Danaos Corporation · NYSE:DAC
Danaos — Investor Presentation (August 2026)
55 slides from Danaos's investor presentation, August 2026
Slide 1: Investor Presentation
Investor Presentation August 2026 NYSE: DAC
Slide 2: Important Disclaimer
Important Disclaimer Forward-Looking Statements 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
Slide 3: Business Highlights
Business Highlights Core pillars of the Danaos investment thesis Leading Containership Owner and Strong and Stable Cash Flow Profile Operator • $4.6B charter backlog through 2038(1) Top containership owner & operator with 50+ year history • 100% coverage for 2026, 93% for 2027, 79% for 2028 and 61%
Slide 4: Key Business Highlights
Key Business Highlights Core pillars of the Danaos investment thesis Leading Containership 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 competit
Slide 5: Key Business Highlights
Key Business Highlights Core pillars of the Danaos investment thesis Strong and Stable Cash Flow Profile • Containers charter backlog of $4.6 billion through 2038(1) with world leading liner companies provides good cash flow visibility • We have now secured multi-year chartering agreements for 22 ou
Slide 6: Danaos by the Numbers
Danaos by the Numbers Key financial metrics as of June 30, 2026 $4.6B $1.0B 0.30x Cash Contracted Revenue Cash & Cash Net Debt / LTM through 2038(1) Equivalents as of June 30, 2026 Adjusted EBITDA $739M $1.5B ~$2.8B LTM Total Enterprise Adjusted EBITDA(2) Liquidity(3) as of June 30, 2026 Value(4) (1
Slide 7: Three Months ended June 30 Financial & Operational Summary
Three Months ended June 30 Financial & Operational Summary Three Months ended June 30, 2026 and June 30, 2025 per segment* (Expressed in thousands of United States dollars, except as otherwise stated) Three Months Ended Three Months Ended June 30, 2026 June 30, 2025 Container Dry Bulk Container Dry
Slide 8: Six Months ended June 30 Financial & Operational Summary
Six Months ended June 30 Financial & Operational Summary Six Months ended June 30, 2026 and June 30, 2025 per segment* (Expressed in thousands of United States dollars, except as otherwise stated) Six Months Ended Six Months Ended June 30, 2026 June 30, 2025 Container Dry Bulk Container Dry Bulk Fin
Slide 9: 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 4 Containerships Drybulks 600 110 184.6 Containerships on order Drybulks on order 134.2 500 100 29 46.4 91.4 400 90 16 300 80 12 11 10 436.6 4
Slide 10: Second Quarter and Six Months Ended June 30 - Highlights
Second Quarter and Six Months Ended June 30 - Highlights Operating Revenues Adjusted EBITDA USDm $600 USDm $400.0 $500 $515.5 $528.1 $347.7 $367.4 $300.0 $400 $300 $200.0 $186.8 $262.2 $274.4 $176.0 $200 $100.0 $100 $0 $0.0 Three Months Ended June 30 Six Months Ended June 30 Three Months Ended June
Slide 11: Second Quarter and Six Months Ended June 30 - Segments
Second Quarter and Six Months Ended June 30 - Segments Operating Revenues per Segment Time Charter Equivalent ($/per day)(1) per Segment USDm $600.0 USD $60,000 $528.1 $500.0 $400.0 $40,000 $35,522 $35,513 $30,401 $28,007 $300.0 $274.4 $200.0 $20,000 $238.7 $100.0 $468.2 $35.7 $59.9 $0 $0.0 Three Mo
Slide 12: Substantial Containership Fleet Employment and Charter Coverage
Substantial Containership Fleet Employment and Charter Coverage(1) As of July 31, 2026 Current charter Next Charter Charter Charter 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Containership Vessel TEU Age Rate Expiry Rate Expiry Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Slide 13: Substantial Containership Fleet Employment and Charter Coverage
Substantial Containership Fleet Employment and Charter Coverage(1) As of July 31, 2026 Current charter Next Charter Charter Charter 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Containership Vessel TEU Age Rate Expiry Rate Expiry Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Slide 14: Substantial Containership Fleet Employment and Charter Coverage
