Danaos : First Quarter 2024 Earnings Release

World - Class Shipping, Leading - Edge Expertise

Danaos Corporation Reports First Quarter Results for Period Ended March 31, 2024

Athens, Greece, May 28, 2024 - Danaos Corporation ("Danaos") (NYSE: DAC), one of the world's largest independent owners of container vessels and drybulk vessels, today reported unaudited results for the first quarter ended March 31, 2024.

Highlights for the First Quarter Ended March 31, 2024:

Financial Summary

Three Months Ended March 31, 2024 and Three Months Ended March 31, 2023

Unaudited

(Expressed in thousands of United States dollars, except as otherwise stated)

Three Months Ended	Three Months Ended
March 31, 2024	March 31, 2023

Financial & Operating Metrics

Operating Revenues Voyage Expenses, excl. commissions

Time Charter Equivalent

Revenues (1)

Net income / (loss) Adjusted net income /

(loss) (2)

Earnings per share, basic

Earnings per share, diluted

Adjusted earnings per share, diluted (2) Operating Days

Time Charter Equivalent $/day (1)

Ownership days Average number of vessels

Fleet Utilization

Adjusted EBITDA (2)

Container

Vessels

$233,411

$(488)

$232,923 $138,359

$138,856

6,019

$38,698 6,185

68.0

97.3%

$174,188

Drybulk Vessels

$20,038

$(10,827)

$9,211 $337

$337

596

$15,455 637

7.0

93.6%

$2,192

Other Total

• $253,449
• $(11,315)
• $242,134
  $11,802 $150,498

$823 $140,016

$7.75

$7.68

$7.15

-

-

-

-

• 
  $823 $177,203

Container

Vessels

$243,574

$(415)

$243,159 $148,789

$147,843

5,956

$40,826 6,150

68.3

96.8%

$181,628

Drybulk Vessels

-

-

-

-

-

-

-

-

-

-

-

Other Total

- $243,574

- $(415)

- $243,159$(2,588) $146,201

$(2,588) $145,255

$7.18

$7.18

$7.14

-

-

-

-

-

$(2,588) $179,040

Consolidated Balance Sheet
& Leverage Metrics	As of March 31, 2024	As of December 31, 2023

Cash and cash equivalents

Availability under Revolving Credit Facility

Marketable securities(3)

Total cash liquidity & marketable securities(4) Debt, gross of deferred finance costs

Net Debt (5)

LTM Adjusted EBITDA (6)

Net Debt / LTM Adjusted EBITDA

$324,326 $326,250

$97,007

$747,583

$458,641

$134,315

$705,165 0.19x

$271,809$337,500

-

$609,309 $410,516

$138,707

$707,0020.20x

1. Time charter equivalent revenues, time charter equivalent US$/day are non-GAAP measures. Refer to the reconciliation provided below.
2. Adjusted net income/(loss), adjusted earnings per share and adjusted EBITDA are non-GAAP measures. Refer to the reconciliation of net income to adjusted net income and net income to adjusted EBITDA provided below.
3. Marketable securities refer to fair value of 1,552,865 shares of common stock of EGLE as at March 31, 2024.
4. Total cash liquidity & marketable securities includes: (i) cash and cash equivalents, (ii) availability under our Revolving Credit Facility and (iii) marketable securities.
5. Net Debt is defined as total debt gross of deferred finance costs less cash and cash equivalents
6. Last twelve months Adjusted EBITDA. Refer to the reconciliation provided below.

For management purposes, the Company is organized based on operating revenues generated from container vessels and dry-bulk vessels and has two reporting segments: (1) a container vessels segment and (2) a dry-bulk vessels segment. The Company measures segment performance based on net income. Items included in the applicable segment's net income are directly allocated to the extent that the items are directly or indirectly attributable to the segments. With regards to the items that are allocated by indirect calculations, their allocation is commensurate to the utilization of key resources. The Other segment includes components that are not allocated to any of the Company's reportable segments and includes investments in an affiliate accounted for using the equity method accounting and investments in marketable securities.

