Danaos Corp (DAC) 2025 Q3 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 September 30, 2025. As a reminder, today's call is being recorded. Hosting the call today is Dr. John Coustas, Chief Executive Officer of Danaos Corporation; and Dr. Evangelos Chatzis, Chief Financial Officer of Danaos Corporation.

大家好，歡迎參加 Danaos 公司截至 2025 年 9 月 30 日止三個月的財務業績電話會議。再次提醒，今天的通話將會被錄音。今天主持電話會議的是 Danaos Corporation 執行長 John Coustas 博士和 Danaos Corporation 財務長 Evangelos Chatzis 博士。

Dr. Coustas and Mr. Chatzis will be making some introductory comments, and then we will open the call to a question-and-answer session.

庫斯塔斯博士和查齊斯先生將作一些介紹性發言，然後我們將開放問答環節。

I would now like to turn the conference over to Mr. Evangelos Chatzis, Chief Financial Officer. Please go ahead, sir.

現在我將把會議交給財務長埃萬傑洛斯·查齊斯先生。請繼續，先生。

Thank you, operator, and good morning to everyone. 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.

謝謝接線員，大家早安。在開始之前，我想快速提醒大家，管理階層今天早上的演講可能包含某些前瞻性陳述，實際結果可能與今天預測的結果有重大差異。這些前瞻性聲明僅代表截至今日的觀點，我們不承擔更新這些聲明的義務。可能影響未來績效的因素已在提交給美國證券交易委員會的文件中進行了討論，我們鼓勵您仔細閱讀這些詳細的安全港條款和風險因素揭露。

Please also note that where we feel appropriate, we will continue to refer to non-GAAP 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-GAAP financial measures to GAAP financial measures are included in our earnings release and accompanying materials.

另請注意，在我們認為適當的情況下，我們將繼續參考 EBITDA、調整後 EBITDA、調整後淨收入、期租等效收入和每日期租等效美元等非 GAAP 財務指標來評估我們的業務。非GAAP財務指標與GAAP財務指標的調節表已包含在我們的獲利報告及隨附資料中。

With that, let me now turn the call over to Dr. John Coustas, who will provide the broad overview of the quarter.

接下來，我將把電話交給約翰·庫斯塔斯博士，他將對本季進行總體概述。

Thank you, Evangelos. Good morning and thank you all for joining today's call to discuss our results for the third quarter of 2025. As we enter the final months of the year, operating conditions remain broadly unchanged. The war in Ukraine continued with no end in sight. And while the conflict in the Middle East is in the process of resolution, transit through the Red Sea has not yet resumed and liners are waiting for more permanent signs of stability to restart the transit.

謝謝你，埃萬傑洛斯。早安，感謝各位參加今天的電話會議，共同討論我們2025年第三季的業績。隨著一年進入最後幾個月，營運狀況總體上保持不變。烏克蘭戰爭仍在繼續，看不到結束的跡象。雖然中東衝突正在逐步解決，但紅海航線尚未恢復，班輪公司仍在等待更穩定的跡象來重啟航線。

The recent escalation in trade and tariff tensions between the United States and China enabled trade to resume unhindered while the redirection of Chinese exports to the EU and other countries kept trading and container traffic at an all-times high during the third quarter of the year.

近期中美貿易和關稅緊張局勢升級，使得貿易得以順利恢復，而中國出口轉向歐盟和其他國家，使得今年第三季的貿易和貨櫃運輸量達到歷史最高水準。

The charter market remains robust and the idle fleet remains at all-time low. Demand for midsized and larger vessels continues unabated, and we have secured new charters for vessels opening as far out as the beginning of 2028. Shipyard slots for 2028 deliveries are becoming scarce, and newbuilding prices continue to rise.

包船市場依然強勁，閒置船隊數量仍處於歷史低點。對中型和大型船舶的需求持續旺盛，我們已經獲得了最早可追溯至 2028 年初的船舶新租約。2028 年的船廠交貨檔期越來越少，新船建造價格也持續上漲。

We have selectively extended our new building program at below market prices, and we have already secured multiyear employment for these new orders. Following the IMO's one-year postponement of its net zero framework, we expect conventional fuels to remain prevalent in the medium term, even long-term decarbonization trajectory is unchanged.

