Danaos Corporation · NYSE:DAC
Danaos — Q3 2025 Earnings Presentation
52 slides from Danaos's earnings presentation, Nov 18, 2025
Slide 1: Investor Presentation
Investor Presentation November 2025
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 • One of the largest publicly-listed owners of modern containerships with 50+ year history in the shipping industry A Owner and Operator • One of the most efficient operators in the industry with highly competitive breakeven levels • Charter backlog of $
Slide 5: Danaos by the Numbers
Danaos by the Numbers $4.1bn $596mm Cash Contracted revenue through 2038(1) Cash and Cash Equivalents as of September 30, 2025 0.23x $971mm Net Debt / LTM 3Q 2025 Adjusted EBITDA(2) Liquidity(3) as of September 30, 2025 $719mm ~$1.9bn LTM 3Q 2025 Adjusted EBITDA Enterprise value(4) (1) Cash Contract
Slide 6: Third Quarter 2025 Financial & Operational Summary
Third Quarter 2025 Financial & Operational Summary Three Months ended September 30, 2025 and September 30, 2024 per segment* (Express in thousands of United States dollars, except as otherwise stated) Three Months Ended Three Months Ended September 30, 2025 September 30, 2024 Container Dry Bulk Cont
Slide 7: Nine Months Ended September 30 Financial & Operational Summary
Nine Months Ended September 30 Financial & Operational Summary Nine Months ended September 30, 2025 and September 30, 2024 per segment* (Express in thousands of United States dollars, except as otherwise stated) Nine Months Ended Nine Months Ended September 30, 2025 September 30, 2024 Container Dry
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 Existing Fleet New Buildings 120 Containerships Drybulk vessels 600 110 Containerships on order Drybulk vessel to be delivered 1 159.4 134.2 500 100 91.4 46.4 24 400 90 16 300
Slide 9: Third Quarter and Nine Months Ended September 30 - Highlights
Third Quarter and Nine Months Ended September 30 - Highlights Operating Revenues Adjusted EBITDA USDm USDm $800 $600.0 $776.2 $700 $755.9 $500.0 $532.9 $529.3 $600 $400.0 $500 $400 $300.0 $300 $200.0 $200 $256.2 $260.7 $178.9 $181.6 $100.0 $100 $0 $0.0 Three Months Ended September 30 Nine Months End
Slide 10: Third Quarter and Nine Months Ended September – Segments
Third Quarter and Nine Months Ended September 30 – Segments Operating Revenues per Segment Time Charter Equivalent ($/per day)(1) per Segment USDm USD $800.0 $776.2 $60,000 $700.0 $35,663 $714.7 $36,100 $600.0 $45,000 $500.0 $400.0 $30,000 $300.0 $260.7 $239.1 $15,000 $19,910 $200.0 $16,296 $100.0 $
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 November 14, 2025. (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 November 14, 2025. (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 November 14, 2025. (2) Age as
Slide 14: Drybulk Fleet - Summary
Drybulk Fleet - Summary 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 Capesize 175
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 6x 13,100 TEU Average Age: 13.4 years NBs 1,800 TEU Remaining Charter Term: 1.6 years Remaining Charter Term : 9.9 years 5x 7x 9,600 - 10,100 TEU Average Age: 16.2 years NBs 9,200 TEU Remaining Charter Term: 4.0 years 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% 5% $4.1 billion through 3% 19% to 2038(1) 4% 6% Average charter 8% duration of 4.3 years (weighted by aggregate contracted 18% charter hire) (1) 17% Fleet utiliz
