DANAOS CORP, 20-F filed on 2/27/2026
Annual and Transition Report (foreign private issuer)
v3.25.4
Document and Entity Information
 12 Months Ended
Dec. 31, 2025
shares
Document and Entity Information  
Document Type 20-F
Document Registration Statement false
Document Annual Report true
Document Period End Date Dec. 31, 2025
Document Transition Report false
Document Shell Company Report false
Entity File Number 001-33060
Entity Registrant Name DANAOS CORPORATION
Entity Incorporation, State or Country Code 1T
Entity Address, Address Line One c/o Danaos Shipping Co. Ltd, Athens Branch
Entity Address, Address Line Two 14 Akti Kondyli
Entity Address, Postal Zip Code 185 45
Entity Address, City or Town Piraeus
Entity Address, Country GR
Title of 12(b) Security Common stock, $0.01 par value per share
Trading Symbol DAC
Security Exchange Name NYSE
Entity Common Stock, Shares Outstanding 18,264,294
Entity Well-known Seasoned Issuer Yes
Entity Voluntary Filers No
Entity Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Filer Category Large Accelerated Filer
Entity Emerging Growth Company false
ICFR Auditor Attestation Flag true
Document Financial Statement Error Correction [Flag] false
Document Accounting Standard U.S. GAAP
Entity Shell Company false
Entity Central Index Key 0001369241
Current Fiscal Year End Date --12-31
Document Fiscal Year Focus 2025
Document Fiscal Period Focus FY
Amendment Flag false
Auditor Firm ID 1163
Auditor Name Deloitte Certified Public Accountants S.A.
Auditor Location Athens, Greece
Business Contact  
Document and Entity Information  
Contact Personnel Name Evangelos Chatzis
Entity Address, Address Line One c/o Danaos Shipping Co. Ltd, Athens Branch
Entity Address, Address Line Two 14 Akti Kondyli
Entity Address, Postal Zip Code 185 45
Entity Address, City or Town Piraeus
Entity Address, Country GR
City Area Code +30 210
Local Phone Number 419 6480
Contact Personnel Fax Number 30 210 419 6489
v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
CURRENT ASSETS    
Cash and cash equivalents $ 1,037,292 $ 453,384
Accounts receivable, net 38,730 25,578
Inventories 23,417 23,881
Prepaid expenses 2,093 1,902
Due from related parties $ 46,750 $ 52,572
Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration] Related Party [Member] Related Party [Member]
Other current assets $ 171,137 $ 113,650
Total current assets 1,319,419 670,967
NON-CURRENT ASSETS    
Fixed assets at cost, net of accumulated depreciation of $1,622,344 (2024: $1,458,978) 3,269,703 3,290,309
Advances for vessels under construction and vessel acquisition 428,147 265,838
Deferred charges, net 54,356 58,759
Other non-current assets 42,305 57,781
Total non-current assets 3,794,511 3,672,687
Total assets 5,113,930 4,343,654
CURRENT LIABILITIES    
Accounts payable 17,274 29,039
Accrued liabilities 28,772 23,644
Current portion of long-term debt, net 283,015 35,220
Unearned revenue 36,625 49,665
Other current liabilities 35,990 31,386
Total current liabilities 401,676 168,954
LONG-TERM LIABILITIES    
Long-term debt, net 872,076 699,563
Unearned revenue, net of current portion 2,618 22,901
Other long-term liabilities 41,983 27,436
Total long-term liabilities 916,677 749,900
Total liabilities 1,318,353 918,854
Commitments and Contingencies
STOCKHOLDERS' EQUITY    
Preferred stock (par value $0.01, 100,000,000 preferred shares authorized and not issued as of December 31, 2025 and December 31, 2024)
Common stock (par value $0.01, 750,000,000 common shares authorized as of December 31, 2025 and December 31, 2024. 25,790,190 and 25,585,985 shares issued; and 18,264,294 and 18,987,616 shares outstanding as of December 31, 2025 and December 31, 2024, respectively) 183 190
Additional paid-in capital 591,584 650,864
Accumulated other comprehensive loss (71,412) (70,430)
Retained earnings 3,275,222 2,844,176
Total stockholders' equity 3,795,577 3,424,800
Total liabilities and stockholders' equity $ 5,113,930 $ 4,343,654
v3.25.4
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Sep. 18, 2009
CONSOLIDATED BALANCE SHEETS          
Accumulated depreciation $ 1,622,344 $ 1,458,978 $ 1,311,689 $ 1,182,402  
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01     $ 0.01
Preferred stock, shares authorized 100,000,000 100,000,000     100,000,000
Common stock, par value (in dollars per share) $ 0.01 $ 0.01 $ 0.01   $ 0.01
Common stock, shares authorized 750,000,000 750,000,000     750,000,000
Common stock, shares issued 25,790,190 25,585,985      
Common stock, shares outstanding 18,264,294 18,987,616      
v3.25.4
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
CONSOLIDATED STATEMENTS OF INCOME      
OPERATING REVENUES $ 1,042,456 $ 1,014,110 $ 973,583
OPERATING EXPENSES      
Voyage expenses (63,061) (64,101) (41,010)
Vessel operating expenses (208,779) (185,724) (162,117)
Depreciation (163,366) (148,344) (129,287)
Amortization of deferred drydocking and special survey costs (44,074) (29,161) (18,663)
General and administrative expenses (64,410) (54,228) (43,484)
Net gain on disposal/sale of vessels 0 8,332 1,639
Operating income 498,766 540,884 580,661
OTHER INCOME (EXPENSES):      
Interest income 19,548 12,890 12,133
Interest expense and finance costs (42,842) (26,185) (20,463)
Gain/(loss) on investments 29,541 (25,179) 17,867
Dividend income 1,680 9,276 1,056
Loss on debt extinguishment, net (2,499) 0 (2,254)
Loss on equity investments (1,039) (1,629) (3,993)
Other finance expenses (3,722) (3,593) (4,274)
Other (expenses)/income, net (1,197) 2,241 (812)
Loss on derivatives (3,622) (3,632) (3,622)
Total Other Income/(Expenses), net (4,152) (35,811) (4,362)
Income before income taxes 494,614 505,073 576,299
Income taxes 0 0 0
Net Income $ 494,614 $ 505,073 $ 576,299
EARNINGS PER SHARE      
Basic earnings per share of common stock (in $ per share) $ 26.83 $ 26.15 $ 28.99
Diluted earnings per share of common stock (in $ per share) $ 26.76 $ 26.05 $ 28.95
Basic weighted average number of common shares (in shares) 18,432,153 19,316,453 19,879,161
Diluted weighted average number of common shares (in shares) 18,480,301 19,384,879 19,903,655
v3.25.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME      
Net Income $ 494,614 $ 505,073 $ 576,299
Other Comprehensive Income/(Loss)      
Prior service cost of defined benefit plan (5,765) 867 (6,277)
Amortization of prior service cost of defined benefit plan 1,161 1,050 885
Amortization of deferred realized losses on cash flow hedges 3,622 3,632 3,622
Total Other Comprehensive Income/(Loss) (982) 5,549 (1,770)
Comprehensive Income $ 493,632 $ 510,622 $ 574,529
v3.25.4
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Common Stock
Additional paid-in capital
Accumulated other comprehensive loss
Retained earnings
Total
Balance at Dec. 31, 2022 $ 203 $ 748,109 $ (74,209) $ 1,886,311 $ 2,560,414
Balance (in shares) at Dec. 31, 2022 20,350,000        
Increase (Decrease) in Stockholders' Equity          
Net Income (Loss)       576,299 576,299
Dividends       (60,698) (60,698)
Repurchase of common stock $ (11) (70,599)     $ (70,610)
Repurchase of common stock (in shares) (1,131,000)       (1,131,040)
Stock based compensation $ 2 12,678     $ 12,680
Stock based compensation (in shares) 200,000        
Issuance of common stock   2     2
Net movement in other comprehensive loss     (1,770)   (1,770)
Balance at Dec. 31, 2023 $ 194 690,190 (75,979) 2,401,912 3,016,317
Balance (in shares) at Dec. 31, 2023 19,419,000        
Increase (Decrease) in Stockholders' Equity          
Net Income (Loss)       505,073 505,073
Dividends       (62,809) (62,809)
Repurchase of common stock $ (6) (53,884)     $ (53,890)
Repurchase of common stock (in shares) (661,000)       (661,103)
Stock based compensation $ 2 14,556     $ 14,558
Stock based compensation (in shares) 230,000        
Issuance of common stock   2     2
Net movement in other comprehensive loss     5,549   5,549
Balance at Dec. 31, 2024 $ 190 650,864 (70,430) 2,844,176 3,424,800
Balance (in shares) at Dec. 31, 2024 18,988,000        
Increase (Decrease) in Stockholders' Equity          
Net Income (Loss)       494,614 494,614
Dividends       (63,568) (63,568)
Repurchase of common stock $ (9) (76,051)     $ (76,060)
Repurchase of common stock (in shares) (928,000)       (927,527)
Stock based compensation $ 2 16,753     $ 16,755
Stock based compensation (in shares) 204,000        
Issuance of common stock   18     18
Net movement in other comprehensive loss     (982)   (982)
Balance at Dec. 31, 2025 $ 183 $ 591,584 $ (71,412) $ 3,275,222 $ 3,795,577
Balance (in shares) at Dec. 31, 2025 18,264,000        
v3.25.4
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY      
Dividends (in US$ per share) $ 3.45 $ 3.25 $ 3.05
v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Net income $ 494,614 $ 505,073 $ 576,299
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation and amortization 163,366 148,344 129,287
Amortization of deferred drydocking and special survey costs 44,074 29,161 18,663
Amortization of assumed time charters 0 (4,534) (21,222)
Amortization of finance costs 3,388 2,326 2,201
Debt discount amortization 99 0 0
Prior service cost and periodic cost 4,031 1,426 1,613
(Gain)/Loss on investments (29,541) 25,179 (17,867)
Loss on equity investments 1,039 1,629 3,993
Loss on debt extinguishment, net 2,499 0 2,254
Net gain on disposal/sale of vessels 0 (8,332) (1,639)
Payments for drydocking and special survey costs deferred (39,671) (50,568) (31,121)
Stock based compensation 16,755 14,558 12,680
Amortization of deferred realized losses on interest rate swaps 3,622 3,632 3,622
(Increase)/Decrease in:      
Accounts receivable (3,783) (5,403) (4,296)
Inventories 464 630 (8,412)
Prepaid expenses (191) 13 (603)
Due from related parties 5,822 (1,141) (17,429)
Other assets, current and non-current 17,298 21,267 7,812
Increase/(Decrease) in:      
Accounts payable (11,765) 7,060 (390)
Accrued liabilities 5,128 3,186 236
Unearned revenue, current and long-term (33,323) (46,857) (77,534)
Other liabilities, current and long-term 828 (24,899) (1,855)
Net cash provided by operating activities 644,753 621,750 576,292
Cash flows from investing activities      
Vessels additions and advances for vessels under construction and vessel acquisition (296,690) (659,343) (268,035)
Net proceeds and insurance proceeds from disposal/sale of vessels 1,681 10,196 3,914
Investments in affiliates/marketable securities (30,687) (1,642) (74,407)
Net cash used in investing activities (325,696) (650,789) (338,528)
Cash flows from financing activities      
Proceeds from long-term debt, net 620,675 362,000 0
Payments and prepayments of long-term debt (190,764) (27,970) (27,500)
Payments of leaseback obligation 0 0 (72,925)
Dividends paid (63,550) (62,807) (60,696)
Finance costs (25,771) (7,277) (1,892)
Repurchase of common stock (75,739) (53,332) (70,610)
Net cash provided by/(used in) financing activities 264,851 210,614 (233,623)
Net increase in cash and cash equivalents 583,908 181,575 4,141
Cash and cash equivalents, beginning of year 453,384 271,809 267,668
Cash and cash equivalents, end of year 1,037,292 453,384 271,809
Supplemental cash flow information      
Cash paid for interest, net of amounts capitalized 33,552 21,572 $ 18,076
Repurchase of common stock not settled $ 878 $ 558  
v3.25.4
Basis of Presentation and General Information
 12 Months Ended
Dec. 31, 2025
Basis of Presentation and General Information  
Basis of Presentation and General Information

