Danaos Corp (DAC) 2024 Q4 法說會逐字稿

Good day and welcome to the Danaos Corporation conference call to discuss financial results for the three months ended December 31, 2024. As a reminder, today's call is being recorded. Hosting the call today is Dr. John Coustas, Chief Executive Officer at Danaos Corporation, and Mr. Evangelos Chatzis, Chief Financial Officer at Danaos Corporation. Dr. John Coustas and Mr. Hatties will be making some introductory comments, and then we will open the call to a question-and-answer session. Gentlemen, the floor is yours.

大家好，歡迎參加 Danaos Corporation 電話會議，討論截至 2024 年 12 月 31 日的三個月的財務業績。提醒一下，今天的通話正在錄音。今天電話會議的主持人是 Danaos Corporation 執行長 John Coustas 博士和 Danaos Corporation 財務長 Evangelos Chatzis 先生。John Coustas 博士和 Hatties 先生將做一些介紹性評論，然後我們將開始問答環節。先生們，現在請你們發言。

Thank you, operator. Good morning to everyone and thank you for joining us this morning.

謝謝您，接線生。大家早安，感謝大家今天早上加入我們。

Before we begin, I quickly want to remind everyone that management's remarks this morning may contain certain forward-looking statements and that actual results could differ materially from those projected today. These forward-looking statements are made as of today, and we undertake no obligation to update them. Factors that might affect future results are discussed in our filings with the SEC, and we encourage you to review these detailed safe harbor and risk factor disclosures.

在我們開始之前，我想快速提醒大家，管理階層今天上午的言論可能包含某些前瞻性陳述，實際結果可能與今天的預測有重大差異。這些前瞻性陳述是截至今天所做的，我們不承擔更新它們的義務。我們向美國證券交易委員會提交的文件中討論了可能影響未來結果的因素，我們鼓勵您查看這些詳細的安全港和風險因素揭露。

Please also note that where we feel appropriate, we will continue to refer to non-gap financial measures such as EBITDA, adjusted EBITDA, adjusted Net Income, Time charter equivalent revenues, and Time charter equivalent dollars per day to evaluate our business. Reconciliations of non-gap financial measures to GAAP financial measures are included in our earnings relief and the accompanying materials. With that, let me now turn the call over to Dr. John Coustas, who will provide a broad overview of the quarter, John.

另請注意，在我們認為適當的情況下，我們將繼續參考非差距財務指標（例如 EBITDA、調整後的 EBITDA、調整後的淨收入、定期租船等值收入以及定期租船等值每日美元）來評估我們的業務。非差距財務指標與 GAAP 財務指標的對帳包含在我們的收益減免和隨附資料中。說完這些，現在我將電話轉給 John Coustas 博士，他將對本季的情況進行概述，約翰。

Thank you, Evangelos. Good morning and thank you all for joining today's call to discuss our results for the 4th quarter of 2024. The world is entering uncharted territory, and any near-term predictions about the direction of shipping markets are inherently unreliable. The tariff war is bound to generate disruptions. Which have historically benefited Chile. However, an economic slowdown might negate these benefits.

謝謝你，埃萬傑洛斯。早安，感謝大家參加今天的電話會議討論我們 2024 年第四季的業績。世界正在進入未知領域，任何關於航運市場走向的短期預測本質上都是不可靠的。關稅戰必然會造成混亂。從歷史上看，這曾使智利受益。然而，經濟放緩可能會抵消這些好處。

The dry bulk market continues to suffer from ongoing malaise due to the pace of the recovery of the Chinese economy, which has not shown signs of accelerating. The delivery of new tonnage starting this year will add to this weakness, particularly in the panamax and smaller segments, where the orderbook is concentrated. The capesize segment, where our fleet is concentrated, continues to have an orderbook that remains at historically low levels.

由於中國經濟復甦步伐未有加速跡象，乾散貨市場持續低迷。今年開始的新船交付將加劇這一弱點，特別是訂單集中的巴拿馬型船和小型船領域。我們的船隊集中在好望角型船市場，該市場的訂單量仍處於歷史低點。

The container charter market remains healthy, albeit liners are exhibiting more caution, particularly with respect to more forward dates. While box rates are weakening, they are still much higher than pre-pandemic levels. We will have to wait until after Chinese New Year to gauge the effect of the front-loading of exports that occurred in anticipation of tariffs and the demand pattern in the new trade environment.