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 $1,034 $993 $974 $1,000 $1,000 $851 $800 $723 $719 $800 $707 $690 $600 $600 $509 $452 $459 $447 $462 $400 $400 $310 $318 $311 $318 $200 $200 $0 $0 2017 2018 2019 2020 2021 2022 2023 2024 LTM 3Q 2017 2018 2019 202
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 $2.1 billion Cash and Cash Equivalents Undrawn Commitments 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 LTM 3Q 2025 Free Cash Flow(1) Bridge USDm Drivers of FCF Uses of FCF High utilization Capex and Investments LTM 3Q 2025 Operational efficiency Dividends FCF excludes CapEx and Shares repurchase one-time / extraordinary items $719 (
Slide 29: Financial Debt Maturity Profile
Financial Debt Maturity Profile Well-balanced repayment profile(1) USDm $300 $276.8 $191.6 $200 $130.7 $110.3 $100 $51.6 $0 2025 2026 2027 2028 2029 Credit Facilities & Unsecured Notes Breakdown of Financial Debt $761m Credit position • Corporate credit rating at BB+ and Ba1 and senior unsecured deb
Slide 30: C.1 Container Vessel Demand & Supply Side Dynamics
C.1 Container Vessel Demand & Supply Side Dynamics
Slide 31: Container Trade: Demand Levels Strong Through 9M 2025
Container Trade: Demand Levels Strong Through 9M 2025 226 Mn Teu World Container Trade & GDP, 2000 – 2025F 2024(E) World Container Trade Mn TEU % yoy 275 17.5% 250 15.0% 225 12.5% 6.6% 175 200 10.0% 7.5% 2024(E) Trade yoy Growth 150 5.0% 125 2.5% 100 0.0% 236 Mn Teu 75 -2.5% 2025(F) World Container
Slide 32: Demand: US TEU Volumes Weaker as Tariffs Bite, Far East Exports Diverted
Demand: US TEU Volumes Weaker as Tariffs Bite, Far East Exports Diverted - 2.1% US Containerised Imports from Far East, 2018-25 TEU Imports by Source Region, 9M 25 vs 9M 24 US Far East TEU Imports, Q3 25 vs Q3 24 Mn TEU % yoy 2.0 30% 1.8 25% 9M 25 Growth from + 3.9% 1.6 Far East 9M 25 Growth from US
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 East/Subcontine Other, 2% 100% nt, 8% China/Hon g Kong, 90% 39% 18% Latin America, 80%
Slide 34: Container Timecharter Rates: Markets Remain Elevated
Container Timecharter Rates: Markets Remain Elevated +200% 1-Year Timecharter Market Rates, October 2017 – October 2025 8,500 TEU Charter Rate % Ch: $k/Day Oct. 25 vs. Avg 2010-19 200 180 160 +259% 140 6,500 TEU Charter Rate % Ch: 120 Oct. 25 vs. Avg 2010-19 100 80 +401% 6040 4,300 TEU Charter Rate
Slide 35: Supply: Contracting Continues, With Greater Emphasis on Feeder Vessels
Supply: Contracting Continues, With Greater Emphasis on Feeder Vessels 33.4% Containership Orderbook, October 2025 Age Profile of Fleet: Smaller Vessel Fleet Ageing Industry Orderbook-to-Fleet Ratio, Oct. 25 Mn TEU 58.4% % Share 8.0 of Fleet 100% 7.0 90% 16.9% 6.0 80% 70% Orderbook-to-Fleet Ratio: 5
Slide 36: Supply: Deliveries Volumes Remain High as Scrapping Volumes Negligible
Supply: Deliveries Volumes Remain High as Scrapping Volumes Negligible 464 k TEU Containership Deliveries versus Scrapping, 2014-25 20+ Year-Old Fleets vs Segment Orderbooks Containership Deliveries, k TEU 30+ Year Fleet Q3 25 k TEU % 1000 1400 25-29 Year Fleet 140% 20-24 Year Fleet Containership De
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% 2016 2.5 71% NOO Owned 75% 0.9% Idle Fleet at End-Oct. 25 2.0 60% vs. Pea
Slide 38: 2,200-13,200 TEU Fleet: Workhorses of Long-Distance Container Trades
2,200-13,200 TEU Fleet: Workhorses of Long-Distance Container Trades 19.2% Danaos Fleet Segment Share of Long-Distance Trade Deployment Orderbook-to-Fleet Ratio in Danaos Fleet Segment Danaos fleet segments provide 73% of capacity Transpacific 64% of long-haul container trade volumes Transatlantic 7