1. Basis of Presentation and General Information

The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The reporting and functional currency of Danaos Corporation and its subsidiaries (the “Company”) is the United States Dollar.

Danaos Corporation, formerly Danaos Holdings Limited, was formed on December 7, 1998 under the laws of Liberia and is presently the sole owner of all outstanding shares of the companies listed below. Danaos Holdings Limited was redomiciled in the Marshall Islands on October 7, 2005. In connection with the redomiciliation, the Company changed its name to Danaos Corporation. On October 14, 2005, the Company filed and the Marshall Islands accepted Amended and Restated Articles of Incorporation. The authorized capital stock of Danaos Corporation is 750,000,000 shares of common stock with a par value of $0.01 and 100,000,000 shares of preferred stock with a par value of $0.01. Refer to Note 18, “Stockholders’ Equity”.

The Company’s vessels operate worldwide, carrying containers and cargo for many established charterers.

The Company’s principal business is the acquisition and operation of vessels. Danaos conducts its operations through the vessel owning companies whose principal activity is the ownership and operation of vessels (refer to Note 2, “Significant Accounting Policies”) that are under the exclusive management of a related party of the Company (refer to Note 11, “Related Party Transactions”).

The consolidated financial statements of the Company have been prepared to reflect the consolidation of the companies listed below. The historical balance sheets and results of operations of the companies listed below have been reflected in the Consolidated Balance Sheets and Consolidated Statements of Income, Consolidated Statements of Comprehensive Income, Cash Flows and Stockholders’ Equity at and for each period since their respective incorporation or acquisition dates.

As of December 31, 2025, the Company owned 75 container vessels aggregating 477,491 TEUs and 25 container vessels under construction aggregating 163,950 TEUs. The Company has also invested in the dry bulk sector with the acquisition of 11 capesize drybulk carrier vessels on a fully delivered basis, aggregating approximately 1,943,286 DWT. Our container vessel fleet is chartered to many of the world’s largest liner companies on fixed-rate charters. Our drybulk carrier vessel fleet is chartered on a short-term basis to major dry bulk charterers.

​

1. Basis of Presentation and General Information (Continued)

The vessel-owning companies (the “Danaos Subsidiaries”) for both container and drybulk vessels are listed below:

Container vessels as of December 31, 2025:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year

​

​

Company

  ​ ​ ​

Date of Incorporation

  ​ ​ ​

Vessel Name

  ​ ​ ​

Built

  ​ ​ ​

TEU(1)

Megacarrier (No. 1) Corp.

​

September 10, 2007

 

Kota Peony

 

2012

 

13,100

Megacarrier (No. 2) Corp.

​

September 10, 2007

 

Kota Primrose

 

2012

 

13,100

Megacarrier (No. 3) Corp.

​

September 10, 2007

 

Kota Plumbago

 

2012

 

13,100

Megacarrier (No. 4) Corp.

