Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2023 | |
Entity Registrant Name | DANAOS CORPORATION |
Entity Central Index Key | 0001369241 |
Document Type | 6-K |
Document Period End Date | Jun. 30, 2023 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | Q2 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 293,331 | $ 267,668 |
Accounts receivable, net | 8,091 | 5,635 |
Inventories | 16,022 | 16,099 |
Prepaid expenses | 2,635 | 1,312 |
Due from related parties | $ 32,912 | $ 34,002 |
Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration] | Related Party [Member] | Related Party [Member] |
Other current assets | $ 134,792 | $ 47,805 |
Total current assets | 487,783 | 372,521 |
NON-CURRENT ASSETS | ||
Fixed assets at cost, net of accumulated depreciation of $1,245,841 (2022: $1,182,402) | 2,661,976 | 2,721,494 |
Advances for vessels under construction | 215,786 | 190,736 |
Deferred charges, net | 31,777 | 25,554 |
Investments in affiliates | 937 | |
Other non-current assets | 86,173 | 89,923 |
Total non-current assets | 2,996,649 | 3,027,707 |
Total assets | 3,484,432 | 3,400,228 |
CURRENT LIABILITIES | ||
Accounts payable | 17,533 | 24,505 |
Accrued liabilities | 21,907 | 21,362 |
Current portion of long-term debt, net | 27,500 | 27,500 |
Current portion of long-term leaseback obligation, net | 27,469 | |
Unearned revenue | 89,912 | 111,149 |
Other current liabilities | 28,220 | 16,422 |
Total current liabilities | 185,072 | 228,407 |
LONG-TERM LIABILITIES | ||
Long-term debt, net | 389,564 | 402,440 |
Long-term leaseback obligation, net of current portion | 44,542 | |
Unearned revenue, net of current portion | 82,333 | 111,564 |
Other long-term liabilities | 37,981 | 52,861 |
Total long-term liabilities | 509,878 | 611,407 |
Total liabilities | 694,950 | 839,814 |
Commitments and Contingencies | ||
STOCKHOLDERS' EQUITY | ||
Preferred stock (par value $0.01, 100,000,000 preferred shares authorized and not issued as of June 30, 2023 and December 31, 2022) | ||
Common stock (par value $0.01, 750,000,000 common shares authorized as of June 30, 2023 and December 31, 2022. 25,155,948 and 25,155,928 shares issued as of June 30, 2023 and December 31, 2022; and 19,752,025 and 20,349,702 shares outstanding as of June 30, 2023 and December 31, 2022) | 197 | 203 |
Additional paid-in capital | 712,154 | 748,109 |
Accumulated other comprehensive loss | (72,041) | (74,209) |
Retained earnings | 2,149,172 | 1,886,311 |
Total stockholders' equity | 2,789,482 | 2,560,414 |
Total liabilities and stockholders' equity | $ 3,484,432 | $ 3,400,228 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Accumulated depreciation | $ 1,245,841 | $ 1,182,402 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 750,000,000 | 750,000,000 |
Common stock, shares issued | 25,155,948 | 25,155,928 |
Common stock, shares outstanding | 19,752,025 | 20,349,702 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
OPERATING REVENUES | $ 241,479 | $ 250,923 | $ 485,053 | $ 480,824 |
OPERATING EXPENSES | ||||
Voyage expenses | (8,399) | (9,443) | (16,282) | (16,632) |
Vessel operating expenses | (41,861) | (40,579) | (82,500) | (79,743) |
Depreciation and amortization of right-of-use assets | (31,910) | (33,753) | (63,439) | (67,112) |
Amortization of deferred drydocking and special survey costs | (4,502) | (3,202) | (8,337) | (5,922) |
General and administrative expenses | (7,192) | (7,136) | (14,037) | (14,527) |
Gain on sale of vessels | 1,639 | |||
Income From Operations | 147,615 | 156,810 | 302,097 | 296,888 |
OTHER INCOME (EXPENSES): | ||||
Interest income | 3,596 | 120 | 6,319 | 121 |
Interest expense | (5,881) | (16,079) | (12,603) | (33,193) |
Gain/(loss) on investments | 6,438 | (168,635) | 6,438 | (69,096) |
Dividend income | 16,208 | 138,386 | ||
Gain/(loss) on debt extinguishment | (2,254) | 22,939 | (2,254) | 22,939 |
Equity loss on investments | (738) | (3,326) | ||
Other finance expenses | (1,146) | (336) | (2,122) | (941) |
Other income/(expenses), net | 294 | 362 | 469 | 861 |
Loss on derivatives | (903) | (903) | (1,796) | (1,796) |
Total Other Income/(Expenses), net | (594) | (146,324) | (8,875) | 57,281 |
Income before income taxes | 147,021 | 10,486 | 293,222 | 354,169 |
Income taxes | (2,262) | (14,480) | ||
Net Income | $ 147,021 | $ 8,224 | $ 293,222 | $ 339,689 |
EARNINGS PER SHARE | ||||
Basic earnings per share (in dollars per share) | $ 7.32 | $ 0.40 | $ 14.51 | $ 16.42 |
Diluted earnings per share (in dollars per share) | $ 7.32 | $ 0.40 | $ 14.51 | $ 16.40 |
Basic weighted average number of common shares (in thousands) | 20,081 | 20,689 | 20,214 | 20,693 |
Diluted weighted average number of common shares (in thousands) | 20,081 | 20,708 | 20,214 | 20,712 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net income for the period | $ 147,021 | $ 8,224 | $ 293,222 | $ 339,689 |
Other comprehensive income: | ||||
Prior service cost of defined benefit plan | 186 | 372 | ||
Amortization of deferred realized losses on cash flow hedges | 903 | 903 | 1,796 | 1,796 |
Total Other Comprehensive Income | 1,089 | 903 | 2,168 | 1,796 |
Comprehensive Income | $ 148,110 | $ 9,127 | $ 295,390 | $ 341,485 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock | Additional paid-in capital | Accumulated other comprehensive loss | Retained earnings | Total |
Balance at Dec. 31, 2021 | $ 207 | $ 770,676 | $ (71,455) | $ 1,388,595 | $ 2,088,023 |
Balance (in shares) at Dec. 31, 2021 | 20,717 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Net income | 331,465 | 331,465 | |||
Dividends | (15,537) | (15,537) | |||
Stock compensation | 124 | 124 | |||
Net movement in other comprehensive income | 893 | 893 | |||
Balance at Mar. 31, 2022 | $ 207 | 770,800 | (70,562) | 1,704,523 | 2,404,968 |
Balance (in shares) at Mar. 31, 2022 | 20,717 | ||||
Balance at Dec. 31, 2021 | $ 207 | 770,676 | (71,455) | 1,388,595 | 2,088,023 |
Balance (in shares) at Dec. 31, 2021 | 20,717 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Net income | 339,689 | ||||
Net movement in other comprehensive income | 1,796 | ||||
Balance at Jun. 30, 2022 | $ 205 | 759,723 | (69,659) | 1,697,209 | 2,387,478 |
Balance (in shares) at Jun. 30, 2022 | 20,539 | ||||
Balance at Dec. 31, 2021 | $ 207 | 770,676 | (71,455) | 1,388,595 | 2,088,023 |
Balance (in shares) at Dec. 31, 2021 | 20,717 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Repurchase of common stock | $ (28,600) | ||||
Repurchase of common stock (in shares) | (466,955) | ||||
Balance at Dec. 31, 2022 | $ 203 | 748,109 | (74,209) | 1,886,311 | $ 2,560,414 |
Balance (in shares) at Dec. 31, 2022 | 20,350 | ||||
Balance at Mar. 31, 2022 | $ 207 | 770,800 | (70,562) | 1,704,523 | 2,404,968 |
Balance (in shares) at Mar. 31, 2022 | 20,717 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Net income | 8,224 | 8,224 | |||
Dividends | (15,538) | (15,538) | |||
Stock compensation | 124 | 124 | |||
Repurchase of common stock | $ (2) | (11,206) | (11,208) | ||
Repurchase of common stock (in shares) | (178) | ||||
Net movement in other comprehensive income | 903 | 903 | |||
Issuance of common stock | 5 | 5 | |||
Balance at Jun. 30, 2022 | $ 205 | 759,723 | (69,659) | 1,697,209 | 2,387,478 |
Balance (in shares) at Jun. 30, 2022 | 20,539 | ||||
Balance at Dec. 31, 2022 | $ 203 | 748,109 | (74,209) | 1,886,311 | 2,560,414 |
Balance (in shares) at Dec. 31, 2022 | 20,350 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Net income | 146,201 | 146,201 | |||
Dividends | (15,262) | (15,262) | |||
Repurchase of common stock | (2,196) | (2,196) | |||
Repurchase of common stock (in shares) | (41) | ||||
Net movement in other comprehensive income | 1,079 | 1,079 | |||
Issuance of common stock | 1 | 1 | |||
Balance at Mar. 31, 2023 | $ 203 | 745,914 | (73,130) | 2,017,250 | 2,690,237 |
Balance (in shares) at Mar. 31, 2023 | 20,309 | ||||
Balance at Dec. 31, 2022 | $ 203 | 748,109 | (74,209) | 1,886,311 | 2,560,414 |
Balance (in shares) at Dec. 31, 2022 | 20,350 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Net income | 293,222 | ||||
Repurchase of common stock | $ (36,000) | ||||
Repurchase of common stock (in shares) | (597,697) | ||||
Net movement in other comprehensive income | $ 2,168 | ||||
Balance at Jun. 30, 2023 | $ 197 | 712,154 | (72,041) | 2,149,172 | 2,789,482 |
Balance (in shares) at Jun. 30, 2023 | 19,752 | ||||
Balance at Mar. 31, 2023 | $ 203 | 745,914 | (73,130) | 2,017,250 | 2,690,237 |
Balance (in shares) at Mar. 31, 2023 | 20,309 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Net income | 147,021 | 147,021 | |||
Dividends | (15,099) | (15,099) | |||
Repurchase of common stock | $ (6) | (33,760) | (33,766) | ||
Repurchase of common stock (in shares) | (557) | ||||
Net movement in other comprehensive income | 1,089 | 1,089 | |||
Balance at Jun. 30, 2023 | $ 197 | $ 712,154 | $ (72,041) | $ 2,149,172 | $ 2,789,482 |
Balance (in shares) at Jun. 30, 2023 | 19,752 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | |
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY | ||||
Dividends (in US$ per share) | $ 0.75 | $ 0.75 | $ 0.75 | $ 0.75 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash Flows from Operating Activities | ||
Net income | $ 293,222 | $ 339,689 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation and amortization of right-of-use assets | 63,439 | 67,112 |
Amortization of deferred drydocking and special survey costs | 8,337 | 5,922 |
Amortization of assumed time charters | (12,390) | (32,364) |
Amortization of finance costs | 1,261 | 4,922 |
Debt discount amortization | 1,639 | |
Loss/(gain) on investments | (6,438) | 69,096 |
Payments for drydocking and special survey costs deferred | (14,560) | (9,726) |
Gain on sale of vessels | (1,639) | |
Loss/(gain) on debt extinguishment | 2,254 | (22,939) |
Equity loss on investments | 3,326 | |
Prior service cost and periodic cost | 886 | |
Stock based compensation | 248 | |
Amortization of deferred realized losses on interest rate swaps | 1,796 | 1,796 |
(Increase)/Decrease in | ||
Accounts receivable | (2,456) | 1,578 |
Inventories | 77 | (1,863) |
Prepaid expenses | (1,323) | (1,179) |
Due from related parties | 1,090 | (10,243) |
Other assets, current and non-current | (12,250) | (30,145) |
Increase/(Decrease) in | ||
Accounts payable | (4,836) | (1,061) |
Accrued liabilities | 1,685 | 5,902 |
Unearned revenue, current and long-term | (38,078) | 217,882 |
Other liabilities, current and long-term | (2,797) | 14,212 |
Net Cash provided by Operating Activities | 280,606 | 620,478 |
Cash Flows from Investing Activities | ||
Vessels additions and advances for vessels under construction | (29,784) | (84,047) |
Proceeds/Advances from sale of vessels | 3,914 | 13,000 |
Proceeds from sale of investments | 85,333 | |
Investments in affiliates/marketable securities | (74,407) | |
Net Cash provided by/(used in) Investing Activities | (100,277) | 14,286 |
Cash Flows from Financing Activities | ||
Proceeds from long-term debt | 127,725 | |
Payments of long-term debt | (13,750) | (383,125) |
Payments of leaseback obligation | (72,925) | (120,687) |
Dividends paid | (30,361) | (31,070) |
Repurchase of common stock | (35,738) | (6,325) |
Payments of accumulated accrued interest | (3,373) | |
Finance costs | (1,892) | (15,092) |
Net Cash used in Financing Activities | (154,666) | (431,947) |
Net Increase in cash, cash equivalents and restricted cash | 25,663 | 202,817 |
Cash, cash equivalents and restricted cash at beginning of period | 267,668 | 129,756 |
Cash, cash equivalents and restricted cash at end of period | 293,331 | 332,573 |
Supplemental cash flow information | ||
