Danaos Corporation (DAC) 2026 Q2 法說會逐字稿

Good day, and welcome to the Danaus Corporation conference call to discuss the financial results for the three months ended June 30th, 2026. As a reminder, today's call is being recorded. Hosting the call today is Dr. John Gustas, Chief Executive Officer of Danaus Corporation, and Mr. Evaguelos Hadzis, Chief Financial Officer of Danaus Corporation. ( Operators Instructions ) Please note this event is being recorded. I would now like to turn the conference over to Evaguilos Radzis, Chief Financial Officer. Please go ahead.

各位好，歡迎參加 Danaus Corporation 電話會議，討論截至 2026 年 6 月 30 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 Danaus Corporation 執行長 John Gustas 博士，以及 Danaus Corporation 財務長 Evaguelos Hadzis 先生。（接線員指示）請注意，本活動正在錄音。現在我想把會議交給財務長 Evaguilos Radzis。請開始。

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.

謝謝，接線員。各位早安，感謝今天加入我們。在開始之前，我想快速提醒各位，管理層今天上午的發言可能包含某些前瞻性陳述，而實際結果可能與今天所預期者有重大差異。

These forward-looking statements are made as of today and we undertake no obligation to update them. Factors that might have future results are discussed in our filings with the SEC and we encourage you to review these detailed safe harbor and risk factor disclosures. 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.

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美國證券交易委員會（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條款與風險因素揭露。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。

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

以及以等同期租（Time Charter Equivalent, TCE）營收與等同期租每日美元（TCE dollars per day）來評估我們的業務。非 GAAP 財務衡量指標與 GAAP 財務衡量指標之調節表已包含於我們的財報新聞稿及隨附資料中。接下來，我把電話交給 John Custos 博士，他將就本季提供整體概覽。

John? Thank you, Evangelos.

John？謝謝你，Evangelos。

Good morning and thank you all for joining today's call to discuss our results for the second quarter of 2026. The conflicts in Ukraine and Iran continue with no clear resolution in sight, although a brief ceasefire allowed us to move our two vessels out of the Gulf and both our crews and vessels safe and fully operational.

各位早安，感謝大家參加今天的電話會議，討論我們 2026 年第二季的業績。烏克蘭與伊朗的衝突仍在持續，短期內看不到明確解決方案；不過，短暫的停火讓我們得以將兩艘船舶移出海灣，且我們的船員與船舶均安全並維持全面營運。

Uncertainty in global supply chains, the disruption in the Gulf, the restrictions in Babel Mandeb and the tariff measures in the United States have combined create exceptionally tight conditions with rates across most shipping sectors at multi-year highs. Shipping remains the only industry capable of absorbing disruption on this scale and keeping the world supplied with goods. Energy and raw materials. Against this backdrop, Daniel continued to execute its long-term strategy of securing extended charter employment at attractive rates and arranging competitive long-term finance for our new building program.

全球供應鏈的不確定性、海灣地區的擾動、巴布曼德海峽（Bab el-Mandeb）的限制，以及美國的關稅措施相互疊加，造成極度緊俏的市場環境，使多數航運子產業的運價升至多年高點。航運仍是唯一能夠吸收如此規模的擾動、並持續讓全球獲得貨物供應的產業。能源與原物料。在此背景下，Daniel 持續執行其長期策略：以具吸引力的費率鎖定較長期的租船合約，並為我們的新造船計畫安排具競爭力的長期融資。

This quarter, we saw significant contribution from our dry bulk investment as cage size rates reached multi-year highs and the segment contributed $18.8 million of adjusted EBITDA against $5.9 million a year ago. As charterers continue to compete for quality tonnage, we took the opportunity to extend charters across a broad part of the fleet.

本季，我們的散裝乾貨投資帶來顯著貢獻，因為海岬型（Capesize）運價升至多年高點，該分部貢獻調整後 EBITDA 1,880 萬美元，而去年同期為 590 萬美元。隨著承租人持續競逐優質運力，我們把握機會，針對船隊中相當廣泛的部分延長租約。

Adding approximately $683 million to our contracted revenue backlog. Backlog now stands at the record $4.6 billion with 100% of our container operating days contracted for 2026, 93% for 2027 and 79% for 2028, while even for 2029 contract coverage is already above 60%. We also continued to term out our financing, refinancing two further vessels through Japanese operating leases. We also added the further $236 million in DROLCO financing commitments for three vessels delivering in 2027 and entered into $132 million credit facility to finance our six 1800 key unit buildings.

