olivLaw · US equity research
Danaos Corporation DAC
Deep Sea Foreign Transportation of Freight · SIC 4412 · Vertical: Deep Sea Foreign Transportation of Freight (SIC 4412)
Danaos Corporation is an international owner of containerships and drybulk vessels that charters its container fleet to major liner companies under multi-year contracts. The company operates 75 containerships and 11 Capesize bulkers, and its container fleet has expanded through new orders.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Danaos Corporation (DAC) stock was 152.45 USD (−0.45% on the day), with market capitalisation 2.8 bn USD, P/E 5.7 on diluted EPS of 26.76 USD over the last 12 months, dividend yield 2.26%, beta 0.64, 52-week range 91.86–170.22 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 36.2
- weak (30–45)
- Bollinger (20, 2)
- 149.58 – 169.49
- in the lower half of the band · %B 0.14 · band width 12.5%
- SMA 50 / 200
- 157.89 / 131.50
- mixed trend
- MACD (12, 26, 9)
- -1.16 / -0.12
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −8.1% | −1.1% | −7.0 pp | — |
| 3 months | +10.0% | −0.5% | +10.4 pp | — |
| 6 months | +16.6% | +4.4% | +12.2 pp | — |
| Year to date | +61.9% | +12.3% | +49.6 pp | — |
| 1 year | +70.1% | +13.5% | +56.6 pp | +30.6% |
| 3 years | +129.3% | +76.4% | +52.9 pp | +35.8% |
| 5 years | +115.2% | +63.7% | +51.5 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 8-quarter history (min 1.1, median 2.2, max 3.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 458.7 m | 447.2 m | 461.6 m | 689.5 m | 993.3 m | 973.6 m | 1.0 bn | 1.0 bn |
| Revenue YoY | +1.5% | −2.5% | +3.2% | +49.4% | +44.1% | −2.0% | +4.2% | +2.8% |
| Net income | -32.9 m | 131.3 m | 153.6 m | 1.1 bn | 559.2 m | 576.3 m | 505.1 m | 494.6 m |
| Net income YoY | −139.3% | unavailable | +17.0% | +585.7% | −46.9% | +3.1% | −12.4% | −2.1% |
| Diluted EPS | -3.10 | 8.09 | 6.45 | 51.15 | 27.28 | 28.95 | 26.05 | 26.76 |
| Diluted EPS YoY | −129.0% | unavailable | −20.3% | +693.0% | −46.7% | +6.1% | −10.0% | +2.7% |
| net % | -7.2% | 29.3% | 33.3% | 152.7% | 56.3% | 59.2% | 49.8% | 47.4% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.0 bn USD
- Financial debt
- 1.2 bn USD
- Net debt
- 117.8 m USD
- Equity
- 3.8 bn USD
- Total assets
- 5.1 bn USD
- Debt / equity
- 0.30x
- Current ratio
- 3.28x
- ROE
- 13.7%
- ROA
- 10.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 461.6 m | 689.5 m | 993.3 m | 973.6 m | 1.0 bn | 1.0 bn | SEC (XBRL)· 27 Feb 2026verified |
| Operating income | 199.5 m | 358.3 m | 653.4 m | 580.7 m | 540.9 m | 498.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Depreciation & amortisation | 101.5 m | 113.8 m | 131.2 m | 129.3 m | 148.3 m | 163.4 m | SEC (XBRL)· 27 Feb 2026verified |
| EBITDA | 301.0 m ≈ | 472.1 m ≈ | 784.7 m ≈ | 709.9 m ≈ | 689.2 m ≈ | 662.1 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Interest expense | 53.5 m | 69.0 m | 62.1 m | 20.5 m | 26.2 m | — | SEC (XBRL)· 05 Mar 2025verified |
| Pre-tax income | 153.6 m | 1.1 bn | 577.5 m | 576.3 m | 505.1 m | 494.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Income tax | — | 5.9 m | 18.3 m | 0 | 0 | 0 | SEC (XBRL)· 27 Feb 2026verified |
| Net income | 153.6 m | 1.1 bn | 559.2 m | 576.3 m | 505.1 m | 494.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Diluted EPS | 6.45 | 51.15 | 27.28 | 28.95 | 26.05 | 26.76 | SEC (XBRL)· 27 Feb 2026verified |
| Weighted average diluted shares | 23.8 m | 20.6 m | 20.5 m | 19.9 m | 19.4 m | 18.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Dividend per share | — | 1.50 | 3.00 | 3.05 | 3.25 | 3.45 | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 65.7 m | 129.4 m | 267.7 m | 271.8 m | 453.4 m | 1.0 bn | SEC (XBRL)· 27 Feb 2026verified |