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• In March 2024, we entered into a syndicated loan facility agreement for an amount of up to $450 million, to finance all of our 8 newbuilding container vessels with deliveries in 2024 and 2025. An amount of $55.0 million was utilized as of March 31, 2024 to finance the delivery of the first of these vessels. This facility is repayable in quarterly instalments up to September 2030.
• In February 2024, we entered into agreements to acquire an additional 3 Capesize drybulk vessels aggregating 529,704 DWT, with expected delivery to us in the second and third quarter of 2024. This will bring the total number of our Capesize drybulk vessels fleet to 10 vessels with an aggregate capacity of 1,760,861 DWT.
• In February and March 2024 we added four 8,258 TEU newbuildings to our orderbook with expected deliveries in 2026 and 2027. As a result, as of March 31, 2024, we had 14 container vessels under construction with an aggregate capacity of 107,946 TEU. Two newbuilding vessels were delivered to us in April and May 2024, four vessels are expected to be delivered in the remainder of 2024, two vessels in 2025, three vessels in 2026 and three vessels in 2027. All our newbuildings are designed with the latest eco characteristics, will be methanol fuel ready, fitted with Alternative Maritime Power Units and will all be built in accordance with the latest requirements of the International Maritime Organization in relation to Tier III emission standards and Energy Efficiency Design Index (EEDI) Phase III.
• We have now secured multi-year chartering agreements for all of our 14 newbuildings. As a result of this chartering activity, over the past three months we have added approximately $423 million to our contracted revenue backlog through the arrangement of new charters for 5 container vessels in our fleet and 8 newbuildings.
• As a result, total contracted cash operating revenues, on the basis of concluded charter contracts through the date of this release, currently stand at $2.5 billion. The remaining average contracted charter duration is 2.9 years, weighted by aggregate contracted charter hire.
• As of the date of this release, Danaos has repurchased a total of 1,671,059 shares of its common stock in the open market for $104.4 million under its share repurchase program of up to $200 million announced in June 2022, as amended on November 10, 2023.
• Contracted operating days charter coverage for our container vessel fleet is currently 99% for 2024 and 69% for 2025. This includes newbuildings based on their scheduled delivery dates.
• Danaos has declared a dividend of $0.80 per share of common stock for the first quarter of 2024, which is payable on June 20, 2024, to stockholders of record as of June 11, 2024.

Danaos' CEO Dr. John Coustas commented:

"The container market continued to strengthen in the first quarter of 2024, a trend that has continued into the second quarter. Both charter and box rates are gaining momentum, and we have completed all necessary rechartering activity in excess of our internal forecasts. The renewed optimism in the market extends to the longer term view of the charterers, who are making charter commitments on newbuilding vessels with deliveries scheduled from 2025 through the end of 2027.

Following the recent placement of an order for an additional two 8,250 TEU vessels for 2027 delivery, our newbuilding orderbook currently consists of 14 vessels, totaling 108,000 TEU, two of which have already been delivered to us.

More importantly, we have now secured multi-year chartering agreements for all our vessels on order, while we have also extended charters of certain existing vessels. As a result of this chartering activity, over the past three months we have added $423 million to our contracted revenue backlog that today stands at $2.5 billion with an average charter duration of 2.9 years.

All the vessels in our newbuilding orderbook are Methanol ready, future proofing a portion of our fleet on green fuel usage. We have also arranged very conservative financing for the first eight newbuildings at competitive rates to ensure that we are able to maintain a strong liquidity profile to support continued opportunistic fleet expansion.

In our drybulk vessels segment, we have added an additional Capesize vessel to our fleet, increasing our fleet to 10 vessels in total. We are continuing to explore ways to increase our exposure to this market. The drybulk market has performed above expectations, and we are confident that an eventual Chinese recovery will drive the market higher. Our entry point into the dry bulk market is relatively low, and our breakeven is therefore easily achievable.

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Despite geopolitical uncertainties, most of the economies around the world are performing relatively well and are displaying no signs of recession. The biggest risk to our market outlook comes from trade hurdles that various countries are putting in place in the form of tariffs and trade restrictions on energy as well as manufactured goods. Despite the positive short-term impacts of these practices, we believe they will ultimately result in trade contraction in the long term.