​

September 10, 2007

 

Speed

 

2012

 

13,100

Megacarrier (No. 5) Corp.

​

September 10, 2007

 

Ambition

 

2012

 

13,100

CellContainer (No. 6) Corp.

​

October 31, 2007

 

Express Berlin

 

2011

 

10,100

CellContainer (No. 7) Corp.

​

October 31, 2007

 

Express Rome

 

2011

 

10,100

CellContainer (No. 8) Corp.

​

October 31, 2007

 

Express Athens

 

2011

 

10,100

Karlita Shipping Co. Ltd.

​

February 27, 2003

 

Pusan C

 

2006

 

9,580

Ramona Marine Co. Ltd.

​

February 27, 2003

 

Le Havre

 

2006

 

9,580

Oceancarrier (No. 2) Corp.

​

October 15, 2020

​

Bremen

​

2009

​

9,012

Oceancarrier (No. 3) Corp.

​

October 15, 2020

​

C Hamburg

​

2009

​

9,012

Blackwell Seaways Inc.

​

January 9, 2020

​

Niledutch Lion

​

2008

​

8,626

Oceancarrier (No. 1) Corp.

​

February 19, 2020

​

Kota Manzanillo

​

2005

​

8,533

Springer Shipping Co.

​

April 29, 2019

​

Belita

​

2006

​

8,533

Teucarrier (No. 1) Corp.

​

January 31, 2007

 

CMA CGM Attila

 

2011

 

8,530

Teucarrier (No. 2) Corp.

​

January 31, 2007

 

CMA CGM Tancredi

 

2011

 

8,530

Teucarrier (No. 3) Corp.

​

January 31, 2007

 

CMA CGM Bianca

 

2011

 

8,530

Teucarrier (No. 4) Corp.

​

January 31, 2007

​

CMA CGM Samson

​

2011

​

8,530

Teucarrier (No. 5) Corp.

​

September 17, 2007

​

CMA CGM Melisande

​

2012

​

8,530

Oceanew Shipping Ltd.

​

January 14, 2002

​

Europe

​

2004

​

8,468

Oceanprize Navigation Ltd.

​

January 21, 2003

​

America

​

2004

​

8,468

Rewarding International Shipping Inc.

​

October 1, 2019

​

Kota Santos

​

2005

​

8,463

Teushipper (No 1) Corp.

​

March 14, 2022

​

Catherine C

​

2024

​

8,010

Teushipper (No 2) Corp.

​

March 14, 2022

​

Greenland

​

2024

​

8,010

Teushipper (No 3) Corp.

​

March 14, 2022

​

Greenville

​

2024

​

8,010

Teushipper (No 4) Corp.

​

March 14, 2022

​

Greenfield

​

2024

​

8,010

Boxsail (No. 1) Corp

​

March 4, 2022

​

Interasia Accelerate

​

2024

​

7,165

Boxsail (No. 2) Corp

​

March 4, 2022

​

Interasia Amplify

​

2024

​

7,165

Boxcarrier (No. 1) Corp.

​

June 27, 2006

​

CMA CGM Moliere

​

2009

​

6,500

Boxcarrier (No. 2) Corp.

​

June 27, 2006

​

CMA CGM Musset

​

2010

​

6,500

Boxcarrier (No. 3) Corp.

​

June 27, 2006

​

CMA CGM Nerval

​

2010

​

6,500

Boxcarrier (No. 4) Corp.

​

June 27, 2006

​

CMA CGM Rabelais

​

2010

​

6,500

Boxcarrier (No. 5) Corp.

​

June 27, 2006

​

Racine

​

2010

​

6,500

Expresscarrier (No. 1) Corp.

​

March 5, 2007

​

YM Mandate

​

2010

​

6,500

Expresscarrier (No. 2) Corp.

​

March 5, 2007

​

YM Maturity

​

2010

​

6,500

Actaea Company Limited

​

October 14, 2014

​

Savannah

​

2002

​

6,402

Asteria Shipping Company Limited

​

October 14, 2014

​

Dimitra C

​

2002

​

6,402

Boxsail (No. 3) Corp.

​

March 4, 2022

​

Phoebe(2)

​

2025

​

6,014

Boxsail (No. 4) Corp.

​

March 4, 2022

​

Greenhouse(2)

​

2025

​

6,014

Averto Shipping S.A.

​

June 12, 2015

​

Suez Canal

​

2002

​

5,610

Sinoi Marine Ltd.

​

June 12, 2015

​

Kota Lima

​

2002

​

5,544

Oceancarrier (No. 4) Corp.

​

July 6, 2021

​

Wide Alpha

​

2014

​

5,466

Oceancarrier (No. 5) Corp.

​

July 6, 2021

​

Stephanie C

​

2014

​

5,466

Oceancarrier (No. 6) Corp.

​

July 6, 2021

​

Euphrates

​

2014

​

5,466

Oceancarrier (No. 7) Corp.

​

July 6, 2021

​

Wide Hotel

​

2015

​

5,466

​

1. Basis of Presentation and General Information (Continued)

​

Container vessels as of December 31, 2025 (Continued):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year

​

​

Company

  ​ ​ ​

Date of Incorporation

  ​ ​ ​

Vessel Name

  ​ ​ ​

Built

  ​ ​ ​

TEU (1)

Oceancarrier (No. 8) Corp.

​

July 6, 2021

 

Wide India

 

2015

 

5,466

Oceancarrier (No. 9) Corp.

​

July 6, 2021

 

Wide Juliet

 

2015

 

5,466

Continent Marine Inc.

​

March 22, 2006

 

Monaco

 

2009

 

4,253

Medsea Marine Inc.

​

May 8, 2006

 

Dalian

 

2009

 

4,253

Blacksea Marine Inc.

​

May 8, 2006

 

Jamaica (ex Luanda)

 

2009

 

4,253

Bayview Shipping Inc.

​

March 22, 2006

 

Rio Grande

 

2008

 

4,253

Channelview Marine Inc.

​

March 22, 2006

 

Merve A (tbr Paolo)

 

2008

 

4,253

Balticsea Marine Inc.

​

March 22, 2006

 

Kingston

 

2008

 

4,253

Seacarriers Services Inc.

​

June 28, 2005

 

Seattle C

 

2007

 

4,253

Seacarriers Lines Inc.

​

June 28, 2005

 

Vancouver

 

2007

 

4,253

Containers Services Inc.

​

May 30, 2002

 

Tongala

 

2004

 

4,253

Containers Lines Inc.

​

May 30, 2002

 

Derby D

 

2004

 

4,253

Boulevard Shiptrade S.A

​

September 12, 2013

 

Dimitris C

 

2001

 

3,430

Wellington Marine Inc.

​

January 27, 2005

 

Singapore

 

2004

 

3,314

Auckland Marine Inc.

​

January 27, 2005

 

Colombo

 

2004

 

3,314

CellContainer (No. 4) Corp.

​

March 23, 2007

 

Express Spain

 

2011

 

3,400

CellContainer (No. 5) Corp.

​

March 23, 2007

 

Express Black Sea

 

2011

 

3,400

CellContainer (No. 1) Corp.

​

March 23, 2007

 

Express Argentina

 

2010

 

3,400

CellContainer (No. 2) Corp.

​

March 23, 2007

 

Express Brazil

 

2010

 

3,400

CellContainer (No. 3) Corp.

​

March 23, 2007

 

Express France

 

2010

 

3,400

Vilos Navigation Company Ltd.

​

May 30, 2013

 

Zebra

 

2001

 

2,602

Sarond Shipping Inc.

