Why Is Danaos Stock Trading Higher Today?
- Danaos Corporation (NYSE: DAC) has entered into new charter agreements for 10 of its vessels, including one 8,500 TEU vessel, three 3,400 TEU vessels, and six 2,200 vessels, for charter periods ranging from 3 to 4 years.
- The charters will commence between January and August of 2022.
- The new charters increase the contracted revenue backlog by ~$378 million, or 21.5% compared to the Company's $1.75 billion backlog as of June 30, 2021, and increase contracted EBITDA by ~$280 million.
- "We are very pleased to have significantly increased our contracted backlog by securing multi-year charters for 10 of our vessels. Not only have we achieved charter coverage for 100% of our operating days in 2021, we have already contracted 89% of our operating days for 2022 and 60% for 2023," commented Dr. John Coustas, CEO.
- Price Action: DAC shares are trading higher by 4.46% at $74.41 on the last check Monday.
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