In the third quarter of this year, the trend continued decline in the financial performance of the charterer of container ship Danaos Corporation, a trend that - for companies which, like the Cypriot company, supply ships to the main Worldwide Containerized Shipping Companies - Aligns with some delay in the ongoing deterioration of the transport market container shipping due to the reduction in the value of freight rates followed by the historical peaks recorded during the period of the Covid-19 pandemic.

For Danaos, this was a -8.0% drop in revenues which amounted to $239.2 million compared to $260.0 million million in the third quarter of 2022. Profit also decreased operating income, which stood at €146.6 million (-11.8%). Net income of $133.2 million totaled a increase of +99.3% due to lower losses on equity investments amounting to approximately $72 million, as Danaos recorded in third quarter of 2022 losses of €80.3 million deriving from alignment with the fair value of its investment in the Israeli company ZIM, of which Danaos completed the sale in September 2022.

Commenting on the results, the CEO of Danaos, John Coustas, explained that "the macroeconomic environment has continued to deteriorate during the third quarter of 2023 and Containerised transport has stagnated in many areas due to the continued depletion of stocks, and weakening retail sales. As a result, the profitability of airlines is drastically and the main operators have announced radical measures cost reduction. The rental market - he specified Coustas - continued to be under pressure, particularly in the market for vessels of less than 3,000 TEUs, where the instalments of have returned to pre-pandemic levels. In the ship segments Larger rental rates have remained relatively stable in view of the scarcity of tonnage available for next year, a factor that has allowed us to Charter charters for all our vessels of more than 10,000 TEUs, with three-year leases at lucrative levels that will come into effect in 2024 after the expiry of the existing time charter contracts. Of As a result, our charter coverage for 2024 has gone up 90%'.

In the first nine months of this year, the company's revenues amounted to $724.3 million, with a decrease of -2.2% over the same period of 2022. The Useful operating income was €448.7 million (-3.1%) and net profit of €448.7 million (-3.1%) $426.4 million (+4.9%).

As of 30 September, the size of the Danaos fleet It was 68 container ships for a hold capacity equal to 421 thousand TEUs to which will be added ships currently in operation Construction for a total capacity of 75 thousand TEUs. In addition, during the last summer, Danaos made agreements to Purchase Seven Capesize Capacity Bulk Carriers total capacity of more than 1.2 million deadweight tonnes, four of which have already been taken over.