​

January 18, 2013

 

Artotina

 

2001

 

2,524

Speedcarrier (No. 7) Corp.

​

December 6, 2007

 

Highway

 

1998

 

2,200

Speedcarrier (No. 6) Corp.

​

December 6, 2007

 

Progress C

 

1998

 

2,200

Speedcarrier (No. 8) Corp.

​

December 6, 2007

 

Bridge

 

1998

 

2,200

Speedcarrier (No. 1) Corp.

​

June 28, 2007

 

Phoenix D

 

1997

 

2,200

Speedcarrier (No. 2) Corp.

​

June 28, 2007

 

Advance

 

1997

 

2,200

Speedcarrier (No. 5) Corp.

​

June 28, 2007

 

Future

 

1997

 

2,200

Speedcarrier (No. 4) Corp.

​

June 28, 2007

 

Sprinter

 

1997

 

2,200

​

​

​

​

​

 

Total TEU

 

477,491

(1)

Twenty-feet equivalent unit, the international standard measure for containers and container vessels capacity.

(2)

The vessels Phoebe and Greenhouse were delivered to the Company in 2025.

​

1. Basis of Presentation and General Information (Continued)

Container vessels under construction as of December 31, 2025:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Expected

​

​

Company

  ​ ​ ​

Date of Incorporation

  ​ ​ ​

Hull No.

  ​ ​ ​

Delivery(2)

  ​ ​ ​

TEU (1)

Boxline (No. 1) Corp.

​

June 7, 2023

 

YZJ2023-1556

 

Q3 2026

 

8,258

Boxline (No. 2) Corp.

​

June 7, 2023

 

YZJ2023-1557

 

Q4 2026

 

8,258

Boxline (No. 3) Corp.

​

February 2, 2024

 

YZJ2024-1612

 

Q4 2026

 

8,258

Boxsail (No. 5) Corp.

​

June 13, 2024

 

C9200-7

 

Q1 2027

 

9,200

Boxsail (No. 6) Corp.

​

June 13, 2024

 

C9200-8

 

Q2 2027

 

9,200

Boxline (No. 8) Corp

​

June 6, 2025

 

CV5900-09

 

Q2 2027

 

6,014

Boxline (No. 4) Corp.

​

February 2, 2024

 

YZJ2024-1613

 

Q2 2027

 

8,258

Boxline (No. 5) Corp.

​

March 8, 2024

 

YZJ2024-1625

 

Q2 2027

 

8,258

Boxline (No. 6) Corp.

​

March 8, 2024

 

YZJ2024-1626

 

Q3 2027

 

8,258

Boxline (No. 7) Corp.

​

May 30, 2024

 

YZJ2024-1668

 

Q3 2027

 

8,258

Boxsail (No. 10) Corp.

​

June 13, 2024

 

H2596

 

Q3 2027

 

9,200

Boxline (No. 9) Corp.

​

July 25, 2025

 

C7100-9

 

Q3 2027

 

7,165

Boxline (No. 10) Corp.

​

August 26, 2025

 

C7100-10

 

Q3 2027

 

7,165

Boxsail (No. 7) Corp.

​

June 13, 2024

 

C9200-9

 

Q4 2027

 

9,200

Boxsail (No. 11) Corp.

​

June 13, 2024

 

H2597

 

Q4 2027

 

9,200

Boxline (No. 11) Corp.

​

November 24, 2025

 

S1162

 

Q4 2027

 

1,800

Boxline (No. 12) Corp.

​

November 24, 2025

 

S1163

 

Q1 2028

 

1,800

Boxsail (No. 8) Corp.

​

June 13, 2024

 

C9200-10

 

Q2 2028

 

9,200

Boxline (No. 13) Corp.

​

November 24, 2025

 

S1164

 

Q2 2028

 

1,800

Boxsail (No. 9) Corp.

​

June 13, 2024

 

C9200-11

 

Q3 2028

 

9,200

Boxline (No. 14) Corp.

​

November 24, 2025

 

S1165

 

Q3 2028

 

1,800

Boxline (No. 15) Corp.

​

November 24, 2025

 

S1166

 

Q4 2028

 

1,800

Boxsail (No. 12) Corp.

​

December 3, 2025

​

H2638

​

Q4 2028

​

5,300

Boxline (No. 16) Corp.

​

November 24, 2025

 

S1167

 

Q1 2029

 

1,800

Boxsail (No. 13) Corp.

​

December 3, 2025

​

H2639

​

Q1 2029

​

5,300

​

​

​

​

​

 

Total TEU

 

163,950

(1)Twenty-feet equivalent unit, the international standard measure for containers and container vessels capacity.
(2)Under construction container vessels’ expected delivery dates were sorted based on the upcoming deliveries.

​

1. Basis of Presentation and General Information (Continued)

Capesize drybulk carrier vessels as of December 31, 2025:

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

​

  ​ ​ ​

​

  ​ ​ ​

Year

  ​ ​ ​

​

Company

​

Date of Incorporation

​

Vessel Name

​

Built (2)

​

DWT (1)

Bulk No. 4 Corp.

​

July 14, 2023

 

Genius

​

2012

​

175,580

Bulk No. 2 Corp.

​

July 14, 2023

 

Achievement

 

2011

 

175,966

Bulk No. 3 Corp.

​

July 14, 2023

 

Ingenuity

 

2011

 

176,022

Bulk No. 8 Corp.

​

January 31, 2024

​

Danaos

​

2011

​

176,536

Bulk No. 10 Corp.

​

February 15, 2024

​

Valentine

​

2011

​

175,125

Bulk No. 1 Corp.

​

July 14, 2023

​

Integrity

​

2010

​

175,966

Bulk No. 5 Corp.

​

July 14, 2023

 

Peace

 

2010

 

175,858

Bulk No. 9 Corp.

​

February 2, 2024

​

Gouverneur

​

2010

​

178,043

Bulk No. 6 Corp.

​

September 15, 2023

 

W Trader

 

2009

 

175,879

Bulk No. 7 Corp.

​

September 25, 2023

​

E Trader

​

2009

​

175,886

Bulk No. 11 Corp.

​

October 6, 2025

​

Drybulk capesize vessel(3)

​

2009

​

182,425

​

​

​

​

​

​

Total DWT

​

1,943,286

(1)DWT, dead weight tons, the international standard measure for drybulk vessels capacity.

(2)Capesize drybulk carrier vessels are sorted by their year built, from newest to oldest.

(3)On October 17, 2025, the Company entered into an Memorandum of Agreement to purchase a drybulk capesize vessel which is expected to be delivered to the Company by the end of the first quarter of 2026 (Note 4).
v3.25.4
Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
Significant Accounting Policies  
Significant Accounting Policies

2. Significant Accounting Policies

Principles of Consolidation: The accompanying consolidated financial statements represent the consolidation of the accounts of the Company and its wholly-owned subsidiaries. The subsidiaries are fully consolidated from the date on which control is obtained by the Company.

The Company determines whether it has a controlling financial interest in another entity by first assessing whether the entity is a voting interest entity or a variable interest entity (“VIE”) in accordance with ASC 810 “Consolidation”. The Company consolidates voting interest entities in which it owns all, or a majority (generally greater than 50%), of the voting interests. For all other arrangements, the Company evaluates whether the entity is a VIE and whether the Company is its primary beneficiary, which would require consolidation. A VIE is an entity in which the equity holders lack the characteristics of a controlling financial interest, have not provided sufficient equity to finance the entity’s activities, or hold voting rights that are disproportionate to their exposure to expected losses or residual returns. Based on these evaluations, the Company did not identify any VIEs requiring consolidation for the years 2025, 2024, or 2023. Intercompany balances and unrealized gains and losses are eliminated upon consolidation.

