Danaos Corp (DAC) 2025 Q1 法說會逐字稿

Good day and welcome to the Danaos Corporation conference call to discuss the financial results for the three months ended March 31st, 2025. As a reminder, today's call is being recorded.

大家好，歡迎參加 Danaos Corporation 電話會議，討論截至 2025 年 3 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。

Hosting the call today is Dr. John Coustas, Chief Executive Officer of Danaos Corporation, and Mr. Evangelos Chatzis, Chief Financial Officer of Denaus Corporation. Dr. Coustas and Mr. Chatzis will be making some introductory comments, and then we will open the call to a question and answer session.

今天主持電話會議的是 Danaos Corporation 執行長 John Coustas 博士和 Denaus Corporation 財務長 Evangelos Chatzis 先生。Coustas 博士和 Chatzis 先生將做一些介紹性評論，然後我們將進入問答環節。

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

謝謝您，接線生。大家早安，感謝大家的收看。

Before we begin, I quickly want to remind everyone that management remarks this morning may contain certain forward-looking statements and that actual results could differ materially from those projected today.

在我們開始之前，我想快速提醒大家，今天早上的管理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。

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.

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 release. And accompanying materials. With that, let me now turn the call over to Doctor Coustas, who will provide the broad overview of the quarter.

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、定期租船等價收入以及定期租船等價美元/天）來評估我們的業務。我們的收益報告中包含了非差距財務指標與 GAAP 財務指標的對帳。及隨附資料。現在，我將把電話轉給 Coustas 博士，他將對本季的情況進行概述。

Thank you, Evangelos. Good morning and thank you all for joining today's call to discuss results for the first quarter of 25.

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 25 年第一季的業績。

As the year progresses, the level of global disruption shows no signs of obeying. Armed conflicts continue, mostly recently involving India and Pakistan, and the uncertainty of tariffs has led to a dramatic decline in the US Pacific market.

隨著時間的推移，全球混亂的程度絲毫沒有減弱的跡象。武裝衝突仍在繼續，最近主要涉及印度和巴基斯坦，關稅的不確定性導緻美國太平洋市場急劇下滑。

Thus far, the US economy remains resilient, and as long as American consumers continue to spend, we anticipate that trade flows will rebound with depleted inventories eventually driving a surge in demand. The dry bulk market has recovered from its first quarter lows, although the rebound has been modest.

到目前為止，美國經濟仍保持韌性，只要美國消費者繼續消費，我們預期貿易流量將會反彈，庫存耗盡最終將推動需求激增。幹散貨市場已從第一季的低點回升，儘管反彈幅度不大。

In our view, a meaningful and sustained recovery will be challenging absent further growth initiatives in China.

我們認為，如果中國沒有進一步的成長舉措，實現有意義且持續的復甦將面臨挑戰。

While the much publicized Simandou project is expected to benefit the cap size market by increasing to miles, overall, iron ore consumption is not projected to rise significantly. Our financial performance continues to be strong, although it has been impacted by a number of charter renewals at lower rates than those seen during the COVID pandemic.

雖然備受矚目的西芒杜計畫預計將使鐵礦石市場規模擴大至數英里，但總體而言，鐵礦石消費量預計不會大幅上升。我們的財務表現持續保持強勁，儘管受到一些租船續約的影響，續約費率低於新冠疫情期間的費率。

On the other hand, we continue to build our charter backlog effectively insulating ourselves from near term market weakness.

另一方面，我們繼續增加租船積壓訂單，有效地保護自己免受近期市場疲軟的影響。

Our charter coverage for 2025 and 2026 is largely secured. A noteworthy recent development is the proposed IMO regulation on greenhouse gas emissions.

我們基本上對 2025 年和 2026 年的租船覆蓋範圍得到保障。近期值得注意的進展是國際海事組織關於溫室氣體排放的建議法規。

Unfortunately, the regulation falls short of the industry's more ambitious proposals and is unlikely to drive meaningful progress on decarbonization of our industry. There is limited incentive to use expensive green fuels, and LNG has not been meaningfully prioritized.

