Danaos Corporation · NYSE:DAC
Danaos — Q4 2025 Earnings Presentation
53 slides from Danaos's earnings presentation, Feb 10, 2026
Slide 1: Investor Presentation
Investor Presentation February 2026
Slide 2: Disclaimer
Disclaimer This presentation contains certain statements that may be deemed to be “forward-looking statements” within the meaning of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, that address activities, events or developments that the Company expect
Slide 3: Business Highlights
Business Highlights Business Model Provides Strong & ✓ Stable Cash Flow Profile Leading Diverse & High ✓ Containership Owner ✓ Quality Fleet & Operator Pioneers in Demand & Supply Digitalisation & ✓ Side Dynamics ✓ Champion of ESG Robust Capital Principles Structure & ✓ Conservative Financial Strate
Slide 4: Key Business Highlights
Key Business Highlights Leading Containership • A Owner and Operator • One of the largest publicly-listed owners of modern containerships with 50+ year history in the shipping industry One of the most efficient operators in the industry with highly competitive breakeven levels Business Model Provide
Slide 5: Danaos by the Numbers
Danaos by the Numbers $4.3bn $1.0bn Cash Contracted revenue through 2038(1) Cash and Cash Equivalents as of December 31, 2025 0.20x $1.4bn Net Debt / FY 2025 Adjusted EBITDA(2) Liquidity(3) as of December 31, 2025 $719mm ~$2.0bn FY 2025 Adjusted EBITDA Enterprise value(4) (1) Cash Contracted Revenue
Slide 6: Fourth Quarter 2025 Financial & Operational Summary
Fourth Quarter 2025 Financial & Operational Summary Three Months ended December 31, 2025 and December 31, 2024 per segment* (Express in thousands of United States dollars, except as otherwise stated) Three Months Ended Three Months Ended December 31, 2025 December 31, 2024 Container Dry Bulk Contain
Slide 7: Twelve Months Ended December 31 Financial & Operational Summary
Twelve Months Ended December 31 Financial & Operational Summary Twelve Months ended December 31, 2025 and December 31, 2024 per segment* (Express in thousands of United States dollars, except as otherwise stated) Year Ended Year Ended December 31, 2025 December 31, 2024 Container Dry Bulk Container
Slide 8: Fleet Summary & Strong Charter Coverage Profile
Fleet Summary & Strong Charter Coverage Profile Containership Fleet TEU Capacity (in thousands)(1) Number of vessels (1) 700 120 Existing Fleet New Buildings Containerships 1 Drybulks 2 600 110 Containerships on order 174.6 Drybulks on order 134.2 Secondhand drybulk to be delivered 500 100 27 91.4 4
Slide 9: Fourth Quarter and Twelve Months Ended December 31 - Highlights
Fourth Quarter and Twelve Months Ended December 31 - Highlights Operating Revenues Adjusted EBITDA USDm USDm $800.0 $1,100 $1,000 $1,042.5 $700.0 $1,014.1 $722.6 $719.4 $900 $600.0 $800 $700 $500.0 $600 $400.0 $500 $300.0 $400 $300 $200.0 $189.7 $190.0 $200 $258.2 $266.3 $100.0 $100 $0 $0.0 Three Mo
Slide 10: Fourth Quarter and Twelve Months Ended December 31 – Segments
Fourth Quarter and Twelve Months Ended December 31 – Segments Operating Revenues per Segment Time Charter Equivalent ($/per day)(1) per Segment USDm USD $1,042.5 $60,000 $1,000.0 $35,288 $35,892 $955.4 $800.0 $45,000 $600.0 $30,000 $400.0 $23,620 $266.3 $15,000 $18,175 $200.0 $240.7 $25.6 $87.0 $0.0
Slide 11: Substantial Containership Fleet Employment and Charter Coverage