Substantial Containership Fleet Employment and Charter Coverage(1) As of July 31, 2026 Current charter Next Charter Charter Charter 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 Containership Newbuildings TEU Age Rate Expiry Rate Expiry Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Slide 15: Drybulk Fleet - Summary
Drybulk Fleet - Summary As of June 30, 2026 • Drybulks (1) No. Vessel Type DWT Built Age 1 Genius Capesize 175,580 2012 14 2 Danaos Capesize 176,536 2011 15 3 Ingenuity Capesize 176,022 2011 15 4 Achievement Capesize 175,966 2011 15 5 Valentine Capesize 175,125 2011 15 6 Gouverneur Capesize 178,043
Slide 16: Experienced Senior Management
Experienced 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 the • Over 30 years of experience in corporate shipping industry finance and the s
Slide 17: Leading Containership Owner and Operator
Leading Containership Owner and Operator NYSE: DAC | www.danaos.com
Slide 18: Legacy of Leadership in Container Shipping
50 Year Legacy of Leadership in Container Shipping 1987 2006 2018 2020 to 2026 Dr. John Coustas steps into NYSE IPO Refinancing Strong Free Cash Flow Chief Executive role Raised $200mn generation and Deleveraging 1972 2005 2010 2019 Founded by Dimitris Coustas Incorporation in Marshall $200mn equity
Slide 19: A Diverse & High-Quality Fleet
A Diverse & High-Quality Fleet Containership Fleet Overview(1) 4x 5x NBs 1,800 TEU 13,100 TEU Remaining Charter Term : 9.9 years Average Age: 14.2 years Remaining Charter Term: 0.8 years 2x 5x NBs 5,000 TEU 9,600 - 10,100 TEU Remaining Charter Term : 7.3 years Average Age: 17.0 years Remaining Chart
Slide 20: Charter Backlog to Leading Container Operators
Charter Backlog to Leading Container Operators Containership Charter Backlog (Contracted TEU capacity per charterer) Charter backlog of $4.6 billion 3% 5% through to 2038(1) 3% 20% 4% 6% Average charter duration of 4.7 years 7% (weighted by aggregate 20% contracted charter hire) (1) 16% 16% Fleet ut
Slide 21: 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 22: 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 Certification of Lloyd’s List Technical Innovation Award – Lloyd’s List Intelligence Big Data Award – its
Slide 23: 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 24: 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 reduce ✓ Code of ethics and compliance ✓ Independent Board ✓ 14% increase in the use
Slide 25: Robust Capital Structure and Conservative Financial Strategy
Robust Capital Structure and Conservative Financial Strategy NYSE: DAC | www.danaos.com
Slide 26: Strategic Initiatives & Growth
Strategic Initiatives & Growth Building long-term shareholder value Fleet Expansion Dry Bulk Fleet Contract Coverage Diversification • 76 operating containerships - 485,749 TEU • Re-entered dry bulk segment • $4.6B backlog through 2038 total capacity • Acquired 11 Capesize carriers • 100% coverage f
Slide 27: Historical Financial Highlights
Historical Financial Highlights Revenues Adjusted EBITDA USDm $1,200 USDm $1,000 $1,042 $1,055 $851 $993 $974 $1,014 $1,000 $800 $739 $707 $723 $719 $800 $690 $600 $509 $600 $452 $459 $447 $462 $400 $310 $318 $311 $318 $400 $200 $200 $0 $0 2017 2018 2019 2020 2021 2022 2023 2024 2025 LTM 2017 2018 2
Slide 28: Focused on Maintaining Conservative Capital Structure
Focused on Maintaining Conservative Capital Structure De-leveraging Profile Cash and Cash Equivalents(2) and Undrawn Revolving Credit Facility Decrease in Net Debt USDm Net Debt - Adjusted EBITDA Multiple(1) by $2.1 billion Cash and Cash Equivalents Undrawn Revolving Credit Facility Net Adjusted Deb
Slide 29: Strong Free Cash Flow Visibility & Great Conversion to OCF
