Danaos Corporation Reports Third Quarter and Nine Months Results for the Period Ended September 30, 2011
(firmenpresse) - ATHENS, GREECE -- (Marketwire) -- 11/07/11 -- Danaos Corporation ("Danaos") (NYSE: DAC), a leading international owner of containerships, today reported unaudited results for the period ended September 30, 2011.
(1) Adjusted net income, adjusted earnings per share and adjusted EBITDA are non-GAAP measures. Refer to the reconciliation of net income/(loss) to adjusted net income and net income/(loss) to adjusted EBITDA.
This quarter we experienced one of the most sudden market drops in recent history due to the termination of a number of services, putting vessels mostly panamax size in the market either as liner relets, or by redeliveries. There was some demand for these vessels however at rates which were close, or below operating costs. We expect that this situation will continue until Chinese new year and thereafter a moderate recovery will materialize by either new services, or by upgrading of services to achieve economies of scale.
During this quarter, we continued to take delivery of our contracted fleet and added two 8,500 TEU vessels to the fleet, which are chartered for 12 years at accretive rates. We have focused our attention to cost control to ensure the profitability of our operations. During the three and nine months ended September 30, 2011, we have produced adjusted EBITDA of $86 million and $230 million, respectively, and adjusted net income of $0.16 per share and $0.41 per share, respectively, which mark a solid performance of our fleet.
In terms of employment, we have recently re-chartered a panamax containership at market rates for 1 year, while we decided to lay-up temporarily another panamax vessel rather than chartering it out below operating expenses. This decision being cost neutral will give us the opportunity to charter the vessel out at a better level from February onwards.
Notwithstanding the above, it has to be noted that despite the softening of the container market the position of Danaos remains strong due to the strong charter coverage that runs at 92% until the end of 2012, which includes new deliveries that already have 12 year charters in place. The Company is practically insulated from the effects of a soft charter market, having solid income visibility with limited downside on charter market risks.
On the positive side, the market deterioration has put the brakes on any further newbuilding discussions and in combination with the lending freeze by European banks this will be a limiting factor to the growth of the fleet that will offer favorable future market dynamics.
We will continue to monitor the market closely to optimize the utilization of our assets and to complete the delivery of the remaining 7 vessels in our contracted fleet until June 2012.
During the quarter ended September 30, 2011, Danaos had an average of 56.4 containerships compared to 47.9 containerships for the same period in 2010. During the third quarter of 2011, we took delivery of two vessels, the CMA CGM Attila, on July 8, 2011 and the CMA CGM Tancredi, on August 22, 2011. Our fleet utilization was increased to 99.4% in the three months ended September 30, 2011 compared to 96.9% in the same period of 2010, due to a decrease in the off-hire days in the third quarter of 2011 compared to 2010.
Our adjusted net income was $17.6 million, or $0.16 per share, for the three months ended September 30, 2011 compared to $12.1 million, or $0.14 per share, for the three months ended September 30, 2010. We have adjusted our net income of the third quarter 2011 for a non-cash loss in fair value of derivatives of $4.7 million, realized losses on swaps of $10.3 million attributable to our over-hedging position (as described below), as well as a non-cash expense of $3.5 million for fees related to our comprehensive financing plan (related to non-cash, amortizing and accrued finance fees). Please refer to the Adjusted Net Income reconciliation table, which appears later in this earnings release.
The increase of 45.5%, or $5.5 million, in the adjusted net income for the three months ended September 30, 2011 compared to the three months ended September 30, 2010, was mainly attributable to the increased Income from Operations, which was partially off-set by an increase in realized losses on our interest rate swap contracts (after the adjustment of the over-hedging portion), as well as increased interest expense (mainly due to the higher average indebtedness) during the three months ended September 30, 2011 compared to the same period in 2010.
On a non-adjusted basis our net loss was $0.8 million, or $0.01 per share, for the third quarter of 2011, compared to net income of $1.0 million, or $0.01 per share, for the third quarter of 2010.
