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Basis of Presentation and General Information | 6 Months Ended
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Jun. 30, 2022
Basis of Presentation and General Information | 1 Basis of Presentation and General Information ​ The accompanying condensed consolidated financial statements (unaudited) have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The reporting and functional currency of the Company is the United States Dollar. ​ Danaos Corporation (“Danaos” or “Company”), formerly Danaos Holdings Limited, was formed on December 7, 1998 under the laws of Liberia and is presently the sole owner of all outstanding shares of the companies listed below. Danaos Holdings Limited was redomiciled in the Marshall Islands on October 7, 2005. In connection with the redomiciliation, the Company changed its name to Danaos Corporation. On October 14, 2005, the Company filed and the Marshall Islands accepted Amended and Restated Articles of Incorporation. The authorized capital stock of Danaos Corporation is 750,000,000 shares of common stock with a par value of $0.01 and 100,000,000 shares of preferred stock with a par value of $0.01. Refer to Note 11, “Stockholders’ Equity”. The Company’s principal business is the acquisition and operation of vessels. Danaos conducts its operations through the vessel owning companies whose principal activity is the ownership and operation of containerships that are under the exclusive management of a related party of the Company. ​ In the opinion of management, the accompanying condensed consolidated financial statements (unaudited) of Danaos and subsidiaries contain all adjustments necessary to state fairly, in all material respects, the Company’s condensed consolidated financial position as of June 30, 2022, the condensed consolidated results of operations for the three and six months ended June 30, 2022 and 2021 and the condensed consolidated cash flows for the six months ended June 30, 2022 and 2021. All such adjustments are deemed to be of a normal, recurring nature. These financial statements should be read in conjunction with the consolidated financial statements and related notes included in Danaos’ Annual Report on Form 20-F for the year ended December 31, 2021. The results of operations for the three and six months ended June 30, 2022, are not necessarily indicative of the results to be expected for the full year. The year-end condensed consolidated balance sheet data was derived from annual financial statements. These condensed consolidated financial statements do not include all disclosures required by accounting principles generally accepted in the United States of America. The accompanying condensed consolidated financial statements (unaudited) represent the consolidation of the accounts of the Company and its wholly owned subsidiaries. The subsidiaries are fully consolidated from the date on which control is transferred to the Company. They are de-consolidated from the date that control ceases. Inter-company transaction balances and unrealized gains on transactions between the companies are eliminated. ​ The condensed consolidated