Danaos Corporation reported a net income of $130.6 million, or $7.14 per share, for the third quarter of 2025, an increase from $123 million, or $6.36 per share, in the same period of 2024. Adjusted net income for the quarter was $124.1 million, or $6.75 per adjusted diluted share.
Operating revenues for the quarter increased by 1.8 per cent year-on-year to $260.7 million. The company’s container vessel fleet utilization stood at 98.1 per cent, while dry bulk vessel utilization was 100.0 per cent. Adjusted EBITDA for the quarter rose slightly to $181.6 million.
Danaos noted it continues to expand its fleet, adding two 7,165 TEU container vessels to its orderbook in September and six 1,800 TEU container vessels in November. The company has secured multi-year charter arrangements for 21 out of the 23 vessels in its newbuilding orderbook.
Additionally, Danaos entered into an agreement on October 17, 2025, to purchase a Capesize dry bulk vessel, expected for delivery in the first quarter of 2026.
CEO Dr. John Coustas commented, “The charter market remains robust, and the idle fleet remains at all-time low. Demand for mid-size and larger vessels continues unabated...We have selectively extended our newbuilding program at below market prices and we have already secured multi-year employment for these new orders.”
The company also completed a $500 million senior unsecured notes offering in October. Danaos declared a dividend of $0.90 per share for the third quarter, payable on December 11, 2025. As of the date of the release, total contracted cash operating revenues stood at $4.1 billion.