我們以低於市場價格的方式選擇性地擴大了新的建築項目，我們已經為這些新訂單確保了多年的就業機會。由於國際海事組織將淨零排放框架推遲了一年，我們預計即使長期脫碳路徑不變，傳統燃料在中期內仍將盛行。

In relation to our newbuilding program, we recently added six 1,800 TEU vessels to our order book with scheduled deliveries between 2027 and 2029 and have secured 10-year charters for four of these vessels with a contribution to our contracted revenue backlog of approximately $236 million. On the financing front, we recently completed a $500 million unsecured seven-year bond offering with a 6.85% coupon.

就我們的新造船計劃而言，我們最近在訂單簿中增加了六艘 1800 TEU 的船舶，計劃於 2027 年至 2029 年間交付，並且已經為其中四艘船舶簽訂了 10 年的租約，為我們約 2.36 億美元的合約收入儲備做出了貢獻。在融資方面，我們最近完成了一筆 5 億美元的無擔保七年期債券發行，票面利率為 6.85%。

This is one of the most competitively priced deals ever achieved in the shipping industry for an unsecured bond with such tenor and is a testament of our superior credit quality. We intend to use the proceeds to redeem our 2028 $300 million bond as well as prepay in full some smaller secured bank credit facilities.

這是航運業有史以來最具競爭力的無擔保債券交易之一，期限如此之長，充分證明了我們卓越的信用品質。我們計劃將所得款項用於贖回我們 2028 年到期的 3 億美元債券，並提前全額償還一些較小的有擔保銀行信貸。

We have already arranged secured debt financing for the majority of our newbuilding program and our fortress balance sheet that has been solidified with the recent bond issuance considerably enhances our capacity to pursue accretive investment opportunities that can propel the growth of Danaos into the next level.

我們已經為大部分新造船項目安排了擔保債務融資，隨著最近債券的發行，我們穩固的資產負債表大大增強了我們尋求增值投資機會的能力，這些機會可以推動 Danaos 的發展邁上新的台階。

Our solid performance has enabled us to continue to deliver strong profitable performance, enhance our contract backlog and fund investments to reduce the age of our fleet and further cement Danaos' leadership position in the container charter market. We also continue to opportunistically invest in the dry bulk Capesize market segment, where we expect outsized returns due to supply constraints and ton-mile demand increase.

我們穩健的業績使我們能夠繼續取得強勁的獲利業績，增加合約儲備，並為降低船隊年齡、進一步鞏固 Danaos 在貨櫃租賃市場的領導地位提供資金。我們也將繼續抓住機會投資幹散貨海岬型船市場，我們預計由於供應限制和噸英里需求增加，該市場將獲得超額回報。

Finally, I'm pleased to announce that we are increasing our quarterly dividend to $0.90 per share, consistent with our policy of yearly increases, while also striving to continue to build long-term value for the benefit of our shareholders.

最後，我很高興地宣布，我們將季度股利提高至每股 0.90 美元，這與我們每年遞增股利的政策一致，同時我們也將繼續努力為股東創造長期價值。

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

接下來，我將把電話轉回給埃萬傑洛斯，他將為大家介紹本季的財務狀況。

Thank you, John, and good morning again to everyone, and thanks to all of you for joining this call. I will briefly review the results for the quarter, and we will then open up the call to Q&A. We are reporting adjusted EPS for the third quarter of 2025 of $6.75 per share or adjusted net income of $124.1 million compared to adjusted EPS of $6.5 per share or adjusted net income of $126.8 million for the third quarter of 2024.

謝謝你，約翰，也再次祝大家早安，謝謝各位參加這次電話會議。我將簡要回顧本季度業績，然後我們將進入問答環節。我們報告稱，2025 年第三季調整後每股收益為 6.75 美元，或調整後淨收入為 1.241 億美元，而 2024 年第三季調整後每股收益為 6.5 美元，或調整後淨收入為 1.268 億美元。

This $2.7 million decrease in adjusted net income between the two quarters is the combined result of a $6.1 million increase in total operating costs, mainly due to the increase in the average number of vessels in our fleet and a $2.5 million decrease in dividend income, partially offset by a $4.5 million increase in operating revenues, a $1 million decrease in equity loss on investments and a $0.4 million decrease in net finance expenses.