Substantial Containership Fleet Employment and Charter Coverage(1) denotes firm charter period 1 1 denotes firm charter period 2 denotes optional period at the option of the charterer (1) On the basis of US GAAP revenue accounting and concluded charter contracts through February 6, 2026. (2) Age as
Slide 12: Substantial Containership Fleet Employment and Charter Coverage
Substantial Containership Fleet Employment and Charter Coverage(1) denotes firm charter period 1 1 denotes firm charter period 2 denotes optional period at the option of the charterer (1) On the basis of US GAAP revenue accounting and concluded charter contracts through February 6, 2026. (2) Age as
Slide 13: Substantial Containership Fleet Employment and Charter Coverage
Substantial Containership Fleet Employment and Charter Coverage(1) denotes firm charter period 1 1 denotes firm charter period 2 denotes optional period at the option of the charterer (1) On the basis of US GAAP revenue accounting and concluded charter contracts through February 6, 2026. (2) Age as
Slide 14: Drybulk Fleet - Summary
Drybulk Fleet - Summary Drybulks No. Vessel Type DWT Built Age(1) 1 Genius Capesize 175,580 2012 13 2 Danaos Capesize 176,536 2011 14 3 Ingenuity Capesize 176,022 2011 14 4 Achievement Capesize 175,966 2011 14 5 Valentine Capesize 175,125 2011 14 6 Gouverneur Capesize 178,043 2010 15 7 Integrity Cap
Slide 15: Experience Senior Management
Experience Senior Management Dr. John Coustas, President & Chief Executive Officer Evangelos Chatzis, Vice President & Chief Financial Officer • CEO since 1987 • Joined Danaos in 2005 • Over 35 years of experience in • Over 30 years of experience in corporate the shipping industry finance and the sh
Slide 16: A. Leading Containership Owner and Operator
A. Leading Containership Owner and Operator
Slide 17: Legacy of Leadership in Container Shipping
50 Year Legacy of Leadership in Container Shipping 1987 2006 2018 2020 to 2025 Dr. John Coustas steps NYSE IPO Refinancing Strong Free Cash Flow into Chief Executive role Raised $200mn generation and Deleveraging 1972 2005 2010 Incorporation in Marshall 2019 Founded by Dimitris Coustas $200mn equity
Slide 18: A Diverse & High-Quality Fleet
A Diverse & High-Quality Fleet Containership Fleet Overview(1) 5x 13,100 TEU 4x Average Age: 13.7 years NBs 1,800 TEU Remaining Charter Term: 1.3 years Remaining Charter Term : 9.9 years 5x 9,600 - 10,100 TEU 7x Average Age: 16.5 years Remaining Charter Term: 3.8 years NBs 9,200 TEU Remaining Charte
Slide 19: Charter Backlog to Leading Container Operators
Charter Backlog to Leading Container Operators Containership Charter Backlog (Contracted TEU capacity per charterer) Charter backlog of 3%4% $4.3 billion through 3% 4% 20% to 2038(1) 6% Average charter 8% duration of 4.3 years (weighted by aggregate contracted 20% charter hire) (1) 16% Fleet utiliza
Slide 20: Track Record of Operational Excellence
Track Record of Operational Excellence Danaos' Management Practice Performance(1) vs SBI average As part of a benchmarking exercise conducted by a global management consulting firm, Management Practice Performance and Safety & Quality Performance was assessed across a number of metrics and benchmark
Slide 21: Pioneers in Digitization Supporting Danaos’ Class Leading Operational Excellence
Pioneers in Digitization Supporting Danaos’ Class Leading Operational Excellence Early innovator in utilising technology in optimising operations: 1995 2004 2015 International Safety Management Lloyd’s List Technical Innovation Award Lloyd’s List Intelligence Big Data Award Certification of its cont