As a result of our comprehensive financing plan, we are currently in an over-hedged position under our cash flow interest rate swaps, which is due to deferred progress payments to shipyards, cancellation of three newbuildings in 2010, the replacement of variable interest rate debt with fixed interest rate Vendor Financing and equity proceeds from our private placement in 2010, all of which reduced initially forecasted variable interest rate debt and resulted in notional cash flow interest rate swaps being above our variable interest rate debt eligible for hedging. The over-hedged position described above will be gradually reduced and ultimately eliminated during the second half of 2012, following the delivery of all of our remaining newbuildings.
Operating revenue increased 33.2%, or $31.4 million, to $126.0 million in the three months ended September 30, 2011, from $94.6 million in the three months ended September 30, 2010. The increase was primarily attributable to the addition of eight vessels to our fleet, as follows:
These additions to our fleet contributed revenues of $26.0 million during the three months ended September 30, 2011.
Furthermore, operating revenues for the three months ended September 30, 2011, reflect:
Vessel operating expenses increased 27.5%, or $6.8 million, to $31.5 million in the three months ended September 30, 2011, from $24.7 million in the three months ended September 30, 2010. The increase is mainly attributable to the increased average number of vessels in our fleet during the three months ended September 30, 2011 compared to the same period of 2010, as well as incremental costs with respect to certain vessels, which were on lay-up for 14 days in aggregate during the third quarter of 2011 compared to 128 days in the same period of 2010. The average daily operating cost per vessel increased to $6,321 for the three months ended September 30, 2011, from $5,971 for the three months ended September 30, 2010 (excluding those vessels on lay-up). The increase is mainly attributable to the increased lubricant expenses following the increase of crude oil prices in the three months ended September 30, 2011 compared to the same period of 2010, as well as upward cost pressure on Euro denominated costs resulting from the weaker US Dollar in the three months ended September 30, 2011 compared to the same period of 2010.
Depreciation & Amortization includes Depreciation and Amortization of Deferred Dry-docking and Special Survey Costs.
Depreciation
Depreciation expense increased 33.8%, or $7.1 million, to $28.1 million in the three months ended September 30, 2011, from $21.0 million in the three months ended September 30, 2010. The increase in depreciation expense was due to the increased average number of vessels in our fleet during the three months ended September 30, 2011 compared to the same period of 2010.
Amortization of Deferred Dry-docking and Special Survey Costs
Amortization of deferred dry-docking and special survey costs decreased 48.1%, or $1.3 million, to $1.4 million in the three months ended September 30, 2011, from $2.7 million in the three months ended September 30, 2010. During the three months ended September 30, 2010, we had written-off the remaining unamortized balances of deferred dry-docking and special survey costs of $1.4 million related to three of our vessels, as their new dry-docking was performed before the initially scheduled dates.
General and administrative expenses decreased 11.3%, or $0.6 million, to $4.7 million in the three months ended September 30, 2011, from $5.3 million in the same period of 2010. The decrease was the result of reduced legal and advisory fees of $1.1 million recorded in the three months ended September 30, 2011 compared to the same period of 2010, which was offset by increased fees of $0.5 million to our Manager in the third quarter of 2011 compared to the same period of 2010, due to the increase in the average number of our vessels in our fleet.
Other Operating Expenses includes Voyage Expenses
Voyage Expenses
Voyage expenses increased by $2.1 million, to $3.6 million in the three months ended September 30, 2011, from $1.5 million in the three months ended September 30, 2010. The increase was the result of increased port expenses, commissions and other voyage expenses, due to the increased number of vessels in our fleet in the third quarter of 2011 compared to the same period of 2010. Furthermore, during the three months ended September 30, 2011, we incurred an expense of $0.8 million related to fuel costs in relation to the repositioning of one of our vessels. Our vessels are not otherwise subject to fuel costs, which are paid by our charterers.