In the meantime, our strategy has continued to result in consistent solid results. We will continue to explore growth opportunities while ensuring the longevity of our investments for the benefit of our shareholders."

Three months ended March 31, 2024 compared to the three months ended March 31, 2023

During the three months ended March 31, 2024, Danaos had an average of 68.0 container vessels and 7.0 Capesize drybulk vessels compared to 68.3 container vessels and no drybulk vessels during the three months ended March 31, 2023. Our container vessels utilization for the three months ended March 31, 2024 was 97.3% compared to 96.8% for the three months ended March 31, 2023. The increase in container vessels utilization was mainly due to the decreased days of scheduled dry-docking of our vessels.

Our adjusted net income amounted to $140.0 million, or $7.15 per diluted share, for the three months ended March 31, 2024 compared to $145.3 million, or $7.14 per diluted share, for the three months ended March 31, 2023. We have adjusted our net income in the three months ended March 31, 2024 for a $11.0 million change in fair value of investments and a $0.5 million non-cash finance fees amortization.

Adjusted net income of our container vessels segment amounted to $138.9 million for the three months ended March 31, 2024 compared to $147.8 million for the three months ended March 31, 2023. We adjusted net income of container vessels segment in the three months ended March 31, 2024 for a $0.5 million non-cash finance fees amortization.

Adjusted net income of our drybulk vessels segment amounted to $0.3 million for the three months ended March 31, 2024 compared to none for the three months ended March 31, 2023, as we were not engaged in the drybulk vessels segment during that period.

Please refer to the Adjusted Net Income reconciliation tables, which appear later in this earnings release.

The $5.3 million decrease in adjusted net income for the three months ended March 31, 2024 compared to the three months ended March 31, 2023 is primarily attributable to a $22.2 million increase in total operating expenses, which was partially offset by a $9.8 million increase in operating revenues, a $3.7 million decrease in net finance expenses, a $2.5 million decrease in equity loss on investments and a $0.9 million increase in dividends received.

On a non-adjusted basis, our net income amounted to $150.5 million, or $7.68 earnings per diluted share, for the three months ended March 31, 2024 compared to net income of $146.2 million, or $7.18 earnings per diluted share, for the three months ended March 31, 2023. On a non-adjusted basis, the net income of our container vessels segment amounted to $138.4 million and the net income of our drybulk vessels segment amounted to $0.3 million for the three months ended March 31, 2024.

Operating Revenues

Operating revenues increased by 4.0%, or $9.8 million, to $253.4 million in the three months ended March 31, 2024 from $243.6 million in the three months ended March 31, 2023.

Operating revenues of our container vessels segment decreased by 4.2%, or $10.2 million, to $233.4 million in the three months ended March 31, 2024 from $243.6 million in the three months ended March 31, 2023, analyzed as follows:

• a $3.0 million increase in revenues in the three months ended March 31, 2024 compared to the three months ended March 31, 2023 mainly as a result of higher charter rates and improved vessels utilization;
• a $2.7 million decrease in revenues in the three months ended March 31, 2024 compared to the three months ended March 31, 2023 due to vessel disposals;
• a $3.0 million decrease in revenues in the three months ended March 31, 2024 compared to the three months ended March 31, 2023 due to decreased amortization of assumed time charters; and
• a $7.5 million decrease in revenue in the three months ended March 31, 2024 compared to the three months ended March 31, 2023 due to lower non-cash revenue recognition in accordance with US GAAP.

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Operating revenues of our drybulk vessels segment added an incremental $20.0 million of revenues in the three months ended March 31, 2024 compared to no such operating revenues in the three months ended March 31, 2023.

Vessel Operating Expenses

Vessel operating expenses increased by $2.5 million to $43.1 million in the three months ended March 31, 2024 from $40.6 million in the three months ended March 31, 2023, primarily as a result of the increase in the average number of vessels in our fleet due to recent dry bulk vessels acquisitions, which was partially offset by the decrease in the average daily operating cost of our vessels to $6,493 per vessel per day for the three months ended March 31, 2024 compared to $6,807 per vessel per day for the three months ended March 31, 2023. Management believes that our daily operating costs remain among the most competitive in the industry.