Slide 22: Leading Digitization Performance
Leading Digitization Performance Danaos utilises its leading management software capability, aiding in the optimal management of its fleet Danaos Software Capability Note: based on a self-assessment of participating companies – scores are an average of the answers ticked off in the questionnaire Sou
Slide 23: Longstanding Champion of ESG Principles
Longstanding Champion of ESG Principles Danaos Management is keenly focused on maintaining a strong ESG framework for company operations Environmental Social Governance Last 3 Years Progress Advanced solutions to Code of ethics and ✓ Independent Board 72% decrease in the use of ✓ reduce emissions th
Slide 24: B. Robust Capital Structure and Conservative Financial Strategy
B. Robust Capital Structure and Conservative Financial Strategy
Slide 25: Financial Strategy
Financial Strategy Balanced Chartering Strategy Supported by Continued Operational • Continue to deploy assets on long-term charters to ensure cash flow visibility Excellence • Maintain high fleet utilization • Excess cash flow can be used for reducing leverage, for acquisition of young and modern f
Slide 26: Historical Financial Highlights
Historical Financial Highlights Revenues Adjusted EBITDA USDm USDm $1,200 $1,200 $1,014 $1,042 $993 $974 $1,000 $1,000 $851 $800 $800 $723 $719 $707 $690 $600 $600 $509 $452 $459 $447 $462 $400 $400 $318 $318 $310 $311 $200 $200 $0 $0 2017 2018 2019 2020 2021 2022 2023 2024 2025 2017 2018 2019 2020
Slide 27: Focused on Maintaining Conservative Capital Structure
Focused on Maintaining Conservative Capital Structure De-leveraging Profile Cash and Cash Equivalents(2) and Undrawn Commitments Net Debt - Adjusted EBITDA Multiple(1) USDm Decrease in Net Debt by Cash and Cash Equivalents Undrawn Commitments $2.1 billion Net Adjusted Debt Net Debt / Adjusted EBITDA
Slide 28: Strong Free Cash Flow Visibility & Great Conversion to OCF
Strong Free Cash Flow Visibility & Great Conversion to OCF FY 2025 Free Cash Flow(1) Bridge USDm Drivers of FCF Uses of FCF High utilization Capex and Investments FY 2025 FCF Operational efficiency Dividends excludes CapEx Shares repurchase and one-time / extraordinary items $719 ($20) $24
Slide 29: Financial Debt Maturity Profile
Financial Debt Maturity Profile Well-balanced repayment profile(1) USDm $600 $504.3 $500 $400 $285.4 $278.5 $300 $200 $100 $54.9 $23.4 $23.5 $3.8 $4.0 $0 2026 2027 2028 2029 2030 2031 2032 2033 Credit Facilities & Unsecured Notes Breakdown of Financial Debt $1,178m Credit position • Corporate credit
Slide 30: C.1 Container Vessel Demand & Supply Side Dynamics
C.1 Container Vessel Demand & Supply Side Dynamics
Slide 31: Container Trade: Container Trade Performed Strongly in 2025
Container Trade: Container Trade Performed Strongly in 2025 237 Mn Teu World Container Trade & GDP, 2000 – 2026F 2025(E) World Container Mn TEU % yoy Trade 275 17.5% 250 15.0% 225 12.5% 5.0% 200 10.0% 175 7.5% 2025(E) Trade yoy Growth 150 5.0% 125 2.5% 242 Mn Teu 75 100 0.0% -2.5% 2026(F) World Cont
Slide 32: Demand: Chinese Exports Diverted to Alternative Importers
Demand: Chinese Exports Diverted to Alternative Importers - 7.7% US Containerised Imports from Far East, 2019-25 11M Far East Exports to Non-Mainlane Import Regions US Far East TEU Imports, Q4 25 vs Q4 24 Mn TEU Mn TEU 2020 2021 2.0 12 2022 2023 1.8 2024 2025 - 0.1% 1.6 10 US Far East TEU Imports, 2
