Danaos ends on high

Danaos Corp has ended 2014 on a high with a 56\% jump in adjusted net income, in fourth quarter figures released late Monday.

It reported figures of $23.4m, or 21 US cents per share, compared to the $14.9m, or 14 US cents per share seen a year ago.

The improved numbers at the Dr John Coustas-led shipowner came despite a 4.3\% decline in revenues to $140.6m.

“The company’s profitability improved between the two quarters through a $13.5m improvement in net financing costs together with a $1.3m improvement in operating costs, despite a decrease in operating revenues,” it said.

“The decline in operating revenues reflects $2.4m related to softer charter market conditions and $3.9m attributable to the reduced charter hire on six of our vessels following the previously announced restructuring of Zim.”

Danaos chief executive Dr John Coustas said: “On the container market front we see positive signs of a more balanced demand / supply relationship.

“The recent charter rate improvement on Panamax vessels which have suffered the most during the prolonged weak market, is definitely a sign that the market is balancing.

“Lower oil prices have also had a positive effect which has been evidenced by the return to profits for all the major liner companies.

“This positive development is particularly important for us since counterparty risk improves as our clients return to profitability.”

During the fourth quarter US-listed Danaos said it operated an average of 55 containerships compared to 59 one a year ago.

source:www.tradewindsnews.com