Supplemental information: Cash paid for interest, net of amounts capitalized | $ 11,139 | $ 27,249 |
Basis of Presentation and Gener
Basis of Presentation and General Information | 6 Months Ended |
Jun. 30, 2023 | |
Basis of Presentation and General Information | 1 Basis of Presentation and General Information The accompanying condensed consolidated financial statements (unaudited) have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The reporting and functional currency of Danaos Corporation and its subsidiaries (“Danaos” or the “Company”), is the United States Dollar. Danaos Corporation, formerly Danaos Holdings Limited, was formed on December 7, 1998 under the laws of Liberia and is presently the sole owner of all outstanding shares of the companies listed below. Danaos Holdings Limited was redomiciled in the Marshall Islands on October 7, 2005. In connection with the redomiciliation, the Company changed its name to Danaos Corporation. On October 14, 2005, the Company filed and the Marshall Islands accepted Amended and Restated Articles of Incorporation. The authorized capital stock of Danaos Corporation is 750,000,000 shares of common stock with a par value of $0.01 and 100,000,000 shares of preferred stock with a par value of $0.01. Refer to Note 11, “Stockholders’ Equity”. The Company’s principal business is the acquisition and operation of vessels. Danaos conducts its operations through the vessel owning companies whose principal activity is the ownership and operation of containerships that are under the exclusive management of a related party of the Company. In the opinion of management, the accompanying condensed consolidated financial statements (unaudited) of Danaos and subsidiaries contain all adjustments necessary to state fairly, in all material respects, the Company’s condensed consolidated financial position as of June 30, 2023, the condensed consolidated results of operations for the three and six months ended June 30, 2023 and 2022 and the condensed consolidated cash flows for the six months ended June 30, 2023 and 2022. All such adjustments are deemed to be of a normal, recurring nature. These financial statements should be read in conjunction with the consolidated financial statements and related notes included in Danaos’ Annual Report on Form 20-F for the year ended December 31, 2022. The results of operations for the three and six months ended June 30, 2023, are not necessarily indicative of the results to be expected for the full year. The year-end condensed consolidated balance sheet data was derived from annual financial statements. These condensed consolidated financial statements do not include all disclosures required by accounting principles generally accepted in the United States of America. The condensed consolidated financial statements (unaudited) have been prepared to reflect the consolidation of the companies listed below. The historical balance sheets and results of operations of the companies listed below have been reflected in the condensed consolidated balance sheets and condensed consolidated statements of income, comprehensive income, cash flows and stockholders’ equity at and for each period since their respective incorporation dates. 1 Basis of Presentation and General Information (Continued) As of June 30, 2023, Danaos included the vessel owning companies (the “Danaos Subsidiaries”) listed below. All vessels are container vessels: Company Date of Incorporation Vessel Name Year Built TEU (1) Megacarrier (No. 1) Corp. September 10, 2007 Hyundai Honour 2012 13,100 Megacarrier (No. 2) Corp. September 10, 2007 Hyundai Respect 2012 13,100 Megacarrier (No. 3) Corp. September 10, 2007 Hyundai Smart 2012 13,100 Megacarrier (No. 4) Corp. September 10, 2007 Hyundai Speed 2012 13,100 Megacarrier (No. 5) Corp. September 10, 2007 Hyundai Ambition 2012 13,100 CellContainer (No. 6) Corp. October 31, 2007 Express Berlin 2011 10,100 CellContainer (No. 7) Corp. October 31, 2007 Express Rome 2011 10,100 CellContainer (No. 8) Corp. October 31, 2007 Express Athens 2011 10,100 Karlita Shipping Co. Ltd. February 27, 2003 Pusan C 2006 9,580 Ramona Marine Co. Ltd. February 27, 2003 Le Havre 2006 9,580 Oceancarrier (No. 2) Corp. October 15, 2020 Bremen 2009 9,012 Oceancarrier (No. 3) Corp. October 15, 2020 C Hamburg 2009 9,012 Blackwell Seaways Inc. January 9, 2020 Niledutch Lion 2008 8,626 Oceancarrier (No.1) Corp. February 19, 2020 Kota Manzanillo 2005 8,533 Springer Shipping Co. April 29, 2019 Belita 2006 8,533 Teucarrier (No. 5) Corp. September 17, 2007 CMA CGM Melisande 2012 8,530 Teucarrier (No. 1) Corp. January 31, 2007 CMA CGM Attila 2011 8,530 Teucarrier (No. 2) Corp. January 31, 2007 CMA CGM Tancredi 2011 8,530 Teucarrier (No. 3) Corp. January 31, 2007 CMA CGM Bianca 2011 8,530 Teucarrier (No. 4) Corp. January 31, 2007 CMA CGM Samson 2011 8,530 Oceanew Shipping Ltd. January 14, 2002 Europe 2004 8,468 Oceanprize Navigation Ltd. January 21, 2003 America 2004 8,468 Rewarding International Shipping Inc. October 1, 2019 Kota Santos 2005 8,463 Boxcarrier (No. 2) Corp. June 27, 2006 CMA CGM Musset 2010 6,500 Boxcarrier (No. 3) Corp. June 27, 2006 CMA CGM Nerval 2010 6,500 Boxcarrier (No. 4) Corp. June 27, 2006 CMA CGM Rabelais 2010 6,500 Boxcarrier (No. 5) Corp. June 27, 2006 Racine (ex CMA CGM Racine) 2010 6,500 Boxcarrier (No. 1) Corp. June 27, 2006 CMA CGM Moliere 2009 6,500 Expresscarrier (No. 1) Corp. March 5, 2007 YM Mandate 2010 6,500 Expresscarrier (No. 2) Corp. March 5, 2007 YM Maturity 2010 6,500 Kingsland International Shipping Limited June 26, 2015 Catherine C (2) 2001 6,422 Leo Shipping and Trading S.A. October 29, 2015 Leo C (2) 2002 6,422 Actaea Company Limited October 14, 2014 Zim Savannah 2002 6,402 Asteria Shipping Company Limited October 14, 2014 Dimitra C 2002 6,402 Averto Shipping S.A. June 12, 2015 Suez Canal 2002 5,610 Sinoi Marine Ltd. June 12, 2015 Kota Lima 2002 5,544 Oceancarrier (No. 4) Corp. July 6, 2021 Wide Alpha 2014 5,466 Oceancarrier (No. 5) Corp. July 6, 2021 Stephanie C 2014 5,466 Oceancarrier (No. 6) Corp. July 6, 2021 Maersk Euphrates 2014 5,466 Oceancarrier (No. 7) Corp. July 6, 2021 Wide Hotel 2015 5,466 Oceancarrier (No. 8) Corp. July 6, 2021 Wide India 2015 5,466 Oceancarrier (No. 9) Corp. July 6, 2021 Wide Juliet 2015 5,466 Continent Marine Inc. March 22, 2006 Zim Monaco 2009 4,253 Medsea Marine Inc. May 8, 2006 Dalian 2009 4,253 Blacksea Marine Inc. May 8, 2006 Zim Luanda 2009 4,253 Bayview Shipping Inc. March 22, 2006 Rio Grande 2008 4,253 Channelview Marine Inc. March 22, 2006 Paolo (ex Zim Sao Paolo) 2008 4,253 Balticsea Marine Inc. March 22, 2006 Kingston (ex Zim Kingston) 2008 4,253 Seacarriers Services Inc. June 28, 2005 Seattle C 2007 4,253 Seacarriers Lines Inc. June 28, 2005 Vancouver 2007 4,253 Containers Services Inc. May 30, 2002 Tongala 2004 4,253 Containers Lines Inc. May 30, 2002 Derby D 2004 4,253 Boulevard Shiptrade S.A September 12, 2013 Dimitris C 2001 3,430 CellContainer (No. 4) Corp. March 23, 2007 Express Spain 2011 3,400 CellContainer (No. 5) Corp. March 23, 2007 Express Black Sea 2011 3,400 CellContainer (No. 1) Corp. March 23, 2007 Express Argentina 2010 3,400 CellContainer (No. 2) Corp. March 23, 2007 Express Brazil 2010 3,400 CellContainer (No. 3) Corp. March 23, 2007 Express France 2010 3,400 Wellington Marine Inc. January 27, 2005 Singapore 2004 3,314 Auckland Marine Inc. January 27, 2005 Colombo 2004 3,314 Vilos Navigation Company Ltd. May 30, 2013 Zebra 2001 2,602 Trindade Maritime Company April 10, 2013 Amalia C (3) 1998 2,452 Sarond Shipping Inc. January 18, 2013 Artotina 2001 2,524 Speedcarrier (No. 7) Corp. December 6, 2007 Highway 1998 2,200 Speedcarrier (No. 6) Corp. December 6, 2007 Progress C 1998 2,200 Speedcarrier (No. 8) Corp. December 6, 2007 Bridge 1998 2,200 Speedcarrier (No. 1) Corp. June 28, 2007 Phoenix D 1997 2,200 Speedcarrier (No. 2) Corp. June 28, 2007 Advance 1997 2,200 Speedcarrier (No. 3) Corp. June 28, 2007 Stride 1997 2,200 Speedcarrier (No. 5) Corp. June 28, 2007 Future 1997 2,200 Speedcarrier (No. 4) Corp. June 28, 2007 Sprinter 1997 2,200 Vessels under construction Boxsail (No. 1) Corp. March 4, 2022 Hull No. C7100-7 2024 7,165 Boxsail (No. 2) Corp. March 4, 2022 Hull No. C7100-8 2024 7,165 Teushipper (No. 1) Corp. March 14, 2022 Hull No. HN4009 2024 8,010 Teushipper (No. 2) Corp. March 14, 2022 Hull No. HN4010 2024 8,010 Teushipper (No. 3) Corp. March 14, 2022 Hull No. HN4011 2024 8,010 Teushipper (No. 4) Corp. March 14, 2022 Hull No. HN4012 2024 8,010 Boxsail (No. 3) Corp. March 4, 2022 Hull No. CV5900-07 2024 6,014 Boxsail (No. 4) Corp. March 4, 2022 Hull No. CV5900-08 2025 6,014 Boxline (No. 1) Corp. June 7, 2023 Hull No. YZJ2023-1556 2026 8,258 Boxline (No. 2) Corp. June 7, 2023 Hull No. YZJ2023-1557 2026 8,258 (1) Twenty-feet equivalent unit, the international standard measure for containers and containership capacity. 1 Basis of Presentation and General Information (Continued) (2) The Company completed the sale of the Catherine C and the Leo C in November 2022. (3) The Company held the Amalia C for sale as of December 31, 2022 and completed the sale in January 2023. Impact of the war in Ukraine on the Company’s Business As disclosed in the Company’s Annual Report on Form 20-F for the year ended December 31, 2022 filed with the Securities and Exchange Commission on March 9, 2023, the current conflict between Russia and Ukraine, and related sanctions imposed by the U.S., EU and others, adversely affect the crewing operations of the Company’s Manager, which has crewing offices in St. Petersburg, Odessa and Mariupol (damaged by the war), and trade patterns involving ports in the Black Sea or Russia, and as well as impacting world energy supply and creating uncertainties in the global economy, which in turn impact containership demand. The extent of the impact will depend largely on future developments. |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Significant Accounting Policies | 2 Significant Accounting Policies For a detailed discussion about the Company’s significant accounting policies, see Note 2 “Significant Accounting Policies” in the Company’s consolidated financial statements included in the Annual Report on Form 20-F for the year ended December 31, 2022 filed with the Securities and Exchange Commission on March 9, 2023. During the six months ended June 30, 2023, there were no significant changes made to the Company’s significant accounting policies. |
Investments in Affiliates
Investments in Affiliates | 6 Months Ended |
Jun. 30, 2023 | |
Investments in Affiliates | |
Investments in Affiliates | 3 Investments in Affiliates In March 2023, the Company invested $4.3 million in the common shares of a newly established company Carbon Termination Technologies Corporation (“CTTC”), incorporated in the Republic of the Marshall Islands, which represents the Company’s 49% ownership interest. CTTC currently engages in research and development of decarbonization technologies for the shipping industry. Equity method of accounting is used for this investment. The Company’s share of CTTC’s initial expenses amounted to $3.3 million and is presented under “Equity loss on investments” in the condensed consolidated statement of income in the six months ended June 30, 2023. |
Fixed Assets, net & Advances fo
Fixed Assets, net & Advances for Vessels under Construction | 6 Months Ended |
Jun. 30, 2023 | |