Investments in affiliates: The Company’s investments in affiliates are accounted for using the equity method of accounting. Under the equity method of accounting, investments are stated at initial cost and are adjusted for subsequent additional investments and the Company’s proportionate share of earnings or losses and distributions. The Company evaluates its investments in affiliates for impairment when events or circumstances indicate that the carrying value of such investments may have experienced other than temporary decline in value below their carrying value. If the estimated fair value is less than the carrying value and is considered an other than temporary decline, the carrying value is written down to its estimated fair value and the resulting impairment is recorded in the Consolidated Statements of Income.

​

2. Significant Accounting Policies (Continued)

Use of Estimates: The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant estimates include, but are not limited to, the useful lives and recoverability of long-lived assets, impairment assessments, expected credit losses, provisions for legal and other contingencies, and assumptions used in employee benefit obligations. Estimates are based on historical experience and other factors considered reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from those estimates under different assumptions and/or conditions.

Reclassifications in Other Comprehensive Income/(Loss): The Company had the following reclassifications out of Accumulated Other Comprehensive Loss during the years ended December 31, 2025, 2024 and 2023, respectively (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year ended December 31, 

​

  ​ ​ ​

Location of Reclassification into Income:

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

Amortization of deferred realized losses on cash flow hedges

​

Loss on derivatives

​

$

3,622

​

$

3,632

​

$

3,622

Reclassification of prior service cost of defined benefit plan

​

Other income/(expenses), net

​

​

1,161

​

​

1,050

​

​

885

Total Reclassifications

​

​

​

$

4,783

​

$

4,682

​

$

4,507

​

Foreign Currency Translation: The functional currency of the Company is the U.S. dollar. The Company engages in worldwide commerce with a variety of entities. Although its operations may expose it to certain levels of foreign currency risk, its transactions are predominantly U.S. dollar denominated. Additionally, the Company’s wholly-owned vessel subsidiaries transacted a nominal amount of their operations in Euros; however, all of the subsidiaries’ primary cash flows are U.S. dollar denominated. Transactions in currencies other than the functional currency are translated at the exchange rate in effect at the date of each transaction. Differences in exchange rates during the period between the date a transaction denominated in a foreign currency is consummated and the date on which it is either settled or translated, are recognized in the Consolidated Statements of Income. The foreign currency exchange losses recognized in the accompanying Consolidated Statements of Income for each of the years ended December 31, 2025, 2024 and 2023 were $0.7 million, $0.3 million and $0.5 million, respectively, and are presented under “Vessel operating expenses” in the Consolidated Statements of Income.

Cash and Cash Equivalents: Cash and cash equivalents consist of interest bearing call deposits, where the Company has instant access to its funds and withdrawals and deposits can be made at any time, time deposits with original maturities of three months or less which are not restricted for use or withdrawal, as well as other short-term, highly liquid investments which are readily convertible into known amounts of cash with original maturities of three months or less at the time of purchase that are subject to an insignificant risk of change in value.

Accounts Receivable, Net: The amount shown as Accounts Receivable, net, at each balance sheet date includes estimated recoveries from charterers for hire from operating leases accounted for in accordance with Topic 842 and freight and demurrage billings, net of a provision for doubtful accounts. Amounts receivable from freight and demurrage billings were not material as of December 31, 2025 and December 31, 2024. Accounts receivable are short term in duration as payments are expected to be received within one year. Operating-lease receivables are evaluated for collectibility in accordance with ASC 842, while all other receivables are assessed for expected credit losses under ASC 326. The Company evaluates receivables individually based on historical loss experience, the aging of outstanding balances, current and expected economic conditions, and the financial condition of customers. Receivables are written off when they are deemed uncollectible. Based on the Company’s assessment, no allowance for credit losses or impairment of receivables was recognized as of December 31, 2025 or December 31, 2024.

​

2. Significant Accounting Policies (Continued)

Insurance Claims: Insurance claims represent the claimable expenses, net of deductibles, that are expected to be recovered from the Company’s insurance providers and are classified within “Other current assets” in the Consolidated Balance Sheets. Costs incurred to complete and settle insurance claims are accrued within accrued liabilities. Under certain insurance arrangements, the Company may be subject to additional call amounts. Possible additional calls are accounted for in accordance with ASC 450, and are recognized when the obligation is considered probable and estimable based on the Company’s historical experience and industry practices.

Prepaid Expenses: Prepaid expenses consist primarily of insurance costs paid in advance and are recognized as expenses over the periods to which the related benefits pertain.

Inventories: Inventories consist of bunkers, lubricants, and provisions remaining on board the vessels at each period end. Inventories are stated at the lower of cost and net realizable value, where net realizable value represents the estimated selling price in the ordinary course of business less reasonably predictable costs of disposal. Inventory costs are determined using the first-in, first-out (FIFO) method. Costs of spare parts are expensed as incurred.

Deferred Financing Costs: Fees paid to lenders, or to third parties on behalf of lenders, for obtaining new loans or senior notes, for refinancing or amending existing loans, or for securing lease financing, are presented on the balance sheet as a direct deduction from the carrying amount of the related debt liability, similar to debt discounts. These costs are amortized using the effective interest rate method over the term of the related debt and the amortization expense is included in “Interest expense and finance costs” in the Consolidated Statements of Income. Any unamortized deferred financing costs related to debt that is repaid or refinanced in a transaction that meets the criteria for a debt extinguishment, as per ASC 470-50, are expensed in the period of the repayment or refinancing and are presented under “Loss on debt extinguishment, net” in the Consolidated Statements of Income. Costs related to refinancings that do not meet the extinguishment criteria are amortized over the term of the refinanced debt. Fees incurred for obtaining loan facilities when no borrowings have been drawn as of the balance sheet date are recorded within “Other non-current assets” or “Other current assets,” as applicable, and are reclassified as a direct deduction from the related debt once the borrowings occur.

Fixed Assets: Fixed assets consist of vessels. Vessels are stated at cost, less accumulated depreciation. Vessel cost includes the contract purchase price and any material expenses incurred upon acquisition, such as improvements and delivery expenses. Subsequent expenditures for conversions or major improvements are capitalized when they extend the useful life of the vessel, increase its earning capacity, or improve its efficiency or safety. All other expenditures are expensed as incurred. Interest costs incurred during construction of a vessel are capitalized as part of the vessel’s cost.

Evaluation of Purchase Transactions: The Company evaluates if any vessel acquisition in the secondhand market constitutes a business or not. When substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the set is not a business. The Company entered into memorandums of agreement (“MOAs”) in the secondhand market for the purchase of one, three and seven dry bulk carrier vessels during the years ended December 31, 2025, 2024 and 2023, respectively, all of which were accounted for as asset acquisitions. The following assets are considered as a single asset for the purposes of the evaluation (i) a tangible asset that is attached to and cannot be physically removed and used separately from another tangible asset (or an intangible asset representing the right to use a tangible asset); (ii) in place lease intangibles, including favorable and unfavorable intangible assets or liabilities, and the related leased assets. Acquisition costs associated with asset acquisitions are capitalized.

Advances for Vessels Under Construction: Advances made to shipyards or sellers of shipbuilding contracts for vessels under construction are classified as “Advances for vessels under construction” until the date of delivery and acceptance of the vessel. At that time, these costs are reclassified to “Fixed assets, net.” Advances for vessels under construction also include supervision costs, amounts paid under engineering contracts, and other expenses directly related to the construction of the vessel or the preparation of the vessel for its initial voyage. Interest cost incurred during the construction period of the vessels is also capitalized and included in the vessels’ cost.