Interest expense increased by 24.1%, or $2.8 million, to $14.4 million in the three months ended September 30, 2011, from $11.6 million in the three months ended September 30, 2010. The change in interest expense was due to the increase in our average debt by $448.5 million, to $2,873.4 million in the quarter ended September 30, 2011, from $2,424.9 million in the quarter ended September 30, 2010, which was partially offset by the decrease in the margin over LIBOR payable on interest under our credit facilities in the three months ended September 30, 2011 compared to the three months ended September 30, 2010, in accordance with our comprehensive financing plan, which sets the margin at 1.85% (in relation to our credit facilities under our Bank Agreement). Furthermore, the financing of our newbuilding program resulted in interest being capitalized, rather than such interest being recognized as an expense, of $3.2 million for the three months ended September 30, 2011 compared to $5.1 million of capitalized interest for the three months ended September 30, 2010.
Interest income increased by $0.1 million, to $0.3 million in the three months ended September 30, 2011, from $0.2 million in the three months ended September 30, 2010.
Other finance costs, net, decreased by $0.1 million, to $3.6 million in the three months ended September 30, 2011, from $3.7 million in the three months ended September 30, 2010. During the third quarter of 2011, we recorded and expense of $0.4 million of finance fees accrued related to our comprehensive financing plan, as well as increased amortization of finance fees by $2.7 million (which were deferred and will be amortized over the life of the respective credit facilities) compared to the same period in 2010.During the third quarter of 2010, we also recorded a one-off expense of $3.1 million related to bank fees incurred in our comprehensive financing plan.
Other income/(expenses), net, was a gain of $0.1 million in the three months ended September 30, 2011, compared to a gain of $12.6 million in the three months ended September 30, 2010. During the third quarter 2010, we recorded a gain of $12.6 million in relation to an agreement entered into with the charterer of the three newbuildings cancelled on May 25, 2010 in consideration for the termination of the respective charter parties.
Unrealized loss on interest rate swap hedges, decreased by $7.7 million, to $4.7 million in the three months ended September 30, 2011, from $12.4 million in the three months ended September 30, 2010, which is attributable to hedge accounting ineffectiveness and mark to market valuation of the swaps.
Realized loss on interest rate swap hedges, increased by $11.9 million, to $35.3 million in the three months ended September 30, 2011, from $23.4 million in the three months ended September 30, 2010, which is mainly attributable to the higher average notional amount of swaps and the persisting low floating LIBOR rates.
In addition, realized losses on cash flow hedges of $7.0 million and $8.0 million in the three months ended September 30, 2011 and 2010, respectively, were deferred in "Accumulated Other Comprehensive Loss", rather than such realized losses being recognized as expenses, and will be reclassified into earnings over the depreciable lives of these vessels under construction, which are financed by loans with interest rates that have been hedged by our interest rate swap contracts. The table below provides an analysis of the items discussed above, and which were recorded in the three months ended September 30, 2011 and 2010:
Adjusted EBITDA increased 36.0%, or $22.8 million, to $86.2 million in the three months ended September 30, 2011, from $63.4 million in the three months ended September 30, 2010. Adjusted EBITDA for the third quarter of 2011, is adjusted for a non-cash loss in fair value of derivatives of $4.2 million, realized losses on derivatives of $35.3 million, as well as an expense of $3.5 million for fees related to our comprehensive financing plan (related to non-cash, amortizing and accrued finance fees). Tables reconciling Adjusted EBITDA to Net (Loss)/Income can be found at the end of this earnings release.
During the nine months ended September 30, 2011, Danaos had an average of 53.9 containerships compared to 44.3 containerships for the same period of 2010. Our fleet utilization declined to 97.9% in the nine months ended September 30, 2011 compared to 98.2% in the same period of 2010, mainly due to increased scheduled off-hire days.
Our adjusted net income was $45.0 million, or $0.41 per share, for the nine months ended September 30, 2011 compared to $46.9 million, or $0.73 per share, for the nine months ended September 30, 2010. We have adjusted our net income for the nine months ended September 30, 2011 for a non-cash gain in fair value of derivatives of $1.8 million, a non-cash loss in fair value of warrants of $2.2 million, realized losses on swaps of $30.2 million attributable to our over-hedging position, an expense of $2.3 million for fees related to our comprehensive financing plan (related to legal and advisory fees) and a non-cash expense of $7.8 million of amortizing and accrued finance fees. Please refer to the Adjusted Net Income reconciliation table, which appears later in this earnings release.
