Danaos Corporation (DAC) 2026 Q1 法說會逐字稿

Good day, and welcome to Danaos Corporation conference call to discuss the financial results for the three months ended March 31, 2026. As a reminder, today's call is being recorded. Hosting the call today is Dr. John Coustas, Chief Executive Officer of Danaos Corporation; and Mr. Evangelos Chatzis, Chief Financial Officer of Danaos Corporation. Dr. Coustas and Mr. Chatzis will be making some introductory comments, and we will open the call for a question-and-answer session.

各位好，歡迎參加 Danaos Corporation 的電話會議，討論截至 2026 年 3 月 31 日止三個月的財務業績。提醒各位，今天的電話會議將被錄音。今天主持會議的是 Danaos Corporation 執行長 John Coustas 博士，以及 Danaos Corporation 財務長 Evangelos Chatzis 先生。Coustas 博士與 Chatzis 先生將先發表開場談話，之後我們將開放問答環節。

Thank you, operator. Good morning, everyone, and thank you for joining us today. 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。各位早安，感謝今天加入我們。在開始之前，我想簡要提醒各位，管理層今天上午的發言可能包含若干前瞻性陳述，而實際結果可能與今日所預測者存在重大差異。這些前瞻性陳述係以今日為準，我們不承擔更新之義務。可能影響未來結果的因素已在我們向 SEC 提交的文件中討論，我們鼓勵各位查閱其中詳盡的「安全港」與風險因素揭露。

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，在我們認為適當之處，我們將持續引用非 GAAP 財務衡量指標，例如 EBITDA、調整後 EBITDA、調整後淨利、等同期租（time charter equivalent）收入，以及等同期租每日美元（time charter equivalent dollars per day），以評估我們的業務。非 GAAP 財務衡量指標與 GAAP 財務衡量指標之間的調節表已包含於我們的財報新聞稿及隨附資料中。

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

接下來，我把電話交給 John Coustas 博士，由他為本季提供整體概覽。

Thank you, Evangelos. Good morning, and thank you all for joining today's call to discuss our results for the first quarter of 2026. This quarter was shaped by the unprecedented events in the Gulf and the closure of the Strait of Hormuz, a situation that is still unfolding, but which we hope will be resolved in the coming weeks. The disruption has primarily benefited the tanker sector where rates spiked sharply before quickly normalizing. In the container sector, the disruption helped stabilize and lift certain box rates. However, it did not have a significant effect. Two of our vessels currently remain in the Gulf, but this does not affect our earnings as both vessels continue to be on charter.

謝謝你，Evangelos。各位早安，也感謝各位參加今天的電話會議，討論我們 2026 年第一季的業績。本季受到波斯灣前所未有事件以及荷姆茲海峽關閉的影響；此情勢仍在發展中，但我們希望在未來幾週內能獲得解決。此一擾動主要使油輪產業受益，運價先大幅飆升後迅速回歸常態。在貨櫃船領域，該擾動有助於穩定並推升部分箱運費率，但整體影響不大。我們目前仍有兩艘船舶在波斯灣，但這不影響我們的獲利，因為兩艘船舶皆仍在租約之下。

The dry bulk market has improved considerably and continues to strengthen. Our optimistic outlook for this market prompted us to expand our order book to 4 Newcastlemaxes for 2028 delivery. We also ordered 2 5,000 TEU container ships for 2027 delivery, both of which are backed by 3-year charters. Together with charter arrangements for our existing fleet, these additions position us with a pro forma fleet of 104 container ships and 15 Capesize and Newcastlemax vessels with a USD4.1 billion contracted revenue backlog. Combined with USD1.3 billion of liquidity, this positions us to continue pursuing accretive opportunities as they arise.