Fixed Assets, net & Advances for Vessels under Construction | 4 Fixed Assets, net & Advances for Vessels under Construction On April 1, 2022, the Company entered into contracts, as amended on April 21, 2022, for the construction of four 8,000 TEU container vessels with expected vessels delivery in 2024. On March 11, 2022, the Company entered into contracts for the construction of two 7,100 TEU container vessels with expected vessels delivery in 2024. On April 28, 2023, the Company entered into contracts for the construction of two 6,000 TEU container vessels with expected vessels delivery in 2024 and 2025. On June 20, 2023, the Company entered into contracts for the construction of two 8,200 TEU container vessels with expected vessels delivery in 2026. The aggregate purchase price of the vessel construction contracts amounts to $834.9 million. The remaining contractual commitments under vessel construction contracts are analyzed as follows as of June 30, 2023 (in thousands): Remainder of 2023 $ 73,300 2024 365,631 2025 82,428 2026 113,040 Total contractual commitments $ 634,399 4 Fixed Assets, net & Advances for Vessels under Construction (Continued) Additionally, a supervision fee of $725 thousand per newbuilding vessel will be payable to Danaos Shipping Company Limited (the “Manager”) over the construction period. Supervision fees totaling $1.1 million were charged by the Manager and capitalized to the vessels under construction in the six months ended June 30, 2023. Interest expense amounting to $5.0 million was capitalized to the vessels under construction in the year ended December 31, 2022 and $7.2 million in the six months ended June 30, 2023. On December 23, 2022, the Company entered into an agreement to sell the vessel Amalia C Catherine C Leo C The Company assumed time charter liabilities related to its acquisition of vessels in the second half of 2021. The amortization of these assumed time charters amounted to $12.4 million and $32.4 million in the six months ended June 30, 2023 and June 30, 2022, respectively and is presented under “Operating revenues” in the condensed consolidated statement of income. The remaining unamortized amount of $13.4 million is presented under “Unearned revenue, current portion” in the condensed consolidated balance sheet as of June 30, 2023 and is expected to be amortized into “Operating revenues” in the next 12 months. As of June 30, 2023, the Company concluded that events and circumstances triggered the existence of potential impairment for some of the Company’s vessels. These indicators included volatility in the charter market and the vessels’ market values, as well as the potential impact the current marketplace may have on its future operations. As a result, the Company performed step one of the impairment assessment for some of the Company’s vessels by comparing the undiscounted projected net operating cash flows for each of these vessels to its carrying values. As of June 30, 2023, the Company’s assessment concluded that step two of the impairment analysis was not required for any vessel, as the undiscounted projected net operating cash flows of all vessels exceeded the carrying value of the respective vessels. The residual value (estimated scrap value at the end of the vessels’ useful lives) of the fleet was estimated at $ 484.3 million and $ 487.3 million as of June 30, 2023 and as of December 31, 2022, respectively. The Company has calculated the residual value of the vessels taking into consideration the 10 year average and the 5 year average of the scrap prices. The Company has applied uniformly the scrap value of $300 per ton for all vessels. The Company believes that $300 per ton is a reasonable estimate of future scrap prices, taking into consideration the cyclicality of the nature of future demand for scrap steel. Although the Company believes that the assumptions used to determine the scrap rate are reasonable and appropriate, such assumptions are highly subjective, in part, because of the cyclical nature of future demand for scrap steel. On May 12, 2020, the Company refinanced the existing leaseback obligation related to the vessels Hyundai Honour Hyundai Respect |
Deferred Charges, net
Deferred Charges, net | 6 Months Ended |
Jun. 30, 2023 | |
Deferred Charges, net | |
Deferred Charges, net | 5 Deferred Charges, net Deferred charges, net consisted of the following (in thousands): Drydocking and Special Survey Costs As of January 1, 2022 $ 11,801 Additions 29,939 Write-off (4,016) Amortization (12,170) As of December 31, 2022 25,554 Additions 14,560 Amortization (8,337) As of June 30, 2023 $ 31,777 The Company follows the deferral method of accounting for drydocking and special survey costs in accordance with accounting for planned major maintenance activities, whereby actual costs incurred are deferred and amortized on a straight-line basis over the period until the next scheduled survey, which is two |
Other Current and Non-current A
Other Current and Non-current Assets | 6 Months Ended |
Jun. 30, 2023 | |
Other Current and Non-current Assets | |
Other Current and Non-current Assets | 6 Other Current and Non-current Assets Other current and non-current assets consisted of the following (in thousands): As of As of June 30, 2023 December 31, 2022 Straight-lining of revenue $ 39,375 $ 22,007 Marketable securities 74,600 — Claims receivable 12,198 15,169 Vessel held for sale — 3,297 Other assets 8,619 7,332 Total current assets $ 134,792 $ 47,805 Straight-lining of revenue $ 79,397 $ 83,873 Other non-current assets 6,776 6,050 Total non-current assets $ 86,173 $ 89,923 In the three months ended June 30, 2023, the Company acquired marketable securities of Eagle Bulk Shipping Inc. consisting of 1,552,865 shares of common stock for $68.2 million (out of which $24.4 million from Virage International Ltd., our related company). As of June 30, 2023, these marketable securities were fair valued at $74.6 million and the Company recognized a $6.4 million gain on these marketable securities reflected under “Gain on investments” in the condensed consolidated statement of income. 6 Other Current and Non-current Assets (Continued) The Company’s shareholding interest in ZIM of 7,186,950 ordinary shares was fair valued at $423.0 million and presented under “Other current assets” in the condensed consolidated balance sheet as of December 31, 2021, based on the closing price of ZIM ordinary shares on the NYSE on that date. In April 2022, the Company sold 1,500,000 ordinary shares of ZIM resulting in net proceeds of $85.3 million. All the remaining shareholding interest of 5,686,950 ordinary shares were sold for $161.3 million in September 2022. For the six months ended June 30, 2022, the Company recognized $69.1 million loss on these shares compared to none in the six months ended June 30, 2023. These gain is reflected under “Loss on investments” in the condensed consolidated statement of income. Additionally, the Company recognized dividend income on these shares amounting to $138.4 million in the six months period ended June 30, 2022 gross of withholding taxes compared to none in the six months ended June 30, 2023. Withholding taxes amounting to $14.5 million were recognized on dividend income under “Income taxes” in the condensed consolidated statement of income in the six months ended June 30, 2022. |
Accrued Liabilities
Accrued Liabilities | 6 Months Ended |
Jun. 30, 2023 | |
Accrued Liabilities | |
Accrued Liabilities | 7 Accrued Liabilities Accrued liabilities consisted of the following (in thousands): As of As of June 30, 2023 December 31, 2022 Accrued interest $ 8,329 $ 8,267 Accrued dry-docking expenses 2,987 2,332 Accrued expenses 10,591 10,763 Total $ 21,907 $ 21,362 Accrued expenses mainly consisted of accruals related to the operation of the Company’s fleet as of June 30, 2023 and December 31, 2022. |
Long-Term Debt, net
Long-Term Debt, net | 6 Months Ended |
Jun. 30, 2023 | |
Long-Term Debt, net | 8 Long-Term Debt, net Long-term debt, net consisted of the following (in thousands): Balance as of Balance as of Credit Facility June 30, 2023 December 31, 2022 BNP Paribas/Credit Agricole $130 mil. Facility $ 110,000 $ 120,000 Alpha Bank $55.25 mil. Facility 51,500 55,250 Citibank $382.5 mil. Revolving Credit Facility — — Senior unsecured notes 262,766 262,766 Total long-term debt $ 424,266 $ 438,016 Less: Deferred finance costs, net (7,202) (8,076) Less: Current portion (27,500) (27,500) Total long-term debt net of current portion and deferred finance cost $ 389,564 $ 402,440 In June 2022, the Company drew down $130.0 million of senior secured term loan facility from BNP Paribas and Credit Agricole, which is secured by six 5,466 TEU sister vessels acquired in 2021. This facility is repayable in eight quarterly instalments of $5.0 million, twelve quarterly instalments of $1.9 million together with a balloon payment of $67.2 million payable over five-year term. The facility bears interest at SOFR plus a margin of 2.16% as adjusted by the sustainability margin adjustment. In the three months ended June 30, 2022, the Company early extinguished certain loan facilities resulting in a total gain on debt extinguishment of $22.9 million, which is separately presented in the consolidated statement of income. In December 2022, the Company early extinguished the remaining $437.75 million of the Citibank/Natwest $815 mil. Facility and replaced it with Citibank of up to $382.5 mil. Revolving Credit Facility, out of which nil is drawn down as of June 30, 2023 and with Alpha Bank $55.25 mil. Facility, which was drawn down in full. Citibank $382.5 mil. Revolving Credit Facility is reducing and repayable over 5 years in 20 quarterly reductions of $11.25 million each together with a final reduction of $157.5 million at maturity in December 2027. This facility bears interest at SOFR plus a margin of 2.0% and commitment fee of 0.8% on any undrawn amount and is secured by sixteen of the Company’s vessels. Alpha Bank $55.25 mil. Facility is repayable over 5 years with 20 consecutive quarterly instalments of $1.875 million each, together with a balloon payment of $17.75 million at maturity in December 2027. This facility bears interest at SOFR plus a margin of 2.3% and is secured by two of the Company’s vessels. 8 Long-Term Debt, net (Continued) The Company incurred interest expense amounting to $18.5 million (including interest on leaseback obligations), out of which $7.2 million was capitalized in the six months ended June 30, 2023 compared to $27.4 million of interest expense incurred (including interest on leaseback obligations), out of which $0.7 million was capitalized in the six months ended June 30, 2022. As of June 30, 2023, there was a $360.0 million remaining borrowing availability under the Company’s Citibank $382.5 mil. Revolving Credit Facility. Twenty-four of the Company’s vessels having a net carrying value of $1,556.3 million as of June 30, 2023, were subject to first preferred mortgages as collateral to the Company’s credit facilities other than its senior unsecured notes. On February 11, 2021, the Company issued in a private placement, $300.0 million aggregate principal amount of senior unsecured notes, which bear interest at a fixed rate of 8.50% per annum and mature on March 1, 2028. At any time on or after March 1, 2024, March 1, 2025 and March 1, 2026 the Company may elect to redeem all or any portion of the notes, respectively, at a price equal to 104.25%, 102.125% and 100%, respectively, of the principal amount being redeemed. Prior to March 1, 2024 the Company may redeem up to 35% of the aggregate principal of the notes from equity offering proceeds at a price equal to 108.50% within 90 days after the equity offering closing. In December 2022, the Company repurchased $37.2 million aggregate principal amount of its unsecured senior notes in a privately negotiated transaction. Interest payments on the notes are payable semi-annually commencing on September 1, 2021. $9.0 million of bond issuance costs were deferred over the life of the bond and recognized through the effective interest method. The scheduled debt maturities of long-term debt subsequent to June 30, 2023 are as follows (in thousands): Principal Payments due by period ended repayments June 30, 2024 $ 27,500 June 30, 2025 15,100 June 30, 2026 15,100 June 30, 2027 82,300 March 2028 284,266 Total long-term debt $ 424,266 Alpha Bank $55.25 mil. Facility and Citibank $382.5 mil. Revolving Credit Facility contain a requirement to maintain minimum fair market value of collateral vessels to loan value coverage of 120% and the BNP Paribas/Credit Agricole $130 mil. Facility of 125%. Additionally, these facilities require to maintain the following financial covenants: (i) minimum liquidity of $30.0 million; (ii) maximum consolidated debt (less cash and cash equivalents) to consolidated EBITDA ratio of 6.5 x; and (iii) minimum consolidated EBITDA to net interest expense ratio of 2.5 x. Each of the credit facilities except for senior unsecured notes are collateralized by first preferred mortgages over the vessels financed, general assignment of all hire freights, income and earnings, the assignment of their insurance policies, as well as any proceeds from the sale of mortgaged vessels, stock pledges and benefits from corporate guarantees. The Company was in compliance with the financial covenants contained in the credit facilities agreements as of June 30, 2023 and December 31, 2022. |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jun. 30, 2023 | |