使我們的已簽約營收積壓（contracted revenue backlog）增加約 6.83 億美元。目前積壓金額達到創紀錄的 46 億美元；我們 2026 年的貨櫃船營運天數已 100% 簽約，2027 年為 93%，2028 年為 79%，甚至 2029 年的合約覆蓋率也已超過 60%。我們也持續拉長融資期限，透過日本營運租賃再融資另外兩艘船舶。此外，我們新增 2.36 億美元的 DROLCO 融資承諾，用於 2027 年交付的三艘船舶，並簽訂 1.32 億美元的信用額度，以融資我們六艘 1800 key unit 新造船。

With 78 of our 87 operating vessels at three, at leverage of three and total liquidity of approximately $1.5 billion, we are in a position to pursue accretive opportunities, including the development of our investment in the Alaska LNG project. Together with a disciplined approach to expansion, we believe these dynamics will continue to drive improving profitability. And create lasting value for our shareholders. With that, I'll hand the call over back to Evangelos, who will take you through the financials for the quarter. Evangelos?

在我們 87 艘營運船舶中有 78 艘已鎖定期租，槓桿水準為 3 倍，且總流動性約 15 億美元，我們具備追求增值型機會的條件，包括推進我們對阿拉斯加 LNG 專案的投資開發。配合審慎的擴張方針，我們相信這些動態將持續推動獲利能力改善。並為股東創造長期價值。接下來，我把電話交回 Evangelos，由他帶各位檢視本季財務數字。Evangelos？

Thank you, John, and good morning again to everyone, and thank you for joining us. I will review the results for the quarter, and we will then open the call to Q&A. Adjusted net income for the second quarter was $133.1 million.

謝謝你，John，也再次向各位道早安，感謝加入我們。我將回顧本季業績，之後我們會開放問答。2026 年第二季調整後淨利為 1.331 億美元。

Or $7.29 per share compared to $117 million or $6.36 per share in the second quarter of 2025. That is an increase of $16.1 million or approximately 15% on a per share basis. The improvement was driven principally by our dry bulk segment. Container investment revenue was broadly unchanged. Down $0.8 million on a base of $238.7 million. New building deliveries of container ships contributed $3.2 million of incremental revenues and higher charter rates a further $0.6 million. Offsetting this were a $3.4 million reduction in non-cash revenue recognition under US GAAP and the $1.2 million effect from higher off-higher charges during this period.

或每股 7.29 美元，相較於 2025 年第二季的 1.17 億美元或每股 6.36 美元。這代表增加 1,610 萬美元，或以每股計約增加 15%。改善主要由我們的散裝乾貨分部所帶動。貨櫃投資營收大致持平。在 2.387 億美元的基礎上減少 80 萬美元。貨櫃船新造船交付帶來 320 萬美元的增量營收，而較高的租金費率另貢獻 60 萬美元。抵銷因素包括：依美國 GAAP 的非現金營收認列減少 340 萬美元，以及本期間較高的 off-higher 費用影響 120 萬美元。

Dry bulk revenue, on the other hand, increased by $13 million or 57% from $22.7 million to $35.7 million, and the principal driver was the improved dry bulk market. Our HI time charge equivalent rate rose to $30,400 per day from approximately $18,000 per day in the comparable prior quarter.

另一方面，乾散貨營收增加了1,300萬美元（或57%），由2,270萬美元增至3,570萬美元，主要驅動因素是乾散貨市場改善。我們的HI等效期租費率由上一年同期可比季度約每日18,000美元上升至每日30,400美元。

Which reflects improved market conditions. During this quarter, we also operated one additional vessel that we acquired a few months ago. Segment adjusted EBITDA for the dry bulk segment increased to $18.8 million from $5.9 million a year ago. Turning now to operating costs, vessel operating expenses were stable.