The decrease of 4.1%, or $1.9 million, in adjusted net income for the nine months ended September 30, 2011 compared to the nine months ended September 30, 2010 was mainly attributable to increased realized losses on our interest rate swap contracts (after the adjustment of the over-hedging portion) recorded in our Statement of Income during the nine months ended September 30, 2011 compared to the same period of 2010, as well as increased interest expense due to higher average indebtedness in the first nine months of 2011 compared to the same period in 2010, which was partially offset by a reduced margin over LIBOR applicable to borrowings following our Bank Agreement (which was reset to 1.85% for all our credit facilities under our Bank Agreement), and further offset by increased Income from Operations.
On a non-adjusted basis, our net income was $4.4 million, or $0.04 per share, for the nine months ended September 30, 2011, compared to net loss of $93.5 million, or $1.45 per share, for the nine months ended September 30, 2010.
Operating revenue increased 31.1%, or $80.6 million, to $339.8 million in the nine months ended September 30, 2011, from $259.2 million in the nine months ended September 30, 2010. The increase was primarily attributable to the addition to our fleet of eight vessels, as follows:
These additions to our fleet contributed revenues of $49.7 million during the nine months ended September 30, 2011.
Furthermore, operating revenues for the nine months ended September 30, 2011, reflect:
Vessel operating expenses increased 43.0%, or $26.3 million, to $87.4 million in the nine months ended September 30, 2011, from $61.1 million in the nine months ended September 30, 2010. The increase is mainly attributable to the increased average number of vessels in our fleet during the nine months ended September 30, 2011 compared to the same period of 2010, as well as incremental costs of certain vessels, which were on lay-up for 119 days in aggregate during the nine months ended September 30, 2011 compared to 1,219 days in the same period of 2010. The average daily operating cost per vessel increased to $6,220 for the nine months ended September 30, 2011, from $5,712 for the nine months ended September 30, 2010 (excluding those vessels on lay-up).
Depreciation & Amortization includes Depreciation and Amortization of Deferred Dry-docking and Special Survey Costs.
Depreciation
Depreciation expense increased 39.8%, or $21.8 million, to $76.6 million in the nine months ended September 30, 2011, from $54.8 million in the nine months ended September 30, 2010. The increase in depreciation expense was due to the increased average number of vessels in our fleet during the nine months ended September 30, 2011, compared to the same period of 2010.
Amortization of Deferred Dry-docking and Special Survey Costs
Amortization of deferred dry-docking and special survey costs decreased 25.8%, or $1.6 million, to $4.6 million in the nine months ended September 30, 2011, from $6.2 million in the nine months ended September 30, 2010. During the nine months ended September 30, 2010, we had written-off the remaining unamortized balances of deferred dry-docking and special survey costs of $1.4 million related to three of our vessels, as their new dry-docking was performed before the initially scheduled dates.
General and administrative expenses decreased 14.6%, or $2.4 million, to $14.0 million in the nine months ended September 30, 2011, from $16.4 million in the same period of 2010. The decrease was the result of a reduction in legal and advisory fees by $4.2 million recorded in the nine months ended September 30, 2011, which partially was offset by increased fees of $1.7 million to our Manager in the nine months ended September 30, 2011 compared to the same period of 2010, due to the increase in the average number of our vessels in our fleet.
Other Operating Expenses includes Voyage Expenses.
Voyage Expenses
Voyage expenses increased 64.6%, or $3.1 million, to $7.9 million in the nine months ended September 30, 2011, from $4.8 million for the nine months ended September 30, 2010. The increase was the result of increased port expenses, commissions and other voyage expenses due to the increased number of vessels in our fleet in the nine months ended September 30, 2011 compared to the same period of 2010. Furthermore, during the nine months ended September 30, 2011, we incurred an expense of $0.8 million related to fuel costs due to the repositioning of one of our vessels. Our vessels are not otherwise subject to fuel costs, which are paid by our charterers.
