John Coustas-led New York-listed shipowner and operator Danaos Corporation (DAC), primarily recognized for its container ship operations, is further increasing its involvement in the dry bulk sector by acquiring additional capesize bulk carriers, thus expanding its fleet, which already includes seven vessels. Athens-based New York-listed shipowner and operator Danaos Corporation (DAC) has acquired two capesize bulk carriers, constructed in 2010 and 2011, for a total of $52.8 million. These capesize bulk carriers, the MV Xin Hang from Jiangsu Steamship and the MV Guo May from Foremost Group, are expected to join the fleet in April and July 2024, respectively. Following the completion of its previous capesize acquisitions in the fourth quarter of 2023, Danaos Corporation (DAC) remains keen on seeking promising opportunities within this sector. The company highlights the capesize bulk carrier market’s unusual seasonal strength, driven by increased Brazilian iron ore exports, a high coal trade, and rising demand for minor bulks such as bauxite and agricultural commodities amidst a global recovery. Stimulus measures in China, supporting construction and infrastructure projects along with consumer demand, are anticipated to sustain steady demand as the growth of the fleet slows down over the next couple of years. On the container ship side, Athens-based New York-listed shipowner and operator Danaos Corporation (DAC), which currently manages 68 container ships, announced the addition of two methanol-ready 8,258 TEU container ship newbuilds to its order book, which now includes 12 ships scheduled for delivery between 2024 and 2027. 16-February-2024
John Coustas-led New York-listed shipowner and operator Danaos Corporation (DAC) is further investing in the dry bulk market by acquiring more secondhand capesize bulk carriers. Athens-based New York-listed shipowner and operator Danaos Corporation (DAC) has recently purchased Sinokor Merchant Marine Co., Ltd.’s 2009 built capesize bulk carrier 175K DWT MV West Trader for approximately $18.8 million. Earlier this year, New York-listed shipowner and operator Danaos Corporation (DAC) had acquired five capesize bulk carriers. In July 2023, Danaos Corporation (DAC) finalized a preliminary agreement with China Development Bank Financial Leasing. This agreement was to purchase five (5) capesize bulk carriers built between 2010 and 2012, with a combined value of $103 million. The delivery of these five (5) capesize bulk carriers is expected between September and October. This acquisition came after New York-listed shipowner and operator Danaos Corporation (DAC) strategically invested in New York Stock Exchange (NYSE) listed Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE) stock in June 2023, securing about 16.7% ownership, valued then at roughly $68.2 million. Petros Panagiotidis-led Limassol-based Nasdaq-listed shipowner and operator Castor Maritime (CTRM) were also among those who invested in the shipowner and operator Eagle Bulk Shipping (EGLE). In its Q2 2023 earnings report, John Coustas-led New York-listed shipowner and operator Danaos Corporation (DAC) expressed confidence in the dry bulk sector. Danaos Corporation (DAC) cited the historically low orderbook and anticipated that the growth of the fleet supply would decrease considerably in the coming years, especially with the increasing demand. Currently, Danaos Corporation (DAC) portfolio includes nearly 70 containerships, five (5) confirmed capesize bulk carriers. 26-September-2023
John Coustas-led New York-listed shipowner and operator Danaos Corporation’s (DAC) profits subtly decline as the allure of Zim diminishes. While revenues remain robust, there’s a significant 50% reduction in the container ship charter market. Athens-based New York-listed shipowner and operator Danaos Corporation (DAC), as the company ventures into the dry bulk sector, remains insulated from the adverse effects of the dwindling container charter marketplace. Danaos Corporation (DAC) reported earnings of $13.7 million. Lately, Danaos Corporation (DAC) has discreetly amassed nearly a 10% interest in New York-listed Eagle Bulk Shipping (EGLE). 9-August-2023