這反映了市場狀況的改善。本季度，我們也多營運了一艘於數月前收購的船舶。乾散貨分部的分部調整後EBITDA由一年前的590萬美元增至1,880萬美元。接著談營運成本，船舶營運費用維持穩定。

And came in at $56.7 million in the current quarter against $56.4 million in the second quarter of 2025, notwithstanding an increase in the average number of vessels in the fleet between the two periods. Daily operating costs declined to $7,416 per vessel per day in the current quarter from $7,556 per vessel per day. In the second quarter of 2025. Our operating costs remain among the most competitive in the industry. G&A expenses increased by $3.7 million to $14.9 million in the current quarter compared to $11.2 million in the second quarter of 2025. This increase mainly relates to $1.5 million in higher management fees.

本季度為5,670萬美元，而2025年第二季為5,640萬美元，儘管兩個期間船隊平均船舶數量有所增加。本季度每日營運成本降至每艘船每日7,416美元，低於每艘船每日7,556美元。在2025年第二季。我們的營運成本仍屬業界最具競爭力之一。本季度一般及行政（G&A）費用增加370萬美元至1,490萬美元，較2025年第二季的1,120萬美元為高。此增幅主要與管理費增加150萬美元有關。

Partially driven by the increase in the average number of SS in our fleet as a $2.2 million increase in corporate G&A. On the finance cost side, interest expense, excluding amortization of finance fees and debt discount, decreased by $1.6 million to $7.3 million in the current quarter from $8.9 million in the second quarter of 2025.

部分原因是我們船隊中SS的平均數量增加，以及公司層面G&A增加220萬美元。在財務成本方面，利息費用（不含財務費用攤銷及債務折價攤銷）本季度減少160萬美元至730萬美元，低於2025年第二季的890萬美元。

Now, there are two components to this improvement: capitalized interest investment under construction rose to $9 million from $4.8 million previously as our new building program advanced, thus reducing interest expense by $4.2 million and working in the opposite direction, average indebtedness increased by $326 million.

目前，這項改善有兩個組成部分：隨著我們的新造船計畫推進，在建投資的資本化利息由先前的480萬美元上升至900萬美元，因而使利息費用減少420萬美元；而在相反方向上，平均負債增加了3.26億美元。

To $1.1 billion and that added $2.6 million in interest expense. The effect of the increase in average indebtedness was partially mitigated by a reduction in our average cost of debt service of approximately 1.1%, reflecting lower software rates and a lower bond coupon following the refinancing of our bond in Q4 of last year. Interest income doubled to $7.4 million. Compared to $3.7 million a year ago on the back of higher cash balances. Therefore, net interest expense decreased by $5.3 million between the two periods. Adjusted EBITDA increased by 6.1% or $10.8 million to $186.8 million this quarter compared to $176 million in the second quarter of 2025 for. That have already been outlined earlier on this call. We would also encourage you to review our updated investor presentation and the subsequent events disclosures, both of which are available on our website. We would like to turn to some of the highlights. Since the date of our last earnings release, we have added $683 million to our contracted revenue backlog.

至11億美元，並使利息費用增加260萬美元。平均負債增加的影響，部分被我們平均債務服務成本約下降1.1%所抵銷，這反映了較低的軟體利率以及在去年第四季完成債券再融資後較低的債券票息。利息收入倍增至740萬美元。較一年前的370萬美元增加，主要受較高現金餘額帶動。因此，兩個期間之間的淨利息費用減少了530萬美元。本季度調整後EBITDA增加6.1%或1,080萬美元至1.868億美元，較2025年第二季的1.76億美元為高。這些已在本次電話會議前段說明。我們也建議您查閱我們更新後的投資人簡報以及後續事項揭露，兩者皆可於我們網站取得。接下來我們想談一些重點。自上次財報發布以來，我們已將已簽約營收積壓（backlog）增加6.83億美元。

As a result, our backlog stands at $4.6 billion with a 4.7% average charter duration, while contract coverage is already at 100% for this year, 93% for 2027, 79% for 2028 and 61% for 2029. Our investor presentation has analytical disclosure on our contracted charter book.

因此，我們的積壓訂單達46億美元，平均租約期間為4.7%，而合約覆蓋率今年已達100%，2027年為93%，2028年為79%，2029年為61%。我們的投資人簡報中對已簽約租船合約簿提供了分析性揭露。

As of June 30, net debt stood at $224.5 million, equivalent to 0.3 times last 12 months EBITDA and out of our 87 vessels, 78 carried no debt, that is 66 are unencumbered and a further 12 secure our revolving credit facility, which remains undrawn.