Interest expense increased 29.8%, or $9.0 million, to $39.2 million in the nine months ended September 30, 2011, from $30.2 million in the nine months ended September 30, 2010. The change in interest expense was due to the increase in our average debt by $400.8 million, to $2,755.9 million in the nine months ended September 30, 2011, from $2,355.1 million in the nine months ended September 30, 2010, which was partially offset by the decrease in the margin over LIBOR payable on interest under our credit facilities in the nine months ended September 30, 2011 compared to the nine months ended September 30, 2010, in accordance with our comprehensive financing plan, which sets the margin at 1.85% (in relation to our credit facilities under our Bank Agreement). Furthermore, the financing of our extensive newbuilding program resulted in interest being capitalized, rather than such interest being recognized as an expense, of $12.9 million for the nine months ended September 30, 2011 compared to $19.6 million of capitalized interest for the nine months ended September 30, 2010.
Interest income increased by $0.3 million, to $1.0 million in the nine months ended September 30, 2011, from $0.7 million in the nine months ended September 30, 2010.
Other finance costs, net, increased by $6.1 million, to $10.9 million in the nine months ended September 30, 2011, from $4.8 million in the nine months ended September 30, 2010. The increase is attributable to increased amortization of finance fees of $5.6 million (which were deferred and are amortized over the life of the respective credit facilities) and $1.2 million of finance fees accrued for the nine months ended September 30, 2011, as well as a non-cash loss in fair value of warrants of $2.2 million recorded in the nine months ended September 30, 2011. Furthermore, during the nine months ended September 30, 2010, we recorded an expense of $3.1 million of one-off fees related to our comprehensive financing plan.
Other income/(expenses), net, was an expense of $2.0 million in the nine months ended September 30, 2011, compared to a gain of $12.7 million in the nine months ended September 30, 2010. During the nine months ended September 30, 2011, we recorded an expense of $2.3 million for fees directly related to our comprehensive financing plan. Furthermore, during the nine months ended September 30, 2010, we recorded a gain of $12.6 million in relation to an agreement entered into with the charterer of the three newbuildings cancelled on May 25, 2010 in consideration for the termination of the respective charter parties.
Unrealized gain/(loss) on interest rate swap hedges, decreased by $58.9 million, to a gain of $1.8 million in the nine months ended September 30, 2011, from a loss of $57.1 million in the nine months ended September 30, 2010, which is attributable to hedge accounting ineffectiveness and mark to market valuation of the swaps.
Realized loss on interest rate swap hedges, increased by $34.5 million, to $95.5 million in the nine months ended September 30, 2011, from $61.0 million in the nine months ended September 30, 2010, which is mainly attributable to the higher average notional amount of swaps and the persisting low floating LIBOR rates.
In addition, realized losses on cash flow hedges of $24.9 million and $29.8 million in the nine months ended September 30, 2011 and 2010, respectively, were deferred in "Accumulated Other Comprehensive Loss", rather than such realized losses being recognized as expenses, and will be reclassified into earnings over the depreciable lives of these vessels under construction, which are financed by loans with interest rates that have been hedged by our interest rate swap contracts. The table below provides an analysis of the items discussed above, and which were recorded in the nine months ended September 30, 2011 and 2010:
Adjusted EBITDA increased by $50.9 million, or 28.5%, to $229.8 million in the nine months ended September 30, 2011, from $178.9 million in the nine months ended September 30, 2010. Adjusted EBITDA of 2011 excludes a non-cash gain in fair value of derivatives of $2.9 million, realized losses on derivatives of $95.5 million, an expense of $12.3 million for fees related to our comprehensive financing plan ($7.8 million of non-cash, amortizing and accrued finance fees, a non-cash loss in fair value of warrants of $2.2 million and $2.3 million of legal and advisory fees) recorded in the nine months ended September 30, 2011. Tables reconciling Adjusted EBITDA to Net (Loss) / Income can be found at the end of this earnings release.
On October 26, 2011, the Company took delivery of the newbuilding 8,530 TEU vessel, the CMA CGM Bianca. The vessel has been deployed on a 12-year time charter with one of the world's major liner companies.
