Monitor the drybulk segment's TCE rate sustainability and the container segment's revenue trajectory as newbuildings are delivered. The $4.3B contracted revenue backlog provides strong forward visibility. Watch for further drawdowns under the $850M facility and JOLCO facilities to fund the $1.8B in remaining newbuilding commitments.
Price Chart
Executive Summary
Danaos Corp reported Q2 2026 results with total operating revenues of $274.4M, up 4.7% YoY from $262.2M, driven by a 57.3% surge in drybulk segment revenues to $35.7M. Container vessel revenues slightly declined to $238.6M. Net income rose to $151.8M from $130.9M, with EPS of $8.34 vs $7.14. The company also extended its management agreement through Dec 2027 and drew $57.75M under its $850M facility for a new vessel delivery. The filing is neutral overall as the headline revenue growth is modest and driven by a smaller segment, while the core container segment showed a slight decline, offset by strong cash flow and a large contracted revenue backlog of $4.3B.
Key Facts
- Q2 2026 operating revenues of $274.4M, up 4.7% YoY from $262.2M.
- Container vessel segment revenues declined slightly to $238.6M from $239.4M.
- Drybulk segment revenues surged 57.3% to $35.7M, driven by TCE rate improvement to $30,401/day.
- Net income for Q2 2026 was $151.8M ($8.34 EPS) vs $130.9M ($7.14 EPS) in Q2 2025.
- Adjusted EBITDA for H1 2026 was $367.4M, up 5.7% from $347.7M in H1 2025.
- Total contracted future revenues as of June 30, 2026 stood at $4.3 billion.
- Cash and cash equivalents were $1.0B as of June 30, 2026.
- Outstanding debt (gross) was $1.23B, including $500M of 6.875% Senior Notes.
- The company extended its management agreement with Danaos Shipping through Dec 31, 2027.
- Drew down $57.75M under the Syndicated $850M Facility for the newbuilding vessel Santorini Express in July 2026.
- Declared a quarterly dividend of $0.90 per share for Q2 2026.
- Repurchased 60,819 shares for $5.9M in H1 2026 under the $300M buyback program.
- Invested $58.6M in Yoda PLC shares and $12.5M in the Alaska LNG project during H1 2026.
Financial Impact
Q2 2026 operating revenues increased $12.2M YoY to $274.4M; net income increased $20.9M to $151.8M; EPS increased $1.20 to $8.34.
Risk Factors
- Container vessel segment revenues declined slightly YoY, indicating potential softness in core operations.
- Significant capital expenditure commitments of $1.8B for newbuildings through 2029, requiring continued access to debt markets.
- Geopolitical risks from US-China tariffs and Middle East conflict could disrupt global trade and shipping demand.
- Exposure to floating interest rates on $732.7M of JOLCO debt without hedging arrangements.
- Investment in Yoda PLC and Alaska LNG project introduces non-core business risk and currency exposure (EUR/USD).
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001104659-26-089986 |
| Document: dac-20260630xex99d2.htm | 0001104659-26-089986 |
| Document: dac-20260630xex99d3.htm | 0001104659-26-089986 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 9, 2026 18d ago | 6-K | $168.39 $156.48 | ▼ −7.07% | ▼ −5.58% | $157.99 (−6.18%) |
Oct 1, 2026 26d ago | Press Release | $161.74 $170.22 | ▲ +5.24% | ▲ +3.94% | $157.99 (−2.32%) |
Aug 4, 2026 12w ago | 6-K | $138.72 $135.02 | ▼ −2.67% | ▼ −2.57% | $157.99 (+13.89%) |
Aug 3, 2026 12w ago | Press Release | $138.72 $135.02 | ▼ −2.67% | ▼ −2.57% | $157.99 (+13.89%) |
Jul 22, 2026 13w ago | Press Release | $137.44 | awaiting T+5 | — | $157.99 (+14.95%) |
May 12, 2026 24w ago | 6-K | $132.83 $132.08 | ▼ −0.56% | ▼ −0.64% | $157.99 (+18.94%) |
Mar 30, 2026 30w ago | Court Ruling | $109.79 $115.26 | ▲ +4.98% | ▲ +0.68% | $157.99 (+43.90%) |
US Market Status
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