截至6月30日，淨負債為2.245億美元，相當於過去12個月EBITDA的0.3倍；在我們87艘船舶中，有78艘無負債，其中66艘未設抵押，另有12艘用以擔保我們的循環信用額度（revolving credit facility），該額度目前仍未動用。

Finally, as at the end of the second quarter of 2026, cash stood at $1 billion. Total liquidity that includes cash availability under our RCS and value of marketable securities stood at approximately $1.5 billion, while in addition to that, we also hold committed and drawn facilities in support of our new building program.

最後，截至2026年第二季末，現金為10億美元。總流動性（包括現金、我們RCS項下可用額度以及有價證券的價值）約為15億美元；此外，為支持我們的新造船計畫，我們亦持有已承諾及已動用的融資額度。

This gives us ample flexibility to pursue accretive capital deployment opportunities. In summary, strong contract coverage for the next four years, a record contracted revenue backlog, net leverage of three-tenths of return and the full financed construction program. With that, I would like to thank you all for listening to this first part of our call.

這使我們具備充足彈性，以把握具增值效益的資本部署機會。總結而言，未來四年合約覆蓋強勁、已簽約營收積壓創新高、淨槓桿為0.3倍，以及建造計畫已全數完成融資。在此，我要感謝各位收聽本次電話會議的第一部分。

Operator, we are now ready to open the call to Q&A.

接線員，我們現在準備開放問答。

( Operators Instructions ) Our first question comes from Omar Nakhta of Clarkson Securities. Go ahead, please.

( 接線員指示 ) 我們的第一個問題來自Clarkson Securities的Omar Nakhta。請發問。

Hi, John. Yeah, I just wanted to ask a bit about the business obviously is thriving.

嗨，John。是的，我只是想問一下，顯然你們的業務正在蓬勃發展。

As we see it, you've added a good amount of backlog here these past few months as you were highlighting and that's going to give you a nice continued stream of revenue visibility and obviously a really good amount of free cash flow. My question is, how do you envision using this free cash flow in the coming quarters? Do you look to pay down some of the debt you've taken on here recently? Do you look for more investment opportunities? And I guess with regards to say those investments.

依我們所見，過去幾個月你們如同剛才強調的那樣，新增了相當可觀的積壓訂單，這將讓你們在營收可見度上有很好的持續性，顯然也會帶來相當可觀的自由現金流。我的問題是，你們如何構想在接下來幾個季度運用這些自由現金流？你們會考慮償還一些近期新增的債務嗎？你們會尋找更多投資機會嗎？另外我想就這些投資而言。

How would you rank looking at container ships, looking at dry bulk or maybe looking outside of those two segments?

若從貨櫃船、散裝船來看，或是把視野放到這兩個區隔之外，您會如何排序？

Well, the actual, let's say, risk of new investments at elevated prices is becoming higher.

嗯，實際上，在高檔價格下進行新投資的風險正在升高。

Of course, growing is extremely easy, growing accretively is much more difficult. So the time being, we are, let's say, using these extraordinary times in order to make an even better balance, fortress balance sheet to.

當然，擴張非常容易，但要做到具增益性的成長就困難得多。所以目前我們可以說是利用這段非常時期，讓資產負債表變得更好、更穩健，打造「堡壘式」資產負債表。

Make our financing towards, let's say, longer duration with Jolkos and we will just try to be there when the opportunities arise. I mean, the situation is extremely volatile.

把我們的融資結構調整為更長天期，搭配Jolkos，並且在機會出現時隨時就位。我的意思是，情勢非常波動。

We see that new buildings overall are increasing by the day and we are very closely looking at all this. We have executed our growth at times where prices were more reasonable and availability of long-term charters.

我們看到整體新造船訂單每天都在增加，我們也非常密切地關注這一切。我們是在價格較合理、且有長期租約可取得的時點執行成長。

Was at much more accretive rates. I mean, nowadays, we are very careful. We have positioned ourselves where we wanted and we'll take it as it goes.

當時的條件在增益性方面要好得多。我的意思是，如今我們非常謹慎。我們已經把自己定位在想要的位置，接下來就順勢而為。

Yeah, no, it makes sense.

是的，這樣說得通。

That's understood on that part then. And I guess perhaps then given just how much cash you've been generating, you've been returning capital to shareholders both via the dividends and the buyback, although you paused that recently. But I guess as we think about the dividend here moving ahead, last month you declared the $0.90, which is the fourth one at that level since you raised it from, I think it was $85, the prior four quarters.