Slide 33: US Tariffs : Chinese US Market Share Extensive, Options to Diversify Over Time
US Tariffs : Chinese US Market Share Extensive, Options to Diversify Over Time 39% US Containerised Imports by Source, 2024 World Container Trade by Region, 2024 China Share of US TEU Imports, 2024 % Share Middle Other, 100% East/Subcontinent 2% , 8% China/Hong 90% Kong, 39% 18% Latin America, 80% 9
Slide 34: Container Timecharter Rates: Markets Remain Elevated
Container Timecharter Rates: Markets Remain Elevated +194% 1-Year Timecharter Market Rates, Jan 2018 – Dec 2025 8,500 TEU Charter Rate % Ch: $k/Day Dec 25 vs. Avg 2010-19 200 180 160 +268% 140 6,500 TEU Charter Rate % Ch: 120 Dec 25 vs. Avg 2010-19 100 80 +405% 6040 4,300 TEU Charter Rate % Ch: 20 D
Slide 35: Supply: Sub-12 k TEU Comprise Larger Share of Orderbook
Supply: Sub-12 k TEU Comprise Larger Share of Orderbook 35.4% Containership Orderbook, January 2026 Age Profile of Fleet: Smaller Vessel Fleet Ageing Industry Orderbook-to-Fleet Ratio, Mn TEU % Share Jan. 26 9.0 100% 58.5% of Fleet 8.0 90% 20.0% 7.0 80% 70% Orderbook-to-Fleet Ratio: 6.0 Sub-12,000 T
Slide 36: Supply: Deliveries Volumes Remain High as Scrapping Volumes Negligible
Supply: Deliveries Volumes Remain High as Scrapping Volumes Negligible 484 k TEU Containership Deliveries versus Scrapping, 2014-25 20+ Year-Old Fleets vs Segment Orderbooks Containership Deliveries, k TEU 30+ Year Fleet Q4 25 Containership Demolitions k TEU 1000 25-29 Year Fleet % Containership Del
Slide 37: Idle Capacity: Small Increase in Recent Months, but Remains below 1% of Fleet
Idle Capacity: Small Increase in Recent Months, but Remains below 1% of Fleet The volume of idle Idle Containership Capacity: Liner Company Owned vs Tonnage Provider Owned capacity remains at a low level Mn TEU % Share 3.0 90% 2015-2017 72% NOO Owned 80% 0.8% 2.5 70% Idle Fleet at End-Dec. 25 vs. Pe
Slide 38: Red Sea: Increase in Sailings in Q4, but Transits Far Below 2023 Levels
Red Sea: Increase in Sailings in Q4, but Transits Far Below 2023 Levels Red Sea Bab-Al Mandeb Strait Containership Transits, Unique Vessels Per Month, 2022-25 Diversions Remain Extensive # Unique Vessels 700 600 168 VLCV (12,000+ TEU) Large (7,600-11,999 TEU) # of Unique Containerships 500 Midsize (
Slide 39: 2,200-13,200 TEU Fleet: Workhorses of Long-Distance Container Trades
2,200-13,200 TEU Fleet: Workhorses of Long-Distance Container Trades 22.6% Danaos Fleet Segment Share of Long-Distance Trade Deployment Orderbook-to-Fleet Ratio in Danaos fleet segments provide 70.6% of capacity Danaos Fleet Segment Transpacific 63.5% of long-haul container trade volumes Transatlant
Slide 40: Alliance Shake-Up Boosts Vessel Requirements, Current Landscape Faces New Risks
Alliance Shake-Up Boosts Vessel Requirements, Current Landscape Faces New Risks Recent wave of Alliance Landscape (Current Fleets and Orderbooks) consolidation between liner operators Mn TEU 10.0 Consolidation between liner 9.0 1 companies provides more stable Orderbook set of counterparties 10 8.0
Slide 41: C.2 Drybulk Vessel Demand & Supply Side Dynamics
C.2 Drybulk Vessel Demand & Supply Side Dynamics
Slide 42: Capesize: Markets Strengthen in Q4 2025 on Increased Tonne-Miles