​

2. Significant Accounting Policies (Continued)

Impairment of Long-lived Assets: The accounting standard for impairment of long-lived assets requires that long-lived assets and certain identifiable intangible assets held and used or held for disposal be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. If any such indication exists, the Company performs step one of the impairment test by comparing the undiscounted projected net operating cash flows for each vessel to its carrying value. For vessels held and used, if the future undiscounted net cash flows are less than the carrying value, the Company performs step two of the impairment assessment by comparing the vessel’s fair value to its carrying value. An impairment loss is recorded equal to the difference between the vessel’s carrying value and its fair value.

As of December 31, 2025 and 2024, the Company concluded that events and circumstances indicated potential impairment of certain container vessels. These indicators included volatility in the charter market and the vessels’ market values, as well as the potential impact of current market conditions on future operations. Consequently, the Company performed step one of the impairment assessment for vessels with impairment indicators by comparing the undiscounted projected net operating cash flows to their carrying values.

The Company’s strategy is to charter its container vessels under multi-year, fixed-rate charters, providing contracted stable cash flows, while its drybulk vessels operate under a combination of time charter and voyage charter arrangements depending on market conditions. In projecting undiscounted net operating cash flows, the Company considered several factors and assumptions, including operating revenues, off-hire revenues, drydocking costs, operating expenses, and management fees. Revenue assumptions were based on contracted time charter rates through the end of each vessel’s current charter, as well as estimated time charter equivalent (“TCE”) rates for non-contracted revenue days for the remaining life of the vessel. The estimated daily TCE rate for non-contracted revenue days is considered a significant assumption. Recognizing the cyclical and volatile nature of the transportation industry, management believes that historical averages of the most recent 5 to 15 years of time charter rates provide a reasonable benchmark for estimating TCE rates for non-contracted revenue days, as these averages account for market volatility and the remaining economic useful life of each vessel. Additionally, the Company applied an annual operating expenses escalation factor and estimated scheduled and unscheduled off-hire days based on historical experience. All estimates and assumptions were prepared in accordance with the Company’s internal budgets and historical industry experience.

Time Charters Assumed on Acquisition of Vessels: The Company recognizes separately identifiable assets and liabilities arising from the market value of time charters assumed at the date of delivery in connection with the acquisition of secondhand vessels. When the present value of the contractual cash flows of an assumed time charter is less than its current fair value, the difference is recorded as unearned revenue. When the present value exceeds fair value, the difference is recognized as accrued charter revenue. Such liabilities or assets are amortized as an increase in revenue and reduction of revenue, respectively, over the period of each time charter assumed. Significant assumptions used in calculation of the fair value of the time charters assumed include daily time charter rate prevailing in the market for a similar size of the vessels available before the acquisition for a similar charter duration (including the estimated time charter expiry date). Other assumptions used are the discount rate based on the Company’s weighted average cost of capital close to the acquisition date and the estimated average off-hire rate.

Depreciation: The cost of the Company’s vessels is depreciated on a straight-line basis over their remaining economic useful lives, after considering estimated residual value. The residual value of a vessel is calculated as its lightweight tonnage multiplied by an estimated scrap rate of $300 per light weight ton. Management has estimated the useful life of the Company’s containerships to be 30 years and drybulk vessels to be 25 years from the year built. These estimates are reviewed periodically and adjusted if circumstances indicate that changes are necessary.

2. Significant Accounting Policies (Continued)

Accounting for Special Survey and Drydocking Costs: The Company follows the accounting guidance for planned major maintenance activities. Drydocking and special survey costs, reported within “Deferred charges, net” on the balance sheet, include planned major maintenance and overhaul activities required for ongoing certification, such as inspection, refurbishment, and replacement of steel, engine components, electrical systems, pipes, valves, and other vessel parts. The Company applies the deferral method, under which actual costs incurred are deferred and amortized on a straight-line basis over the period until the next scheduled survey and drydocking which is generally 2.5 years. This amortization period represents the estimated useful economic life of the deferred charge. If a special survey or drydocking is performed prior to the scheduled date, any remaining unamortized balance is immediately written off. Costs incurred during the drydocking period for routine repairs and maintenance are expensed as incurred. For vessels sold, the unamortized portion of special survey and drydocking costs is included in the vessel’s carrying amount when determining the gain or loss on vessel disposal.

Dividends: Dividends, if any, are recorded in the Company’s financial statements in the period in which they are declared by the Company’s board of directors.

Investments in Equity Securities: The Company measures its investments in equity securities in accordance with ASC 321. Equity securities that do not have a readily determinable fair value are initially measured at cost, less impairment, and subsequently adjusted for observable price changes in orderly transactions for the identical or a similar investment. When an equity security has a readily determinable fair value, the Company measures it at fair value at each balance sheet date, with unrealized gains and losses recognized in earnings in the period in which they arise. Realized gains and losses are recognized upon disposition of the securities, based on the difference between the net sale proceeds and the carrying amount of the investment. Realized and unrealized gains and losses are presented within “Gain/(loss) on investments” in the Consolidated Statements of Income. Dividends received on such securities are recorded as “Dividend income” and any taxes withheld on dividend income are included in “Income taxes”. As of December 31, 2025 and 2024, the Company holds equity securities consisting of common shares of Star Bulk Carriers Corp., all of which have readily determinable fair values.

Accounting for Revenue and Expenses: The Company derives its revenue from time charters and bareboat charters of its containerships, each of which contains a lease. These charters involve placing the specified vessel at charterers’ use for a specified rental period of time in return for the payment of specified daily hire rates. Most of the charters include options for the charterers to extend their terms. Under a time charter, the daily hire rate includes lease component related to the right of use of the vessel and non-lease components primarily related to the operating expenses of the vessel incurred by the Company such as commissions, vessel operating expenses: crew expenses, lubricants, certain insurance expenses, repair and maintenance, spares, stores etc. and vessel management fees. Under a bareboat charter, the daily hire rate includes only lease component related to the right of use of the vessel. The revenue earned based on time charters is not negotiated in separate components. Revenue from the Company’s time charters and bareboat charters of vessels is accounted for as operating leases on a straight line basis based on the average fixed rentals over the minimum fixed rental period of the time charter and bareboat charter agreements, as service is performed. Charter hire received in advance is recorded under “Unearned revenue” in the Consolidated Balance Sheets until charter services are rendered. The Company elected the practical expedient which allows the Company to treat the lease and non-lease components as a single lease component for the leases where the timing and pattern of transfer for the nonlease component and the associated lease component to the lessees are the same and the lease component, if accounted for separately, would be classified as an operating lease. The combined component is therefore accounted for as an operating lease, as the lease component is the predominant component in 2025, 2024 and 2023.

