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Basis of Presentation and General Information | 6 Months Ended
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Jun. 30, 2025
Basis of Presentation and General Information |
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 Danaos Corporation and its subsidiaries (“Danaos” or the “Company”) is the United States Dollar. ​ Danaos Corporation, 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 re-domiciliation, 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 container vessels and dry bulk vessels 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, 2025, the condensed consolidated results of operations for the three and six months ended June 30, 2025 and 2024 and the condensed consolidated cash flows for the six months ended June 30, 2025 and 2024. 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, 2024. The results of operations for the three and six months ended June 30, 2025, 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 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, comprehensive income, cash flows and stockholders’ equity at and for each period since their respective incorporation dates. As of June 30, 2025, Danaos included the vessel owning companies (the “Danaos Subsidiaries”) of container vessels and drybulk vessels listed below: ​ 1 Basis of Presentation and General Information (Continued) Container vessels:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Company |  | Date of Incorporation |  | Vessel Name |  | Year Built |  | TEU (1)
Megacarrier (No. 1) Corp. | ​ | September 10, 2007 | ​ | Kota Peony | ​ | 2012 | ​ | 13,100
Megacarrier (No. 2) Corp. | ​ | September 10, 2007 | ​ | Kota Primrose | ​ | 2012 | ​ | 13,100
Megacarrier (No. 3) Corp. | ​ | September 10, 2007 | ​ | Kota Plumbago | ​ | 2012 | ​ | 13,100
Megacarrier (No. 4) Corp. | ​ | September 10, 2007 | ​ | Speed | ​ | 2012 | ​ | 13,100
Megacarrier (No. 5) Corp. | ​ | September 10, 2007 | ​ | 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 | ​ | 2005 | ​ | 8,533
Springer Shipping Co. | ​ | April 29, 2019 | ​ | Belita | ​ | 2006 | ​ | 8,533
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
Teucarrier (No. 5) Corp. | ​ | September 17, 2007 | ​ | CMA CGM Melisande | ​ | 2012 | ​ | 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 | ​ | Kota Santos | ​ | 2005 | ​ | 8,463
Teushipper (No 1) Corp. | ​ | March 14, 2022 | ​ | Catherine C | ​ | 2024 | ​ | 8,010
Teushipper (No 2) Corp. | ​ | March 14, 2022 | ​ | Greenland | ​ | 2024 | ​ | 8,010
Teushipper (No 3) Corp. | ​ | March 14, 2022 | ​ | Greenville | ​ | 2024 | ​ | 8,010
Teushipper (No 4) Corp. | ​ | March 14, 2022 | ​ | Greenfield | ​ | 2024 | ​ | 8,010
Boxsail (No. 1) Corp | ​ | March 4, 2022 | ​ | Interasia Accelerate | ​ | 2024 | ​ | 7,165
Boxsail (No. 2) Corp | ​ | March 4, 2022 | ​ | Interasia Amplify | ​ | 2024 | ​ | 7,165
Boxcarrier (No. 1) Corp. | ​ | June 27, 2006 | ​ | CMA CGM Moliere | ​ | 2009 | ​ | 6,500
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 | ​ | Racine | ​ | 2010 | ​ | 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
Actaea Company Limited | ​ | October 14, 2014 | ​ | Zim Savannah | ​ | 2002 | ​ | 6,402
Asteria Shipping Company Limited | ​ | October 14, 2014 | ​ | Dimitra C | ​ | 2002 | ​ | 6,402
Boxsail (No. 3) Corp. | ​ | March 4, 2022 | ​ | Phoebe (2) | ​ | 2025 | ​ | 6,014
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 | ​ | 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 | ​ | 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 | ​ | Merve A | ​ | 2008 | ​ | 4,253