| Receivables | 7.6 m | 7.1 m | 5.6 m | 9.9 m | 25.6 m | 38.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Inventories | 9.6 m | 12.6 m | 16.1 m | 24.5 m | 23.9 m | 23.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Current assets | 118.4 m | 632.5 m | 372.5 m | 501.8 m | 671.0 m | 1.3 bn | SEC (XBRL)· 27 Feb 2026verified |
| Property, plant & equipment, net | 2.5 bn | 2.9 bn | 2.7 bn | 2.7 bn | 3.3 bn | 3.3 bn | SEC (XBRL)· 27 Feb 2026verified |
| Total assets | 2.7 bn | 3.6 bn | 3.4 bn | 3.7 bn | 4.3 bn | 5.1 bn | SEC (XBRL)· 27 Feb 2026verified |
| Accounts payable | 10.6 m | 18.9 m | 24.5 m | 22.8 m | 29.0 m | 17.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Short-term debt | 155.7 m | 95.8 m | 27.5 m | 21.3 m | 35.2 m | 283.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Long-term debt | 1.2 bn | 1.0 bn | 402.4 m | 382.9 m | 699.6 m | 872.1 m | SEC (XBRL)· 27 Feb 2026verified |
| Current liabilities | 239.7 m | 319.3 m | 228.4 m | 168.2 m | 169.0 m | 401.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Total liabilities | 1.7 bn | 1.5 bn | 839.8 m | 644.8 m | 918.9 m | 1.3 bn | SEC (XBRL)· 27 Feb 2026verified |
| Equity | 1.0 bn † | 2.1 bn † | 2.6 bn † | 3.0 bn † | 3.4 bn † | 3.8 bn † | SEC (XBRL)· 27 Feb 2026verified |
| Shares outstanding at year end | 20.4 m | 20.7 m | 20.3 m | 19.4 m | 19.0 m | 18.3 m | SEC (XBRL)· 27 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 265.7 m | 428.1 m | 934.7 m | 576.3 m | 621.8 m | 644.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Investing cash flow | -170.7 m | -143.1 m | 176.6 m | -338.5 m | -650.8 m | -325.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Financing cash flow | -168.5 m | -220.9 m | -973.4 m | -233.6 m | 210.6 m | 264.9 m | SEC (XBRL)· 27 Feb 2026verified |
| Dividends paid | — | 30.9 m | 61.5 m | 60.7 m | 62.8 m | 63.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Share repurchases | 31.1 m | — | 28.6 m | 70.6 m | 53.3 m | 75.7 m | SEC (XBRL)· 27 Feb 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 64 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 2.8 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation71
- Returns71
- Quality72
- Balance sheet93
- Growth7
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 102.08 – 433.60 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDA154.64 – 394.25 (Mid 256.83)13 companies used · median multiple 7.3x · quartiles 4.4x – 11.1xCCEC, CMRE, DHT, DSX, ECO, EHLD, GNK, GSL, HSHP, LPG, NVGS, TRMD, ZIM
- Peers: P/E102.08 – 433.60 (Mid 249.68)30 companies used · median multiple 9.3x · quartiles 3.8x – 16.2xASC, CCEC, CISS, CMBT, CMRE, CTRM, DHT, DSX, ECO, EHLD, ESEA, FRO, GASS, GNK, GSL, HSHP, IMPP, LPG, NMM, NVGS, PANL, PSHG, PXS, SBLK, SHIP, STNG, TK, TOPS, TRMD, ZIM
- Dividend discount (DDM)outside the aggregate45.34 – 60.97 (Mid 52.00)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 64/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 13.1% | 64 (vs peers) | 13% |
| Net margin · Quality | 47.4% | 84 (vs peers) | 8% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 1.6% | 14 (on a fixed band) | 10% |
| EPS CAGR 3Y · Growth | -0.6% | 0 (on a fixed band) | 10% |
| Net debt / EBITDA · Balance sheet | 0.2x | 86 (vs peers) | 13% |
| Interest coverage · Balance sheet | 19.0x | 100 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 3.3x | 100 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 5.7x | 65 (vs peers) | 13% |
| EV/EBITDA · Valuation | 4.4x | 77 (vs peers) | 13% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 5.0% | 71 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet93/100 · 3/3 factors with a value
- Growth7/100 · 2/2 factors with a value
- Quality72/100 · 2/3 factors with a value
- Returns· partial71/100 · 1/2 factors with a value
- Valuation71/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
DANAOS CORPORATION (DAC). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.0 bn USD in 2025; YoY growth 2.8%; net margin 47.4%; ROE 13.7%; net debt/EBITDA 0.2x.