Slide 39: 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 Mn TEU operators 10.0 Consolidation between liner 9.0 1 companies provides more stable Orderbook set of counterparties 10 8.0
Slide 40: C.2 Drybulk Vessel Demand & Supply Side Dynamics
C.2 Drybulk Vessel Demand & Supply Side Dynamics
Slide 41: Capesize: Markets Remain Healthy Across Q4 2025
Capesize: Markets Remain Healthy Across Q4 2025 $21,482 / Day Weekly Average Capesize Spot Rate Developments, 2021-25 Baltic C5TC, Average $ k/Day Wk1-Wk43, 2025 90 80 Range, 2015-20 2021 2022 2023 70 $23,827 / Day 2024 2025 60 Baltic C5TC, Average Wk1-Wk43, 2024 50 40 30 $13,989 / Day 20 Baltic C5T
Slide 42: Capesize: Chinese Steel Demand Weakens, Few Tariff Impacts on Capesizes
Capesize: Chinese Steel Demand Weakens, Few Tariff Impacts on Capesizes China Daily Steel Output, 10-Day Average, 2021-25 Incremental Seaborne Iron Ore Imports, 2018-2025(F) + 55.0 Other 10yr Min-Max (2012-2021) MnT % yoy Incremental Iron Ore Imports, MnT/Day Western Europe 2021 150 7.5% 2023 (MnT)
Slide 43: Capesize: Bauxite, Brazilian Iron Ore Offer Sources of Tonne-Mile Expansion
Capesize: Bauxite, Brazilian Iron Ore Offer Sources of Tonne-Mile Expansion 334 MnT Brazil Iron Ore Exports, 2025 ytd vs History 2019-24 Capesize Annual Employment by Cargo (Mn Dwt) Brazil Iron Ore Exports, 10M MnT Min-Max (2019-23) Coal 2025 45 2024 39% 2004 Iron 2025 Ore 40 61% Coal 35 26% 326 MnT
Slide 44: Capesize: Deliveries Fall Further as Scrapping Remains Minimal
Capesize: Deliveries Fall Further as Scrapping Remains Minimal 9.7% Capesize Deliveries and Scrapping, 2015-2025 Age Profile of Capesize Fleet Capesize Orderbook-to- Fleet Ratio, End-Q3 2025 10 Mn Dwt % Share 25+ Years 20-24 Years 15-19 Years 10-14 Years 5-9 Years 0-4 Years Scrapping Deliveries 8 10
Slide 45: D. Appendix
D. Appendix <i a EI Fd
Slide 46: Adjusted Net Income
Adjusted Net Income Reconciliation of Net Income / (Loss) to Adjusted Net Income USD thousands LTM Three Months Nine Months Ended September 30, Ended September 30, Ended September 30, Year Ended December 31, Reconciliation of Net Income / (Loss) to Adjusted Net Income 2025 2024 2025 2024 2025 2024 2
Slide 47: 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 September 30, 2025 September 30, 2024 Container Dry Bulk Container Dry Bulk Reconciliation of Net Income / (Loss) to Adjusted Net Income Vessel
Slide 48: Adjusted EBITDA
Adjusted EBITDA Reconciliation of Net Income / (Loss) to EBITDA and Adjusted EBITDA USD thousands LTM Three Months Nine Months Ended September 30, Ended September 30, Ended September 30, Year Ended December 31, Reconciliation of Net Income / (Loss) to EBITDA and Adjusted EBITDA 2025 2024 2025 2024 2
Slide 49: 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 September 30, 2025 September 30, 2024 Container Dry Bulk Container Dry Bulk Reconciliation of Net Income / (Loss) to Adjusted EBITDA Vessels
Slide 50: Free Cash Flow
Free Cash Flow Reconciliation of Free Cash Flow to Net Increase in Cash, cash equivalents and restricted cash USD thousands LTM Three Months Nine Months Ended September 30, Ended September 30, Ended September 30, Year Ended December 31, Reconciliation of Free Cash Flow 2025 2024 2025 2024 2025 2024
Slide 51: Stock Performance – Danaos vs. Peers
Stock Performance – Danaos vs. Peers Since July 1, 2020 3000% 2,811% 2500% 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 November 14, 2025, including dividend received and r
Slide 52: Thank You
Thank You