Depreciation & Amortization

Depreciation & Amortization includes Depreciation and Amortization of Deferred Dry-docking and Special Survey Costs.

Depreciation

Depreciation expense increased by 7.6%, or $2.4 million, to $33.9 million in the three months ended March 31, 2024 from $31.5 million in the three months ended March 31, 2023 mainly due to depreciation expense related to 7 recently acquired Capesize drybulk vessels.

Amortization of Deferred Dry-docking and Special Survey Costs

Amortization of deferred dry-docking and special survey costs increased by $1.7 million to $5.5 million in the three months ended March 31, 2024 from $3.8 million in the three months ended March 31, 2023.

General and Administrative Expenses

General and administrative expenses increased by $3.4 million, to $10.2 million in the three months ended March 31, 2024 from $6.8 million in the three months ended March 31, 2023. The increase was mainly attributable to increased stock-based compensation and management fees.

Other Operating Expenses

Other Operating Expenses include Voyage Expenses.

Voyage Expenses

Voyage expenses increased by $12.4 million to $20.3 million in the three months ended March 31, 2024 from $7.9 million in the three months ended March 31, 2023 primarily as a result of the $12.0 million in voyage expenses related to our recently acquired 7 Capesize drybulk vessels, which generated revenue mainly from voyage charter agreements compared to no such expenses in the three months ended March 31, 2023.

Voyage expenses of container vessels segment increased by $0.4 million to $8.3 million in the three months ended March 31, 2024 from $7.9 million in the three months ended March 31, 2023 mainly due to increased commissions. Total voyage expenses of container vessels comprised $7.8 million commissions and $0.5 million other voyage expenses in the three months ended March 31, 2024.

Voyage expenses of drybulk vessels segment were $12.0 million in the three months ended March 31, 2024 compared to no voyage expenses in the three months ended March 31, 2023. Total voyage expenses of drybulk vessels comprised $1.2 million commissions and $10.8 million other voyage expenses, mainly bunkers consumption and port expenses, in the three months ended March 31, 2024.

Gain on sale of vessels

In January 2023, we completed the sale of the container vessel Amalia C for net proceeds of $4.9 million resulting in a gain of $1.6 million compared to no gain on sale of vessels in the three months ended March 31, 2024.

Interest Expense and Interest Income

Interest expense decreased by 53.7%, or $3.6 million, to $3.1 million in the three months ended March 31, 2024 from $6.7 million in the three months ended March 31, 2023. The decrease in interest expense is a result of:

• a $1.0 million decrease in interest expense due to a decrease in our average indebtedness by $94.0 million between the two periods. Average indebtedness was $413.7 million in the three months ended March 31, 2024, compared to average indebtedness of $507.7 million in the three months ended March

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31, 2023. This decrease was partially offset by an increase in our debt service cost by approximately 0.6% as a result of higher interest rates;

• a $2.4 million decrease in interest expense due to an increase in capitalized interest expense on our vessels under construction in the three months ended March 31, 2024; and
• a $0.2 million decrease in the amortization of deferred finance costs and debt discount.

As of March 31, 2024, our outstanding debt, gross of deferred finance costs, was $458.6 million, which included $262.8 million principal amount of our Senior Notes. These balances compare to debt of $431.1 million, which included $262.8 million principal amount of our Senior Notes and our leaseback obligation of $66.3 million, gross of deferred finance costs, as of March 31, 2023.

Interest income increased by $0.2 million to $2.9 million in the three months ended March 31, 2024 compared to $2.7 million in the three months ended March 31, 2023.

Gain on investments

The gain on investments of $11.9 million in the three months ended March 31, 2024 consisted of the change in fair value of our shareholding interest in Eagle Bulk Shipping Inc. ("EGLE") of $11.0 million and dividends recognized on these shares of $0.9 million. This compares to no gain in the three months ended March 31, 2023. Following the all-stock merger of EGLE with Star Bulk Carriers Corp. ("SBLK") completed on April 9, 2024, we currently own 4,070,214 shares of common stock of SBLK.