Capesize: Markets Strengthen in Q4 2025 on Increased Tonne-Miles $21,151 k/Day Weekly Average Capesize Spot Rate Developments, 2021-26 Baltic C5TC, Weekly Average 2025 $ k/Day 90 80 Range, 2015-20 2021 2022 2023 $22,493 k/Day 70 2024 2025 60 2026 Baltic C5TC, Weekly Average 2024 50 40 30 $16,609 k/D
Slide 43: Capesize: Chinese Iron Ore Stockpiles Increase while Steel Demand Softens
Capesize: Chinese Iron Ore Stockpiles Increase while Steel Demand Softens China Daily Steel Output, 10-Day Average, 2021-25 Chinese Iron One Stockpiles, 2023-25 + 45.8 MnT/Day Incremental Iron Ore Imports, MnT Min 2021 2022 160 2024 (MnT) 2.6 2023 2024 2025 140 2.4 120 2.2 + 22.2 2.0 100 Incremental
Slide 44: Capesize: Brazilian Iron Ore and Guinean Bauxite Drive Tonne-Mile Growth
Capesize: Brazilian Iron Ore and Guinean Bauxite Drive Tonne-Mile Growth 1249 MnT Capezize Tonne-Miles by Date of Arrival Guinean Capesize Port Calls Other Guinea # of Chinese Iron Ore Imports Australia Vessels BnTM 2025, 0.8% yoy Brazil 120 Share of Australia & Guinea (RH Axis) 2023 2024 2025 4000
Slide 45: Capesize: Deliveries Pick Up as Scrapping Stalls
Capesize: Deliveries Pick Up as Scrapping Stalls 11.4% Capesize Deliveries and Scrapping, 2015-2025 Age Profile of Capesize Fleet Capesize Orderbook-to- Fleet Ratio, End 2025 Mn Dwt 10 % Share 25+ Years 20-24 Years 15-19 Years Scrapping Deliveries 10-14 Years 5-9 Years 0-4 Years 8 100% 8.9% 6 90% Ca
Slide 46: D. Appendix
D. Appendix <i a EI Fd
Slide 47: Adjusted Net Income
Adjusted Net Income Reconciliation of Net Income / (Loss) to Adjusted Net Income USD thousands Three Months Ended December 31, Year Ended December 31, Reconciliation of Net Income / (Loss) to Adjusted Net Income 2025 2024 2025 2024 2023 2022 2021 2020 2019 2018 2017 in thousands of U.S. dollars Net
Slide 48: Adjusted Net Income per segment
Adjusted Net Income per segment Reconciliation of Net Income / (Loss) to Adjusted Net Income per segment USD thousands Three Months Ended Three Months Ended December 31, 2025 December 31, 2024 Container Dry Bulk Container Dry Bulk Reconciliation of Net Income / (Loss) to Adjusted Net Income Vessels
Slide 49: Adjusted EBITDA
Adjusted EBITDA Reconciliation of Net Income / (Loss) to EBITDA and Adjusted EBITDA USD thousands Three Months Ended December 31, Year Ended December 31, Reconciliation of Net Income / (Loss) to EBITDA and Adjusted EBITDA 2025 2024 2025 2024 2023 2022 2021 2020 2019 2018 2017 in thousands of U.S. do
Slide 50: Adjusted EBITDA per segment
Adjusted EBITDA per segment Reconciliation of Net Income / (Loss) to EBITDA and Adjusted EBITDA per segment USD thousands Three Months Ended Three Months Ended December 31, 2025 December 31, 2024 Container Dry Bulk Container Dry Bulk Reconciliation of Net Income / (Loss) to Adjusted EBITDA Vessels V
Slide 51: Free Cash Flow
Free Cash Flow Reconciliation of Free Cash Flow to Net Increase in Cash, cash equivalents and restricted cash USD thousands Three Months Ended December 31, Year Ended December 31, Reconciliation of Free Cash Flow 2025 2024 2025 2024 2023 2022 2021 2020 2019 in thousands of U.S. dollars Adjusted EBIT
Slide 52: Stock Performance – Danaos vs. Peers
Stock Performance – Danaos vs. Peers Since July 1, 2020 3000% 2500% 3,016% 2000% Stockholders' Return 1 1500% 1000% 500% 0% -500% Danaos Costamare GSL Source: NASDAQ (1) Stockholders’ return is a rate of return over the period from July 1, 2020 to February 6, 2026, including dividend received and re
Slide 53: Thank You
Thank You