Balticsea Marine Inc. | ​ | March 22, 2006 | ​ | 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
Wellington Marine Inc. | ​ | January 27, 2005 | ​ | Singapore | ​ | 2004 | ​ | 3,314
Auckland Marine Inc. | ​ | January 27, 2005 | ​ | Colombo | ​ | 2004 | ​ | 3,314
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
Vilos Navigation Company Ltd. | ​ | May 30, 2013 | ​ | Zebra | ​ | 2001 | ​ | 2,602
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 | ​ | Phoenix D | ​ | 1997 | ​ | 2,200
Speedcarrier (No. 2) Corp. | ​ | June 28, 2007 | ​ | Advance | ​ | 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. 4) Corp. | ​ | March 4, 2022 | ​ | Hull No. CV5900-08 (3) | ​ | 2025 | ​ | 6,014
Boxline (No. 8) Corp | ​ | June 6, 2025 | ​ | Hull No. CV5900-09 | ​ | 2027 | ​ | 6,014
Boxline (No. 1) Corp. | ​ | June 7, 2023 | ​ | Hull No. YZJ2023-1556 | ​ | 2026 | ​ | 8,258
Boxline (No. 2) Corp. | ​ | June 7, 2023 | ​ | Hull No. YZJ2023-1557 | ​ | 2026 | ​ | 8,258
Boxline (No. 3) Corp. | ​ | February 2, 2024 | ​ | Hull No. YZJ2024-1612 | ​ | 2026 | ​ | 8,258
Boxline (No. 4) Corp. | ​ | February 2, 2024 | ​ | Hull No. YZJ2024-1613 | ​ | 2027 | ​ | 8,258
Boxline (No. 5) Corp. | ​ | March 8, 2024 | ​ | Hull No. YZJ2024-1625 | ​ | 2027 | ​ | 8,258
Boxline (No. 6) Corp. | ​ | March 8, 2024 | ​ | Hull No. YZJ2024-1626 | ​ | 2027 | ​ | 8,258
Boxline (No. 7) Corp. | ​ | May 30, 2024 | ​ | Hull No. YZJ2024-1668 | ​ | 2027 | ​ | 8,258
Boxsail (No. 5) Corp. | ​ | June 13, 2024 | ​ | Hull No. C9200-07 | ​ | 2027 | ​ | 9,200
Boxsail (No. 6) Corp. | ​ | June 13, 2024 | ​ | Hull No. C9200-08 | ​ | 2027 | ​ | 9,200
Boxsail (No. 7) Corp. | ​ | June 13, 2024 | ​ | Hull No. C9200-09 | ​ | 2027 | ​ | 9,200
Boxsail (No. 8) Corp. | ​ | June 13, 2024 | ​ | Hull No. C9200-10 | ​ | 2027 | ​ | 9,200
Boxsail (No. 9) Corp. | ​ | June 13, 2024 | ​ | Hull No. C9200-11 | ​ | 2027 | ​ | 9,200
Boxsail (No. 10) Corp. | ​ | June 13, 2024 | ​ | Hull No. H2596 | ​ | 2027 | ​ | 9,200
Boxsail (No. 11) Corp. | ​ | June 13, 2024 | ​ | Hull No. H2597 | ​ | 2027 | ​ | 9,200
(1) | Twenty-feet equivalent unit, the international standard measure for containers and container vessels capacity.
1 Basis of Presentation and General Information (Continued)
(2) | The vessel ‘Phoebe’ was delivered during the first quarter of 2025.
(3) | The vessel is expected to be delivered during the fourth quarter of 2025.
​ Capesize drybulk vessels ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Company |  | Date of Incorporation |  | Vessel Name |  | Year Built |  | DWT(1)
Bulk No. 1 Corp. | ​ | July 14, 2023 |  | Integrity |  | 2010 |  | 175,996
Bulk No. 2 Corp. | ​ | July 14, 2023 |  | Achievement |  | 2011 |  | 175,850
Bulk No. 3 Corp. | ​ | July 14, 2023 |  | Ingenuity |  | 2011 |  | 176,022
Bulk No. 4 Corp. | ​ | July 14, 2023 | ​ | Genius |  | 2012 |  | 175,580
Bulk No. 5 Corp. | ​ | July 14, 2023 |  | Peace |  | 2010 |  | 175,858
Bulk No. 6 Corp. | ​ | September 15, 2023 |  | W Trader |  | 2009 |  | 175,879
Bulk No. 7 Corp. | ​ | September 25, 2023 |  | E Trader |  | 2009 |  | 175,886
Bulk No. 8 Corp. | ​ | January 31, 2024 | ​ | Danaos | ​ | 2011 | ​ | 176,536
Bulk No. 9 Corp. | ​ | February 2, 2024 |  | Gouverneur |  | 2010 |  | 178,043
Bulk No. 10 Corp. | ​ | February 15, 2024 |  | Valentine |  | 2011 |  | 175,125
(1) | DWT, dead weight tons, the international standard measure for drybulk vessels capacity.

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