這兩個季度之間調整後的淨收入減少了 270 萬美元，這是由於總營運成本增加了 610 萬美元（主要是由於船隊平均船舶數量增加）和股息收入減少了 250 萬美元，部分被營運收入增加了 450 萬美元、投資權益損失減少了 100 萬美元以及淨財務費用減少了 40 萬美元所抵消。

As analyzed in our earnings release, the increase in our fleet produced $11.2 million of incremental operating revenues that was supplemented by an extra $1.8 million in higher operating revenues as a result of higher fleet utilization. Those were partially offset by a $4.3 million decrease in revenues of our Container segment as a result of lower contracted charter rates between the two periods and the $4.2 million lower noncash US GAAP revenue recognition.

正如我們在收益報告中分析的那樣，我們車隊的增加帶來了 1,120 萬美元的額外營業收入，而由於車隊利用率的提高，又額外帶來了 180 萬美元的營業收入。這些成長部分被貨櫃業務收入減少 430 萬美元所抵消，原因是兩個時期之間的合約租船費率下降，以及非現金美國通用會計準則收入確認減少 420 萬美元。

Vessel operating expenses increased by $2.4 million to $52.3 million in the current quarter from $49.9 million in the third quarter of 2024, mainly as a result of the increase in the average number of vessels in our fleet, while our daily operating cost slightly increased to $6,927 per vessel per day for this quarter compared to $6,860 per vessel per day for the corresponding third quarter of 2024.

本季船舶營運費用從 2024 年第三季的 4,990 萬美元增加到 5,230 萬美元，增加了 240 萬美元，這主要是由於我們船隊中船舶的平均數量增加所致；同時，本季度我們的每日營運成本略有增加，達到每艘船舶每天 6927 美元，而 2024 年每天 6860 美元船舶為每艘 600 美元。

Our operating costs continue to remain among the most competitive in the industry. G&A expenses increased by $1.6 million to $12.6 million in the current quarter compared to $11 million in the third quarter of 2024. Interest expense, excluding finance cost amortization, increased by $0.3 million to $7.7 million in the current quarter compared to $7.4 million in the third quarter of 2024.

我們的營運成本持續保持在業界最具競爭力的水平。本季一般及行政費用增加 160 萬美元，達到 1,260 萬美元，而 2024 年第三季為 1,100 萬美元。本季利息支出（不包括融資成本攤提）為 770 萬美元，比 2024 年第三季的 740 萬美元增加了 30 萬美元。

This increase is the combined result of a $0.9 million increase in interest expense due to an increase in our average indebtedness of $121 million between the two periods, and that was partially offset by a reduction in the cost of debt service by approximately 74 basis points, mainly as a result of a decrease in SOFR cost between the two periods.

這一增長是由於兩個時期內平均債務增加 1.21 億美元，導致利息支出增加 90 萬美元，而債務償還成本下降約 74 個基點（主要是由於兩個時期內 SOFR 成本下降）部分抵消了這一增長。

We also had a $0.6 million decrease in interest expense due to higher capitalized interest on vessels under construction between the two periods. At the same time, interest income came in at $3.8 million in the current quarter due to the increased average cash balances on our balance sheet, partially offset, of course, by declining interest rates.

由於兩個時期之間在建船舶的資本化利息增加，我們的利息支出也減少了 60 萬美元。同時，由於資產負債表上的平均現金餘額增加，本季利息收入達到 380 萬美元，當然，這部分被利率下降所抵消。

Adjusted EBITDA increased by 1.5% or $2.7 million to $181.6 million in the current quarter from $178.9 million in the third quarter of 2024 for reasons that have already been outlined earlier on this call. We encourage you to review our updated investor presentation that is posted on our website as well as subsequent events disclosures.

