Danaos (DAC) Corporate Presentation summary

Business highlights and strategy

• Operates one of the largest, most efficient containership fleets, with a 50+ year industry legacy and highly competitive breakeven levels.

• Maintains a diverse fleet, including recent entry into dry bulk with 10 Capesize vessels and 15 new methanol-ready containerships on order.

• Charter backlog of $3.7 billion through 2033, with 99% operating days covered for 2025 and 85% for 2026, ensuring strong cash flow visibility.

• Pioneers in digitalization, leveraging the WAVES analytics platform, and a leader in ESG, achieving a 51.4% CO2 reduction per ton mile in 2024.

• Conservative financial strategy with a net debt/EBITDA ratio of 0.42x, robust liquidity, and active share repurchase and dividend programs.

Financial and operational performance

• LTM Q1 2025 adjusted EBITDA reached $717 million, with operating revenues of $1.01 billion and adjusted net income of $506 million.

• Q1 2025 saw operating revenues of $253.3 million and adjusted EBITDA of $171.7 million, with container vessels contributing the majority.

• Free cash flow for LTM Q1 2025 was $572 million, supported by high fleet utilization and operational efficiency.

• Cash and cash equivalents stood at $481 million, with total liquidity of $825 million as of March 31, 2025.

• Net debt reduced to $299 million, reflecting a significant deleveraging trend since 2017.

Fleet and charter coverage

• Fleet includes 74 containerships and 10 dry bulk vessels, with 15 new methanol-ready containerships under construction.

• Average charter duration is 3.9 years, with a high proportion of contracted revenue from leading liner companies.

• Contracted revenue provides 99% coverage for 2025 and 85% for 2026, limiting downside risk.

• Newbuilds are designed to meet IMO Tier III and EEDI Phase III standards, supporting environmental compliance.

• Dry bulk fleet consists of 10 Capesize vessels, aged 12–14 years, acquired as part of diversification strategy.