散裝乾貨市場已顯著改善並持續走強。我們對該市場的樂觀展望促使我們將訂單簿擴大至 4 艘 Newcastlemax，預計於 2028 年交付。我們也訂購了 2 艘 5,000 TEU 貨櫃船，預計於 2027 年交付，且兩艘皆有 3 年期租約作為支撐。結合我們現有船隊的租約安排，這些新增運力使我們在備考（pro forma）基礎下擁有 104 艘貨櫃船，以及 15 艘 Capesize 與 Newcastlemax 船舶，並具備 41 億美元的已簽約收入積壓（contracted revenue backlog）。再加上 13 億美元的流動性，這使我們能在機會出現時持續追求具增益（accretive）的投資機會。

Resolution of the conflicts in the Gulf and Ukraine should bring meaningful stability for years to come, absent new initiatives by the major global powers. Last year's developments demonstrated that globalization remains resilient and that protection is likely to be the exception rather than the rule going forward. Trade is becoming increasingly multilateral, which benefits the midsized containership segment in which we are actively investing. Together with a disciplined expansion strategy, we believe these dynamics will continue to drive improved profitability and create value for our shareholders.

若波斯灣與烏克蘭的衝突得以解決，在未出現主要全球強權新舉措的情況下，未來多年應可帶來實質穩定。去年的發展顯示，全球化仍具韌性，而保護主義在未來更可能是例外而非常態。貿易正日益走向多邊化，這有利於我們正積極投資的中型貨櫃船細分市場。配合審慎的擴張策略，我們相信這些動態將持續推動獲利能力提升，並為股東創造價值。

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

接下來，我把電話交回給 Evangelos，由他帶各位回顧本季財務表現。

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，John，也再次向各位道早安。我將簡要回顧本季業績，然後開放問答。

We are reporting adjusted EPS for this quarter of USD6.72 per share or adjusted net income of USD122.5 million compared to adjusted EPS of USD6.04 per share or adjusted net income of USD113.4 million for the corresponding first quarter of 2025. This USD9.1 million increase in adjusted net income between the two quarters is the combined result of a USD0.4 million increase in operating revenues, a USD4.4 million improvement in total operating expenses, a USD2.4 million improvement in net finance expenses, combined with a USD2 million increase in dividend income, partially offset by a USD0.1 million increase in loss on equity investments.

本季我們的調整後每股盈餘（adjusted EPS）為每股 6.72 美元，或調整後淨利 1.225 億美元；相較之下，2025 年第一季的調整後每股盈餘為每股 6.04 美元，或調整後淨利 1.134 億美元。兩季之間調整後淨利增加 910 萬美元，綜合原因包括：營業收入增加 40 萬美元、總營業費用改善 440 萬美元、淨財務費用改善 240 萬美元，以及股利收入增加 200 萬美元；部分被權益投資損失增加 10 萬美元所抵銷。

Operating revenues of our containership fleet decreased by USD6.6 million, as a result of a USD6.9 million decrease in revenues due to lower contracted charter rates and a USD7.2 million decrease due to lower noncash US GAAP revenue recognition accounting. And these were partially offset by a USD3.9 million increase in revenues as a result of newbuilding containership vessel additions and USD3.6 million of incremental revenues as a result of improved container fleet utilization between the two quarters. Operating revenues of our dry bulk fleet that is deployed in the spot market increased by USD7 million, primarily due to a significant improvement in time charter equivalent earnings that averaged USD24,825 per day during this quarter compared to USD10,500 approximately per day for the first quarter of 2025.

我們貨櫃船船隊的營業收入減少 660 萬美元，原因包括：因已簽約租金費率較低導致收入減少 690 萬美元，以及因非現金的美國 GAAP 收入認列會計處理較低而減少 720 萬美元；上述影響部分被以下因素抵銷：因新增建造貨櫃船加入而使收入增加 390 萬美元，以及因兩季間貨櫃船隊利用率提升而帶來 360 萬美元的增量收入。我們部署於現貨市場的散裝乾貨船隊營業收入增加 700 萬美元，主要由於等同期租（TCE）收益顯著改善，本季平均為每日 24,825 美元，而 2025 年第一季約為每日 10,500 美元。

Vessel operating expenses dropped by USD1.7 million to USD50 million in the current quarter from USD51.7 million in the first quarter of 2025 despite the increase in the average number of vessels in our fleet. This improvement was mainly driven by lower repairs and maintenance expenses with our daily operating cost declining to USD6,680 per vessel per day for this quarter compared to USD7,028 per vessel per day in the first quarter of 2025. Our operating costs continue to remain among the most competitive in the industry.