不幸的是，該法規未能達到行業更雄心勃勃的提議，也不太可能推動我們行業在脫碳方面取得有意義的進展。使用昂貴的綠色燃料的動力有限，而且液化天然氣尚未優先考慮。

As a result, there is little clarity on the fuel of the future, and at present, conventional scrubber fitted vessels remain the default option under what is in essence, a paid pollute framework. We are currently holding off on new vessel investments and are focusing on optimizing the performance of our existing fleet.

因此，未來的燃料仍不明朗，目前，在本質上的付費污染框架下，配備傳統洗滌器的船舶仍然是預設選擇。我們目前暫停新船的投資，並專注於優化現有船隊的性能。

Our significant growth backlog vessel order book includes 15 container vessels scheduled for delivery over the next 3 years, all backed by solid and profitable charter arrangements that will enhance both our fleet profile and our earnings potential.

我們的積壓船舶訂單大幅增長，其中包括計劃在未來 3 年內交付的 15 艘貨櫃船，所有船舶均有穩固且有利可圖的租船安排作為後盾，這將增強我們的船隊狀況和盈利潛力。

Despite the broader uncertainties, we remain committed to delivering superior returns to our shareholders through disciplined execution and long term strategic focus. With that, I'll hand over the call back to evangelists who will take you through the financials for the quarter. Evangelos.

儘管存在更廣泛的不確定性，我們仍然致力於透過嚴格的執行和長期策略重點為股東帶來豐厚的回報。說完這些，我會把電話轉回給宣傳員，他們會向你介紹本季的財務狀況。埃萬傑洛斯。

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

謝謝你，約翰，早安。我將簡要回顧結果，然後開始問答環節。

We are reporting adjusted EPS for the first quarter of 2025 of $6.04 per share or adjusted net income of $113.4 million compared to adjusted EPS of $7.15 per share or adjusted net income of $140 million for the corresponding first quarter of 2024.

我們報告 2025 年第一季的調整後每股收益為 6.04 美元，或調整後淨收入為 1.134 億美元，而 2024 年第一季的調整後每股收益為 7.15 美元，或調整後淨收入為 1.4 億美元。

This $26.6 million decrease in adjusted net income between the two quarters is a result of a $19.8 million increase in total operating costs, mainly due to the increase in the average number of vessels in our fleet.

兩個季度之間調整後淨收入減少 2,660 萬美元，是由於總營運成本增加 1,980 萬美元，這主要是由於我們船隊中船舶平均數量的增加。

A $6 million increase in net finance costs and a $0.6 million cents decrease in dividend income. As analyzing our earnings release, the increase in our fleet that produced the incremental costs produced a combined $30.1 million of incremental operating revenues that was, however, upset by a $9 million dollar decrease in revenues of a drive back segment as a result of a softer spot market in Q1.

淨財務成本增加 600 萬美元，股息收入減少 60 萬美分。在分析我們的收益報告時，我們發現，增加的機隊成本產生了總計 3,010 萬美元的增量營運收入，然而，由於第一季現貨市場疲軟，回程部分的收入減少了 900 萬美元。

A $9.4 million decrease in revenues of our container segment. As a result of lower contracted charter rates, a $6.4 million decrease in revenues as a result of lower fleet utilization, mainly due to the increased number of dry dockings between the two periods, and the last $5.4 million lower non-cash US GAAP revenue recognition income.

我們的貨櫃部門收入減少了 940 萬美元。由於合約租船費率較低，船隊利用率較低導致收入減少 640 萬美元，這主要是由於兩個時期之間的乾船塢數量增加，以及最後 540 萬美元的非現金美國 GAAP 收入確認收入減少。

Vessel operating expenses increased by $8.6 million to $51.7 million in the current quarter from $43.1 million in the first quarter of 2024. As a result of the increase in the average number of vessels in our fleet, while our daily operating costs increased to just above $7000 per vessel per day for the current quarter compared to $6500 per vessel per day for the corresponding quarter of 2024.