由於先前已在本電話會議上概述的原因，本季調整後 EBITDA 成長 1.5% 或 270 萬美元，達到 1.816 億美元，而 2024 年第三季為 1.789 億美元。我們建議您查看我們網站上發布的最新投資者簡報以及後續事件揭露資訊。

Let me provide a few of the highlights. Since the date of our last earnings release, we have added $745 million to our contracted revenue backlog. As a result, our contracted charter backlog has considerably improved and now stands at $4.1 billion with a 4.3-year average charter duration, while contract coverage is already at 100% for this year, 95% for 2026 and at 71% for 2027 in terms of operating days-- contracted operating days. Our investor presentation has analytical disclosure on our contracted charter book.

讓我來介紹幾個重點。自我們上次發布收益報告以來，我們的合約收入積壓增加了 7.45 億美元。因此，我們的合約租船積壓情況已大幅改善，目前達到 41 億美元，平均租期為 4.3 年，而就營運天數（合約營運天數）而言，今年的合約覆蓋率已達 100%，2026 年為 95%，2027 年為 71%。我們的投資者簡報中包含有關我們已簽訂包機合約的分析揭露資訊。

As of September 30, 2025, our net debt stood at $165 million, and this translates to a net debt to adjusted EBITDA ratio of 0.23 times, while 53 out of our 84 vessels are unencumbered and debt-free. This quarter, we have declared a dividend of $0.90 per share, which is an increase of approximately 6% versus the prior dividend. And we also continue to execute under our share repurchase program, and we currently have $86.4 million remaining authority to repurchase stock under our $300 million stock buyback program.

截至 2025 年 9 月 30 日，我們的淨負債為 1.65 億美元，淨負債與調整後 EBITDA 的比率為 0.23 倍，而我們 84 艘船舶中有 53 艘沒有抵押和債務。本季度，我們宣布派發每股 0.90 美元的股息，比上一季的股息增加了約 6%。同時，我們也持續執行股票回購計劃，目前我們還有 8,640 萬美元的股票回購授權，用於執行 3 億美元的股票回購計劃。

Finally, as of the end of the third quarter of 2025, cash stood at $596 million, while total liquidity, including availability under our revolving credit facility and marketable securities stood at $971 million, giving us ample flexibility to pursue accretive capital deployment opportunities.

最後，截至 2025 年第三季末，現金為 5.96 億美元，而包括循環信貸額度和有價證券在內的總流動性為 9.71 億美元，這使我們能夠靈活地尋求增值資本部署機會。

With that, I would like to thank you for listening to this first part of our call. Operator, we are now ready to open the call to Q&A.

最後，感謝各位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了。

(Operator Instructions) Omar Nokta, Jefferies.

（操作說明）奧馬爾諾克塔，傑富瑞。

Thank you. Hi John, Evangelos. Good afternoon.

謝謝。嗨，約翰，埃萬傑洛斯。午安.

A couple of questions for me. Just a couple of questions, one on kind of the industry and then on Danaos specifically. Just first, on the container shipping chartering activity we've been seeing. It's been a bit of a bumpy year in terms of lower trade and tariffs, and box freight rates have gotten lower and there's kind of growing charter perhaps of the Red Sea. Return, even though it's still very, very early and people are still cautious.

我有幾個問題想問一下。我只想問幾個問題，一個是關於這個行業的，另一個是關於達納奧斯的具體情況。首先，我們來談談目前看到的貨櫃船租賃活動。今年貿易和關稅有所下降，情況有些動盪，貨櫃貨運價格也隨之降低，紅海的包船運輸可能有所增長。雖然現在還為時過早，人們仍然保持謹慎，但還是應該回歸。

But yet, despite all that, you're still seeing very high demand for charters on your existing ships. But then also despite you having said you wanted to step back from the newbuilding market, it's been kind of difficult given the contracts being awarded.