John Coustas-led New York-listed shipowner and operator Danaos Corporation (DAC) acquired five (5) capesize bulk carriers from China Development Bank Financial Leasing. Athens-based Danaos Corporation (DAC) acquired capesize bulk carriers 176K DWT MV Bulk Genius, MV Bulk Ingenuity, MV Bulk Achievement, MV Bulk Integrity, and MV Bulk Peace for around $103 million total. MV Bulk Genius, MV Bulk Ingenuity, MV Bulk Achievement, MV Bulk Integrity, and MV Bulk Peace were built between 2010 and 2012. 18-July-2023
John Coustas-led New York-listed shipowner and operator Danaos Corporation (DAC), the primary shareholder of New York Stock Exchange (NYSE) listed Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE), has raised concerns about the company’s decision to implement a poison pill strategy. In a letter addressed to Eagle Bulk Shipping’s (EGLE) BOD (board of directors), Danaos Corporation (DAC) questions the rationale behind the adoption of this defensive measure. Recently, New York Stock Exchange (NYSE) listed Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE) acquired Oaktree’s 28% stake in the company for around $219 million through a repurchasing program, concurrently implementing a shareholder rights plan to prevent a potential takeover. This move followed Danaos Corporation’s (DAC) discreet accumulation of a 10% stake in Gary Vogel-led Eagle Bulk Shipping (EGLE) over the past few months, bringing its total ownership in the US firm to 11.3%. John Coustas-led New York-listed shipowner and operator Danaos Corporation (DAC) expressed its intention to work collaboratively and constructively with Eagle Bulk Shipping’s (EGLE) BOD (board of directors), believing that its approach would be reciprocated. However, the Athens-based Danaos Corporation (DAC) criticized the acquisition of Oaktree’s entire 28% stake by Eagle Bulk Shipping’s (EGLE), which was executed at a 35% premium without prior shareholder approval. These transactions have also impacted the Eagle Bulk Shipping’s (EGLE) composition. Consequently, there are now 9,283,499 common shares outstanding, with Danaos Corporation (DAC) holding 16.7% of Eagle Bulk Shipping (EGLE), representing an increase from the approximately 11.3% obtained through open market transactions. A major point of contention for Danaos Corporation (DAC) is that Eagle Bulk Shipping (EGLE) is now restricted from purchasing any additional shares without triggering the recently implemented poison pill provision. Danaos Corporation (DAC) pointed out that since the board took these actions, Eagle Bulk Shipping (EGLE) shares have declined by nearly 6%, suggesting a preliminary market response. Furthermore, Danaos Corporation (DAC) questioned the safeguarding of all shareholders from potential disruption and the benefits to Eagle Bulk Shipping (EGLE) shareholders resulting from the $219 million repurchase of Oaktree’s stake, as stated by the US company. John Coustas-led New York-listed shipowner and operator Danaos Corporation (DAC) argued that this move introduces risk to shareholders, given that the repurchase was financed with debt. Danaos Corporation (DAC) argued that it is effectively the only shareholder prohibited from acquiring additional shares and sought an explanation of how an open market purchase followed by a prompt 13G filing constitutes an abusive tactic, especially considering the Eagle Bulk Shipping (EGLE) board’s preferential deal with Oaktree. Moreover, the Danaos Corporation (DAC) raised concerns about the timing of the poison pill, as Oaktree held its 28% stake without a similar response from the Eagle Bulk Shipping (EGLE) board. It is worth clarifying that Oaktree, a $164 billion company, has the capacity to acquire Eagle Bulk Shipping (EGLE) at any time, yet no poison pill was implemented to prevent such an occurrence. Another adverse consequence of the poison pill is the limitation it places on the rights of remaining Eagle Bulk Shipping (EGLE) shareholders to openly discuss their investments in the company. The adoption of the poison pill without prior shareholder approval raises doubts about whether the Eagle Bulk Shipping (EGLE) board is genuinely acting in the best interests of stockholders. Furthermore, John Coustas-led New York-listed shipowner and operator Danaos Corporation (DAC) expressed frustration over the inability to purchase more stock and the company’s efforts to restrict the sharing of opinions in the absence of a public forum. 27-June-2023