儘管我們船隊的平均船舶數量增加，本季船舶營運費用仍下降 170 萬美元，從 2025 年第一季的 5,170 萬美元降至本季的 5,000 萬美元。此改善主要來自修理與維護費用降低，使本季每船每日營運成本降至 6,680 美元，而 2025 年第一季為每船每日 7,028 美元。我們的營運成本仍持續維持在業界最具競爭力的水準之一。

G&A expenses increased by USD2.4 million to USD14.6 million in the current quarter compared to USD12.2 million in the corresponding first quarter of 2025. This is mainly attributable to USD1.3 million in higher management fees driven by the increase in the average number of vessels in our fleet as well as a USD1.1 million increase in corporate G&A.

本季一般及行政（G&A）費用增加 240 萬美元至 1,460 萬美元，較 2025 年同期第一季的 1,220 萬美元為高。主要原因為管理費增加 130 萬美元（受船隊平均船舶數量增加所帶動），以及公司層級 G&A 增加 110 萬美元。

Interest expense, excluding finance costs and debt finance cost amortization increased by USD1.7 million to USD10.9 million in the current quarter compared to USD9.2 million in the first quarter of last year. This increase is a combined result of a USD4.5 million increase in interest expense due to higher average indebtedness between the two periods by USD330 million, and that was partially offset by a reduction in the cost of debt service by approximately 50 basis points, mainly as a result of reduced SOFR rates.

利息費用（不含融資成本及債務融資成本攤銷）本季增加 170 萬美元至 1,090 萬美元，較去年第一季的 920 萬美元為高。此增加係綜合因素所致：由於兩期間平均負債增加 3.30 億美元，使利息費用增加 450 萬美元；但部分被債務服務成本約下降 50 個基點所抵銷，主要因 SOFR 利率下降。

We also had USD2.8 million reduction 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 USD7.6 million versus USD3.6 million in the corresponding first quarter of 2025, mainly due to higher average cash balances.

此外，由於兩期間在建船舶的資本化利息提高，我們的利息費用亦減少 280 萬美元。同時，利息收入為 760 萬美元，而 2025 年同期第一季為 360 萬美元，主要因平均現金餘額較高。

Adjusted EBITDA increased by 5.2% or by USD8.9 million to USD180.6 million in the current quarter from USD171.7 million in the first quarter of 2025 for the reasons that have already been outlined earlier on this call. We also encourage you to review our updated investor presentation that is posted on our website as well as all subsequent events disclosures.

本季調整後 EBITDA 較 2025 年第一季的 1.717 億美元增加 5.2%，或增加 890 萬美元至 1.806 億美元，原因如同本次電話會議先前已說明。我們也鼓勵您查閱我們已更新並發布於官網的投資人簡報，以及所有後續事件之揭露。

Since the date of our last earnings release, we have added USD120 million to our contracted revenue backlog. As a result, our contract revenue backlog for our containership fleet now stands at USD4.1 billion with a 4.2-year average charter duration. Contract coverage stands at 100% for this year -- for the remainder of this year, 88% for 2027 and 65% for 2028.

自我們上次發布財報新聞稿以來，我們已將 1.2 億美元新增至已簽約的營收積壓（backlog）。因此，我們貨櫃船船隊的合約營收積壓目前為 41 億美元，平均租約期間為 4.2 年。合約覆蓋率方面：今年為 100%——今年剩餘期間為 100%，2027 年為 88%，2028 年為 65%。

Our investor presentation has analytical disclosure on our contracted charter book. As of March 31, 2026, our net debt stood at USD170 million that translates to a net debt to adjusted EBITDA ratio of 0.2x, while 67 out of our 86 vessels are unencumbered and debt-free, while an extra 12 unencumbered vessels that secure our revolving credit facility are also debt-free.