貨櫃租船市場依然保持健康，儘管班輪公司表現得更加謹慎，特別是對於更遠期的租船。儘管箱率正在下降，但仍遠高於疫情前的水平。我們要等到農曆新年之後才能衡量預期關稅而提前出口的效應以及新的貿易環境下的需求模式。

Then now is highly insulated from near-term market uncertainty, with 97% coverage for 2025 and 79% for 2026 at healthy rates, shielding us from market volatility. Our charter backlog of $3.4 billion provides us with a certainty of income and firepower to explore accretive investments. We have chartered 13 out of our 15 newbuildings for five years and have arranged a new $850 million facility from a bank syndicate to fully cover the financing of all vessels on order.

那麼現在就高度不受近期市場不確定性的影響，2025 年的覆蓋率為 97%，2026 年的覆蓋率為 79%，利率健康，可以保護我們免受市場波動的影響。我們34億美元的租船積壓訂單為我們提供了確定的收入和探索增值投資的實力。我們已經租賃了 15 艘新船中的 13 艘，租賃期為五年，並且已從銀行財團獲得了一筆 8.5 億美元的新貸款，以完全覆蓋訂購的所有船舶的融資。

Our profitability remains consistent, and we are using our strong balance sheet to increase dividends, continue our share buyback program, and source opportunities to grow our company for the benefit of our shareholders.

我們的獲利能力保持穩定，我們正在利用強勁的資產負債表來增加股息，繼續我們的股票回購計劃，並尋找機會發展我們的公司，以造福股東。

Our strategic focus remains on maintaining a robust financial position, securing long-term contracts for vessels coming off charter, and investing in modern, fuel-efficient container vessels to enhance our competitive position in the market. We are committed to delivering value to our shareholders through prudent financial management and strategic growth initiatives.

我們的策略重點仍然是保持穩健的財務狀況、確保租賃船舶的長期合約以及投資現代化、省油的貨櫃船，以增強我們在市場上的競爭地位。我們致力於透過審慎的財務管理和策略成長計劃為股東創造價值。

With that, I'll have a call back to Evangelos who will take you through the financials for the quarter. Evangelos.

說完這些，我會給 Evangelos 回電，他會向您介紹本季的財務狀況。埃萬傑洛斯。

Thank you, John, and good morning again to everyone. I will briefly review the results for the quarter and then open the call to Q&A.

謝謝你，約翰，再次向大家問好。我將簡要回顧本季的業績，然後開始問答環節。

We are reporting adjusted EPS for the fourth quarter of 2024 of $6.93 per share or adjusted the income of $133.3 million compared to adjusted EPS of $6.99 per share or adjusted the income of $136 million for the fourth quarter of 2023.

我們報告 2024 年第四季的調整後每股收益為 6.93 美元，或調整後收入為 1.333 億美元，而 2023 年第四季的調整後每股收益為 6.99 美元，或調整後收入為 1.36 億美元。

This 2.7 million decrease in adjusted net income between the two quarters is the result of an $11 million increase in total opECs, mainly due to the recognition during the current quarter of voyage costs related to Voyage charters of a drybulk size fleet, and a 4.9 million increase in net finance costs, partially offset by an 8.9 million increase in net operating revenues. A 2.2 million net improvement on income from investments and dividends from such investments and 2.1 million collected in relation to our Hanjin bankruptcy claim.

兩個季度之間調整後淨收入減少 270 萬美元，是由於總 opEC 增加了 1100 萬美元，主要由於本季度確認了與乾散貨船隊航次租賃相關的航次成本，以及淨融資成本增加了 490 萬美元，但淨營業收入增加了 890 萬美元，部分抵消了這一變化。投資收入及該類投資股利的淨增加值為 220 萬美元，而與韓進破產理賠相關的收入為 210 萬美元。

Vessel operating expenses increased by 5.5 million to 45.6 million in the current quarter from 40.1 million in the fourth quarter of 2023 as a result of the increase in the average number of vessels in our fleet, while our daily operating costs slightly improved to $6,135 per vessel per day for the current quarter compared to $6,188 per vessel per day for the fourth quarter of 2023.