Equity loss on investments

Equity loss on investments amounting to $0.1 million and $2.6 million in the three months March 31, 2024 and March 31, 2023, respectively, relates to our share of initial expenses of a recently established company, Carbon Termination Technologies Corporation ("CTTC"), currently engaged in the research and development of decarbonization technologies for the shipping industry.

Other finance expenses

Other finance expenses decreased by $0.1 million to $0.9 million in the three months ended March 31, 2024 compared to $1.0 million in the three months ended March 31, 2023.

Loss on derivatives

Amortization of deferred realized losses on interest rate swaps remained stable at $0.9 million in each of the three months ended March 31, 2024 and March 31, 2023.

Other income/(expenses), net

Other income, net remained stable at $0.2 million in each of the three months ended March 31, 2024 and March 31, 2023.

Adjusted EBITDA

Adjusted EBITDA decreased by 1.0%, or $1.8 million, to $177.2 million in the three months ended March 31, 2024 from $179.0 million in the three months ended March 31, 2023. As outlined above, the decrease is mainly attributable to a $18.2 million increase in total operating expenses, which were partially offset by a $12.9 million increase in operating revenues, a $2.5 million decrease in equity loss on investments and a $0.9 million increase in dividends received. Adjusted EBITDA for the three months ended March 31, 2024 is adjusted for a $11.0 million change in fair value of investments. Tables reconciling Adjusted EBITDA to Net Income can be found at the end of this earnings release.

Adjusted EBITDA of container vessels segment decreased by 4.1%, or $7.4 million, to $174.2 million in the three months ended March 31, 2024 from $181.6 million in the three months ended March 31, 2023.

Adjusted EBITDA of drybulk vessels segment was $2.2 million in the three months ended March 31, 2024. We did not have drybulk vessel operations in the three months ended March 31, 2023.

Dividend Payment

Danaos has declared a dividend of $0.80 per share of common stock for the first quarter of 2024, which is payable on June 20, 2024 to stockholders of record as of June 11, 2024.

Recent Developments

In February 2024, we entered into agreements to acquire 3 Capesize drybulk vessels aggregating 529,704 DWT for $79.9 million, with expected delivery to us in June through July 2024.

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In February and March 2024, we added 4 additional 8,258 TEU newbuildings to our orderbook for an aggregate purchase price of $376.8 million, with expected deliveries from the fourth quarter of 2026 through the third quarter of 2027.

In April and May 2024, we took delivery of two container vessels under construction, Hull No. C7100-7 and Hull No. HN4009 and named the vessels Interasia Accelerate and Catherine C, respectively.

Conference Call and Webcast

On Tuesday, May 28, 2024 at 9:00 A.M. ET, the Company's management will host a conference call to discuss the results.

Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 844 802 2437 (US Toll Free Dial In), 0800 279 9489 (UK Toll Free Dial In) or [phone] (Standard International Dial In). Please indicate to the operator that you wish to join the Danaos Corporation earnings call.

A telephonic replay of the conference call will be available until June 4, 2024 by dialing 1 877 344 7529 (US Toll Free Dial In) or 1-412-317-0088 (Standard International Dial In) and using 4069360# as the access code.

Audio Webcast

There will also be a live and then archived webcast of the conference call on the Danaos website (www.danaos.com). Participants of the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

Slide Presentation

A slide presentation regarding the Company and the container and drybulk industry will also be available on the Danaos website (www.danaos.com).

About Danaos Corporation

Danaos Corporation is one of the largest independent owners of modern, large-size container vessels. Our current fleet of 69 container vessels aggregating 434,268 TEUs and 12 under construction container vessels aggregating 92,771 TEUs ranks Danaos among the largest container vessels charter owners in the world based on total TEU capacity. Danaos has also recently invested in the drybulk sector with the acquisition of 7 Capesize drybulk vessels aggregating 1,231,157 DWT, while we have also agreed to acquire a further 3 Capesize drybulk vessels aggregating 529,704 DWT. Our fleet is chartered to many of the world's largest liner companies on fixed-rate charters. Our long track record of success is predicated on our efficient and rigorous operational standards and environmental controls. Danaos Corporation's shares trade on the New York Stock Exchange under the symbol "DAC".