financial statements (unaudited) have been prepared to reflect the consolidation of the companies listed below. The historical balance sheets and results of operations of the companies listed below have been reflected in the condensed consolidated balance sheets and condensed consolidated statements of income, cash flows and stockholders’ equity at and for each period since their respective incorporation dates. The consolidated companies are referred to as “Danaos,” or “the Company.” 1 Basis of Presentation and General Information (Continued) ​ As of June 30, 2022, Danaos included the vessel owning companies (the “Danaos Subsidiaries”) listed below. All vessels are container vessels: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Company |  | Date of Incorporation |  | Vessel Name |  | Year Built |  | TEU (1)
Megacarrier (No. 1) Corp. | ​ | September 10, 2007 | ​ | Hyundai Honour | ​ | 2012 | ​ | 13,100
Megacarrier (No. 2) Corp. | ​ | September 10, 2007 | ​ | Hyundai Respect | ​ | 2012 | ​ | 13,100
Megacarrier (No. 3) Corp. | ​ | September 10, 2007 | ​ | Hyundai Smart | ​ | 2012 | ​ | 13,100
Megacarrier (No. 4) Corp. | ​ | September 10, 2007 | ​ | Hyundai Speed | ​ | 2012 | ​ | 13,100
Megacarrier (No. 5) Corp. | ​ | September 10, 2007 | ​ | Hyundai Ambition | ​ | 2012 | ​ | 13,100
CellContainer (No. 6) Corp. | ​ | October 31, 2007 | ​ | Express Berlin | ​ | 2011 | ​ | 10,100
CellContainer (No. 7) Corp. | ​ | October 31, 2007 | ​ | Express Rome | ​ | 2011 | ​ | 10,100
CellContainer (No. 8) Corp. | ​ | October 31, 2007 | ​ | Express Athens | ​ | 2011 | ​ | 10,100
Karlita Shipping Co. Ltd. | ​ | February 27, 2003 | ​ | Pusan C | ​ | 2006 | ​ | 9,580
Ramona Marine Co. Ltd. | ​ | February 27, 2003 | ​ | Le Havre | ​ | 2006 | ​ | 9,580
Oceancarrier (No. 2) Corp. | ​ | October 15, 2020 | ​ | Bremen | ​ | 2009 | ​ | 9,012
Oceancarrier (No. 3) Corp. | ​ | October 15, 2020 | ​ | C Hamburg | ​ | 2009 | ​ | 9,012
Blackwell Seaways Inc. | ​ | January 9, 2020 | ​ | Niledutch Lion | ​ | 2008 | ​ | 8,626
Oceancarrier (No.1) Corp. | ​ | February 19, 2020 | ​ | Kota Manzanillo (ex Charleston) | ​ | 2005 | ​ | 8,533
Springer Shipping Co. | ​ | April 29, 2019 | ​ | Belita | ​ | 2006 | ​ | 8,533
Teucarrier (No. 5) Corp. | ​ | September 17, 2007 | ​ | CMA CGM Melisande | ​ | 2012 | ​ | 8,530
Teucarrier (No. 1) Corp. | ​ | January 31, 2007 | ​ | CMA CGM Attila | ​ | 2011 | ​ | 8,530
Teucarrier (No. 2) Corp. | ​ | January 31, 2007 | ​ | CMA CGM Tancredi | ​ | 2011 | ​ | 8,530
Teucarrier (No. 3) Corp. | ​ | January 31, 2007 | ​ | CMA CGM Bianca | ​ | 2011 | ​ | 8,530
Teucarrier (No. 4) Corp. | ​ | January 31, 2007 | ​ | CMA CGM Samson | ​ | 2011 | ​ | 8,530
Oceanew Shipping Ltd. | ​ | January 14, 2002 | ​ | Europe | ​ | 2004 | ​ | 8,468
Oceanprize Navigation Ltd. | ​ | January 21, 2003 | ​ | America | ​ | 2004 | ​ | 8,468
Rewarding International Shipping Inc. | ​ | October 1, 2019 | ​ | Phoebe | ​ | 2005 | ​ | 8,463
Boxcarrier (No. 2) Corp. | ​ | June 27, 2006 | ​ | CMA CGM Musset | ​ | 2010 | ​ | 6,500
Boxcarrier (No. 3) Corp. | ​ | June 27, 2006 | ​ | CMA CGM Nerval | ​ | 2010 | ​ | 6,500
Boxcarrier (No. 4) Corp. | ​ | June 27, 2006 | ​ | CMA CGM Rabelais | ​ | 2010 | ​ | 6,500
