Danaos reports Q2 adjusted EPS $7.14, consensus $6.92

Reports Q2 revenue $241.48M, consensus $227.38M. The company said, “The world economies stagnated in the second quarter of 2023, resulting in a gradual easing of the container market. Danaos active strategy in the current market conditions is made possible by the prudent approach we have taken to manage our balance sheet to conservative levels as well as our successful chartering strategy. The latter is reflected in our operating revenues of $241 million, which is near to previous records despite a charter market drop that is more than 50% lower than a year ago. We continue to be active in the charter market, highlighting the resilience of our business model, and secured nearly $500 million in new charter contracts during the quarter. Our total charter backlog increased to $2.5 billion as of the end of the quarter, and contracted charter coverage currently stands at 99% for 2023 and 86% for 2024.”