John Coustas-led New York-listed shipowner and operator Danaos Corporation (DAC) has discreetly amassed nearly a 10% interest in Eagle Bulk Shipping over recent months. A recent disclosure to the US Securities and Exchange Commission (SEC) unveiled that the container ship tonnage provider Danaos Corporation (DAC), led by John Coustas, acquired approximately 1.37 million shares, equivalent to 9.99% of Eagle Bulk Shipping’s stake. Danaos Corporation’s (DAC) move to acquire Eagle Bulk Shipping shares, which have experienced a decline of around 20% since March due to weaker first-quarter earnings and a rapid decrease in charter rates in recent weeks, follows their divestment of shares in Israeli liner ZIM last year. Seizing the opportune moment, the Greek company, which operates approximately 70 container ships, entered the dry bulk market where limited global fleet growth and forecasts of increased demand are expected to contribute to future rate recovery. Based in Stamford, Connecticut, Eagle Bulk Shipping boasts a contemporary fleet of over 50 predominantly scrubber-fitted bulk carriers, with an average age of less than 10 years. As per the company’s dividend policy, a minimum of 30% of the net income will be distributed to shareholders in the second quarter (Q2). Considering the $17 million profit from the sale of three vessels, it is likely that the net income for Q2 will surpass $20 million, or at least $0.50 per share for the second quarter. 20-June-2023
John Coustas-led New York-listed shipowner and operator Danaos Corporation (DAC) has emerged as the potential buyer of a pair of 5,900 TEU conatiner ships at Qingdao Yangfan Shipyard in northeast China. Currently, It is estimated that the cost of 5,900 TEU conatiner ship will range between $60 million and $65 million. In March 2022, Danaos Corporation (DAC) placed an order for two 7,100 TEU conatiner ships, which are methanol-ready, from Dalian Shipbuilding Industry Company. The deal also included options for an additional two conatiner ships. John Coustas-led New York-listed shipowner and operator Danaos Corporation (DAC) currently holds the position of the sixth largest provider of container ship tonnage globally. Danaos Corporation (DAC) fleet, including ships on order, totals over 460,000 slots. 9-May-2023
John Coustas-led New York-listed shipowner and operator Danaos Corporation (DAC) owned post-panamax container ship MV Europe has inadvertently discharged a quantity of 60 to 100 liters of fuel into Vancouver’s picturesque English Bay. The Canadian Coast Guard was promptly notified about the spill on Saturday morning and has taken swift action by deploying a specialized barrier to curtail the spread of the oil. Furthermore, on Sunday, the Coast Guard assured that no additional fuel had been released from the MV Europe, with the spokesperson affirming, “We have every confidence that the situation will remain stable.” To address the incident, New York-listed shipowner and operator Danaos Corporation (DAC) is cooperating and acting under the guidance and supervision of the Canadian Coast Guard. 22-January-2023
John Coustas-led New York-listed shipowner and operator Danaos Corporation (DAC) has entered into an agreement with Daehan Shipbuilding of South Korea for the construction of four vessels with a capacity of 7,200 twenty-foot equivalent units (TEUs). The container ships, measuring 272 meters in length, will be designed to accommodate methanol fuel and are anticipated to commence production in April of the following year, with sequential deliveries to Danaos Corporation (DAC) starting from April 2024. Back in March, Danaos Corporation (DAC), possessing a fleet of over 70 ships, placed an order for two methanol-ready container ships with a capacity of 7,100 TEUs from the Dalian Shipbuilding Industry Company (DSIC) in China. The delivery of these container ships is scheduled for the second and third quarters of 2024. For Daehan Shipbuilding of South Korea, this recent agreement represents the shipyard’s first order in the medium-sized container ships segment since its inception. Daehan Shipbuilding ventured into the construction of container ships last year, following Pan Ocean, a fellow domestic shipowner, who committed to acquiring up to four container ships with a capacity of 1,000 TEUs. 10-April-2022