The estimated value range is 128.36–413.92 USD per share (median of 2 methods, agreement: same basis (multiples on one peer group, not independent confirmations)); assumptions are illustrative. Against the central value of 253.26 USD, the price of 152.45 USD leaves a potential of 66.1% (value / price − 1) and a margin of safety of 39.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 64/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 47.4%
- Net debt / EBITDA: 0.2x
- Interest coverage: 19.0x
- Current ratio: 3.3x
- EV/EBITDA: 4.4x
- Shareholder yield (distributions): 5.0%
What contradicts it
- Revenue CAGR 3Y: 1.6%
- EPS CAGR 3Y: -0.6%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, FCF yield, Payout ratio (FCF).
Versus the vertical median
Deep Sea Foreign Transportation of Freight (SIC 4412) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| FROFrontline plc | 10.8 bn | 28.5 | 15.6% | 19.2% | −8.8% | +106% / +144% |
| CMBTCmb.tech NV | 5.4 bn | 3.8 | 49.1% | 92.6% | −23.9% | +56% / −5% |
| STNGScorpio Tankers Inc. | 4.4 bn | 12.1 | 11.4% | 36.7% | −24.6% | +48% / +57% |
| TRMDTORM plc | 3.8 bn | 13.2 | 13.3% | 21.3% | −14.1% | +76% / +33% |
| DHTDht Holdings, Inc. | 3.5 bn | 16.8 | 19.4% | 42.4% | −12.8% | +69% / +121% |
| ZIMZim Integrated Shipping Services Ltd. | 3.4 bn | 7.1 | 11.9% | 6.9% | −18.1% | +39% / +306% |
| SBLKStar Bulk Carriers Corp. | 3.1 bn | 37.3 | 3.4% | 8.1% | −17.6% | +37% / +28% |
| ECOOkeanis Eco Tankers Corp. | 3.0 bn | 22.5 | 25.0% | 31.4% | −0.4% | +130% / +252% |
| DACDanaos Corporation | 2.8 bn | 5.7 | 13.7% | 47.4% | +2.8% | +70% / +129% |
| NMMNavios Maritime Partners L.P. | 2.5 bn | 8.6 | — | 21.2% | +0.8% | +57% / +232% |
| LPGDorian Lpg Ltd. | 2.1 bn | 6.5 | 28.3% | 55.0% | +36.3% | +99% / +17% |
| SFLSFL Corporation Ltd. | 1.7 bn | — | -2.5% | -3.6% | −18.9% | +42% / +3% |
| CMRECostamare Inc. | 1.6 bn | 4.6 | 15.9% | 41.5% | −1.2% | −14% / +30% |
| GSLGlobal Ship Lease, Inc. | 1.4 bn | 3.5 | 25.5% | 54.3% | +7.8% | +14% / +118% |
| NVGSNavigator Holdings Ltd | 1.3 bn | 13.9 | 8.2% | 17.1% | +3.6% | +14% / +40% |
| CCECCapital Clean Energy Carriers Corp. | 1.2 bn | 7.3 | 12.0% | — | +62.0% | +2% / +57% |
| TKTeekay Corporation Ltd. | 1.2 bn | 11.9 | 4.8% | 10.3% | −22.2% | +38% / +95% |
| GNKGenco Shipping & Trading Limited | 1.1 bn | 13.9 | 8.9% | 15.5% | −19.1% | +31% / +59% |
| SHIPSeanergy Maritime Holdings Corp. | 987.8 m | 14.3 | 7.8% | 13.4% | −5.6% | +37% / +98% |
| ASCArdmore Shipping Corp | 752.3 m | 21.0 | 6.6% | 13.2% | −23.6% | +51% / +36% |
| HSHPHimalaya Shipping Ltd. | 719.3 m | 40.6 | 11.2% | 13.4% | +6.7% | +72% / +157% |
| PANLPangaea Logistics Solutions Ltd. | 491.7 m | 10.1 | 11.0% | 6.7% | +17.8% | +7% / +7% |
| ESEAEuroseas Ltd. | 459.1 m | 3.3 | 33.1% | 60.1% | +7.0% | +8% / +172% |
| GASSStealthgas Inc. | 308.3 m | 5.1 | 9.2% | 35.0% | +3.5% | +21% / +24% |
| DSXDiana Shipping Inc. | 276.7 m | 21.7 | 3.5% | 8.3% | −6.4% | +21% / −30% |
1- and 3-year price returns: for DAC from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 88.55 Total return -40% · Per year -40% | 156.78 Total return 5% · Per year 5% | 236.46 Total return 58% · Per year 58% |