Financial Instruments | 9 Financial Instruments The following is a summary of the Company’s risk management strategies and the effect of these strategies on the Company’s condensed consolidated financial statements. Interest Rate Risk: Concentration of Credit Risk: Fair Value: a. Interest Rate Swap Hedges The Company currently has no outstanding interest rate swaps agreements. However, in the past years, the Company entered into interest rate swap agreements with its lenders in order to manage its floating rate exposure. Certain variable-rate interests on specific borrowings were associated with vessels under construction and were capitalized as a cost of the specific vessels. In accordance with the accounting guidance on derivatives and hedging, the amounts related to realized gains or losses on cash flow hedges that have been entered into and qualified for hedge accounting, in order to hedge the variability of that interest, were recognized in accumulated other comprehensive loss and are reclassified into earnings over the depreciable life of the constructed asset, since that depreciable life coincides with the amortization period for the capitalized interest cost on the debt. An amount of $1.8 million was reclassified into earnings for the six months ended June 30, 2023 and 2022, representing its amortization over the depreciable life of the vessels. An amount of $3.6 million is expected to be reclassified into earnings within the next 12 months. b. Fair Value of Financial Instruments The Company determines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Inputs used in the valuation techniques to derive fair values are classified based on a three-level hierarchy. Level I: Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation of these items does not entail a significant amount of judgment. Level II: Inputs other than quoted prices included in Level I that are observable for the asset or liability through corroboration with market data at the measurement date. Level III: Inputs that are unobservable. The Company did not use any Level 3 inputs as of June 30, 2023 and December 31, 2022. 9 Financial Instruments (Continued) The estimated fair values of the Company’s financial instruments are as follows: As of June 30, 2023 As of December 31, 2022 Book Value Fair Value Book Value Fair Value (in thousands of $) Cash and cash equivalents $ 293,331 $ 293,331 $ 267,668 $ 267,668 Marketable securities $ 74,600 $ 74,600 $ — $ — Secured long-term debt, including current portion(1) $ 161,500 $ 161,500 $ 175,250 $ 175,250 Unsecured long-term debt(1) $ 262,766 $ 263,094 $ 262,766 $ 255,868 The estimated fair value of the financial instruments that are measured at fair value on a recurring basis, categorized based upon the fair value hierarchy, are as follows as of June 30, 2023: Fair Value Measurements as of June 30, 2023 Total (Level I) (Level II) (Level III) (in thousands of $) Marketable securities $ 74,600 $ 74,600 $ — $ — The estimated fair value of the financial instruments that are not measured at fair value on a recurring basis, categorized based upon the fair value hierarchy, are as follows as of June 30, 2023: Fair Value Measurements as of June 30, 2023 Total (Level I) (Level II) (Level III) (in thousands of $) Cash and cash equivalents $ 293,331 $ 293,331 $ — $ — Secured long-term debt, including current portion(1) $ 161,500 $ — $ 161,500 $ — Unsecured long-term debt(1) $ 263,094 $ 263,094 $ — $ — The estimated fair value of the financial instruments that are not measured at fair value on a recurring basis, categorized based upon the fair value hierarchy, are as follows as of December 31, 2022: Fair Value Measurements as of December 31, 2022 Total (Level I) (Level II) (Level III) (in thousands of $) Cash and cash equivalents $ 267,668 $ 267,668 $ — $ — Secured long-term debt, including current portion(1) $ 175,250 $ — $ 175,250 $ — Unsecured long-term debt(1) $ 255,868 $ 255,868 $ — $ — (1) Secured and unsecured long-term debt, including current portion is presented gross of deferred finance costs of $7.2 million and $8.1 million as of June 30, 2023 and December 31, 2022, respectively. The fair value of the Company’s secured debt is estimated based on currently available debt with similar contract terms, interest rate and remaining maturities. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies | 10 Commitments and Contingencies There are no material legal proceedings to which the Company is a party or to which any of its properties are the subject, or other contingencies that the Company is aware of, other than routine litigation incidental to the Company’s business. The Company has outstanding commitments under vessel construction contracts as of June 30, 2023, see the Note 4 “Fixed Assets, net & Advances for Vessels under Construction”. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2023 | |
Stockholders' Equity | 11 Stockholders’ Equity In the six months ended June 30, 2023, the Company declared a dividend of $0.75 per share of common stock in February and May amounting to $30.4 million. In the six months ended June 30, 2022, the Company declared a dividend of $0.75 per share of common stock in February and May amounting to $31.1 million. The Company issued 20 and 56 shares of common stock pursuant to its dividends reinvestment plan in the six months ended June 30, 2023 and June 30, 2022, respectively. In June 2022, the Company announced a share repurchase program of up to $100 million of the Company’s common stock. The Company had repurchased 466,955 shares of the Company’s common stock in the open market for $28.6 million until December 31, 2022. In the six months ended June 30, 2023, the Company repurchased an additional 597,697 shares for $36.0 million, out of which 3,400 shares valued at $0.2 million remained unsettled as of June 30, 2023. As of April 18, 2008, the Board of Directors and the Compensation Committee approved incentive compensation of the Manager’s employees with its shares from time to time, after specific for each such time, decision by the compensation committee and the Board of Directors in order to provide a means of compensation in the form of free shares to certain employees of the Manager of the Company’s common stock. The plan was effective as of December 31, 2008. Pursuant to the terms of the plan, employees of the Manager may receive (from time to time) shares of the Company’s common stock as additional compensation for their services offered during the preceding period. The total amount of stock to be granted to employees of the Manager will be at the Company’s Board of Directors’ discretion only and there will be no contractual obligation for any stock to be granted as part of the employees’ compensation package in future periods. On March 16, 2021, the Company granted 40,000 shares to certain employees of the Manager, out of which 10,000 fully vested on the grant date, 1,050 were forfeited and 9,650 restricted shares vested on December 31, 2021. An additional 224 restricted shares were forfeited in the year ended December 31, 2022 and the remaining 19,076 restricted shares vested on December 31, 2022. On December 14, 2022, the Company granted 100,000 fully vested shares to executive officers. The fair value of shares granted was calculated based on the closing trading price of the Company’s shares at the grant date. Stock based compensation expenses of nil and $0.2 million were recognized under “General and administrative expenses” in the condensed consolidated statements of income in the six months period ended June 30, 2023 and June 30, 2022, respectively. No restricted stock are issued and outstanding as of June 30, 2023 and December 31, 2022, respectively. The aggregate number of shares of common stock for which awards may be granted under the Plan shall not exceed 1,000,000 shares plus the number of unvested shares granted before August 2, 2019. The equity awards may be granted by the Company’s Compensation Committee or Board of Directors under its amended and restated 2006 equity compensation plan. Awards made under the Plan that have been forfeited, cancelled or have expired, will not be treated as having been granted for purposes of the preceding sentence. The Company has also established the Directors Share Payment Plan under its 2006 equity compensation plan. The purpose of the plan is to provide a means of payment of all or a portion of compensation payable to directors of the Company in the form of Company’s Common Stock. The plan was effective as of April 18, 2008. Each member of the Board of Directors of the Company may participate in the plan. Pursuant to the terms of the plan, directors may elect to receive in Common Stock all or a portion of their compensation. Following December 31 of each year, the Company delivers to each Director the number of shares represented by the rights credited to their Share Payment Account during the preceding calendar year. During the six months ended June 30, 2023 and June 30, 2022, none of the directors elected to receive their compensation in Company shares. |
Lease Arrangements
Lease Arrangements | 6 Months Ended |
Jun. 30, 2023 | |
