{"id":911035,"date":"2025-11-17T16:42:31","date_gmt":"2025-11-17T21:42:31","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/danaos-corporation-reports-third-quarter-and-nine-months-results-for-the-period-ended-september-30-2025\/"},"modified":"2025-11-17T16:42:31","modified_gmt":"2025-11-17T21:42:31","slug":"danaos-corporation-reports-third-quarter-and-nine-months-results-for-the-period-ended-september-30-2025","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/danaos-corporation-reports-third-quarter-and-nine-months-results-for-the-period-ended-september-30-2025\/","title":{"rendered":"Danaos Corporation Reports Third Quarter and Nine Months Results for the Period Ended September 30, 2025"},"content":{"rendered":"
\n

PR Newswire<\/p>\n<\/p><\/div>\n

\n

\n
\n ATHENS, Greece<\/span>
\n <\/span>, Nov. 17, 2025<\/span><\/span> \/PRNewswire\/ — Danaos Corporation (“Danaos”) (NYSE: DAC), one of the world’s largest independent owners of container vessels and drybulk vessels, today reported unaudited results for the period ended September 30, 2025<\/span>.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n \u00a0Financial Summary<\/b>
\n <\/span>\n <\/p>\n

\n
\n Three Months Ended September 30, 2025 and Three Months Ended September 30, 2024<\/b>
\n <\/span>\n <\/p>\n

\n
\n \u00a0Unaudited<\/b>
\n <\/span>\n <\/p>\n

\n
\n (<\/i>
\n Expressed in thousands of United States dollars, except as otherwise stated<\/i>
\n )<\/i>
\n <\/span>\n <\/p>\n

\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n Three Months Ended<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n Three Months Ended<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n September 30, 2025<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n September 30, 2024<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Financial & Operating Metrics<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Container
Vessels<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Drybulk
Vessels<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Other<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Total<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n Container
Vessels<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Drybulk
Vessels<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Other<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Total<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Operating Revenues<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $239,102<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $21,628<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $260,730<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $235,570<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $20,606<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $256,176<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Voyage Expenses, excl. commissions<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $(909)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $(3,311)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $(4,220)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $757<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $(8,019)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $(7,262)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Time Charter Equivalent Revenues (1)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $238,193<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $18,317<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $256,510<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $236,327<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $12,587<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $248,914<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net income\/(loss)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $118,703<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $3,404<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $8,542<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $130,649<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $124,102<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $62<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $(1,168)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $122,996<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Adjusted net income(2)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $120,566<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $3,404<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $159<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $124,129<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $125,143<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $62<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $1,640<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $126,845<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Earnings per share, basic<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n $7.14<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n $6.36<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Earnings per share, diluted<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n $7.11<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n $6.30<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Adjusted earnings per share, diluted (2)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n $6.75<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n $6.50<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Operating Days<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 6,679<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 920<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 6,387<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 778<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Time Charter Equivalent $\/day (1)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $35,663<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $19,910<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n $37,001<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $16,179<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Ownership days<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 6,808<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 920<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 6,540<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 913<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Average number of vessels<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 74.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 10.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 71.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 9.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Fleet Utilization<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 98.1\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 100.0\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 97.7\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 85.2\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Adjusted EBITDA (2)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $172,368<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $9,128<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $124<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $181,620<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $173,454<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $3,826<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $1,617<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $178,897<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Consolidated Balance Sheet & Leverage Metrics\u00a0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n As of September 30,2025<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n As of December 31, 2024<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Cash and cash equivalents<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n $596,371<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n $453,384<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Availability under Revolving Credit Facility<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n $258,750<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n $292,500<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Marketable securities (3)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n $116,302<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n $60,850<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total cash liquidity & marketable securities(4)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n $971,423<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n $806,734<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Debt, gross of deferred finance costs<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n $760,911<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n $744,546<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net Debt (5)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n $164,540<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n $291,162<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n LTM Adjusted EBITDA (6)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n $719,061<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n $722,615<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net Debt \/ LTM Adjusted EBITDA<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 0.23X<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 0.40x<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n
\n\n\n\n\n\n\n\n
\n

\n 1.<\/span>\n <\/p>\n<\/td>\n

\n

\n Time charter equivalent revenues and time charter equivalent US$\/day are non-GAAP measures. Refer to the reconciliation provided in the appendix.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n 2.<\/span>\n <\/p>\n<\/td>\n