| 3 years | 81.04 Total return -42% · Per year -17% | 161.91 Total return 13% · Per year 4% | 268.81 Total return 85% · Per year 23% |
| 5 years | 74.17 Total return -43% · Per year -11% | 167.20 Total return 22% · Per year 4% | 305.59 Total return 116% · Per year 17% |
- Exit P/E± 40.48
- Net margin± 28.33
- Annual revenue growth± 23.92
- Annual dilution± 2.38
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 27 Feb 2026; since then the company filed 6-K (09 Oct 2026), 6-K (04 Aug 2026), 6-K (18 Jun 2026), 6-K (12 May 2026).
In brief
Danaos Corporation is an international owner of containerships and drybulk vessels that charters its container fleet to major liner companies under multi-year contracts. The company operates 75 containerships and 11 Capesize bulkers, and its container fleet has expanded through new orders 1.
SWOT
Strengths
- The containership fleet runs at very high utilization and under multi-year fixed-rate charters, which provide relatively predictable revenues 1.
- The company has a customer base of major liner companies under contracts that extend over several years 1.
- Staggered contract maturities reduce exposure to any single stage of the market cycle 1.
Weaknesses
- Drybulk vessels are exposed to spot rates, which are more volatile and can fall quickly in weak markets 1.
- The drybulk fleet is relatively recent in strategy, and its vessels are older on average than the container fleet 1.
- Reliance on the affiliated manager and the majority shareholder creates concentration in governance and related-party dealings 1.
Opportunities
Threats
Risks
- Dependence on charterers meeting their obligationshigh
Revenues depend on the ability and willingness of charterers to pay; if they do not, operating and financial results could be significantly affected 1.
- Contract expiries in weaker marketsmedium
If expiring contracts are renewed at lower rates than current ones, revenues could decline accordingly 1.
- Drybulk segment volatilitymedium
Capesize vessels operated on the spot market can generate revenues that are hard to predict and lower in weak periods 1.
- Cost and financing of new vesselsmedium
Newbuilding orders are large financial commitments, and interest rates and financing terms can influence net results 1.
- Concentrated governance structurelow
The manager and the majority shareholder are affiliated, which can create conflicts of interest in related-party transactions 1.
Investment thesis
What would need to be true (bull case)
- The base of multi-year contracts and very high utilization of the containership fleet provide a notable degree of revenue stability 1.
- Containership charter rates have stayed high, which could support re-charter rates at good levels 1.
- Fleet expansion through new orders could raise capacity and revenues over the medium term if projects are delivered as planned 1.
What would break the thesis
- The drybulk segment's exposure to spot rates can lead to more volatile revenues and declines in weak periods 1.
- Contracts expiring in the coming period could be renewed at lower rates if the market weakens 1.
- Reliance on charterers' ability to pay and large newbuilding commitments make results sensitive to market shocks 1.
