Danaos reports increase in earnings

Danaos reports increase in earnings Containership charterer Danaos Corp. said it had third quarter net income of $27.9 million compared to $25.5 million in the same 2007 period.
   Revenue was $76.4 million for the quarter compared to $62.6 million in the same 2007 period.
   “Our nine-month and third quarter results were excellent,” said John Coustas, Danaos chief executive officer. “Our combined fleet today stands at 70 large cellular containerships, all of which are chartered for long periods at fixed rates. Out of these 70 vessels, we expect 32 to be gradually delivered for operations until the third quarter of 2011.”
   “We believe that our business model, which is based on long-term, fixed-rate chartering to some of the largest liner companies in the world, gives protection to our top line against volatility and weakness in the charter market. Furthermore, our continued and recently demonstrated ability to raise debt during a period where credit has become very scarce, underlines both our solid strategy and the continued confidence in Danaos by our lending banks. We continue to have a strong balance sheet which together with our strong cash flow allows us to closely monitor the sale & purchase market and consider any opportunities for further growth as they may arise,” he added.