Lease Arrangements | 12 Lease Arrangements Charters-out As of June 30, 2023, the Company generated operating revenues from its 68 vessels on time charters or bareboat charter agreements, with remaining terms ranging from less than one year to June 2028. Under the terms of the charter party agreements, most charterers have options to extend the duration of contracts ranging from less than one year to three years after the expiration of the contract. The Company determines fair value of its vessels at the lease commencement date and at the end of lease term for lease classification with the assistance from valuations obtained by third party independent shipbrokers. The Company manages its risk associated with the residual value of its vessels after the expiration of the charter party agreements by seeking multi-year charter arrangements for its vessels. In May 2022, the Company received $238.9 million of charter hire prepayment related to charter contracts for 15 of the Company’s vessels, representing partial prepayment of charter hire payable up to January 2027. This charter hire prepayment is recognized in revenue through the remaining period of each charter party agreement, in addition to the contracted future minimum payments reflected in the below table. The future minimum payments, expected to be received on non-cancellable time charters and bareboat charters classified as operating leases consisted of the following as of June 30, 2023 (in thousands): Remainder of 2023 $ 454,099 2024 797,810 2025 590,558 2026 409,694 2027 265,290 2028 35,354 Total future rentals $ 2,552,805 Rentals from time charters are not generally received when a vessel is off-hire, including time required for normal periodic maintenance of the vessel. In arriving at the future minimum rentals, an estimated time off-hire to perform periodic maintenance on each vessel has been deducted, although there is no assurance that such estimate will be reflective of the actual off-hire in the future. |
Earnings per Share
Earnings per Share | 6 Months Ended |
Jun. 30, 2023 | |
Earnings per Share | |
Earnings per Share | 13 Earnings per Share The following table sets forth the computation of basic and diluted earnings per share: Three months ended June 30, 2023 June 30, 2022 (in thousands) Numerator: Net income $ 147,021 $ 8,224 Denominator (number of shares in thousands): Basic weighted average common shares outstanding 20,081 20,689 Effect of dilutive securities: Diluted effect of non-vested shares — 19 Diluted weighted average common shares outstanding 20,081 20,708 Six months ended June 30, 2023 June 30, 2022 (in thousands) Numerator: Net income $ 293,222 $ 339,689 Denominator Basic weighted average common shares outstanding 20,214 20,693 Effect of dilutive securities: Diluted effect of non-vested shares — 19 Diluted weighted average common shares outstanding 20,214 20,712 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions | 14 Related Party Transactions Management fees to the Manager amounted to $10.5 million and $10.9 million in the six months ended June 30, 2023 and 2022, respectively, and are presented under “General and administrative expenses” in the condensed consolidated statements of income. Commissions to the Manager amounted to $5.7 million and $6.3 million in the six months ended June 30, 2023 and 2022, respectively and are presented under “Voyage expenses” in the condensed consolidated statements of income. Commission of 0.5% on the contract price of the vessel sold in January 2023 amounted to $25.6 thousand and is presented under “Gain on sale of vessels”. Additionally, supervision fees for vessels under construction totaling $1.1 million were charged by the Manager and capitalized to vessels under construction costs in the six months ended June 30, 2023 and nil in 2022. The balance “Due from related parties” in the condensed consolidated balance sheets totaling $32.9 million and $34.0 million as of June 30, 2023 and December 31, 2022, respectively, represents advances to the Manager on account of the vessels’ operating and other expenses. Advances related to a defined benefit executive retirement plan amounting to $6.8 million and presented under “Other current liabilities” as of December 31, 2022 were fully paid in the three months ended March 31, 2023. The remaining defined benefit obligation of $6.8 million and $6.4 million is presented under “Other long-term liabilities” as of June 30, 2023 and December 31, 2022, respectively. The Company recognized prior service cost and periodic cost of this defined benefit executive retirement plan amounting to $0.9 million and nil in the six months ended June 30, 2023 and June 30, 2022, respectively. An amount of nil and $0.1 million as of June 30, 2023 and December 31, 2022, respectively, was due to executive officers and is presented under “Accounts payable” in the condensed consolidated balance sheets. |
Cash, Cash Equivalents and Rest
Cash, Cash Equivalents and Restricted Cash | 6 Months Ended |
Jun. 30, 2023 | |
Cash, Cash Equivalents and Restricted Cash | |
Cash, Cash Equivalents and Restricted Cash | 15 Cash, Cash Equivalents and Restricted Cash Cash, cash equivalents and restricted cash consisted of the following (in thousands): As of As of As of As of June 30, 2023 December 31, 2022 June 30, 2022 December 31, 2021 Cash and cash equivalents $ 293,331 $ 267,668 $ 319,573 $ 129,410 Restricted cash, current — — 13,000 346 Total $ 293,331 $ 267,668 $ 332,573 $ 129,756 The Company was required to maintain cash on retention account as collateral for the then upcoming scheduled debt payments related to the now repaid Eurobank $30 mil. Facility, which was recorded in restricted cash under current assets as of December 31, 2021. Additionally, the Company received an advance payment for sale of the vessels of $13.0 million, which was held on an escrow account under current assets as of June 30, 2022. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events | 16 Subsequent Events In July 2023, the Company reached an in principle agreement to acquire 5 Capesize bulk carriers built in 2010 through 2012 that aggregate to 879,306 DWT for a total of $103 million. The agreement is subject to entry into definitive documentation. The vessels are expected to be delivered to the Company between September and October 2023. The Company has declared a dividend of $0.75 per share of common stock payable on September 1, 2023, to holders of record on August 23, 2023. Subsequent to June 30, 2023, the Company repurchased 15,895 shares of its common stock in the open market for $1.0 million under its previously announced share repurchase program. |
Basis of Presentation and Gen_2
Basis of Presentation and General Information (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Schedule of the vessel owning companies (the "Danaos Subsidiaries") | As of June 30, 2023, Danaos included the vessel owning companies (the “Danaos Subsidiaries”) listed below. All vessels are container vessels: Company Date of Incorporation Vessel Name Year Built TEU (1) Megacarrier (No. 1) Corp. September 10, 2007 Hyundai Honour 2012 13,100 Megacarrier (No. 2) Corp. September 10, 2007 Hyundai Respect 2012 13,100 Megacarrier (No. 3) Corp. September 10, 2007 Hyundai Smart 2012 13,100 Megacarrier (No. 4) Corp. September 10, 2007 Hyundai Speed 2012 13,100 Megacarrier (No. 5) Corp. September 10, 2007 Hyundai Ambition 2012 13,100 CellContainer (No. 6) Corp. October 31, 2007 Express Berlin 2011 10,100 CellContainer (No. 7) Corp. October 31, 2007 Express Rome 2011 10,100 CellContainer (No. 8) Corp. October 31, 2007 Express Athens 2011 10,100 Karlita Shipping Co. Ltd. February 27, 2003 Pusan C 2006 9,580 Ramona Marine Co. Ltd. February 27, 2003 Le Havre 2006 9,580 Oceancarrier (No. 2) Corp. October 15, 2020 Bremen 2009 9,012 Oceancarrier (No. 3) Corp. October 15, 2020 C Hamburg 2009 9,012 Blackwell Seaways Inc. January 9, 2020 Niledutch Lion 2008 8,626 Oceancarrier (No.1) Corp. February 19, 2020 Kota Manzanillo 2005 8,533 Springer Shipping Co. April 29, 2019 Belita 2006 8,533 Teucarrier (No. 5) Corp. September 17, 2007 CMA CGM Melisande 2012 8,530 Teucarrier (No. 1) Corp. January 31, 2007 CMA CGM Attila 2011 8,530 Teucarrier (No. 2) Corp. January 31, 2007 CMA CGM Tancredi 2011 8,530 Teucarrier (No. 3) Corp. January 31, 2007 CMA CGM Bianca 2011 8,530 Teucarrier (No. 4) Corp. January 31, 2007 CMA CGM Samson 2011 8,530 Oceanew Shipping Ltd. January 14, 2002 Europe 2004 8,468 Oceanprize Navigation Ltd. January 21, 2003 America 2004 8,468 Rewarding International Shipping Inc. October 1, 2019 Kota Santos 2005 8,463 Boxcarrier (No. 2) Corp. June 27, 2006 CMA CGM Musset 2010 6,500 Boxcarrier (No. 3) Corp. June 27, 2006 CMA CGM Nerval 2010 6,500 Boxcarrier (No. 4) Corp. June 27, 2006 CMA CGM Rabelais 2010 6,500 Boxcarrier (No. 5) Corp. June 27, 2006 Racine (ex CMA CGM Racine) 2010 6,500 Boxcarrier (No. 1) Corp. June 27, 2006 CMA CGM Moliere 2009 6,500 Expresscarrier (No. 1) Corp. March 5, 2007 YM Mandate 2010 6,500 Expresscarrier (No. 2) Corp. March 5, 2007 YM Maturity 2010 6,500 Kingsland International Shipping Limited June 26, 2015 Catherine C (2) 2001 6,422 Leo Shipping and Trading S.A. October 29, 2015 Leo C (2) 2002 6,422 Actaea Company Limited October 14, 2014 Zim Savannah 2002 6,402 Asteria Shipping Company Limited October 14, 2014 Dimitra C 2002 6,402 Averto Shipping S.A. June 12, 2015 Suez Canal 2002 5,610 Sinoi Marine Ltd. June 12, 2015 Kota Lima 2002 5,544 Oceancarrier (No. 4) Corp. July 6, 2021 Wide Alpha 2014 5,466 Oceancarrier (No. 5) Corp. July 6, 2021 Stephanie C 2014 5,466 Oceancarrier (No. 6) Corp. July 6, 2021 Maersk Euphrates 2014 5,466 Oceancarrier (No. 7) Corp. July 6, 2021 Wide Hotel 2015 5,466 Oceancarrier (No. 8) Corp. July 6, 2021 Wide India 2015 5,466 Oceancarrier (No. 9) Corp. July 6, 2021 Wide Juliet 2015 5,466 Continent Marine Inc. March 22, 2006 Zim Monaco 2009 4,253 Medsea Marine Inc. May 8, 2006 Dalian 2009 4,253 Blacksea Marine Inc. May 8, 2006 Zim Luanda 2009 4,253 Bayview Shipping Inc. March 22, 2006 Rio Grande 2008 4,253 Channelview Marine Inc. March 22, 2006 Paolo (ex Zim Sao Paolo) 2008 4,253 Balticsea Marine Inc. March 22, 2006 Kingston (ex Zim Kingston) 2008 4,253 Seacarriers Services Inc. June 28, 2005 Seattle C 2007 4,253 Seacarriers Lines Inc. June 28, 2005 Vancouver 2007 4,253 Containers Services Inc. May 30, 2002 Tongala 2004 4,253 Containers Lines Inc. May 30, 2002 Derby D 2004 4,253 Boulevard Shiptrade S.A September 12, 2013 Dimitris C 2001 3,430 CellContainer (No. 4) Corp. March 23, 2007 Express Spain 2011 3,400 CellContainer (No. 5) Corp. March 23, 2007 Express Black Sea 2011 3,400 CellContainer (No. 1) Corp. March 23, 2007 Express Argentina 2010 3,400 CellContainer (No. 2) Corp. March 23, 2007 Express Brazil 2010 3,400 CellContainer (No. 3) Corp. March 23, 2007 Express France 2010 3,400 Wellington Marine Inc. January 27, 2005 Singapore 2004 3,314 Auckland Marine Inc. January 27, 2005 Colombo 2004 3,314 Vilos Navigation Company Ltd. May 30, 2013 Zebra 2001 2,602 Trindade Maritime Company April 10, 2013 Amalia C (3) 1998 2,452 Sarond Shipping Inc. January 18, 2013 Artotina 2001 2,524 Speedcarrier (No. 7) Corp. December 6, 2007 Highway 1998 2,200 Speedcarrier (No. 6) Corp. December 6, 2007 Progress C 1998 2,200 Speedcarrier (No. 8) Corp. December 6, 2007 Bridge 1998 2,200 Speedcarrier (No. 1) Corp. June 28, 2007 Phoenix D 1997 2,200 Speedcarrier (No. 2) Corp. June 28, 2007 Advance 1997 2,200 Speedcarrier (No. 3) Corp. June 28, 2007 Stride 1997 2,200 Speedcarrier (No. 5) Corp. June 28, 2007 Future 1997 2,200 Speedcarrier (No. 4) Corp. June 28, 2007 Sprinter 1997 2,200 Vessels under construction Boxsail (No. 1) Corp. March 4, 2022 Hull No. C7100-7 2024 7,165 Boxsail (No. 2) Corp. March 4, 2022 Hull No. C7100-8 2024 7,165 Teushipper (No. 1) Corp. March 14, 2022 Hull No. HN4009 2024 8,010 Teushipper (No. 2) Corp. March 14, 2022 Hull No. HN4010 2024 8,010 Teushipper (No. 3) Corp. March 14, 2022 Hull No. HN4011 2024 8,010 Teushipper (No. 4) Corp. March 14, 2022 Hull No. HN4012 2024 8,010 Boxsail (No. 3) Corp. March 4, 2022 Hull No. CV5900-07 2024 6,014 Boxsail (No. 4) Corp. March 4, 2022 Hull No. CV5900-08 2025 6,014 Boxline (No. 1) Corp. June 7, 2023 Hull No. YZJ2023-1556 2026 8,258 Boxline (No. 2) Corp. June 7, 2023 Hull No. YZJ2023-1557 2026 8,258 (1) Twenty-feet equivalent unit, the international standard measure for containers and containership capacity. (2) The Company completed the sale of the Catherine C and the Leo C in November 2022. (3) The Company held the Amalia C for sale as of December 31, 2022 and completed the sale in January 2023. |