由於我們船隊中平均船舶數量增加，船舶營運費用從 2023 年第四季的 4,010 萬美元增加 550 萬美元至本季的 4,560 萬美元，而我們的日常營運成本略有改善，本季每艘船每天 6,135 美元，而 2023 年第四季每艘船每天 6,188 美元。

Our operating costs continue to remain among the most competitive in the industry. GNA expenses decreased by 0.7 million to 21.7 million in the current quarter compared to 22.4 million in the fourth quarter of 2023, mainly due to a decrease in stock-based non-cash costs. Interest extends excluding amortization of finance costs. Increased by 6 million to 9.1 million in the current quarter compared to 3.1 million in the fourth quarter of 2023.

我們的營運成本持續保持業界最有競爭力。本季 GNA 費用較 2023 年第四季的 2,240 萬美元減少 70 萬美元至 2,170 萬美元，主要由於股票非現金成本減少。利息不包括財務成本攤提。與 2023 年第四季的 310 萬相比，本季增加了 600 萬，達到 910 萬。

The increase this increase in interest expense is a combined result of a 5.3 million increase due to higher average indebtedness of around 330 million between the two periods. That was partially offset by a reduction in the cost of debt service by approximately 78 basis points as a result of a decrease in software cost between the two periods, while we also had a 0.7 million increase in interest expense due to lower capitalized interest on vessels under construction between the two periods. At the same time, interest income came in at 3.9 million.

利息支出的增加是由於兩個期間平均負債增加約 3.3 億而導致的 530 萬美元的增加。這部分抵銷了由於兩個期間軟體成本下降導致債務服務成本減少約 78 個基點，同時由於兩個期間在建船舶的資本化利息較低，我們的利息支出也增加了 0.7 百萬美元。同時，利息收入達到390萬。

Adjusted EBITDA increased by 9.9% or by 17.1 million to 189.7 million in the current quarter compared to 172.6 million in the fourth quarter of 2023 for the reasons that have been already outlined earlier on this call. We also encourage you to review our updated investor presentation that is posted on our website, as well as subsequent events disclosures.

本季調整後 EBITDA 較 2023 年第四季的 1.726 億增加 9.9%（即 1,710 萬美元）至 1.897 億，原因已在本次電話會議中概述。我們也鼓勵您查看我們網站上發布的最新投資者介紹以及後續事件披露。

Allow me to give you a few highlights. Since the date of our last earnings release, we have added. $336 million to our contracted revenue backlog. As a result, our contracted revenue backlog remains strong and has increased to 3.4 billion with a 3-7year average charter duration, while contract coverage is at 97% for 2025. And 79% for 2026.

請容許我向您介紹幾個重點。自從我們上次發布收益報告以來，我們已經增加了。我們的合約收入積壓金額為 3.36 億美元。因此，我們的合約收入積壓依然強勁，已增至 34 億，平均租船期限為 3-7 年，而 2025 年的合約覆蓋率為 97%。2026 年這一比例為 79%。

Our investor presentation has analytical disclosure on our contracted charter book. On 7th of February 2025, we entered into an 850 million syndicated loan facility agreement to finance all of our remaining newbuilding container vessels, including the two additional recent orders. All of whom, all of which have deliveries between 2026 and 2028. As of December 31, 2024, our net debt stood at 291 million.

我們的投資者介紹對我們的合約租約書進行了分析披露。2025 年 2 月 7 日，我們簽訂了 8.5 億銀團貸款協議，為我們所有剩餘的新建貨櫃船提供融資，包括最近另外兩艘訂單。所有這些產品的交付時間都位於 2026 年至 2028 年之間。截至 2024 年 12 月 31 日，我們的淨債務為 2.91 億美元。

In the current interest rate environment, this position shields from higher interest costs. Additionally, the company's net debt to a drastic EBITDA ratio stood at 0.4 times. While 53 out of our 84 vessels are currently unencumbered and debt free. We continue to repurchase stock and since the date of the last earnings released, we have repurchased an additional 45.6 million.

在目前利率環境下，此部位可避免更高的利息成本。此外，該公司的淨負債與 EBITDA 比率高達 0.4 倍。在我們 84 艘船中，有 53 艘目前沒有任何抵押和債務。我們繼續回購股票，自上次發布收益之日起，我們已額外回購了 4,560 萬股。

To date, we have executed on total share repurchases of 168.8 million out of the 200 million authority that has been provided by our board. Finally, as at the end of the fourth quarter, cash was at 453.4 million, while total liquidity, including availability under our revolving credit facility and marketable securities, stood at 807 million, giving us ample flexibility to pursue a creative capital deployment opportunities. With that, I would like to thank you all for listening to this first part of our call. Operator, we are now ready to open the call to Q&A.