2. Significant Accounting Policies (Continued)

Accounting for Revenue and Expenses (Continued): The Company’s drybulk vessels generate revenue from short-term time charter agreements and voyage charter agreements. The voyage charter agreements do not contain a lease because the charterer under such contracts does not have the right to control the use of the vessel since the Company retains control over the operations of the vessel and are therefore considered service contracts that fall under the provision of ASC 606 “Revenue from contracts with customers”. The Company accounts for a voyage charter when all the following criteria are met: (i) the parties to the contract have approved the contract in the form of a written charter agreement or fixture recap and are committed to perform their respective obligations, (ii) the Company can identify each party’s rights regarding the services to be transferred, (iii) the Company can identify the payment terms for the services to be transferred, (iv) the charter agreement has commercial substance (that is, the risk, timing, or amount of the future cash flows is expected to change as a result of the contract) and (v) it is probable that the Company will collect substantially all of the consideration to which it will be entitled in exchange for the services that will be transferred to the charterer. Under voyage charter agreements, the charter party generally specifies a minimum amount of cargo and the charterer is liable for any short loading of cargo or dead-freight. Demurrage income, which represents a form of variable consideration when loading or discharging time exceeds the stipulated time in the voyage charter agreement, is included in voyage revenues and was immaterial in the years ended December 31, 2025, 2024 and 2023. The majority of revenue from voyage charter agreements is usually collected in advance. The Company has determined that there is one single performance obligation for each of its voyage contracts, which is to provide the charterer with an integrated transportation service within a specified time period. In addition, the Company has concluded that a contract for a voyage charter meets the criteria to recognize revenue over time because the charterer simultaneously receives and consumes the benefits of the Company’s performance as the Company performs. Therefore, since the Company’s performance obligation under each voyage contract is met evenly as the voyage progresses, revenue is recognized on a straight line basis over the voyage days from the loading of cargo to its discharge.

Voyage Expenses: Under voyage charter agreements, all voyage costs are borne and paid by the Company. Voyage expenses consist primarily of port and canal charges, bunker (fuel) expenses, agency fees, address commissions and brokerage commissions related to the voyage. All voyage costs are expensed as incurred with the exception of the contract fulfilment costs that are incurred from the later of the end of the previous vessel employment and the contract date and until the commencement of loading the cargo on the relevant vessel, which are capitalized to the extent the Company, in its reasonable judgement, determines that they (i) are directly related to a contract, (ii) will be recoverable and (iii) enhance the Company’s resources by putting the Company’s vessel in a location to satisfy its performance obligation under a contract pursuant to the provisions of ASC 340-40 “Other assets and deferred costs”. These capitalized contract fulfilment costs are recorded under “Other current assets” and are amortized on a straight-line basis as the related performance obligations are satisfied.

Under multi-year time charters and bareboat charters, such as those on which the Company charters its container vessels and under short-term time charters, the charterers bear the voyage expenses other than brokerage and address commissions. As such, voyage expenses represent a relatively small portion of the overall expenses under time charters and bareboat charters.

Vessel Operating Expenses: Vessel operating expenses are expensed as incurred and include crew wages and related costs, the cost of insurance, expenses for repairs and maintenance, the cost of spares and consumable stores, tonnage taxes and other miscellaneous expenses. Aggregate expenses increase as the size of the Company’s fleet increases. Under time charters and voyage charter agreements, the Company pays for vessel operating expenses. Under bareboat charters, the Company’s charterers bear most vessel operating expenses, including the costs of crewing, insurance, surveys, drydockings, maintenance and repairs.

General and administrative expenses: General and administrative expenses are expensed as incurred and include management fees paid to the vessels’ manager (refer to Note 11, “Related Party Transactions”), audit fees, legal fees, board remuneration, service cost, stock based compensation, executive officers compensation, directors & officers insurance and stock exchange fees.

Repairs and Maintenance: All repair and maintenance expenses are expensed as incurred and are included in vessel operating expenses in the Consolidated Statements of Income. These costs include routine maintenance, minor repairs, and other expenditures that do not extend the useful life or improve the efficiency, capacity, or safety of the vessels.

2. Significant Accounting Policies (Continued)

Going Concern: The Company evaluates whether there is substantial doubt about its ability to continue as a going concern by applying the provisions of ASC 205-40. In more detail, the Company evaluates whether there are conditions or events that raise substantial doubt about the Company’s ability to continue as a going concern within one year from the date the financial statements are issued. As part of such evaluation, the Company did not identify any conditions that raise substantial doubt about the entity’s ability to continue as a going concern. Accordingly, the Company continues to adopt the going concern basis in preparing its consolidated financial statements.

Segment Reporting:Following the acquisition of the drybulk vessels in 2023, the Company operates in two separate segments in accordance with ASC 280: (i) a container vessels segment, as a provider of worldwide marine transportation services through time charter and bareboat charter arrangements; and (ii) a drybulk vessels segment, as a provider of drybulk commodity transportation services through time charter and voyage charter arrangements. The Company’s management, including its Chief Executive Officer, who is the chief operating decision maker, evaluates performance based on overall revenue per day and fleet operating results for each segment. The accounting policies applied in measuring the operating results of each reportable segment are the same as those used in preparing the Company’s consolidated financial statements. Prior to the acquisition of the drybulk vessels in 2023, the Company operated as one reportable segment.

Derivative Instruments: From time to time, the Company enters into interest rate swap contracts to manage its exposure to variable interest rates. Derivative instruments are recorded at fair value on the Consolidated Balance Sheets. Changes in the fair value of derivatives that do not qualify for hedge accounting are recognized in earnings in the period of the change.

When derivative instruments qualify for hedge accounting under ASC 815, the Company designates them as either fair value hedges or cash flow hedges at inception. For fair value hedges, changes in the fair value of both the derivative and the hedged item attributable to the hedged risk are recognized in earnings. For cash flow hedges, the effective portion of changes in the fair value of the derivative is recorded in other comprehensive income/loss and reclassified to earnings when the hedged item affects earnings. Any ineffective portion is recognized immediately in earnings.

In the past, the Company elected to prospectively dedesignate certain fair value and cash flow interest rate swaps that had previously qualified for hedge accounting, due to the compliance burden associated with maintaining hedge documentation. As a result, all subsequent changes in the fair value of these cash flow interest rate swap agreements were recorded in the Consolidated Income Statements under “Loss on derivatives.” The Company evaluated whether the previously hedged forecasted interest payments were probable of occurring within the originally specified time period and concluded that such payments remain probable of occurring. Accordingly, the unamortized loss balance associated with the previously designated cash flow interest rate swaps remains in accumulated other comprehensive loss and is reclassified into earnings on an annual basis as the underlying hedged interest payments are recognized. If such interest payments were determined to be probable of not occurring, the related unamortized balance remaining in accumulated other comprehensive loss would be immediately reclassified to earnings.

The Company does not enter into derivative transactions for trading or speculative purposes.

Earnings Per Share: The Company presents basic and diluted earnings per share in accordance with ASC 260. Basic earnings per share is computed by dividing net earnings attributable to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted. Diluted earnings per share is computed by dividing net earnings attributable to common shareholders by the weighted average number of common shares outstanding plus the dilutive effect of potential common shares, including unvested restricted stock, calculated using the treasury stock method when applicable. The Company applies the two-class method when participating securities, such as unvested restricted stock that receive nonforfeitable dividends or dividend equivalents, are outstanding and the two-class method is more dilutive than the treasury stock method. Unvested shares of restricted stock are included in diluted earnings per share unless their effect is antidilutive.

2. Significant Accounting Policies (Continued)

Treasury Stock and Share Repurchases: The Company recognizes treasury stock based on the price paid to repurchase its shares, including direct costs to acquire treasury stock and records the repurchase of its common shares at cost. Until their retirement these common shares are classified as treasury stock, which is a reduction to shareholders’ equity. Treasury stock is recorded as a reduction from common stock at its par value and the price paid in excess of par value and direct costs, if any, as a reduction from additional paid-in capital. Treasury stock is included in authorized and issued shares but excluded from outstanding shares and are excluded from average common shares outstanding for basic and diluted earnings per share.

Income taxes: Income taxes comprise of taxes, if any, withheld on dividend income earned on the Company’s investments. We recorded income taxes of nil in each the years ended December 31, 2025, 2024 and 2023.