What to watch
- Container fleet utilization and the contracts expiring2026
- Delivery of newbuildings under construction and their charter placement2026-2029
- Capesize spot rates and drybulk segment resultsnext 10-K
- Customer payments and contracted revenue levelsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 27 Feb 2026; since then the company filed 6-K (09 Oct 2026), 6-K (04 Aug 2026), 6-K (18 Jun 2026), 6-K (12 May 2026).
The business
Danaos Corporation operates through wholly owned subsidiaries incorporated in Liberia and the Marshall Islands, which own the vessels in its fleet 1. Its core activity is chartering containerships to liner companies such as CMA CGM, MSC, Hapag Lloyd and Maersk under multi-year fixed-rate contracts 1. Since 2023 it has also re-entered the drybulk segment, operating Capesize vessels on the spot market and short-term charters 1.
As of February 25, 2026, the fleet comprised 75 containerships with 477,491 TEUs, 27 under construction with 174,550 TEUs, and 11 Capesize bulkers, one of which was due for delivery in March 2026 1. The company ordered four Newcastlemax bulkers in early 2026, with an approximate capacity of 844,000 DWT 1. Operations are managed by an affiliated manager, Danaos Shipping, under the supervision of the board of directors 1.
Revenues are driven mainly by fleet size, operating days and the charter rates obtained 1. Multi-year contracts provide relatively stable cash flows, while the spot exposure of the Capesize vessels makes drybulk revenues more volatile 1.
Segments
Market context
The containership charter market saw relatively high charter rates through 2025 and into early 2026, after an improvement in 2024 1. For Danaos, the balance of demand and supply for capacity sets the rates at which vessels are re-chartered as contracts expire 1. The Capesize market was subdued in the first three quarters of 2025 before strengthening in the fourth quarter, supported by iron ore and bauxite exports 1.
Contracted revenues depend on many charters expiring at different times, so exposure to future rates depends on when vessels are re-chartered 1. Total future minimum charter payments of 4,153.4 million USD at December 31, 2025 indicate the size of the contracted base 1.
Trends
- Improving containership charter ratestailwind
Containership charter rates improved in 2024 and stayed at high levels in 2025, which could support rates when vessels are re-chartered 1.
- Charter expiries and lower re-charter ratesheadwind
If market rates fall below those in expiring contracts, vessels could be re-chartered at lower rates, reducing revenues 1.
- Capesize market volatilitymixed
Capesize vessels are exposed to spot rates, which can rise in periods of strong demand but fall in weak markets, making drybulk revenues less predictable 1.
- New orders and fleet expansionmixed
New orders built to the latest IMO standards could expand capacity and revenues, but they also raise financing needs and execution risk 1.
Competitive position
Danaos competes with other containership owners that charter capacity to major liner companies, where fleet size, efficiency and the ability to offer multi-year contracts are decisive 1. In drybulk, competition depends on spot availability and operating costs 1.
- Liner companies that charter vessels (customers and partners)
Companies such as CMA CGM, MSC, Hapag Lloyd and Maersk are both customers and market players, and their relationships shape demand for capacity 1.
- Other independent containership owners
Independent owners compete for the same multi-year charters, especially for larger vessels 1.
- Capesize bulk carrier operators
Capesize operators compete on the spot market and in short-term contracts for iron ore and bauxite cargoes 1.
- Asian and European drybulk fleet operators
Drybulk operators compete for cargoes and spot rates, which affects the revenues of the drybulk segment 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Danaos Stock Just Hit a New All-Time HighYahoo Finance — News · 11 Sept 2026 · EN
The latest news item in our archive is from 11 Sept 2026; the newest SEC filing is from 09 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report (foreign issuer)09 Oct 2026
- Current report (foreign issuer)04 Aug 2026
- Current report (foreign issuer)18 Jun 2026
- Current report (foreign issuer)12 May 2026
- Annual report (foreign issuer)27 Feb 2026
- Current report (foreign issuer)20 Jan 2026
- Current report (foreign issuer)18 Nov 2025
- Current report (foreign issuer)16 Oct 2025
- Current report (foreign issuer)14 Oct 2025
- Current report (foreign issuer)09 Oct 2025
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Danaos Corporation · 27 Feb 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.