Boxcarrier (No. 5) Corp. | ​ | June 27, 2006 | ​ | CMA CGM Racine | ​ | 2010 | ​ | 6,500
Boxcarrier (No. 1) Corp. | ​ | June 27, 2006 | ​ | CMA CGM Moliere | ​ | 2009 | ​ | 6,500
Expresscarrier (No. 1) Corp. | ​ | March 5, 2007 | ​ | YM Mandate | ​ | 2010 | ​ | 6,500
Expresscarrier (No. 2) Corp. | ​ | March 5, 2007 | ​ | YM Maturity | ​ | 2010 | ​ | 6,500
Kingsland International Shipping Limited | ​ | June 26, 2015 | ​ | Catherine C | ​ | 2001 | ​ | 6,422
Leo Shipping and Trading S.A. | ​ | October 29, 2015 | ​ | Leo C | ​ | 2002 | ​ | 6,422
Actaea Company Limited | ​ | October 14, 2014 | ​ | Zim Savannah | ​ | 2002 | ​ | 6,402
Asteria Shipping Company Limited | ​ | October 14, 2014 | ​ | Dimitra C | ​ | 2002 | ​ | 6,402
Averto Shipping S.A. | ​ | June 12, 2015 | ​ | Suez Canal | ​ | 2002 | ​ | 5,610
Sinoi Marine Ltd. | ​ | June 12, 2015 | ​ | Kota Lima | ​ | 2002 | ​ | 5,544
Oceancarrier (No. 4) Corp. | ​ | July 6, 2021 | ​ | Wide Alpha | ​ | 2014 | ​ | 5,466
Oceancarrier (No. 5) Corp. | ​ | July 6, 2021 | ​ | Stephanie C (ex Wide Bravo) | ​ | 2014 | ​ | 5,466
Oceancarrier (No. 6) Corp. | ​ | July 6, 2021 | ​ | Maersk Euphrates | ​ | 2014 | ​ | 5,466
Oceancarrier (No. 7) Corp. | ​ | July 6, 2021 | ​ | Wide Hotel | ​ | 2015 | ​ | 5,466
Oceancarrier (No. 8) Corp. | ​ | July 6, 2021 | ​ | Wide India | ​ | 2015 | ​ | 5,466
Oceancarrier (No. 9) Corp. | ​ | July 6, 2021 | ​ | Wide Juliet | ​ | 2015 | ​ | 5,466
Continent Marine Inc. | ​ | March 22, 2006 | ​ | Zim Monaco | ​ | 2009 | ​ | 4,253
Medsea Marine Inc. | ​ | May 8, 2006 | ​ | Dalian | ​ | 2009 | ​ | 4,253
Blacksea Marine Inc. | ​ | May 8, 2006 | ​ | Zim Luanda | ​ | 2009 | ​ | 4,253
Bayview Shipping Inc. | ​ | March 22, 2006 | ​ | Rio Grande | ​ | 2008 | ​ | 4,253
Channelview Marine Inc. | ​ | March 22, 2006 | ​ | Zim Sao Paolo | ​ | 2008 | ​ | 4,253
Balticsea Marine Inc. | ​ | March 22, 2006 | ​ | Zim Kingston | ​ | 2008 | ​ | 4,253
Seacarriers Services Inc. | ​ | June 28, 2005 | ​ | Seattle C | ​ | 2007 | ​ | 4,253
Seacarriers Lines Inc. | ​ | June 28, 2005 | ​ | Vancouver | ​ | 2007 | ​ | 4,253
Containers Services Inc. | ​ | May 30, 2002 | ​ | Tongala | ​ | 2004 | ​ | 4,253
Containers Lines Inc. | ​ | May 30, 2002 | ​ | Derby D | ​ | 2004 | ​ | 4,253
Boulevard Shiptrade S.A | ​ | September 12, 2013 | ​ | Dimitris C | ​ | 2001 | ​ | 3,430
CellContainer (No. 4) Corp. | ​ | March 23, 2007 | ​ | Express Spain | ​ | 2011 | ​ | 3,400
CellContainer (No. 5) Corp. | ​ | March 23, 2007 | ​ | Express Black Sea | ​ | 2011 | ​ | 3,400
CellContainer (No. 1) Corp. | ​ | March 23, 2007 | ​ | Express Argentina | ​ | 2010 | ​ | 3,400
CellContainer (No. 2) Corp. | ​ | March 23, 2007 | ​ | Express Brazil | ​ | 2010 | ​ | 3,400
CellContainer (No. 3) Corp. | ​ | March 23, 2007 | ​ | Express France | ​ | 2010 | ​ | 3,400
Wellington Marine Inc. | ​ | January 27, 2005 | ​ | Singapore | ​ | 2004 | ​ | 3,314
Auckland Marine Inc. | ​ | January 27, 2005 | ​ | Colombo | ​ | 2004 | ​ | 3,314
Vilos Navigation Company Ltd. | ​ | May 30, 2013 | ​ | Zebra | ​ | 2001 | ​ | 2,602
Trindade Maritime Company | ​ | April 10, 2013 | ​ | Amalia C | ​ | 1998 | ​ | 2,452