但是，儘管如此，您現有船舶的包租需求仍然非常高。但是，儘管你曾表示想要退出新船建造市場，但鑑於目前授予的合約數量，這還是有點困難的。

I wanted to just kind of get your sense in terms of what do you think is driving all of this kind of -- I don't want to call it, say, a frenzy, but just a strong appetite on the part of liners looking for ships, whether it's what's on the water on a forward basis perhaps, but then also looking for brand-new ships that deliver in '28 and '29. Just kind of that high volume of activity, what do you think is driving that? And can we expect that to persist as we get into 2026?

我只是想了解一下，你認為是什麼因素推動了這一切——我不想稱之為狂熱，但確實是郵輪公司對船舶的強烈需求，無論是對目前在役的船舶，還是對2028年和2029年交付的全新船舶。你認為是什麼原因導致如此高的活動量？那麼，到了2026年，這種情況還能持續嗎？

Well, Omar. It's difficult, let's say, to answer exactly what is happening. What we see is that there is -- there was this, let's say, problem with tariffs. But tariffs themselves have not changed the overall the world, let's say, production capacity. And China, I mean, during this period didn't stop producing.

哦，奧馬爾。很難確切回答到底發生了什麼事。我們看到的是──比如說，關稅方面有問題。但關稅本身並沒有改變世界的整體生產能力。我的意思是，在此期間，中國並沒有停止生產。

It's just that the goods were directed elsewhere. And what is really interesting this time is that we see the dynamism in the market happening outside of the, let's say, the usual Western areas, I mean, Europe and the US. The market is developing quite substantially all over the other -- the rest of the world. And that is why also demand for midsized ships has been so robust because that's really where the demand increase is coming.

只是貨物被運往了其他地方。而這次真正有趣的是，我們看到市場活力出現在通常的西方地區之外，我的意思是歐洲和美國。世界其他地區的市場正在蓬勃發展。這也是為什麼對中型船舶的需求如此強勁的原因，因為需求成長主要來自這一領域。

So yes, I cannot really say how strong 2026 is going to be. I mean, as far as we are concerned, practically, even for 2027, we are mostly fixed. It's difficult really to make any prediction. And you see we will, of course, have a better idea of where the market is heading after the canal is opening again, which we believe now that it will be maybe an event of the first half of '26, although in that kind of area, the disarmament of Hamas is not happening. And I think this is really the most crucial question to ensure that this conflict is over.

所以，是的，我無法準確預測2026年的經濟狀況會有多好。我的意思是，就我們而言，實際上，即使到了 2027 年，情況也基本上確定了。很難做出任何預測。當然，運河重新開放後，我們就能更了解市場的走向。我們現在認為，運河重新開放可能是 2026 年上半年的事情，儘管在那個地區，哈馬斯的解除武裝還沒有發生。我認為這才是確保這場衝突結束最關鍵的問題。

Yeah, thanks, John. Yeah, definitely a lot of moving pieces, and it does sound like the trade has clearly gotten much more complex. And then maybe just kind of thinking about Danaos specifically and the investment in the Capesize vessel you bought that's your 11th ship. This one comes after you had bought the original 10 back in '23. What's maybe triggered this investment? And then also why this age range? And should we expect more of these types of investments going forward?

謝謝你，約翰。是的，確實有很多變數，而且聽起來這筆交易顯然變得更加複雜了。然後，也許可以具體想想 Danaos，以及你購買的那艘好望角型散裝貨船的投資，那是你的第 11 艘船。這是在你於 2023 年購買了最初的 10 之後推出的。是什麼因素促成了這筆投資？那麼，為什麼選擇這個年齡層呢？我們是否應該預期未來會有更多此類投資？

Yeah, Of course, our idea was when we entered that kind of market to really grow it. I mean, as a percentage, let's say, of our fleet, not in terms of, let's say, ship numbers, but at least, let's say, in terms of investment in value, all this dry bulk investment is less than 5% of our overall assets. So it's still really nothing, I mean, practically. And we definitely want to increase it.

當然，我們進入這類市場的目的就是為了真正發展壯大它。我的意思是，就我們船隊而言，不是從船舶數量來看，而是從投資價值來看，所有這些乾散貨投資占我們總資產的比例不到 5%。所以其實還是沒什麼大不了的。我們當然希望增加這個數字。

For the time being in the new building front, still these vessels do not make sense. So we're trying to expand selectively in the secondhand market and mainly trying to identify good quality vessels.

