Moody’s has revised the outlook on Danaos Corp’s Corporate Family Rating (CFR) to positive from stable.
The company’s rating remains at Ba1, while Moody’s has upgraded its rating on Danaos’ senior unsecured notes to Ba1 from Ba2. According to Moody’s, the outlook revision reflects the improved predictability of Danaos’ future revenue, its substantial cash holdings and its continued prudent financial management.
These factors underpin the company’s strong credit metrics and enhance its ability to withstand less favourable conditions in the charter market.
Moody’s also highlighted Danaos’ established position as one of the largest containership owners operating in the charter market, its portfolio of long-term charters at fixed rates, its track record of generating positive free cash flow and its policy of prioritising debt reduction. As of 30 June 2026, Danaos had approximately $4.6 billion in contracted revenue, with an average remaining charter duration of 4.7 years, as well as cash holdings of around $1 billion.
Evangelos Hatzis, Danaos’ chief financial officer, said: “We welcome Moody’s decision, which recognises the strength of our balance sheet, the predictability of revenue secured by our long-term charter portfolio, and the discipline with which we have managed our capital structure.”
Strong profitability
Danaos Corporation, whose interests are controlled by Dr Ioannis Coustas, announced a total cash distribution of $6 per share to shareholders, combining its regular quarterly dividend with a special one-off distribution.
Specifically, the company approved a quarterly dividend of $1 per share for the quarter that ended 30 September 2026, alongside a special dividend of $5 per share.
For the first half of the year, operating revenue reached $528.1 million, compared with $515.5 million a year earlier, while net profit rose to $292.2 million from $246.1 million in the first half of 2025.
Adjusted earnings amounted to $255.7 million, while adjusted EBITDA reached $367.4 million.
The company also continued refinancing its newbuilding programme, securing $236 million in commitments through Japanese operating leases with call options (JOLCOs) for three vessels scheduled for delivery in 2027, as well as a $132 million credit facility for six 1,800-TEU containerships.
The shipping company’s management believes that low debt levels and strong liquidity provide flexibility for further investment.
Since 2022, the company has pursued a newbuilding programme covering 37 containerships and four Newcastlemax bulk carriers, with a total value of approximately $3.2 billion.
The programme currently comprises 28 containerships and four Newcastlemax vessels. Danaos’ operating fleet consists of 77 containerships and 11 bulk carriers.
Source: Naftemporiki