Danaos is expanding into the feeder containership market, with six new orders for ships with a carrying capacity of 1,800 TEUs, its CEO Dr. Ioannis Coustas said in the announcement of the company’s results for the first nine months of 2025.
The company announced revenues of 776.1 million euros, up from 755.9 million euros a year ago.
At the same time, with the latest addition, the company’s current shipbuilding program has reached 23 ships.
Coustas underlined “in relation to our shipbuilding program, we recently added six 1,800 TEU ships to be delivered between 2027 and 2029, and we have secured 10-year time charters for four of them, contributing approximately 236 million dollars to our backlog of contracts.”
He added: “We have selectively expanded our shipbuilding program at below-market prices and have already secured multi-year employment for these new orders.
Following the annual postponement by the IMO of the Net-Zero framework, we expect conventional fuels to remain dominant in the medium term, even if the long-term decarbonization path remains unchanged.”
Referring to the financing side, he noted that “the issuance of a seven-year bond, amounting to 500 million dollars, with an interest rate of 6.875%, was recently completed.
This is one of the most competitive issuances ever achieved in the shipping industry for an unsecured bond of this duration, which proves the company’s high credit quality.
The proceeds will be used to repay the 300 million bond maturing in 2028, as well as to fully prepay certain smaller bank financings.”
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