships to the Hanjin obtained 20% of the revenues totals. Of these eight portacontainer, Danaos has succeeded in rinoleggiare five of the ability to 3.400 teu for periods in the short term and installments of hire that - it has specified the managing director of the Greek company, John Coustas - reflect the weakening of the market of the charterings, while for the others three portacontainer of 10.100 the unitary ability to teu Danaos is resurrects to make sure charterings for periods until 12 months with beginning from April 2017.

Moreover Danaos has specified that the impact of the failure of Hanjin Shipping has determined also by the Greek company the violation of some covenants previewed from the agreements with the backers regarding which are obtained exceptions until the next 1° April.

Danaos has announced to have deposited near the bankrupt Court of Seul a general credit regarding Hanjin Shipping pairs to a total of 597,9 million dollars for installments of hire not paid and other credits.

Altogether in the 2016 Danaos it has totaled revenues pairs to 498,3 million dollars, with a decrease of the -12,3% regarding the exercise precedence. The operating result has been of sign negative and pairs to -212,6 million dollars respect to an operating profit of 244,4 million dollars in 2015.

In the solo fourth trimester of the 2016 Greek company has recorded revenues pairs to 112,1 million dollars, with a bending of the -21,8% on the trimester October-December of the year precedence. Operating result and result clearly have been both of sign negative and pairs respective to -372,8 million dollars and -446,6 million dollars respect to an operating profit of 26,5 million dollars and a net loss of -8,4 million dollars in the last trimester of 2015.