Fixed Assets, net & Advances _2
Fixed Assets, net & Advances for Vessels under Construction (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fixed Assets, net & Advances for Vessels under Construction | |
Schedule of remaining contractual commitments under vessel construction contracts | Remainder of 2023 $ 73,300 2024 365,631 2025 82,428 2026 113,040 Total contractual commitments $ 634,399 |
Deferred Charges, net (Tables)
Deferred Charges, net (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Deferred Charges, net | |
Schedule of deferred charges, net | Deferred charges, net consisted of the following (in thousands): Drydocking and Special Survey Costs As of January 1, 2022 $ 11,801 Additions 29,939 Write-off (4,016) Amortization (12,170) As of December 31, 2022 25,554 Additions 14,560 Amortization (8,337) As of June 30, 2023 $ 31,777 |
Other Current and Non-current_2
Other Current and Non-current Assets (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Other Current and Non-current Assets | |
Schedule of Other current and non current assets | Other current and non-current assets consisted of the following (in thousands): As of As of June 30, 2023 December 31, 2022 Straight-lining of revenue $ 39,375 $ 22,007 Marketable securities 74,600 — Claims receivable 12,198 15,169 Vessel held for sale — 3,297 Other assets 8,619 7,332 Total current assets $ 134,792 $ 47,805 Straight-lining of revenue $ 79,397 $ 83,873 Other non-current assets 6,776 6,050 Total non-current assets $ 86,173 $ 89,923 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Accrued Liabilities | |
Schedule of Accrued liabilities | Accrued liabilities consisted of the following (in thousands): As of As of June 30, 2023 December 31, 2022 Accrued interest $ 8,329 $ 8,267 Accrued dry-docking expenses 2,987 2,332 Accrued expenses 10,591 10,763 Total $ 21,907 $ 21,362 |
Long-Term Debt, net (Tables)
Long-Term Debt, net (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Long-Term Debt, net | |
Schedule of long-term debt, net | Long-term debt, net consisted of the following (in thousands): Balance as of Balance as of Credit Facility June 30, 2023 December 31, 2022 BNP Paribas/Credit Agricole $130 mil. Facility $ 110,000 $ 120,000 Alpha Bank $55.25 mil. Facility 51,500 55,250 Citibank $382.5 mil. Revolving Credit Facility — — Senior unsecured notes 262,766 262,766 Total long-term debt $ 424,266 $ 438,016 Less: Deferred finance costs, net (7,202) (8,076) Less: Current portion (27,500) (27,500) Total long-term debt net of current portion and deferred finance cost $ 389,564 $ 402,440 |
Schedule of debt maturities of long-term debt | The scheduled debt maturities of long-term debt subsequent to June 30, 2023 are as follows (in thousands): Principal Payments due by period ended repayments June 30, 2024 $ 27,500 June 30, 2025 15,100 June 30, 2026 15,100 June 30, 2027 82,300 March 2028 284,266 Total long-term debt $ 424,266 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Financial Instruments | |
Schedule of estimated fair values of the financial instruments | As of June 30, 2023 As of December 31, 2022 Book Value Fair Value Book Value Fair Value (in thousands of $) Cash and cash equivalents $ 293,331 $ 293,331 $ 267,668 $ 267,668 Marketable securities $ 74,600 $ 74,600 $ — $ — Secured long-term debt, including current portion(1) $ 161,500 $ 161,500 $ 175,250 $ 175,250 Unsecured long-term debt(1) $ 262,766 $ 263,094 $ 262,766 $ 255,868 |
Schedule of estimated fair value of the financial instruments that are measured at fair value on a recurring basis | Fair Value Measurements as of June 30, 2023 Total (Level I) (Level II) (Level III) (in thousands of $) Marketable securities $ 74,600 $ 74,600 $ — $ — |
Schedule of estimated fair value of the financial instruments, categorized based upon the fair value hierarchy | Fair Value Measurements as of June 30, 2023 Total (Level I) (Level II) (Level III) (in thousands of $) Cash and cash equivalents $ 293,331 $ 293,331 $ — $ — Secured long-term debt, including current portion(1) $ 161,500 $ — $ 161,500 $ — Unsecured long-term debt(1) $ 263,094 $ 263,094 $ — $ — Fair Value Measurements as of December 31, 2022 Total (Level I) (Level II) (Level III) (in thousands of $) Cash and cash equivalents $ 267,668 $ 267,668 $ — $ — Secured long-term debt, including current portion(1) $ 175,250 $ — $ 175,250 $ — Unsecured long-term debt(1) $ 255,868 $ 255,868 $ — $ — (1) Secured and unsecured long-term debt, including current portion is presented gross of deferred finance costs of $7.2 million and $8.1 million as of June 30, 2023 and December 31, 2022, respectively. The fair value of the Company’s secured debt is estimated based on currently available debt with similar contract terms, interest rate and remaining maturities. |
Lease Arrangements (Tables)
Lease Arrangements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Schedule of future minimum payments, expected to be received on non-cancellable time charters and bareboat charters | Remainder of 2023 $ 454,099 2024 797,810 2025 590,558 2026 409,694 2027 265,290 2028 35,354 Total future rentals $ 2,552,805 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Schedule of computation of basic and diluted earnings per share | Three months ended June 30, 2023 June 30, 2022 (in thousands) Numerator: Net income $ 147,021 $ 8,224 Denominator (number of shares in thousands): Basic weighted average common shares outstanding 20,081 20,689 Effect of dilutive securities: Diluted effect of non-vested shares — 19 Diluted weighted average common shares outstanding 20,081 20,708 Six months ended June 30, 2023 June 30, 2022 (in thousands) Numerator: Net income $ 293,222 $ 339,689 Denominator Basic weighted average common shares outstanding 20,214 20,693 Effect of dilutive securities: Diluted effect of non-vested shares — 19 Diluted weighted average common shares outstanding 20,214 20,712 |
Cash, Cash Equivalents and Re_2
Cash, Cash Equivalents and Restricted Cash (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Cash, Cash Equivalents and Restricted Cash | |
Schedule of cash, cash equivalents and restricted cash | As of As of As of As of June 30, 2023 December 31, 2022 June 30, 2022 December 31, 2021 Cash and cash equivalents $ 293,331 $ 267,668 $ 319,573 $ 129,410 Restricted cash, current — — 13,000 346 Total $ 293,331 $ 267,668 $ 332,573 $ 129,756 |
Basis of Presentation and Gen_3
Basis of Presentation and General Information (Details) | Jun. 30, 2023 item $ / shares shares | Dec. 31, 2022 $ / shares shares |
Property, Plant and Equipment | ||
Common stock, authorized capital stock (in shares) | shares | 750,000,000 | 750,000,000 |
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 |
Preferred stock, authorized capital stock (in shares) | shares | 100,000,000 | 100,000,000 |
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 |
Hyundai Honour | ||
Property, Plant and Equipment | ||
TEU | 13,100 | |
Hyundai Respect | ||
Property, Plant and Equipment | ||
TEU | 13,100 | |
Hyundai Smart | ||
Property, Plant and Equipment | ||
TEU | 13,100 | |
Hyundai Speed | ||
Property, Plant and Equipment | ||
TEU | 13,100 | |
Hyundai Ambition | ||
Property, Plant and Equipment | ||
TEU | 13,100 | |
Express Berlin | ||
Property, Plant and Equipment | ||
TEU | 10,100 | |
Express Rome | ||
Property, Plant and Equipment | ||
TEU | 10,100 | |
Express Athens | ||
Property, Plant and Equipment | ||
TEU | 10,100 | |
Pusan C | ||
Property, Plant and Equipment | ||
TEU | 9,580 | |
Le Havre | ||
Property, Plant and Equipment | ||
TEU | 9,580 | |
Bremen | ||
Property, Plant and Equipment | ||
TEU | 9,012 | |
C Hamburg | ||
Property, Plant and Equipment | ||
TEU | 9,012 | |
Niledutch Lion | ||
Property, Plant and Equipment | ||
TEU | 8,626 | |
Kota Manzanillo | ||
Property, Plant and Equipment | ||
TEU | 8,533 | |
Belita | ||
Property, Plant and Equipment | ||
TEU | 8,533 | |
CMA CGM Melisande | ||
Property, Plant and Equipment | ||
TEU | 8,530 | |
CMA CGM Attila | ||
Property, Plant and Equipment | ||
TEU | 8,530 | |
CMA CGM Tancredi | ||
Property, Plant and Equipment | ||
TEU | 8,530 | |
CMA CGM Bianca | ||
Property, Plant and Equipment | ||
TEU | 8,530 | |
CMA CGM Samson | ||
Property, Plant and Equipment | ||
TEU | 8,530 | |
Europe | ||
Property, Plant and Equipment | ||
TEU | 8,468 | |
America | ||
Property, Plant and Equipment | ||
TEU | 8,468 | |
Kota Santos | ||
Property, Plant and Equipment | ||
TEU | 8,463 | |
CMA CGM Musset | ||
Property, Plant and Equipment | ||
TEU | 6,500 | |
CMA CGM Nerval | ||
Property, Plant and Equipment | ||
TEU | 6,500 | |
CMA CGM Rabelais | ||
Property, Plant and Equipment | ||
TEU | 6,500 | |
Racine (ex CMA CGM Racine) | ||
Property, Plant and Equipment | ||
TEU | 6,500 | |
CMA CGM Moliere | ||
Property, Plant and Equipment | ||
TEU | 6,500 | |
YM Mandate | ||
Property, Plant and Equipment | ||
TEU | 6,500 | |
YM Maturity | ||
Property, Plant and Equipment | ||
TEU | 6,500 | |
Catherine C | ||
Property, Plant and Equipment | ||
TEU | 6,422 | |
Leo C | ||
Property, Plant and Equipment | ||
TEU | 6,422 | |
Zim Savannah | ||
Property, Plant and Equipment | ||
TEU | 6,402 | |
Dimitra C | ||
Property, Plant and Equipment | ||
TEU | 6,402 | |
Suez Canal | ||
Property, Plant and Equipment | ||
TEU | 5,610 | |
Kota Lima | ||
Property, Plant and Equipment | ||
TEU | 5,544 | |
Wide Alpha | ||
Property, Plant and Equipment | ||
TEU | 5,466 | |
Stephanie C | ||
Property, Plant and Equipment | ||
TEU | 5,466 | |
Maersk Euphrates | ||
Property, Plant and Equipment | ||
TEU | 5,466 | |
Wide Hotel | ||
Property, Plant and Equipment | ||
TEU | 5,466 | |
Wide India | ||
Property, Plant and Equipment | ||
TEU | 5,466 | |
Wide Juliet | ||
Property, Plant and Equipment | ||
TEU | 5,466 | |
Zim Monaco | ||
Property, Plant and Equipment | ||
TEU | 4,253 | |
Dalian | ||
Property, Plant and Equipment | ||
TEU | 4,253 | |
Zim Luanda | ||
Property, Plant and Equipment | ||
TEU | 4,253 | |
Rio Grande | ||
Property, Plant and Equipment | ||
TEU | 4,253 | |
Paolo (ex Zim Sao Paolo) | ||
Property, Plant and Equipment | ||
TEU | 4,253 | |
Kingston (ex Zim Kingston) [Member] | ||
Property, Plant and Equipment | ||
TEU | 4,253 | |
Seattle C | ||
Property, Plant and Equipment | ||
TEU | 4,253 | |
Vancouver | ||
Property, Plant and Equipment | ||
TEU | 4,253 | |
Tongala | ||
Property, Plant and Equipment | ||
TEU | 4,253 | |
Derby D | ||
Property, Plant and Equipment | ||
TEU | 4,253 | |
Dimitris C | ||
Property, Plant and Equipment | ||
TEU | 3,430 | |
Express Spain | ||
Property, Plant and Equipment | ||
TEU | 3,400 | |
Express Black Sea | ||
Property, Plant and Equipment | ||
TEU | 3,400 | |
Express Argentina | ||
Property, Plant and Equipment | ||
TEU | 3,400 | |
Express Brazil | ||
Property, Plant and Equipment | ||
TEU | 3,400 | |
Express France | ||
Property, Plant and Equipment | ||
TEU | 3,400 | |
Singapore | ||
Property, Plant and Equipment | ||
TEU | 3,314 | |
Colombo | ||
Property, Plant and Equipment | ||
TEU | 3,314 | |
Zebra | ||
Property, Plant and Equipment | ||
TEU | 2,602 | |
Amalia C | ||
Property, Plant and Equipment | ||
TEU | 2,452 | |
Artotina | ||
Property, Plant and Equipment | ||
TEU | 2,524 | |
Highway | ||
Property, Plant and Equipment | ||
TEU | 2,200 | |
Progress C | ||
Property, Plant and Equipment | ||
TEU | 2,200 | |
Bridge | ||
Property, Plant and Equipment | ||
TEU | 2,200 | |
Phoenix D | ||
Property, Plant and Equipment | ||
TEU | 2,200 | |
Advance | ||
Property, Plant and Equipment | ||
TEU | 2,200 | |
Stride | ||
Property, Plant and Equipment | ||