到目前為止，我們已執行董事會授予的 2 億股回購授權中的 1.688 億股。最後，截至第四季末，現金為 4.534 億美元，而包括循環信貸安排和有價證券在內的總流動資金為 8.07 億美元，為我們提供了充足的靈活性來尋求創造性的資本配置機會。最後，我要感謝大家聆聽我們電話會議的第一部分。接線員，我們現在準備開始問答環節。

(Operator Instructions) Omar Nokta with Jefferies & Company, Inc.. Please go ahead.

（操作員指示） Jefferies & Company, Inc. 的 Omar Nokta。請繼續。

Thank you. Hi, John and Evangelos. Just another, strong quarter with some real free cash flow generation. And as you note in the presentation, you generated $30 a share in free cash flow in $24. Looks like that can pretty much be repeated in 25. I guess a couple of things. It looks like you're back to being on pace to that, getting into that net cash position again. Sometime during 2025, I guess, do you agree, do you agree with that you're on pace to get to net cash position yet again? And then also, do you want to be in a net cash position or do you prefer to keep more leverage in place?

謝謝。你好，約翰和埃萬傑洛斯。這又是一個強勁的季度，產生了一些真正的自由現金流。正如您在簡報中提到的，您以 24 美元的價格創造了每股 30 美元的自由現金流。看起來這在 25 中幾乎可以重複。我想有幾件事。看起來你又回到了原來的節奏，再次進入了淨現金狀態。我想，在 2025 年的某個時候，您是否同意，您是否同意您將再次實現淨現金狀況？而且，您想保持淨現金狀況還是願意保持更多的槓桿？

We're looking, as you saw, we have, arranged $150 million facility which covers all the financing of our new building, program at 60%. Of course, we are generating, and we are keeping substantial amounts of cash for opportunities. At present with all our new building program. We don't even going forward, manage to go to a negative net cash position. So, we're still, let's say in surplus, and this is, also one of the reasons that we've continued our, and expanded our newbuilding program. With, [ships] that we believe they are going to be required in the market. And in line with the other vessels that we have already ordered.

正如您所看到的，我們正在安排 1.5 億美元的融資，涵蓋了我們新大樓計劃的全部融資，佔 60%。當然，我們正在創造並保留大量現金以備不時之需。目前我們正在進行所有新建築計劃。我們甚至沒有繼續前進，設法進入負淨現金狀況。因此，我們仍然可以說處於盈餘狀態，這也是我們繼續並擴大新造船計劃的原因之一。我們相信，市場將會需要這些船舶。並且與我們已經訂購的其他船隻一致。

(Operator Instructions) Climent Molins with Value Investor's Edge. Please go ahead.

（操作員指示）克萊門特莫林斯 (Climent Molins) 具有價值投資者的優勢。請繼續。

Hi, good afternoon, thank you for taking my questions. I wanted to start by asking about the utilization of [trioxide]. This was mostly attributable to schedules of hard days, and I was wondering, could you talk a bit about what that includes and how many Dry Docking were conducted during the quarter? And secondly, how many Dry Docking do you have planned on that side of the fleet throughout 2025?

大家下午好，感謝您回答我的問題。我想先詢問一下[三氧化物]。這主要歸因於艱苦的工作日程安排，我想知道，您能否談談其中包括哪些內容，以及本季度進行了多少次乾船塢？其次，您計劃在 2025 年對艦隊進行多少次乾船塢維修？

Are you talking about just the dry bulk fleet or are you talking about the whole fleet?

您說的只是乾散貨船隊，還是整個船隊？

About dry bulk fleet

關於乾散貨船隊

Yeah, the dry bulk, we have decided, to put all our dry bulk vessels in Dry Docking. And presently, apart from one, all the rest have been, have completed their dry docking in the last 6 months where we've installed the appendages and, paints. Which are extremely efficient. So, we even we managed, for example, vessels that were, light shipp E rated to move them up to a C+ rating. So, we've done a lot of investment on these shipp and we believe that when the drivers market picks up.

