Danaos reports Q3 adjusted EPS $7.26, two estimates $7.39

Reports Q3 revenue $239.22M, two estimates $238.3M. “The macroeconomic environment continued to deteriorate during the third quarter of 2023, and container transport stagnated in most areas due to continued inventory destocking and weak retail sales,” sais CEO John Coustas. “As a result, the profitability of liner companies has dramatically decreased, and the major operators have announced sweeping cost cutting measures. The chartering market continued to remain under pressure, particularly in the market for vessels smaller than 3,000 TEU, where charter rates returned to pre-pandemic levels.”