On Tuesday, November 8, 2011 at 9:00 A.M. EST, the Company's management will host a conference call to discuss the results.
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 866 819 7111 (US Toll Free Dial In), 0800 953 0329 (UK Toll Free Dial In) or +44 (0)1452 542 301 (Standard International Dial In). Please quote "Danaos" to the operator.
A telephonic replay of the conference call will be available until November 15, 2011 by dialing 1 866 247 4222 (US Toll Free Dial In), 0800 953 1533 (UK Toll Free Dial In) or +44 (0)1452 550 000 (Standard International Dial In). Access Code: 1186615#
There will also be a live and then archived webcast of the conference call through the Danaos website (). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
Danaos Corporation is an international owner of containerships, chartering its vessels to many of the world's largest liner companies. Our current fleet of 58 containerships aggregating 282,619 TEUs ranks Danaos among the largest containership charter owners in the world based on total TEU capacity. Danaos is one of the largest US listed containership companies based on fleet size. Furthermore, the company has a contracted fleet of 7 additional containerships aggregating 82,560 TEU with scheduled deliveries up to the second quarter of 2012. The company's shares trade on the New York Stock Exchange under the symbol "DAC".
Matters discussed in this release may constitute forward-looking statements within the meaning of the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although Danaos Corporation believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, Danaos Corporation cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, shipyard performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydocking, changes in Danaos Corporation's operating expenses, including bunker prices, dry-docking and insurance costs, ability to obtain financing and comply with covenants in our financing arrangements, actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents and political events or acts by terrorists.
Risks and uncertainties are further described in reports filed by Danaos Corporation with the U.S. Securities and Exchange Commission.
Danaos had 32 off-hire days in the third quarter of 2011 (including 17 days related to Marathonas, which is off-charter and laid up by the company since its redelivery on September 13, 2011). The following table summarizes vessel utilization and the impact of the off-hire days on the company's revenue relating to the last four quarters.
The following table describes in detail our fleet deployment profile as of November 7, 2011.
(1) Earliest date charters could expire. Some charters include options to extend their terms.
(2) Vessel subject to charterer's option to purchase vessel after first eight years of time charter term for $78.0 million.
(3) On April 15, 2011, the Maersk Messologi was renamed to Messologi at the request of the charterer of this vessel.
(4) On October 17, 2011, the Maersk Mytilini was renamed to Mytilini at the request of the charterer of this vessel
(5) On September 21, 2011, the Hyundai Commodore was renamed to APL Commodore at the request of the charterer of this vessel.
(6) On August 24, 2011, the Hyundai Duke was renamed to APL Duke at the request of the charterer of this vessel
(7) On August 9, 2011, the Hyundai Federal was renamed to APL Federal at the request of the charterer of this vessel.
(8) On June 4, 2011, the YM Seattle was renamed to Taiwan Express at the request of the charterer of this vessel.
(9) On May 28, 2011, the Bunga Raya Tiga was renamed to Derby D at the request of the charterer of this vessel.
(10) On January 31, 2011, the Al Rayan was renamed to Honour at the request of the charterer of this vessel.
(11) On July 1, 2011, the YM Yantian was renamed to Hope at the request of the charterer of this vessel.
(12) On May 28, 2011, the Jiangsu Dragon was renamed to Elbe at the request of the charterer of this vessel.
(13) On August 6, 2011, the Caligornia Dragon was renamed to Kalamata at the request of the charterer of this vessel.
(14) On May 24, 2011, the Shenzhen Dragon was renamed to Komodo at the request of the charterer of this vessel.
The following table describes the expected additions to our fleet as a result of our new building containership program.
For further information please contact:
Company Contact:
Chief Financial Officer
Danaos Corporation
Athens, Greece
Tel.: +30 210 419 6480
E-Mail:
Senior Vice President and Chief Operating Officer
Danaos Corporation
Athens, Greece
Tel.: +30 210 419 6400
E-Mail:
President
Capital Link, Inc.
New York
Tel. 212-661-7566
E-Mail:
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Datum: 07.11.2011 - 15:05 Uhr
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