船舶營運費用從 2024 年第一季的 4,310 萬美元增加 860 萬美元至本季的 5,170 萬美元。由於我們船隊中船舶平均數量的增加，本季我們的每日營運成本增加到每艘船每天 7,000 美元以上，而 2024 年同期每艘船每天 6,500 美元。

Still, our operating costs continue to remain among the most competitive in the industry. G and A expenses increased by $2 million to $12.2 million in the canon quarter compared to $10.2 million in the first quarter of 2024, mainly due to higher management fees because of the increase in the average number of vessels in the fleet.

儘管如此，我們的營運成本仍然保持業界最具競爭力。本季的 G 和 A 費用為 1,220 萬美元，較 2024 年第一季的 1,020 萬美元增加了 200 萬美元，這主要是由於船隊平均船舶數量增加導致管理費增加。

Interest expense, excluding finance cost amortization, increased by $6.6 million to $9.2 million in the current quarter compared to $2.6 million in the first quarter of 2024. This decrease is a combined result of a 5.2 million increase in interest expense. Due to a rise in our average indebtedness of $364 million between the two periods.

本季利息支出（不包括財務成本攤銷）增加 660 萬美元，達到 920 萬美元，而 2024 年第一季為 260 萬美元。這一減少是由於利息支出增加 520 萬美元所致。由於兩個時期之間我們的平均負債增加了 3.64 億美元。

That was partially offset by a reduction in the cost of debt service by approximately 100 basis points as a result of a decrease in software cost between the two periods. Together with a $1.4 million increase in interest expense due to lower capitalized interest on vessels under construction.

由於兩個時期之間的軟體成本下降，債務服務成本減少了約 100 個基點，部分抵消了這一影響。由於在建船舶的資本化利息較低，利息支出增加了 140 萬美元。

Between the two periods. At the same time, interest income. Came in at $3.6 million in the current quarter.

兩個期間。同時還有利息收入。本季營收為 360 萬美元。

Adjusted EBITDA decreased by 3.1% or $5.5 million to $171.7 million in the current quarter compared to $177.2 million in the first quarter of 2024 for the reasons that have already been outlined earlier on this call.

本季調整後 EBITDA 下降 3.1% 或 550 萬美元至 1.717 億美元，而 2024 年第一季為 1.772 億美元，原因已在本次電話會議中概述。

We also encourage you to review our updated investor presentation that is posted on our website, as well as subsequent event disclosures.

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。

Since the date of our last earnings release, we have added more than $50 billion to our contracted revenue backlog. As a result, Our contracted revenue backlog remains strong and has now grown to $3.7 billion with a 3.9 year average charter duration, while contract coverage is at 99% for this year and 85% for 2026.

自我們上次發布收益報告以來，我們的合約收入積壓訂單已增加 500 多億美元。因此，我們的合約收入積壓依然強勁，目前已增長至 37 億美元，平均租船期限為 3.9 年，而今年的合約覆蓋率為 99%，2026 年的合約覆蓋率為 85%。

Our investor presentation has an analytical disclosure on our contracted charter book that you can refer to.

我們的投資者介紹中對我們的合約租約書進行了分析披露，您可以參考。

On February 7, 2025, we entered into an $850 million syndicated loan facility agreement, which concludes the financing of all of our remaining new building container vessels, including the two additional recent orders with deliveries from 2026 to 2028 as of March 31.

2025 年 2 月 7 日，我們簽訂了一項 8.5 億美元的銀團貸款協議，該協議為我們所有剩餘的新建貨櫃船提供融資，包括截至 3 月 31 日的另外兩艘近期訂單，這些訂單將於 2026 年至 2028 年交付。

In 2025 our net debt stood at $299 million and in the current interest rate environment, this position shields us from high interest costs. Additionally, the company's net debt to adjust the EBITDA ratio stood at 0.4 times at the end of Q1, while 53 out of our 84 vessels are currently unencumbered and debt free.