\n

\n Adjusted net income, adjusted earnings per share and adjusted EBITDA are non-GAAP measures. Refer to the reconciliation of net income to adjusted net income and adjusted earnings per share; and net income to adjusted EBITDA provided below.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n 3.<\/span>\n <\/p>\n<\/td>\n

\n

\n Marketable securities refer to fair value of 6,256,181 and 4,070,214 shares of common stock of SBLK on September 30, 2025 and December 31, 2024, respectively.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n 4.<\/span>\n <\/p>\n<\/td>\n

\n

\n Total cash liquidity & marketable securities includes: (i) cash and cash equivalents, (ii) availability under our Revolving Credit Facility and (iii) marketable securities.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n 5.<\/span>\n <\/p>\n<\/td>\n

\n

\n Net Debt is defined as debt gross of deferred finance costs less cash and cash equivalents.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n 6.<\/span>\n <\/p>\n<\/td>\n

\n

\n Last twelve months Adjusted EBITDA. Refer to the reconciliation provided below.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

For management purposes, the Company is organized based on operating revenues generated from container vessels and drybulk vessels and has two reporting segments: (1) a container vessels segment and (2) a drybulk vessels segment. The Company measures segment performance based on net income. Items included in the applicable segment’s net income are directly allocated to the extent that the items are directly or indirectly attributable to the segments. With regards to the items that are allocated by indirect calculations, their allocation is commensurate to the utilization of key resources. The Other column includes components that are not allocated to any of the Company’s reportable segments and includes investments in an affiliate accounted for using the equity method of accounting and investments in marketable securities.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n Financial Summary<\/b>
\n <\/span>\n <\/p>\n

\n
\n Nine Months Ended September 30, 2025 and Nine Months Ended September 30, 2024<\/b>
\n <\/span>\n <\/p>\n

\n
\n \u00a0Unaudited<\/b>
\n <\/span>\n <\/p>\n

\n
\n (<\/i>
\n Expressed in thousands of United States dollars, except as otherwise stated<\/i>
\n )<\/i>
\n <\/span>\n <\/p>\n

\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n Nine Months Ended<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n Nine Months Ended<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n September 30, 2025<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n September 30, 2024<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Financial & Operating Metrics<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Container
Vessels<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Drybulk
Vessels<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Other<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Total<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n Container
Vessels<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Drybulk
Vessels<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Other<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Total<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Operating Revenues<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $714,738<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $61,453<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $776,191<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $699,567<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $56,364<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $755,931<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Voyage Expenses, excl. commissions<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $(1,658)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $(18,105)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $(19,763)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $(179)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $(22,115)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $(22,294)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Time Charter Equivalent Revenues (1)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $713,080<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $43,348<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $756,428<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $699,388<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $34,249<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $733,637<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net income\/(loss)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $353,641<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $(2,872)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $25,931<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $376,700<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $396,144<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $2,689<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $15,813<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $414,646<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Adjusted net income \/ (loss) (2)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $357,049<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $(2,872)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $331<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $354,508<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $391,062<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $2,689<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $5,418<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $399,169<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Earnings per share, basic<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n $20.40<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n $21.41<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Earnings per share, diluted<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n $20.34<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n $21.22<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Adjusted earnings per share, diluted (2)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n $19.14<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n $20.43<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Operating Days<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 19,753<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,660<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 18,494<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,978<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Time Charter Equivalent $\/day (1)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $36,100<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $16,296<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n $37,817<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $17,315<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Ownership days<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 20,179<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,730<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 18,978<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,244<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Average number of vessels<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 73.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 10.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 69.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 8.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Fleet Utilization<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 97.9\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 97.4\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 97.4\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 88.1\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Adjusted EBITDA (2)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $515,419<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $13,677<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $238<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $529,334<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $516,763<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $10,730<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $5,395<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $532,888<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n\n\n\n\n
\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n 1.<\/span>\n <\/p>\n<\/td>\n

\n

\n Time charter equivalent revenues and time charter equivalent $\/day are non-GAAP measures. Refer to the reconciliation provided in the appendix.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n 2.<\/span>\n <\/p>\n<\/td>\n

\n

\n Adjusted net income\/(loss), adjusted earnings per share, diluted and adjusted EBITDA are non-GAAP measures. Refer to the reconciliation of net income\/(loss) to adjusted net income\/(loss) and adjusted earnings per share, diluted; and net income\/(loss) to adjusted EBITDA provided below.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n Highlights for the Third Quarter and Nine Months Ended September 30, 2025<\/span> and up to date of this release:<\/b>\n <\/p>\n