就目前新船建造方面而言，這些船隻仍然沒有意義。因此，我們正嘗試選擇性地拓展二手船市場，主要目標是尋找優質船隻。

Okay. And then final one, just on the share repurchase program. You have been, since inception, I think, in '22, quite active with it. You're also active in the prior, say, three or so quarters. Not much was done.

好的。最後，是關於股票回購計畫的問題。我認為，從 2022 年成立之初，你就一直非常積極地參與其中。在前三個季度左右，你也很活躍。沒做什麼大事。

I don't think you bought any stock in the last quarter. What's behind that? And what can we expect going forward? Or what do you think about the buyback from here?

我認為你上個季度沒有買任何股票。這背後究竟隱藏著什麼？那麼，未來我們又可以期待些什麼呢？或者，您對從這裡回購有什麼看法？

We are continuing. We have not really stopped. It's just the pace has been kind of smaller. We still believe that our stock is greatly undervalued. And we are continuing at a smaller pace, but we have not stopped.

我們繼續。我們其實並沒有真正停止。只是節奏稍微慢了一些。我們仍然認為我們的股票被嚴重低估了。我們仍在以較慢的速度繼續前進，但我們從未停止。

Yeah, Omar, we are resuming the share buybacks in the past few weeks, and we're still at it.

是的，奧馬爾，我們在過去幾週恢復了股票回購，而且我們仍在繼續。

Okay, awesome. Thanks, Evangelos. Thanks, John. And also, congrats on the bond issue last month. I'll turn it over.

好的，太棒了。謝謝你，埃萬傑洛斯。謝謝你，約翰。另外，恭喜你們上個月成功發行債券。我把它翻過來。

Thank you.

謝謝。

(Operator Instructions) Climent Molins, Value Investor's Edge.

（操作說明）克萊門特‧莫林斯，《價值投資者的優勢》。

Good afternoon and thank you for taking my questions.

下午好，感謝您回答我的問題。

Following up on Omar's question on the Capesize acquisition and your commentary on maybe wanting to expand your direct exposure. Could you provide an update on how you view your investment in Star Bulk? And secondly, is there any appetite to maybe expand into other segments such as Panamaxes or Supramaxes?

關於 Omar 提出的海岬型油輪收購問題以及您關於可能想要擴大直接投資範圍的評論，我謹此回覆。您能否提供您對在 Star Bulk 的投資的最新看法？其次，是否有意願拓展到其他細分市場，例如巴拿馬型或超大型散裝貨船？

Well, as we said, we are happy with our investment in Star Bulk. We have actually increased that position when last spring when we saw a dip in prices. We are continuing. We believe that there is room for appreciation. As far as the other segments, no, we are not looking into other segments at the time being.

正如我們所說，我們對在 Star Bulk 的投資感到滿意。事實上，去年春天價格下跌時，我們反而增加了這個部位。我們繼續。我們認為，欣賞的空間仍然存在。至於其他領域，目前我們沒有考慮其他領域。

Thanks for the color. That's helpful. And following up on the Capesize side of the fleet, could you provide some guidance on your Q4 fixtures to date?

謝謝你提供的色彩。那很有幫助。另外，關於好望角型船舶船隊方面，您能否提供一些關於第四季度迄今為止的租船情況的資訊？

We do not provide guidance as to charter fixtures for the running quarter.

我們不提供有關賽季期間包機安排的指導。

I understand. Makes sense. I'll turn it over. Thank you for taking my questions.

我明白。有道理。我把它翻過來。謝謝您回答我的問題。

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

目前看來我們沒有其他問題了。我謹將電話交還給庫斯塔斯博士，請他作進一步評論或總結發言。

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

感謝各位參加本次電話會議，也感謝你們一直以來對我們故事的關注。期待在下次財報電話會議上與您見面。祝你今天過得愉快。

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

謝謝。今天的電話會議到此結束。我們衷心感謝大家的參與。祝您下午愉快。