Strong Free Cash Flow Visibility & Great Conversion to OCF LTM 2Q 2026 Free Cash Flow(1) Bridge USDm Drivers of FCF Uses of FCF High utilization Capex and Investments LTM 2Q 2026 FCF $739 Operational efficiency Dividends excludes CapEx and Shares repurchase one-time / extraordinary items $
Slide 30: Financial Debt Maturity Profile of Outstanding Indebtedness as of June 30, 2026
Financial Debt Maturity Profile of Outstanding Indebtedness as of June 30, 2026 Well-balanced repayment profile(1) USDm $600 $500 $500.0 $417.1 $400 $300 $200 $93.0 $100 $29.2 $32.1 $34.1 $36.0 $38.1 $40.2 $12.9 $0 2026 2027 2028 2029 2030 2031 2032 2033 2034 (Remaining) Debt Amortization Bond Break
Slide 31: Container Vessel Demand & Supply Side Dynamics
Container Vessel Demand & Supply Side Dynamics NYSE: DAC | www.danaos.com
Slide 32: Container Trade: Risks in 2026 Followed by Rebound in 2027
Container Trade: Risks in 2026 Followed by Rebound in 2027 • World Container Trade & GDP, 2000 – 2027F 242 Mn Teu 275 Mn TEU % yoy 17.5% 2026(F) World Container Trade 250 15.0% 225 12.5% 200 10.0% 1.7% 175 7.5% 2026(F) Trade yoy Growth 150 5.0% 125 2.5% 100 0.0% 253 Mn Teu 75 -2.5% 2027(F) World 50
Slide 33: Demand: US Imports Begin Recovery While Chinese Exports Remain Strong
Demand: US Imports Begin Recovery While Chinese Exports Remain Strong • US Containerised Imports from Far East, 2020-26 • Annual Far East Exports to Non-Mainlane Import Regions 7.8% Mn TEU 12 Mn TEU 2020 2021 2022 US Far East TEU Imports, 2.0 Q2 2026 vs Q2 2025 1.8 2023 2024 2025 10 1.6 - 0.2% US Fa
Slide 34: Middle East Crisis: Containership Exposure Smaller than Red Sea Crisis
Middle East Crisis: Containership Exposure Smaller than Red Sea Crisis • Container Market Exposure: Strait of Hormuz vs Red Sea • Containership Spot Freight Rate Trends 20% % Share $/FEU Far East-N. Europe Share of Container Trade 30% 9000 Far East-USWC Transiting Red Sea, Nov 23 Share of World Cont
Slide 35: US Tariffs: Chinese US Market Share Extensive, Options to Diversify Over Time
US Tariffs: Chinese US Market Share Extensive, Options to Diversify Over Time • US Containerised Imports by Source, 2025 • World Container Trade by Region, 2025 39% % Share China Share of US TEU Middle Other, 100% Imports, 2025 East/Subcontinent, 1% 7% China/Hong 90% Latin Kong, 39% 80% America, 19%
Slide 36: Container Timecharter Rates: The Market Remains Firm
Container Timecharter Rates: The Market Remains Firm +202% • 1-Year Timecharter Market Rates, Jan 2018 – Jun 2026 8,500 TEU Charter $k/Day Rate % Ch: Jun 26 vs.200 Avg 2010-19 180 160 +278% 140 6,500 TEU Charter Rate % Ch: Jun 26 vs. 120 Avg 2010-19 100 80 +431% 60 4,300 TEU Charter 40 Rate % Ch: Ju
Slide 37: Supply: Sub-12k TEU Fleet Renewal Continues as 12+k TEU Orders Stall
Supply: Sub-12 k TEU Fleet Renewal Continues as 12+ k TEU Orders Stall • Containership Orderbook, Jul 2026 • Age Profile of Fleet: Smaller Vessel Fleet Ageing 39.6% Mn TEU % Share Industry Orderbook-to-Fleet 9.0 57.5% 100% Ratio, Jul 26 of Fleet 8.0 90% 7.0 80% 27.3% 70% Orderbook-to-Fleet Ratio: 6.
Slide 38: Supply: Deliveries Volumes Lower but Scrapping Volumes Still Negligible
Supply: Deliveries Volumes Lower but Scrapping Volumes Still Negligible 260 k TEU • Containership Deliveries versus Scrapping, 2014-26 k TEU • 20+ Year-Old Fleets vs Segment Orderbooks 30+ Year Fleet Containership Deliveries, Q2 1000 25-29 Year Fleet 26 k TEU % 20-24 Year Fleet Containership Demolit
Slide 39: Idle Capacity: Remains Very Low, below 1% of Fleet
Idle Capacity: Remains Very Low, below 1% of Fleet The volume of • Idle Containership Capacity: Liner Company Owned vs Tonnage Provider Owned idle capacity remains at a low Mn TEU % Share 3.0 90% level 2015-2017 72% NOO Owned 2.5 75% 0.7% 2.0 60% Idle Fleet at End-Jun 26 vs. Peak of 11% in May 20 1.
