Danaos Q1 Net Income Soars 22% to $140.4M with $180.6M Adjusted EBITDA
Danaos reported Q1 revenues of $253.7M, up from $253.3M a year earlier, driven by container vessel revenues of $229.55M and a swing to $4.6M voyage income versus a $0.95M loss. Net income rose 22% to $140.4M ($7.70 diluted EPS), while adjusted EBITDA reached $180.6M and net debt/EBITDA stood at 0.23x.
1. Financial Performance
Danaos generated operating revenues of $253.7M for Q1, a slight increase from $253.3M in the prior year. Net income climbed to $140.4M, or $7.70 per diluted share, and adjusted EBITDA improved to $180.6M from $171.7M a year earlier.
2. Operational Metrics
Time charter equivalent revenues totaled $252.7M with an average rate of $35,504 per day, down from $36,565, across 6,595 operating days. The company maintained high fleet utilization at 97.7% over an average fleet size of 75.0 vessels.
3. Liquidity and Leverage
Cash and equivalents stood at $876.2M, with $236.3M available under the revolving credit facility and $143.7M in marketable securities, totaling $1.256B in liquidity. Gross debt was reduced to $1.046B, yielding a net debt to LTM adjusted EBITDA ratio of 0.23x.
4. Segment Breakdown
The container vessels segment delivered $229.6M in revenues and $118.8M in adjusted net income, while the dry bulk segment contributed $24.1M in revenues and $1.6M in net income. Voyage income swung positively thanks to stronger freight rates in the container segment.