2025 年，我們的淨債務為 2.99 億美元，在當前利率環境下，這種狀況使我們免受高利息成本的影響。此外，該公司調整 EBITDA 比率的淨負債在第一季末為 0.4 倍，而我們 84 艘船舶中有 53 艘目前沒有抵押品且沒有債務。

We have declared the dividend of $0.85 cents per share for this quarter, and we continue to repurchase our stock.

我們宣布本季每股派息 0.85 美分，並繼續回購股票。

Since the date of the last earnings release, we have repurchased an additional $36.9 million. And to date we have executed in total 30 purchases of $205.7 million. While our so purchase program has recently been upsized to $300 million.

自上次發布收益報告以來，我們又回購了 3,690 萬美元。到目前為止，我們總共執行了 30 次購買，總額為 2.057 億美元。我們的採購計劃最近已擴大至 3 億美元。

Finally, as at the end of the Q1, cash was at $480 million, while total liquidity, including availability under our revolving credit facility and marketable securities, stood at a strong $825 million, giving us ample flexibility to pursue a creative capital deployment opportunities. With that, I would like to thank you for listening to this first part of our call. Operator, we can now open the call to Q&A.

最後，截至第一季末，現金為 4.8 億美元，而總流動性（包括循環信貸額度和有價證券下的可用資金）高達 8.25 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，我要感謝大家收聽我們通話的第一部分。接線員，我們現在可以開始問答環節。

Omar Nokta, Jeffries.

奧馬爾諾克塔，傑弗里斯。

Hi, John. Hi evangelos. A good update. Clearly, things are going despite all the market headwinds and everything that you outlined, John, in your opening comments, you've got a backlog, you've charted out your new buildings, or the final two at least that were open. And as you mentioned, you're going to hold off now a new vessel investments and focus on optimizing, the performance of your existing fleet. Just want to get a sense from you that that when you say that, does that mean maybe, focus on harvesting the cash from the, from these assets that you own, or do you see investment opportunities or upgrades that you can do in your existing fleet that could boost earnings power down the line?

你好，約翰。你好，evangelos。很好的更新。顯然，儘管面臨各種市場阻力，事情仍在進展，正如約翰在開場白中所述，您已經積壓了訂單，已經規劃了新建築，或者至少是最後開放的兩棟建築。正如您所說，您現在將暫停新船投資，並專注於優化現有船隊的性能。只是想從您那裡了解一下，當您這麼說時，是否意味著可能專注於從您擁有的這些資產中獲取現金，或者您是否看到了投資機會或可以對現有車隊進行升級，從而提高未來的盈利能力？

Well, definitely the second one we are investing into a lot of energy saving devices, that will make our vessels more competitive in the future, and, we've already seen, benefits from that both on our drive out fleet that we have started a program of, let's say having, upgrading all the ships, the same thing we're doing in parallel with our container vessels where we're doing all the combinations of the bulbous boat propeller, and low friction paints.

嗯，毫無疑問是第二個，我們正在投資大量節能設備，這將使我們的船舶在未來更具競爭力，而且，我們已經看到，這對我們的驅逐船隊都有好處，我們已經啟動了一個計劃，比如說，升級所有的船舶，我們對集裝箱船也做了同樣的事情，我們正在做球形船螺旋槳和低摩擦塗料的所有組合。

Which is going to definitely reduce the GAAP between, let's say new buildings and, second hand, on the other hand, yes, of course we'll be generating, quite a lot of, cash, and, we are, often we are continuously evaluating opportunities, but.

這肯定會降低新建築和二手建築之間的 GAAP，另一方面，是的，當然我們會產生相當多的現金，而且我們經常會不斷評估機會，但是。

Today we are in an environment of expensive new buildings without any clear roadmap as far as the fuel of the future. And the recent IMO decision, which we still don't know whether it's going to be approved in next October, that doesn't really give us. Any hints as to where we should go.