我們的投資人簡報中，對已簽約租船簿（contracted charter book）提供了分析性揭露。截至 2026 年 3 月 31 日，我們的淨負債為 1.7 億美元，換算為淨負債／調整後 EBITDA 比率為 0.2 倍；在我們 86 艘船舶中，有 67 艘未設定擔保且無負債，另有 12 艘未設定擔保、用以擔保我們循環信用額度的船舶亦為無負債。

We have declared a dividend of USD0.90 per share for this quarter, and we currently have USD65 million remaining authority to repurchase stock under our USD300 million share repurchase program. Finally, as of the end of the first quarter of 2026, cash stood at USD0.9 billion, while total liquidity, including availability under our revolving credit facility and marketable securities stood at USD1.3 billion, giving us ample flexibility to pursue accretive capital deployment opportunities.

我們已宣告本季每股股利 0.90 美元；此外，在我們 3 億美元庫藏股回購計畫下，目前仍有 6,500 萬美元的剩餘回購授權。最後，截至 2026 年第一季末，現金為 9 億美元；而包含循環信用額度可用額度及有價證券在內的總流動性為 13 億美元，使我們具備充足彈性以把握具增值效益的資本配置機會。

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.

到此，我要感謝各位收聽本次電話會議的第一部分。接線員，我們現在準備開放問答。

(Operator Instructions) Omar Nokta, Clarksons.

（接線員指示）Omar Nokta，Clarksons。

Just a couple of things on my side. Just wanted to ask about investments from here. Your last couple of investments outside of your core focus seem to be in LNG, both in the stake in Yoda. You also invested in the Alaska LNG project earlier this year. Is this a concerted effort on your part to get a bit deeper into LNG? Should we be expecting more of this type of investment going forward?

我這邊有幾點想問。想請教接下來的投資方向。你們最近幾筆非核心投資似乎都在 LNG 領域，包括持有 Yoda 的股權；你們也在今年稍早投資了阿拉斯加 LNG 專案。這是否代表你們有計畫更深入布局 LNG？未來我們是否應該預期會有更多這類型的投資？

Yes. I think the -- in general, the energy sector is, let's say, our next point of focus. And as we see geopolitically, there are a lot of changes in that area. So we are following it very closely, and we try to address it from every angle, both from the angle of transportation and also from the angle of LNG production itself, which is going to give us an access to the transportation as well.

是的。我認為——整體而言，能源產業可以說是我們下一個重點關注領域。從地緣政治的角度來看，該領域正在發生許多變化。因此我們非常密切地追蹤，並嘗試從各個角度切入，包括運輸的角度，以及 LNG 生產本身的角度；而這也將讓我們同時取得運輸端的切入機會。

Okay. Got it. That's helpful. And then just maybe in terms of what we're seeing in the container shipping market, your revenue backlog is at USD4.1 billion, which is obviously very strong historically. It is a little bit down from where you were last quarter, which I think was USD4.3 billion. In general, it looks like backlog additions maybe have been a bit leaner these past couple of months, even though we are seeing indexes for the time charter indexes being at all-time highs or near all-time highs. What are you seeing kind of at the moment in terms of liner interest for more charter coverage from here?

好的，了解，這很有幫助。接著就貨櫃航運市場而言，你們的營收積壓為 41 億美元，歷史上顯然非常強勁。不過相較上季（我記得是 43 億美元）略有下降。整體來看，過去幾個月新增的積壓可能偏少，儘管我們看到期租指數（time charter indexes）處於歷史高點或接近歷史高點。就目前而言，你們觀察到班輪公司對於從現在起增加租約覆蓋的興趣如何？

From what you see from the profile, practically all '26 and '27 are almost fixed. We have very, very little going forward. Now also for liner companies to start discussing from now about 2028, let's say, ships might be a bit premature, especially for secondhand. So I don't think really it signifies anything else apart from that, we have been really fixing quite a lot in this period of time. And it's just circumstantial.

