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Danaos: Profits of over 1 billion dollars for the shipping company

Featured Danaos: Profits of over 1 billion dollars for the shipping company

The profits of Danaos, the shipping company of Giannis Koustas, exceeded $ 1 billion, thanks to its placement in shares of another shipping company of ZIM.

The very good course of the container shipping market has had a positive impact on both Danaos’ operating and investment profits.

More specifically for the total fiscal year 2021, Danaos recorded a net profit of $ 1.052 billion against a net profit of $ 153.6 million in the fiscal year 2020.

Gains for 2021 include total profits from the company’s investment in ZIM of $ 572.1 million, $ 64.1 million from the acquisition of Gemini and $ 111.6 million from debt repayment. Danaos’ adjusted earnings (excluding accounting earnings and contingencies) totaled $ 362.25 million, up from $ 170.888 million in the same period last year.

The CEO of the company Mr. Giannis Koustas commented that “2021 was amazing for the entire shipping container industry and even more so for Danaos.

The element of risk that prevailed in the previous decade has completely disappeared. Long-term charters are also becoming the norm. Regular airline companies are also aiming to expand in the field of land / air transport and logistics in a direction of verticalization of their operations.

In addition, due to the uncertainty about the future standards of ship propulsion, a limit has been set on the orders of new builders, while the German KG shipping market, which was responsible for 70% of the orders during the last shipbuilding boom, does not exist today. “The future is bright and Danaos is in a good position to take advantage of this and continue to reward its shareholders.”