如今，我們處在一個昂貴的新建築環境中，而對於未來的燃料卻沒有任何明確的路線圖。國際海事組織最近的決定，我們仍然不知道它是否會在明年十月獲得批准，這並沒有為我們帶來任何實際的幫助。關於我們應該去哪裡的任何提示。

Yes, no, that makes sense. And I guess maybe just, separately, the stock has done very well recently. You bought back, I think most recently subsequent to the first quarter, you bought a good amount of stock in the low 70s. The stock is now kind of closer to 90%. You still see buybacks continuing at a decent clip here, or do you shift back and maybe, see how things go from here?

是的，不，這很有道理。我想也許只是，單獨來看，該股最近表現非常好。您回購了股票，我想最近在第一季之後，您以 70 美元出頭的價格購買了大量股票。目前該庫存已接近 90%。您仍然會看到回購活動繼續以不錯的速度進行，還是您會回頭看看事情會如何發展？

We see, we do not, let's say declare as to when or then don't set any target levels for the buyback. The only thing which we really inform the market is that we have another $100 million authorized at this moment for buybacks. I mean, when we're going to execute on it. It's to be seen.

我們看到，我們沒有宣布何時或然後沒有為回購設定任何目標水準。我們真正告知市場的唯一消息是，我們目前已獲授權另外 1 億美元用於回購。我的意思是，我們什麼時候執行它。這還有待觀察。

Yes, okay, yeah, I get that. Thank you. And maybe just one final one, and I'll pass it back. Obviously, you've taken your stake up in Starbuck by another 2 million shares recently, you're over 5%. Anything you can say about what drove that extra investment? Is it the valuation, the Drive bulk Outlook or something else?

是的，好的，是的，我明白了。謝謝。也許只剩最後一個了，然後我就把它傳回去。顯然，您最近又增持了 200 萬股星巴克股份，超過了 5%。您能說說是什麼促使了這項額外投資嗎？是估值、Drive bulk Outlook 還是其他什麼？

I think it's an investment we believe, it makes sense. We were already in a position since our Eagle Bulk shareholding that was transformed into Starbucks shareholding. About a year and a half months ago, it was an opportunity we added up, we will evaluate, performance of the market and. Yes, well, we don't have any specific plans for the time being.

我認為我們相信這是一項有意義的投資。自從我們的 Eagle Bulk 股權轉變為星巴克股權以來，我們就已經處於這樣的地位。大約一年半月前，這是我們總結的一個機會，我們將評估市場的表現。是的，我們暫時還沒有任何具體的計劃。

Yes, and Omar, we added post liberation Day. Where, we, it was, a significant, it was a compelling price we reduce our average cost. So that's, that was the Incentive.

是的，還有奧馬爾，我們增加了解放後紀念日。我們有一個顯著的、具有吸引力的價格，我們降低了平均成本。這就是激勵。

Got It. yes opportunistic deal, yes. Makes sense. Great. Thank, thanks, evangelist. Thanks, John.

知道了。是的，機會主義交易，是的。有道理。偉大的。謝謝，謝謝，傳道者。謝謝，約翰。

Thank you.

謝謝。

It appears we have no further questions at this time. I would like to turn the call back to Dr. Coustas for any further comments or closing remarks.

目前看來我們沒有其他問題。我想將電話轉回給 Coustas 博士，請他發表進一步的評論或結束語。

Yes, thank you all for joining this conference call and your continued interest in our story. Look forward to hosting you on our next airing call. Have a nice day.

是的，感謝大家參加這次電話會議並持續關注我們的故事。期待我們下次播出電話節目時再次接待您。祝你今天過得愉快。

Thank you. This concludes today's conference. We would like to thank everyone for their participation. Have a wonderful afternoon.

謝謝。今天的會議到此結束。我們感謝大家的參與。祝您下午愉快。