Forward-Looking Statements

Matters discussed in this release may constitute forward-looking statements within the meaning of the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions. Although Danaos Corporation believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, Danaos Corporation cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydocking, changes in Danaos Corporation's operating expenses, including bunker prices, drydocking and insurance costs, our ability to operate profitably in the drybulk sector, ability to obtain financing and comply with covenants in our financing arrangements, actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, including the conflict in Ukraine and related sanctions, the conflict in Israel and the Gaza Strip, potential disruption of shipping routes such as Houthi attacks in the Red Sea and the Gulf of Aden, due to accidents and political events or acts by terrorists.

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Risks and uncertainties are further described in reports filed by Danaos Corporation with the U.S. Securities and Exchange Commission.

Visit our website at www.danaos.com

For further information please contact:

Company Contact:

Evangelos Chatzis

Chief Financial Officer

Danaos Corporation

Athens, Greece

Tel.: [phone]

E-Mail:[e-mail]

Investor Relations and Financial Media

Rose & Company

New York

Tel. [phone]

E-Mail:[e-mail]

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APPENDIX

Container vessels fleet utilization

		First	First
Vessel Utilization (No. of Days)		Quarter	Quarter
	2024		2023
Ownership Days		6,185		6,150
Less Off-hire Days:
Scheduled Off-hire Days		(67)		(150)
Other Off-hire Days	(99)		(44)
Operating Days(1)		6,019		5,956
Vessel Utilization	97.3%		96.8%
Operating Revenues (in '000s of US$)	$233,411		$243,574
Less: Voyage Expenses excluding commissions (in '000s of US$)		(488)		(415)
Time Charter Equivalent Revenues (in '000s of US$)		232,923		243,159
Time Charter Equivalent US$/per day		$38,698		$40,826

Drybulk vessels fleet utilization

				First	First
Vessel Utilization (No. of Days)		Quarter	Quarter
			2024		2023
	Ownership Days			637		-
Less Off-hire Days:
	Scheduled Off-hire Days			(31)		-
Other Off-hire Days	(10)		-
	Operating Days(1)			596		-
Vessel Utilization	93.6%
Operating Revenues (in '000s of US$)	$20,038		-
	Less: Voyage Expenses excluding commissions (in '000s of US$)			(10,827)		-
Time Charter Equivalent Revenues (in '000s of US$)	9,211		-
	Time Charter Equivalent US$/per day			$15,455		-

1. We define Operating Days as the total number of Ownership Days net of Scheduled off-hire days (days associated with scheduled repairs, drydockings or special or intermediate surveys or days) and net of off-hire days associated with unscheduled repairs or days waiting to find employment but including days our vessels were sailing for repositioning. The shipping industry uses Operating Days to measure the number of days in a period during which vessels actually generate revenues or are sailing for repositioning purposes. Our definition of Operating Days may not be comparable to that used by other companies in the shipping industry.

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Fleet List

The following table describes in detail our container vessels deployment profile as of May 27, 2024:

		Vessel Size
Vessel Name		(TEU) (1)
Hyundai Ambition		13,100
Hyundai Speed	13,100
Hyundai Smart		13,100
Kota Primrose (ex Hyundai Respect)	13,100
Kota Peony (ex Hyundai Honour)		13,100
Express Rome	10,100
Express Berlin		10,100
Express Athens	10,100
Le Havre		9,580
Pusan C	9,580
Bremen		9,012
C Hamburg	9,012
Niledutch Lion		8,626
Kota Manzanillo	8,533
Belita		8,533
CMA CGM Melisande	8,530
CMA CGM Attila		8,530
CMA CGM Tancredi	8,530
CMA CGM Bianca		8,530
CMA CGM Samson	8,530
America		8,468
Europe	8,468
Kota Santos		8,463
Catherine C	8,010
Interasia Accelerate		7,165
CMA CGM Moliere	6,500
CMA CGM Musset		6,500
CMA CGM Nerval	6,500
CMA CGM Rabelais		6,500
Racine	6,500
YM Mandate		6,500
YM Maturity	6,500
Zim Savannah		6,402
Dimitra C	6,402
Suez Canal		5,610
Kota Lima	5,544
Wide Alpha		5,466
Stephanie C	5,466
Maersk Euphrates		5,466
Wide Hotel	5,466
Wide India		5,466
Wide Juliet	5,466
Seattle C		4,253
Vancouver	4,253
Derby D		4,253
Tongala	4,253
Rio Grande		4,253
Merve A	4,253
Kingston		4,253
Monaco (ex ZIM Monaco)	4,253
Dalian		4,253
ZIM Luanda	4,253
Dimitris C		3,430
Express Black Sea	3,400
Express Spain		3,400
Express Argentina	3,400