TEU | 2,200 | |
Future | ||
Property, Plant and Equipment | ||
TEU | 2,200 | |
Sprinter | ||
Property, Plant and Equipment | ||
TEU | 2,200 | |
Hull No. C7100-7 | ||
Property, Plant and Equipment | ||
TEU | 7,165 | |
Hull No. C7100-8 | ||
Property, Plant and Equipment | ||
TEU | 7,165 | |
Hull No. HN4009 | ||
Property, Plant and Equipment | ||
TEU | 8,010 | |
Hull No. HN4010 | ||
Property, Plant and Equipment | ||
TEU | 8,010 | |
Hull No. HN4011 | ||
Property, Plant and Equipment | ||
TEU | 8,010 | |
Hull No. HN4012 | ||
Property, Plant and Equipment | ||
TEU | 8,010 | |
Hull No. CV5900-07 | ||
Property, Plant and Equipment | ||
TEU | 6,014 | |
Hull No. CV5900-08 | ||
Property, Plant and Equipment | ||
TEU | 6,014 | |
Hull No. YZJ2023-1556 | ||
Property, Plant and Equipment | ||
TEU | 8,258 | |
Hull No. YZJ2023-1557 | ||
Property, Plant and Equipment | ||
TEU | 8,258 |
Investments in Affiliates (Deta
Investments in Affiliates (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | |
Schedule of Equity Method Investments [Line Items] | |||
Equity loss on investments | $ (738) | $ (3,326) | |
CTTC | |||
Schedule of Equity Method Investments [Line Items] | |||
Amount invested | $ 4,300 | ||
Ownership interest Percentage | 49% | ||
Equity loss on investments | $ 3,300 |
Fixed Assets, net & Advances _3
Fixed Assets, net & Advances for Vessels under Construction (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
Jun. 20, 2023 item | Apr. 28, 2023 item | Apr. 01, 2022 item | Mar. 11, 2022 item | May 12, 2020 USD ($) | Jan. 31, 2023 USD ($) | Nov. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) item | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) item $ / T | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) $ / T | Dec. 23, 2022 USD ($) | Jan. 31, 2022 USD ($) | Jan. 17, 2022 USD ($) | |
Fixed Assets, net & Advances for Vessels under Construction | |||||||||||||||
Interest expense capitalized | $ 7,200 | $ 700 | |||||||||||||
Gain on sale of vessels | 1,639 | ||||||||||||||
Advances payment received for sale of vessels | 13,000 | ||||||||||||||
Amortization of assumed time charter | 12,400 | 32,400 | |||||||||||||
Less: Current portion | $ 13,400 | 13,400 | |||||||||||||
Gain/(loss) on debt extinguishment | $ 2,300 | (2,254) | $ 22,939 | (2,254) | $ 22,939 | ||||||||||
TEU container vessels | |||||||||||||||
Fixed Assets, net & Advances for Vessels under Construction | |||||||||||||||
Number of TEU container vessels | item | 2 | 2 | 4 | 2 | |||||||||||
TEU | item | 8,200 | 6,000 | 8,000 | 7,100 | |||||||||||
Supervision fee per vessel | 725 | ||||||||||||||
Vessel | |||||||||||||||
Fixed Assets, net & Advances for Vessels under Construction | |||||||||||||||
Residual value of the fleet | $ 484,300 | $ 484,300 | $ 487,300 | ||||||||||||
Average life of scrap considered to calculate residual value of vessel, one | 10 years | ||||||||||||||
Average life of scrap considered to calculate residual value of vessel, two | 5 years | ||||||||||||||
Scrap value per ton (in dollars per ton) | $ / T | 300 | 300 | |||||||||||||
Hyundai Honour And Hyundai Respect | |||||||||||||||
Fixed Assets, net & Advances for Vessels under Construction | |||||||||||||||
Sale and Lease back arrangement, amount | $ 139,100 | ||||||||||||||
Sale and leaseback arrangement term (in years) | 4 years | ||||||||||||||
Catherine C and Leo C | |||||||||||||||
Fixed Assets, net & Advances for Vessels under Construction | |||||||||||||||
Aggregate gross consideration | $ 13,000 | $ 130,000 | |||||||||||||
Gain on sale of vessels | $ 37,200 | ||||||||||||||
Amalia C | |||||||||||||||
Fixed Assets, net & Advances for Vessels under Construction | |||||||||||||||
TEU | item | 2,452 | 2,452 | |||||||||||||
Aggregate gross consideration | $ 5,100 | ||||||||||||||
Gain on sale of vessels | $ 1,600 | ||||||||||||||
Advances payment received for sale of vessels | $ 1,000 | ||||||||||||||
Vessesls under Construction | |||||||||||||||
Fixed Assets, net & Advances for Vessels under Construction | |||||||||||||||
Supervision fees total | $ 1,100 | ||||||||||||||
Interest expense capitalized | 7,200 | $ 5,000 | |||||||||||||
Vessesls under Construction | TEU container vessels | |||||||||||||||
Fixed Assets, net & Advances for Vessels under Construction | |||||||||||||||
Aggregate purchase price | $ 834,900 | $ 834,900 |
Fixed Assets, net & Advances _4
Fixed Assets, net & Advances for Vessels under Construction - Remaining contractual commitments under vessel construction contracts (Details) - Vessesls under Construction $ in Thousands | Jun. 30, 2023 USD ($) |
Fixed Assets, net & Advances for Vessels under Construction | |
Remainder of 2023 | $ 73,300 |
2024 | 365,631 |
2025 | 82,428 |
2026 | 113,040 |
Total contractual commitments | $ 634,399 |
Deferred Charges, net (Details)
Deferred Charges, net (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Changes in deferred charges, net | |||||
Balance at the beginning of the period | $ 25,554 | ||||
Amortization | $ (4,502) | $ (3,202) | (8,337) | $ (5,922) | |
Balance at the end of the period | 31,777 | 31,777 | $ 25,554 | ||
Drydocking and Special Survey Costs | |||||
Changes in deferred charges, net | |||||
Balance at the beginning of the period | 25,554 | $ 11,801 | 11,801 | ||
Additions | 14,560 | 29,939 | |||
Write-off | (4,016) | ||||
Amortization | (8,337) | (12,170) | |||
Balance at the end of the period | $ 31,777 | $ 31,777 | $ 25,554 | ||
Period of amortization for deferred costs | 2 years 6 months |
Other Current and Non-current_3
Other Current and Non-current Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Other Current and Non-current Assets | ||
Straight-lining of revenue | $ 39,375 | $ 22,007 |
Marketable securities | 74,600 | |
Claims receivable | 12,198 | 15,169 |
Vessel held for sale | 3,297 | |
Other assets | 8,619 | 7,332 |
Total current assets | 134,792 | 47,805 |
Straight-lining of revenue | 79,397 | 83,873 |
Other non-current assets | 6,776 | 6,050 |
Total non-current assets | $ 86,173 | $ 89,923 |
Other Current and Non-current_4
Other Current and Non-current Assets - ZIM (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Apr. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | |
Other Current and Non-current Assets | |||||||
Marketable securities, fair value | $ 74,600,000 | $ 74,600,000 | |||||
Gain on sale of marketable securities | 6,400,000 | ||||||
Total gain on ZIM ordinary shares | 6,438,000 | $ (168,635,000) | 6,438,000 | $ (69,096,000) | |||
Eagle Bulk Shipping Inc. | |||||||
Other Current and Non-current Assets | |||||||
Marketable securities acquired | $ 68,200,000 | ||||||
Ordinary shares sold | 1,552,865 | ||||||
Virage | Related party | |||||||
Other Current and Non-current Assets | |||||||
Marketable securities acquired | $ 24,400,000 | ||||||
ZIM | |||||||
Other Current and Non-current Assets | |||||||
Ordinary shares owned | 5,686,950 | 7,186,950 | |||||
Fair value of shareholding interest | $ 161,300,000 | $ 423,000,000 | |||||
Ordinary shares sold | 1,500,000 | ||||||
Net proceeds from sale of ordinary shares | $ 85,300,000 | ||||||
Total gain on ZIM ordinary shares | 0 | (69,100,000) | |||||
Dividend received | $ 0 | 138,400,000 | |||||
Dividends received net of withholdings of tax | $ 14,500,000 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Accrued Liabilities | ||
Accrued interest | $ 8,329 | $ 8,267 |
Accrued dry-docking expenses | 2,987 | 2,332 |
Accrued expenses | 10,591 | 10,763 |
Total | $ 21,907 | $ 21,362 |
Long-Term Debt, net - Schedule
Long-Term Debt, net - Schedule of Debt (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 | Feb. 11, 2021 |
Long-Term Debt, net | |||
Total long-term debt | $ 424,266,000 | $ 438,016,000 | |
Less: Deferred finance costs, net | (7,202,000) | (8,076,000) | |
Less: Current portion | (27,500,000) | (27,500,000) | |
Total long-term debt net of current portion and deferred finance cost | 389,564,000 | 402,440,000 | |
BNP Paribas/Credit Agricole $130 mil. Facility | |||
Long-Term Debt, net | |||
Long-term debt | 110,000,000 | 120,000,000 | |
Credit facility | 130 | ||
Alpha Bank $55.25 mil. Facility | |||
Long-Term Debt, net | |||
Long-term debt | 51,500,000 | 55,250,000 | |
Credit facility | 55,250,000 | 55,250,000 | |
Citibank $382.5 mil. Revolving Credit Facility | |||
Long-Term Debt, net | |||
Credit facility | 382,500,000 | 382,500,000 | |
Senior unsecured notes | |||
Long-Term Debt, net | |||
Long-term debt | 262,766,000 | 262,766,000 | $ 300,000,000 |
Citibank/Natwest $815 mil. Facility | |||
Long-Term Debt, net | |||
Credit facility | 55,250,000 | $ 815,000,000 | |
BNP Paribas/Credit Agricole $130 mil. Facility | |||
Long-Term Debt, net | |||
Credit facility | 130,000,000 | ||
BNP Paribas/Credit Agricole $130 mil. Facility | Citibank $382.5 mil. Revolving Credit Facility | |||
Long-Term Debt, net | |||
Credit facility | $ 382,500,000 |
Long-Term Debt, net - Additiona
Long-Term Debt, net - Additional Information (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
Feb. 11, 2021 USD ($) | Jan. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) installment | Jun. 30, 2022 USD ($) item | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) item | Jun. 30, 2023 USD ($) item | Jun. 30, 2022 USD ($) item | |
Line of Credit Facility [Line Items] | ||||||||
Carrying value of vessels subject to first preferred mortgages as collateral to credit facilities | $ 1,556,300,000 | $ 1,556,300,000 | ||||||
Deferred bond issuance costs | $ 8,100,000 | 7,200,000 | $ 7,200,000 | |||||
Number of vessels excluding sale and lease back arrangement | item | 24 | |||||||
Early repaid amount | $ 13,750,000 | $ 383,125,000 | ||||||
Gain/(loss) on debt extinguishment | $ 2,300,000 | (2,254,000) | $ 22,939,000 | (2,254,000) | 22,939,000 | |||
Incurred interest expense | 18,500,000 | 27,400,000 | ||||||
Interest expense capitalized | 7,200,000 | $ 700,000 | ||||||
TEU sister vessels | ||||||||
Line of Credit Facility [Line Items] | ||||||||
TEU | item | 5,466 | 5,466 | 5,466 | |||||
BNP Paribas/Credit Agricole $130 mil. Facility | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Credit facility | 130,000,000 | 130,000,000 | ||||||
BNP Paribas/Credit Agricole $130 mil. Facility | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Credit facility | 130 | 130 | ||||||
Balloon payment at maturity | $ 67,200,000 | $ 67,200,000 | $ 67,200,000 | |||||
Long-term debt | 120,000,000 | $ 110,000,000 | $ 110,000,000 | |||||
Minimum percentage of fair market value of collateral vessels required to cover loan value | 125% | 125% | ||||||
Early repaid amount | 130,000,000 | |||||||
BNP Paribas/Credit Agricole $130 mil. Facility | TEU sister vessels | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Amount of quarterly instalment | 1,900,000 | |||||||
BNP Paribas/Credit Agricole $130 mil. Facility | Eight Quarterly Installment | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Amount of quarterly instalment | $ 5,000,000 | |||||||
BNP Paribas/Credit Agricole $130 mil. Facility | Non-cumulative compounded RFR rate | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Spread on variable rate | 2.16% | |||||||
Alpha Bank $55.25 mil. Facility | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Credit facility | $ 55,250,000 | $ 55,250,000 | $ 55,250,000 | |||||
Term of debt | 5 years | |||||||
Number of quarterly instalments | installment | 20 | |||||||
Amount of quarterly instalment | $ 1,875,000 | |||||||
Balloon payment at maturity | 17,750,000 | |||||||
Long-term debt | 55,250,000 | 51,500,000 | 51,500,000 | |||||
Alpha Bank $55.25 mil. Facility | SOFR | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Spread on variable rate | 2.30% | |||||||