是的，對於乾散貨船，我們已經決定將所有乾散貨船放入乾船塢。目前，除一艘船外，其餘所有船隻已在過去 6 個月內完成乾船塢作業，並安裝了配件和油漆。其效率極高。因此，我們甚至管理了輕型船舶 E 級，並將其提升至 C+ 級。因此，我們在這些船舶上進行了大量投資，我們相信當駕駛員市場回升時。

We're going to enjoy that. We will not have dry dockings of the dry bulk fleet over the next at least 2- 3 years.

我們會享受這一點。未來至少2至3年內，我們不會讓幹散貨船隊進行乾船塢作業。

That’s helpful. Thank you. Drag work rates have been quite soft recently, and asset values have declined at that from the highs. Is there any appetite to potentially add additional vessels going forward? And if so, would you still focus on capsizers, or would you be willing to add [cancer maxis] or ultra maxis as well?

這很有幫助。謝謝。近期拖曳工作率一直相當疲軟，資產價值也已從高點回落。未來是否有意增加更多船隻？如果是這樣，您還會專注於傾覆式潛水艇嗎，或者您是否願意添加 [cancer maxis] 或 ultra maxis？

No, we are concentrating on, cap sizes. Yes, prices are attractive. We've already said we are going to increase our presence in the sector.

不，我們關注的是帽子的尺寸。是的，價格很有吸引力。我們已經表示過我們將加強在該領域的影響力。

Thanks for the call. I'll turn it over.

感謝您的來電。我把它翻過來。

Thank you for taking my questions and congratulations for the quarter.

感謝您回答我的問題，並祝賀本季取得的成績。

The next question is a follow up from Omar Nata with Jeffrey. Please go ahead.

下一個問題是奧馬爾·納塔 (Omar Nata) 對傑弗裡 (Jeffrey) 的後續提問。請繼續。

Thank you. Sorry, thanks for letting me back on. Just a couple of quick ones, or maybe not so much this first one, but, you mentioned, John in your presentation or not in the press release and in your opening comments, near term forecasts are basically unreliable in this climate. You ordered the two new ships after a bit of a pause. Just wanted to ask, what gave you confidence to kind of jump back in, to the newbuilding, side of things.

謝謝。抱歉，感謝您讓我回來。我只想快速問幾個問題，或者可能不是第一個，但是，約翰，你在演講中提到過，或者在新聞稿中沒有提到，在你的開場白中，在這種環境下，短期預測基本上是不可靠的。經過一段時間的停頓後，您訂購了兩艘新船。只是想問一下，是什麼讓您有信心重新回到新船建造方面？

Well. First of all, we believe that the sector needs, modern efficient ships, especially in, this size bracket. And secondly, we have arranged financing charter for everything else, so. And there is very little, let's say risks if any, by our investment.

出色地。首先，我們認為該行業需要現代高效的船舶，尤其是這種尺寸的船舶。其次，我們已經為其他一切事宜安排了融資章程。而且我們的投資幾乎沒有風險，如果有的話。

Okay, and then just separately obviously you stepped up the share of purchases pretty meaningfully here the past few months. I just wanted to ask, are you able to give us a snapshot of what the share account looks like today?

好的，然後顯然在過去幾個月裡你們在這裡顯著增加了購買份額。我只是想問一下，您能否向我們提供一張當今股票帳戶的快照？

Evangelos is, can answer that

Evangelos 可以回答這個問題

Can you repeat, Omar, you are you returning to the share account?

奧馬爾，你能重複一遍嗎，你要返回共享帳戶？

Yeah, just to share account post the latest repurchases.

是的，只是為了分享帳號發布最新的回購資訊。

It's just below 19 million shares. So, like 18.8-18.9 at this point, yeah.

其持有量略低於1,900萬股。所以，現在大概是 18.8-18.9，是的。

Got it. Okay. Well, thank you. Thanks, John. Thanks, evangelist.

知道了。好的。好吧，謝謝你。謝謝，約翰。謝謝，福音傳道者。

Thank you.

謝謝。

It appears we have no further questions at this time. I would like to turn the call back over to Dr. John Coustasfor any closing remarks. Please go ahead, sir.

目前看來我們沒有其他問題了。我想將電話轉回給約翰·庫斯塔斯博士，請他做最後發言。先生，請繼續。

Yes, thank you for your continued interest for our story. We will continue to implement our program for the benefit of our shareholders. Thank you.

是的，感謝您對我們故事的持續關注。我們將繼續實施我們的計劃，以造福股東。謝謝。