從你看到的到期結構來看，實際上 2026 年和 2027 年幾乎都已經鎖定。我們往後可供安排的非常、非常少。另外，班輪公司現在就開始討論 2028 年的船舶（尤其是二手船）可能還有點太早。所以我不認為這代表其他意義；只是我們在這段期間確實簽了相當多的合約，這只是時點因素。

Okay. That certainly makes sense. Just nothing is available to be booked in the next several quarters. Okay. And maybe just one final one. Thoughts on the share buyback. You've obviously historically been quite active on that front. You bought a bit during the first quarter, not at the same pace we've seen at least in the fourth quarter.

好的，這確實合理。接下來幾個季度基本上沒有可供預訂的船舶。好的。最後再問一題，關於庫藏股回購。你們過去在這方面一直相當積極。第一季你們也買了一些，但速度沒有我們在第四季看到的那麼快。

And I guess that sort of makes sense given the shares have really been hitting 52-week highs seemingly every week. How are you thinking about the buyback from here? I guess, in the context of maybe two things. One, the shares are obviously at their highs. How do you think about the buyback from that perspective, but then also from the perspective of asset value on an NAV basis, it's discounted and then perhaps on a free cash flow yield, the yield is quite high. So how are you thinking about those two things with respect to the buyback?

我想這也合理，因為股價似乎每週都在創 52 週新高。你們接下來如何看待回購？我想從兩個面向：第一，股價顯然在高點，從這個角度你們如何看回購；第二，從資產價值（NAV）角度看仍有折價，而從自由現金流殖利率來看殖利率也相當高。就回購而言，你們如何權衡這兩點？

Well, we still have the authority for another USD65 million. We are keeping closely. I mean, the stock has done a terrific run in the last few months. We are at kind of all-time high. And so although we still believe that it's -- the stock is deeply undervalued. We are kind of more cautious into continuing during this hype to continue the buyback.

嗯，我們仍有 6,500 萬美元的回購授權。我們會密切關注。我的意思是，這幾個月股價表現非常強勁，我們處於某種歷史高位。因此，儘管我們仍然相信——這檔股票被嚴重低估——但在這波熱潮之下，我們對於繼續回購會更為謹慎。

Climent Molins, Value Investor.

Climent Molins，Value Investor。

Omar has already covered a lot of ground, but I wanted to ask about the utilization on the Capesize side of the fleet. Could you talk a bit about the drivers behind the significant scheduled off-hire for the quarter? Was it mostly dry dockings? And secondly, could you remind us about the dry-docking schedule on this side of the fleet for the remainder of the year?

Omar 已經涵蓋了很多面向，但我想問關於船隊中海岬型（Capesize）部分的使用率。能否談談本季顯著的計畫性停租（off-hire）背後的驅動因素？主要是進塢維修（dry docking）嗎？第二，能否提醒我們今年剩餘期間，這部分船隊的進塢排程如何？

Yes, it was 2 vessels that went to dry dock in Q1. And I don't have it offhand, but I don't think we have any more scheduled vessels on the dry side to the shipyard for the remainder of this year.

是的，第一季有 2 艘船進塢。我手邊沒有完整資料，但我認為今年剩餘時間，乾散貨這邊應該沒有其他已排程要進船廠的船舶。

Okay. That's helpful. And all the off-hire days were attributable to these 2 vessels?

好的，這很有幫助。那第一季所有停租天數都可歸因於這 2 艘船嗎？

Sorry, say again?

抱歉，請再說一次？

I was asking if all the off-hire days in Q1 were attributable to the dry docking you conducted.

我是在問，第一季所有停租天數是否都可歸因於你們進行的進塢維修。

Yes. Correct.

是的，沒錯。

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.

看起來目前沒有進一步的問題。我想把電話交回給 Coustas 博士，請他做任何補充意見或結語。

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，並持續關注我們的發展。期待在下一次財報電話會議上與各位再會。祝各位有美好的一天。

Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

謝謝。本次電話會議到此結束。感謝各位參加今天的簡報。您現在可以掛線。