Year Built

2012

2012

2012

2012

2012

2011

2011

2011

2006

2006

2009

2009

2008

2005

2006

2012

2011

2011

2011

2011

2004

2004

2005

2024

2024

2009

2010

2010

2010

2010

2010

2010

2002

2002

2002

2002

2014

2014

2014

2015

2015

2015

2007

2007

2004

2004

2008

2008

2008

2009

2009

2009

2001

2011

2011

2010

Expiration of Charter(2)

April 2027

April 2027

June 2027

April 2027

March 2027

April 2027

August 2026

April 2027

June 2028

May 2028

January 2028

January 2028

May 2026

February 2026

July 2026

January 2028

May 2027

July 2027

September 2027

November 2027

April 2028

May 2028

August 2026

May 2027

April 2027

March 2027

September 2025

November 2025

January 2026

April 2026

January 2028

April 2028

May 2025

February 2025

April 2026

November 2024

May 2025

June 2025

July 2025

July 2025

November 2025

September 2025

October 2026

November 2026

January 2027

November 2024

November 2026

September 2025

June 2025

October 2024

March 2026

August 2025

November 2025

January 2025

January 2025

September 2024

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		Vessel Size
Vessel Name		(TEU) (1)
Express Brazil		3,400
Express France	3,400
Singapore		3,314
Colombo	3,314
Zebra		2,602
Artotina	2,524
Advance		2,200
Future	2,200
Sprinter		2,200
Bridge	2,200
Progress C		2,200
Phoenix D	2,200
Highway		2,200

Year Built

2010

2010

2004

2004

2001

2001

1997

1997

1997

1998

1998

1997

1998

Expiration of Charter(2)

June 2025

September 2025

March 2025

January 2025

November 2024

May 2025

January 2025

December 2024

December 2024

December 2024

November 2024

March 2025

February 2025

1. Twenty-feetequivalent unit, the international standard measure for containers and container vessels capacity.
2. Earliest date charters could expire. Some charters include options for the charterer to extend their terms.

Container vessels under construction as of May 27, 2024:

		Vessel Size
Hull Number		(TEU)
Hull No. C7100-8		7,165
Hull No. HN4010	8,010
Hull No. HN4011		8,010
Hull No. HN4012	8,010
Hull No. CV5900-07		6,014
Hull No. CV5900-08	6,014
Hull No. YZJ2023-1556		8,258
Hull No. YZJ2023-1557	8,258
Hull No. YZJ2024-1612		8,258
Hull No. YZJ2024-1613	8,258
Hull No. YZJ2024-1625		8,258
Hull No. YZJ2024-1626	8,258

Expected

Delivery Year

2024

2024

2024

2024

2024

2025

2026

2026

2026

2027

2027

2027

Minimum Charter

Duration

1. Years

1. Years

1. Years

1. Years

1. Years

1. Years
2. Years

1. Years

1. Years

1. Years

1. Years

1. Years

The following table describes the details of our Capesize drybulk vessels as of May 27, 2024:

Vessel Name		Capacity
	(DWT) (1)
Achievement		175,966
Genius	175,580
Ingenuity		176,022
Integrity	175,966
Peace		175,858
W Trader	175,879
E Trader		175,886
Guo May (2)	176,536
Xin Hang (2)		178,043
Star Audrey (2)	175,125

Year Built

2011

2012

2011

2010

2010

2009

2009

2011

2010

2011

1. DWT, dead weight tons, the international standard measure for drybulk vessels capacity.
2. The vessels are expected to be delivered in June through July 2024.

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