這部分我理解了。我想，考量到你們產生了大量現金，你們也透過股利與庫藏股回購把資本回饋給股東，雖然你們最近暫停了回購。但就未來的股利來看，上個月你們宣告每股0.90美元，這是自你們把股利從我記得是0.85美元上調後，連續第四次維持在這個水準，涵蓋前四個季度。

As you think about what the next event looks like, should we anticipate it being another moderate rise as we've seen in the past or would it be something more sizable, do you think?

當你們思考下一次調整時，我們應該預期會像過去一樣再小幅上調，還是你認為可能會更大幅度？

Well, we have a kind of a pattern until now. It's up to the Board to decide really at what pace we're going to increase it.

嗯，到目前為止我們算是有一種模式。實際上要以什麼速度提高，取決於董事會的決定。

In general, we have not been there for spectacular dividend rises. However, this is something to discuss for the next quarter.

一般而言，我們並不追求非常戲劇性的股利大幅上調。不過，這會是下個季度要討論的事情。

Yeah, got it. We'll look forward to that. All right. Well, thank you, John. Thanks, Evangelos, and congrats on the sizable backlog additions here. I'll pass it back.

好的，了解。我們會期待那部分。好。謝謝你，John。也謝謝你，Evangelos，並恭喜你們這次大幅增加在手訂單。我把時間交回去。

The next question comes from Climate Mullins of Value Investors Edge. Go ahead, please.

下一個問題來自Value Investors Edge的Climate Mullins。請發問。

Hi, good afternoon and thank you for taking my questions. Omer has already covered a lot of ground, but I wanted to ask about the relative performance on the Cape State side, which improved nicely quarter-over-quarter. Are most vessels employed on spot or do you have any fixed-time charter cover?

嗨，午安，謝謝你們回答我的問題。Omer已經談了很多面向，但我想問的是Cape State那邊的相對表現，季對季改善得很不錯。大多數船舶是跑現貨市場，還是你們有任何固定期租的覆蓋？

The vessels are in general spot, we have couple of vessels on index which practically is let's say spot again and only one vessel on fixed rate until year end or whatever, so more or less yes, we are playing the market.

船舶一般都是在現貨市場；我們有幾艘船是掛在指數上，實際上也可以說仍然是現貨；只有一艘船是固定費率到年底或之類的，所以大致上是的，我們是在跟著市場操作。

That's helpful. Thank you. And my other question was on the Alaska LNG project. Could you talk a bit about how the project is progressing? And as you think about the LNG industry, is it fair to expect you to only place orders if they are backed by long-term contracts? For the Alaska LNG project, I believe that's the case. But would you be willing to take speculative orders for other projects?

這很有幫助。謝謝。我另一個問題是關於阿拉斯加LNG專案。你能談談專案進展如何嗎？另外，當你們看待LNG產業時，是否可以合理預期你們只會在有長期合約支撐的情況下才下單？就阿拉斯加LNG專案而言，我相信是這樣。但對於其他專案，你們會願意下投機性訂單嗎？

No, I think if we wanted to take specialized orders, we would have done it. We want to tie up the orders together with the LNG production out of Alaska. The project is progressing. There are some kind of legislative arrangements that need to be performed.

不，我認為如果我們想要接專門化的訂單，我們早就做了。我們希望把訂單與阿拉斯加的LNG產出綁在一起。專案正在推進。在FID核定之前，還需要完成一些立法層面的安排。

Before FID is given and the project is running full steam, which we expect sometime in September.

在FID核定、專案全速運轉之前，這些都要先完成；我們預期大概在9月的某個時間點。

Perfect. Thank you for the color. Thank you for taking my questions and congratulations for the order.

太好了。謝謝你提供的補充說明。謝謝你回答我的問題，也恭喜你們這筆訂單。

( Operators Instructions ) I would like to turn the call back over to Dr. Gustaz for any further comments or closing remarks.

( 接線員指示 ) 我想把電話會議交回給Gustaz博士，請他做進一步評論或結語。

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

感謝各位參加本次電話會議，並持續關注我們的故事。期待在下一次財報電話會議上接待各位。祝各位有美好的一天。

Thank you.( Operators Instructions ) Have a wonderful afternoon.

謝謝。( 接線員指示 ) 祝各位下午愉快。