Citibank $382.5 mil. Revolving Credit Facility | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Credit facility | $ 382,500,000 | 382,500,000 | 382,500,000 | |||||
Term of debt | 5 years | |||||||
Number of quarterly instalments | installment | 20 | |||||||
Amount of quarterly instalment | $ 11,250,000 | |||||||
Balloon payment at maturity | $ 157,500,000 | |||||||
Outstanding balance | 0 | 0 | ||||||
Commitment fee payable (as a percent) | 0.80% | |||||||
Remaining borrowing availability | 360,000,000 | 360,000,000 | ||||||
Citibank $382.5 mil. Revolving Credit Facility | SOFR | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Spread on variable rate | 2% | |||||||
Citibank $382.5 mil. Revolving Credit Facility | BNP Paribas/Credit Agricole $130 mil. Facility | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Credit facility | 382,500,000 | 382,500,000 | ||||||
Senior unsecured notes | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Fixed interest rate (as a percent) | 8.50% | |||||||
Percent of equity offering proceeds within 90 days after the equity offering closing | 108.50% | |||||||
Deferred bond issuance costs | $ 9,000,000 | |||||||
Long-term debt | $ 300,000,000 | $ 262,766,000 | 262,766,000 | 262,766,000 | ||||
Company repurchased unsecured senior notes | 37,200,000 | |||||||
Senior unsecured notes | Prior to March 1, 2024 | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Percent of principal amount being redeemed | 104.25% | |||||||
Senior unsecured notes | On or after March 1, 2024 | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Percent of principal amount being redeemed | 102.125% | |||||||
Senior unsecured notes | On or after March 1, 2025 | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Percent of principal amount being redeemed | 100% | |||||||
Senior unsecured notes | Maximum [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Redemption price (as percent) | 35% | |||||||
Citibank/Natwest $815 mil. Facility | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Credit facility | 815,000,000 | $ 55,250,000 | $ 55,250,000 | |||||
Outstanding balance | $ 437,750,000 | |||||||
Minimum percentage of fair market value of collateral vessels required to cover loan value | 120% | 120% | ||||||
Minimum liquidity | $ 30,000,000 | $ 30,000,000 | ||||||
Maximum leverage ratio | 6.5 | 6.5 | ||||||
Minimum interest coverage ratio | 2.5 | 2.5 |
Long-Term Debt, net - Maturitie
Long-Term Debt, net - Maturities (Details) $ in Thousands | Jun. 30, 2023 USD ($) |
Scheduled maturities of long-term debt | |
June 30, 2024 | $ 27,500 |
June 30, 2025 | 15,100 |
June 30, 2026 | 15,100 |
June 30, 2027 | 82,300 |
March 2028 | 284,266 |
Total long-term debt | $ 424,266 |
Financial Instruments (Details)
Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Financial Instruments | ||
Marketable securities | $ 74,600 | |
Fair Value | ||
Financial Instruments | ||
Cash and cash equivalents | 293,331 | $ 267,668 |
Marketable securities | 74,600 | |
Book Value | ||
Financial Instruments | ||
Cash and cash equivalents | 293,331 | 267,668 |
Marketable securities | 74,600 | |
Secured long-term debt, including current portion | Fair Value | ||
Financial Instruments | ||
Long-term debt | 161,500 | 175,250 |
Secured long-term debt, including current portion | Book Value | ||
Financial Instruments | ||
Long-term debt | 161,500 | 175,250 |
Unsecured long-term debt | Fair Value | ||
Financial Instruments | ||
Long-term debt | 263,094 | 255,868 |
Unsecured long-term debt | Book Value | ||
Financial Instruments | ||
Long-term debt | $ 262,766 | $ 262,766 |
Financial Instruments - Interes
Financial Instruments - Interest Rate Swap Hedges (Details) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 USD ($) agreement | Jun. 30, 2022 USD ($) | |
Financial Instruments | ||
Number of agreements held | agreement | 0 | |
Interest rate swap contracts | ||
Financial Instruments | ||
Unrealized losses reclassified from accumulated other comprehensive loss to earnings | $ 1.8 | $ 1.8 |
Unrealized losses expected to be reclassified from accumulated other comprehensive loss to earnings within the next twelve months | $ 3.6 |
Financial Instruments - Financi
Financial Instruments - Financial Instruments Measured and Not Measured At Fair Value On Recurring Basis (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | |
Financial Instruments | |||
Marketable securities | $ 74,600 | ||
Deferred finance costs, net | 7,200 | $ 8,100 | |
Advances payment received for sale of vessels | $ 13,000 | ||
(Level I) | |||
Financial Instruments | |||
Cash and cash equivalents | 293,331 | 267,668 | |
Marketable securities | 74,600 | ||
(Level I) | Unsecured long-term debt | |||
Financial Instruments | |||
Long-term debt | 263,094 | 255,868 | |
(Level II) | Secured long-term debt, including current portion | |||
Financial Instruments | |||
Long-term debt | 161,500 | 175,250 | |
Total | |||
Financial Instruments | |||
Cash and cash equivalents | 293,331 | 267,668 | |
Marketable securities | 74,600 | ||
Total | Secured long-term debt, including current portion | |||
Financial Instruments | |||
Long-term debt | 161,500 | 175,250 | |
Total | Unsecured long-term debt | |||
Financial Instruments | |||
Long-term debt | $ 263,094 | $ 255,868 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||
Dec. 14, 2022 shares | Mar. 16, 2021 shares | Jun. 30, 2022 USD ($) $ / shares shares | Jun. 30, 2023 USD ($) $ / shares shares | Mar. 31, 2023 USD ($) $ / shares | Jun. 30, 2022 USD ($) $ / shares | Mar. 31, 2022 $ / shares | Jun. 30, 2023 USD ($) director $ / shares shares | Jun. 30, 2022 USD ($) director $ / shares shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 shares | |
Stock Based Compensation | |||||||||||
Dividend declared (in US$ per share) | $ / shares | $ 0.75 | $ 0.75 | $ 0.75 | $ 0.75 | |||||||
Dividend declared (In US$ per share) | $ / shares | $ 0.75 | $ 0.75 | $ 0.75 | $ 0.75 | $ 0.75 | ||||||
Dividends, common stock in cash | $ | $ 30,400 | $ 31,100 | |||||||||
Common shares issued | 20 | 56 | |||||||||
Shares repurchased | 597,697 | 466,955 | |||||||||
Value of shares repurchased | $ | $ 33,766 | $ 2,196 | $ 11,208 | $ 36,000 | $ 28,600 | ||||||
Number of shares remain unsettled | 3,400 | ||||||||||
Value of shares remain unsettled | $ | $ 200 | ||||||||||
Maximum number of shares that may be granted | 1,000,000 | 1,000,000 | |||||||||
Number of directors who elected to receive their compensation in shares | director | 0 | 0 | |||||||||
General and administrative expenses | |||||||||||
Stock Based Compensation | |||||||||||
Expenses representing fair value of the stock granted recognized in General and Administrative Expenses | $ | $ 0 | $ 200 | |||||||||
Maximum | |||||||||||
Stock Based Compensation | |||||||||||
Shares repurchase program authorized amount | $ | $ 100,000 | $ 100,000 | $ 100,000 | ||||||||
Restricted stock | |||||||||||
Stock Based Compensation | |||||||||||
Shares issued and outstanding | 0 | 0 | 0 | ||||||||
Employees of the Manager | |||||||||||
Stock Based Compensation | |||||||||||
Forfeiture of shares | 224 | ||||||||||
Employees of the Manager | Vesting on december 31, 2021 | |||||||||||
Stock Based Compensation | |||||||||||
Shares granted | 40,000 | ||||||||||
Shares vested | 10,000 | ||||||||||
Number of cancelled shares | 1,050 | ||||||||||
Employees of the Manager | Vesting on december 31, 2022 | |||||||||||
Stock Based Compensation | |||||||||||
Shares vested | 19,076 | ||||||||||
Employees of the Manager | Vesting on december 31, 2022 | Restricted shares | |||||||||||
Stock Based Compensation | |||||||||||
Shares vested | 9,650 | ||||||||||
Executive officer | Restricted shares | |||||||||||
Stock Based Compensation | |||||||||||
Shares granted | 100,000 |
Lease Arrangements (Details)
Lease Arrangements (Details) $ in Thousands | 1 Months Ended | 6 Months Ended |
May 31, 2022 USD ($) item | Jun. 30, 2023 USD ($) item | |
Lease Arrangements | ||
Number of vessels , generated revenue results | item | 68 | |
Amount of charter hire prepayment received | $ 238,900 | |
Number of charter vessels | item | 15 | |
Future minimum payments, expected to be received | ||
Remainder of 2023 | $ 454,099 | |
2024 | 797,810 | |
2025 | 590,558 | |
2026 | 409,694 | |
2027 | 265,290 | |
2028 | 35,354 | |
Total future rentals | $ 2,552,805 |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Numerator: | ||||||
Net income for the period | $ 147,021 | $ 146,201 | $ 8,224 | $ 331,465 | $ 293,222 | $ 339,689 |
Denominator (number of shares in thousands): | ||||||
Basic weighted average common shares outstanding | 20,081 | 20,689 | 20,214 | 20,693 | ||
Effect of dilutive securities: | ||||||
Dilutive effect of non-vested shares | 19 | 19 | ||||
Diluted weighted average common shares outstanding | 20,081 | 20,708 | 20,214 | 20,712 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jan. 31, 2023 | Dec. 31, 2022 | |
Related Party Transactions | ||||
Due from related parties | $ 32,912,000 | $ 34,002,000 | ||
Prior service cost and periodic cost | 886,000 | |||
Due to executive officers | 28,220,000 | 16,422,000 | ||
Manager | ||||
Related Party Transactions | ||||
Supervision fees for vessels capitalized | 1,100,000 | 0 | ||
Due from related parties | 32,900,000 | 34,000,000 | ||
Manager | General and administrative expenses | ||||
Related Party Transactions | ||||
Management fees | 10,500,000 | $ 10,900,000 | ||
Manager | Voyage expenses | ||||
Related Party Transactions | ||||
Commissions | 5,700,000 | 6,300,000 | ||
Manager | Gain on sale of vessels | ||||
Related Party Transactions | ||||
Commission on sale of vessels (Percentage) | 0.50% | |||
Commission on sale of vessels | $ 25,600 | |||
Executive officer | ||||
Related Party Transactions | ||||
Prior service cost and periodic cost | $ 0 | |||
Other current liabilities | Executive officer | ||||
Related Party Transactions | ||||
Advances related to a defined benefit executive retirement plan | 6,800,000 | |||
Other long-term liabilities | Executive officer | ||||
Related Party Transactions | ||||
Remaining defined benefit obligation | 6,800,000 | 6,400,000 | ||
Accounts payable | Executive officer | ||||
Related Party Transactions | ||||
Prior service cost and periodic cost | 900,000 | |||
Due to executive officers | $ 0 | $ 100,000 |
Cash, Cash Equivalents and Re_3
Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash, Cash Equivalents and Restricted Cash | ||||
Cash and cash equivalents | $ 293,331 | $ 319,573 | $ 267,668 | $ 129,410 |
Restricted cash, current | 13,000 | 346 | ||
Total | 293,331 | 332,573 | $ 267,668 | $ 129,756 |
Debt repayments related to Eurobank | $ 30,000 | |||
Advances payment received for sale of vessels | $ 13,000 |
Subsequent Events (Details)
Subsequent Events (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | ||||||
Sep. 01, 2023 $ / shares | Jun. 30, 2023 USD ($) shares | Jun. 30, 2023 $ / shares | Mar. 31, 2023 USD ($) $ / shares | Jun. 30, 2022 USD ($) $ / shares | Mar. 31, 2022 $ / shares | Jul. 31, 2023 USD ($) item | |
Subsequent Events | |||||||
Dividend declared (in US$ per share) | $ / shares | $ 0.75 | $ 0.75 | $ 0.75 | $ 0.75 | |||
Issuance of common stock | $ 1 | $ 5 | |||||
Share repurchase program | Common Stock | |||||||
Subsequent Events | |||||||
Number of shares sold | shares | 15,895 | ||||||
Issuance of common stock | $ 1,000 | ||||||
Subsequent events | |||||||
Subsequent Events | |||||||
Aggregate of DWT | item | 879,306 | ||||||
Aggregate amount of carriers build | $ 103,000 | ||||||
Dividend declared (in US$ per share) | $ / shares | $ 0.75 |