Sarond Shipping Inc. | ​ | January 18, 2013 | ​ | Artotina | ​ | 2001 | ​ | 2,524
Speedcarrier (No. 7) Corp. | ​ | December 6, 2007 | ​ | Highway | ​ | 1998 | ​ | 2,200
Speedcarrier (No. 6) Corp. | ​ | December 6, 2007 | ​ | Progress C | ​ | 1998 | ​ | 2,200
Speedcarrier (No. 8) Corp. | ​ | December 6, 2007 | ​ | Bridge | ​ | 1998 | ​ | 2,200
Speedcarrier (No. 1) Corp. | ​ | June 28, 2007 | ​ | Vladivostok | ​ | 1997 | ​ | 2,200
Speedcarrier (No. 2) Corp. | ​ | June 28, 2007 | ​ | Advance | ​ | 1997 | ​ | 2,200
Speedcarrier (No. 3) Corp. | ​ | June 28, 2007 | ​ | Stride | ​ | 1997 | ​ | 2,200
Speedcarrier (No. 5) Corp. | ​ | June 28, 2007 | ​ | Future | ​ | 1997 | ​ | 2,200
Speedcarrier (No. 4) Corp. | ​ | June 28, 2007 | ​ | Sprinter | ​ | 1997 | ​ | 2,200
Vessels under construction | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Boxsail (No. 1) Corp. | ​ | March 4, 2022 | ​ | Hull No. C7100-7 | ​ | 2024 | ​ | 7,100
Boxsail (No. 2) Corp. | ​ | March 4, 2022 | ​ | Hull No. C7100-8 | ​ | 2024 | ​ | 7,100
Teushipper (No. 1) Corp. | ​ | March 14, 2022 | ​ | Hull No. HN4009 | ​ | 2024 | ​ | 8,000
Teushipper (No. 2) Corp. | ​ | March 14, 2022 | ​ | Hull No. HN4010 | ​ | 2024 | ​ | 8,000
Teushipper (No. 3) Corp. | ​ | March 14, 2022 | ​ | Hull No. HN4011 | ​ | 2024 | ​ | 8,000
Teushipper (No. 4) Corp. | ​ | March 14, 2022 | ​ | Hull No. HN4012 | ​ | 2024 | ​ | 8,000
| (1) | Twenty-feet equivalent unit, the international standard measure for containers and containership capacity.
1 Basis of Presentation and General Information (Continued) ​ Impact of COVID-19 on the Company’s Business ​ The spread of the COVID-19 virus, which has been declared a pandemic by the World Health Organization, in 2020 has caused substantial disruptions in the global economy and the shipping industry, as well as significant volatility in the financial markets, the severity and duration of which remains uncertain. ​ The impact of the COVID-19 pandemic continues to unfold and may have a negative effect on the Company’s business, financial performance and the results of its operations, including due to decreased demand for global seaborne container trade and containership charter rates, which was mainly experienced in the first half of 2020. The extent of the impact will depend largely on future developments. As a result, many of the Company’s estimates and assumptions required increased judgment and carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available, the Company’s estimates may change in future periods. ​ Impact of the war in Ukraine on the Company’s Business ​ As disclosed in the Company’s Annual Report on Form 20-F for the year ended December 31, 2021 filed with the Securities and Exchange Commission on March 3, 2022, the current conflict between Russia and Ukraine, and related sanctions imposed by the U.S., EU and others, could adversely affect the crewing operations of the Company’s Manager, which has crewing offices in St. Petersburg, Odessa and Mariupol, and trade patterns involving ports in the Black Sea or Russia. The extent of the impact will depend largely on future developments.

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