Dalian Shipbuilding Industry Company (DSIC), a subsidiary of China State Shipbuilding Corporation (CSSC), has emerged victorious in securing contracts from John Coustas-led New York-listed shipowner and operator Danaos Corporation (DAC) and Germany’s Asiatic Lloyd for the construction of four to six 7,100 twenty-foot equivalent unit (TEU) container ships. Athens-based Danaos Corporation (DAC) has commissioned two container ships that are capable of accommodating methanol, with an anticipated delivery slated for the Q2 and Q3 of 2024. The agreement encompasses the possibility of procuring an additional two units. The container ships, measuring 255 meters in length, will be constructed based on the design specifications provided by the Shanghai Ship Research and Design Institute (SDARI), ensuring compliance with the International Maritime Organization’s (IMO) Tier 3 standards and Energy Efficiency Design Index (EEDI) Phase 3 requirements. 13-March-2022
MSC (Mediterranean Shipping Company) continues to acquire pre-owned vessels avidly, as brokers associate the company with the procurement of a pair of 6,178 TWU container ships from John Coustas-led New York-listed shipowner and operator Danaos Corporation (DAC). MSC (Mediterranean Shipping Company) has invested $130 million in acquiring MV Catherine C (built in 2001) and MV Leo C (built in 2002), both constructed by Samsung, which were previously chartered to the Swiss line. MSC (Mediterranean Shipping Company) has now surpassed Maersk and solidified its lead in the liner rankings. After overtaking its Danish counterpart Maersk for the first time earlier this month, MSC (Mediterranean Shipping Company) has gained a significant advantage of over 30,000 slots. This impressive achievement can be attributed to MSC’s (Mediterranean Shipping Company) assertive approach to acquiring secondhand vessels and its substantial order book of one million TEU. 22-January-2022
John Coustas-led New York-listed shipowner and operator Danaos Corporation (DAC) has engaged in new charter agreements for 10 of its container ships, ensuring revenues of approximately $378 million.
The charters encompass one 8,500 TEU container ship, three 3,400 TEU container ships, and six 2,200 TEU container ships, with the charter periods spanning from three to four years. Danaos Corporation (DAC) states that the fresh deals will commence upon the expiration of the existing charters between January 2022 and August 2022. The identity of the charterers was not disclosed. John Coustas, the CEO (Chief Executive Officer) of Danaos Corporation (DAC), expressed, “We are immensely delighted to have substantially augmented our contracted backlog by securing multi-year charters for 10 of our container ships. Not only have Danaos Corporation (DAC) attained charter coverage for the entirety of the company’s operating days in 2021, but Danaos Corporation (DAC) has already contracted 89% of its operating days for 2022 and 60% for 2023. In doing so, Danaos Corporation (DAC) has further elevated the company’s earnings and cash flow visibility, thereby reinforcing our financial position. Danaos Corporation (DAC) will persist in its efforts to secure additional charter extensions amidst the robust market environment to maximize our profitability and generate value for the company’s shareholders.” 15-August-2021
John Coustas-led New York-listed shipowner and operator Danaos Corporation (DAC) has successfully restored its favorable status with the New York Stock Exchange. Danaos Corporation (DAC) has once again fulfilled the minimum average share price listing requirements of $1 for a continuous period of 30 trading days, ending on 1 June. The BOD (board of directors) of this Athens-based New York-listed containership owner Danaos Corporation (DAC) has implemented a reverse stock split, following a one-for-14 ratio, which took effect on 2 May. This approved split, sanctioned by shareholders during a special meeting held on 5 March, significantly reduced the number of outstanding shares from approximately 213.4 million to about 15.2 million. As of today, Danaos Corporation’s (DAC) shares closed at a promising $12.28, representing a 1.4% increase. On 31 December, the New York Stock Exchange notified Danaos Corporation (DAC), which currently possesses 59 conatainer ships, that Danaos Corporation (DAC) failed to comply with listing standards due to the average closing share price falling below $1 for a consecutive 30-day period. 2-June-2019