Slide 40: Red Sea: Transits Far Below 2023 Levels, Unlikely to Change in Near-Term
Red Sea: Transits Far Below 2023 Levels, Unlikely to Change in Near-Term Red Sea • Bab-Al Mandeb Strait Containership Transits, Unique Vessels Per Month, 2022-26 Diversions # Unique Vessels per Remain 700 Month Extensive 600 187 VLCV (12,000+ TEU) # of Unique Containerships 500 Large (7,600-11,999 T
Slide 41: 2,200-13,200 TEU Fleet: Workhorses of Long-Distance Container Trades
2,200-13,200 TEU Fleet: Workhorses of Long-Distance Container Trades • Danaos Fleet Segment Share of Long-Distance Trade Deployment 29.8% Danaos fleet segments provide 69.5% of capacity Orderbook-to-Fleet Ratio in Danaos Fleet Segment Transpacific 63.7% of long-haul container trade volumes Transatla
Slide 42: 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 Consolidation between liner companies between liner operators 12.0 Mn TEU 1 provides more stable set of counterparties 10.0 Orderbook Flee
Slide 43: Drybulk Vessel Demand & Supply Side Dynamics
Drybulk Vessel Demand & Supply Side Dynamics NYSE: DAC | www.danaos.com
Slide 44: Capesize: Markets Strengthen in H1 2025 due to a Cocktail of Disruptions
Capesize: Markets Strengthen in H1 2025 due to a Cocktail of Disruptions • Weekly Average Capesize Spot Rate Developments, 2021-26 $29,404 k/Day $ k/Day Baltic C5TC, Weekly Average 90 H1 2026 Range, 2015-20 2021 2022 80 2023 2024 2025 70 2026 60 $21,151 k/Day 50 Baltic C5TC, Weekly Average 2025 40 3
Slide 45: Capesize: Iron Ore and Bauxite Trade Support Capesize Demand in 2026
Capesize: Iron Ore and Bauxite Trade Support Capesize Demand in 2026 • Incremental Iron Ore Trade Outlook • Guinean Bauxite Exports 1255 MnT 150 MnT Other % yoy 7.5% 25 MnT 2022 2023 2024 2025 2026 Chinese Iron Ore Imports Western Europe Hundreds India 2025, + 1.4% yoy Taiwan South Korea Japan 100 C
Slide 46: Capesize: Chinese Iron Ore Imports Rise Despite Weakening Fundamentals
Capesize: Chinese Iron Ore Imports Rise Despite Weakening Fundamentals • Monthly Chinese Steel Production (2022-2026) • Chinese Iron Ore Stockpiles, 2021-26 - 44.3 MnT MnT 2022 2023 2024 2025 2026 180 MnT Incremental Chinese Steel 100 Production 2025E 160 95 140 - 14.2 MnT 90 120 Incremental Chinese
Slide 47: Capesize: Deliveries Pick Up as Scrapping Stalls
Capesize: Deliveries Pick Up as Scrapping Stalls • Capesize Deliveries and Scrapping, 2015-2026 • Age Profile of Capesize Fleet 15.3% 10 Mn Dwt % Share 25+ Years 20-24 Years 15-19 Years Capesize Orderbook-to-Fleet 100% Ratio, 6M 2026 Scrapping Deliveries 8 90% 6 80% 7.6% 4 70% Capesize Orderbook-to-
Slide 48: Appendix
Appendix NYSE: DAC | www.danaos.com
Slide 49: Adjusted Net Income
Adjusted Net Income As of June 30, 2026 Reconciliation of Net Income / (Loss) to Adjusted Net Income USD thousands Last Twelve Months Three Months Six Months Ended June 30, Ended June 30, Ended June 30, Year Ended December 31, Reconciliation of Net Income / (Loss) to Adjusted Net Income 2026 2025 20
Slide 50: Adjusted Net Income / (Loss) per Segment
Adjusted Net Income / (Loss) per Segment As of June 30, 2026 Reconciliation of Net Income / (Loss) to Adjusted Net Income per segment USD thousands Three Months Ended Three Months Ended June 30, 2026 June 30, 2025 Container Dry Bulk Container Dry Bulk Reconciliation of Net Income to Adjusted Net Inc
Slide 51: Adjusted EBITDA
Adjusted EBITDA As of June 30, 2026 Reconciliation of Net Income / (Loss) to EBITDA and Adjusted EBITDA USD thousands Last Twelve Months Three Months Six Months Ended June 30, Ended June 30, Ended June 30, Year Ended December 31, Reconciliation of Net Income / (Loss) to EBITDA and Adjusted EBITDA 20
Slide 52: Adjusted EBITDA per segment
Adjusted EBITDA per segment As of June 30, 2026 Reconciliation of Net Income / (Loss) to EBITDA and Adjusted EBITDA per segment USD thousands Three Months Ended Three Months Ended June 30, 2026 June 30, 2025 Container Dry Bulk Container Dry Bulk Reconciliation of Net Income to Adjusted EBITDA Vessel
Slide 53: Free Cash Flow
Free Cash Flow As of June 30, 2026 Reconciliation of Free Cash Flow to Net Increase in Cash, cash equivalents and restricted cash USD thousands Last Twelve Months Three Months Six Months Ended June 30, Ended June 30, Ended June 30, Year Ended December 31, Reconciliation of Free Cash Flow 2026 2025 2
Slide 54: Stock Performance - Danaos vs. Peers
Stock Performance - Danaos vs. Peers Since July 1, 2020 4245% 4500% 4000% 3500% 3000% 2500% Stockholders' Return 1 2000% 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 July 31, 2026, including dividend r
Slide 55: Thank You
Thank You NYSE: DAC | www.danaos.com