Equity Compensation Plan: The Company has adopted an equity compensation plan (the “2006 Equity Compensation Plan”) in 2006 (as amended on August 2, 2019), which is generally administered by the compensation committee of the Board of Directors. The Plan allows the plan administrator to grant awards of shares of common stock or the right to receive or purchase shares of common stock to employees, directors or other persons or entities providing significant services to the Company or its subsidiaries. The actual terms of an award will be determined by the plan administrator and set forth in written award agreement with the participant. Any options granted under the Plan are accounted for in accordance with the accounting guidance for share-based compensation arrangements.

Share based compensation represents the cost of shares and share options granted to employees of Danaos Shipping Company Limited (the “Manager”), the Company’s executive officers and to directors, for their services, and is included under “General and administrative expenses” in the Consolidated Statements of Income. The shares are measured at their fair value equal to the market value of the Company’s common shares on the grant date. The shares that do not contain any future service vesting conditions are considered vested shares and the total fair value of such shares is expensed on the grant date. The shares that contain a time-based service vesting condition are considered non-vested shares on the grant date and the total fair value of such shares is recognized using the accelerated attribution method for share-based payment arrangements with employees, which treats an award with multiple vesting dates as multiple awards and results in a front-loading of the costs of the award. Further, the Company accounts for restricted share award forfeitures upon occurrence. The Company recognizes the cost of nonemployee awards during the nonemployee’s vesting period as services are received.

Executive Retirement Plan: The Company established a defined benefit retirement plan for its executive officers in December 2022. The actuarial determination of the projected benefit obligation was determined by calculating the present value of the projected benefit at retirement based on service completed at the valuation date, which incorporates management’s best estimate of the discount rate, salary escalation rate and retirement ages of executive officers. The discount rate used to value the defined benefit obligation is derived based on high quality income investments with duration similar to the duration of the obligation. Prior service cost arising from the retrospective recognition of past service was recognized in the other comprehensive income/loss. Prior service cost reclassification and other gains or losses (including foreign exchange gain/loss) are recognized under “Other income/(expenses), net” in the Consolidated Statements of Income. The actuarially determined expense for current service is recognized under “General and administrative expenses” in the Consolidated Statements of Income. The actuarially determined net interest costs on the defined benefit plan obligation are recognized under “Other finance expenses” in the Consolidated Statements of Income. All actuarial remeasurements arising from defined benefit plan are recognized in full in the period in which they arise in the other comprehensive income/loss.

Fair Value Measurements: The Company follows the provisions of ASC 820, “Fair Value Measurements and Disclosures” that define and provide guidance as to the measurement of fair value. ASC 820 creates a hierarchy of measurement and indicates that, when possible, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The fair value hierarchy gives the highest priority (Level 1) to quoted prices in active markets and the lowest priority (Level 3) to unobservable data, for example, the reporting entity’s own data. Under the standard, fair value measurements are separately disclosed by level within the fair value hierarchy (Note 13).

2. Significant Accounting Policies (Continued)

Sale and Lease Back Transactions: Sale and lease back transactions which involve a purchase obligation (or a purchase option that is reasonably certain, at inception, that will be exercised) and are therefore treated as a failed sale or merely a financing arrangement, are not within the scope of sale and leaseback accounting under ASC 842. In such cases the Company does not derecognize the corresponding leased vessels and continues to present these at their net book values within “Fixed assets, net” on its Consolidated Balance Sheets, while the financing liability is presented in “Long-term debt” and in “Current portion of long - term debt, net” in the Company’s Consolidated Balance Sheets. Depreciation attributable to the vessels that are subject to financing under sale and lease back transactions is included within “Depreciation and amortization” in the Consolidated Income Statements while the corresponding interest expense on the lease financing arrangement is included within “Interest expense and finance costs” in the Consolidated Income Statements. The Company’s sale and lease back financing agreement as of December 31, 2025 was of this type. Please refer to Note 10 for the description of the nature of the Company’s lease financing agreement, general terms, covenants included, any variable payments, if any, as well as the purchase options and/or obligations they provide for.

Recent Accounting Pronouncements (not yet adopted):

In November 2024, the FASB issued ASU 2024-03, “Income Statement – Reporting Comprehensive Income – Expenses Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses”. The standard is intended to require more detailed disclosure about specified categories of expenses (including employee compensation, depreciation and amortization) included in certain expense captions presented on the face of the income statement. This ASU is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either prospectively to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to all prior periods presented in the financial statements. The Company is currently assessing the impact this standard will have on its financial statements.

​

In December 2025, the FASB issued ASU No. 2025-12 to clarify, correct errors in or make other improvements to a broad range of topics in the Accounting Standards Codification (“ASC”), including ASC 260, Earnings Per Share; ASC 325, Investments — Other; and ASC 958, Not-for-Profit Entities. The guidance is effective for all entities for annual reporting periods beginning after 15 December 2026, and interim periods within those annual periods. Early adoption is permitted. Entities are required to apply the amendments to ASC 260 retrospectively to each prior reporting period presented in the period of adoption. Entities can apply all other amendments in the period of adoption either (1) prospectively to all new transactions recognized on or after the date that the entity first applies the amendments or (2) retrospectively to the beginning of the earliest comparative period presented, with an adjustment to the opening balance of retained earnings (or other appropriate components of equity or net assets in the statement of financial position) as of the beginning of the earliest comparative period presented. An entity may elect the transition method on an issue-by-issue basis (except for the ASC 260 amendments). The Company evaluated the impact of this ASU on its consolidated financial statements and determined that there is no effect on its results of operations.
v3.25.4
Investments in Affiliates
 12 Months Ended
Dec. 31, 2025
Investments in Affiliates  
Investments in Affiliates

3. Investments in Affiliates

In March 2023, the Company invested $4.3 million in the common shares of a newly established company Carbon Termination Technologies Corporation (“CTTC”), incorporated in the Republic of the Marshall Islands, which represents the Company’s 49% ownership interest. CTTC currently engages in research and development of decarbonization technologies for the shipping industry. Equity method of accounting is used for this investment. In 2024 and 2025, the Company provided an additional funding of $2.1 million to CTTC which bears interest at a rate of SOFR plus a margin of 2.0% and had a maturity date of December 31, 2025. On October 3 2025, an amended and restated facility agreements was executed to provide additional funding to CTTC. Under the amended agreements, the Company provided CTTC with an additional funding of $0.4 million, resulting in total funding of $2.5 million in the form of a loan bearing interest at a rate of SOFR plus a margin of 2.0%, with a maturity date of December 31, 2026. For the years ended December 31, 2025, 2024 and 2023, the Company’s share of CTTC’s initial expenses amounted to $1.0 million, $1.6 million and $4.0 million, respectively, and are presented under “Loss on equity investments” in the Consolidated Statements of Income.
v3.25.4
Fixed Assets, net
 12 Months Ended
Dec. 31, 2025
Fixed Assets, net  
Fixed Assets, net

4. Fixed Assets, net

Fixed assets, net consisted of the following (in thousands of US$):

​

​

​

​

​

​

​

​

​

​

​

​

Vessel

​

Accumulated 

​

Net Book

​

  ​ ​ ​

Costs

  ​ ​ ​

Depreciation

  ​ ​ ​

Value

As of January 1, 2023

​

$

3,903,896

​

$

(1,182,402)

​

$

2,721,494

Additions

​

 

154,334

​

 

—

​

 

154,334

Depreciation

​

 

—

​

 

(129,287)

​

 

(129,287)

As of December 31, 2023

​

$

4,058,230

​

$

(1,311,689)

​

$

2,746,541

Additions and transfers from vessels under construction

​

 

694,997

​

 

—

​

 

694,997

Disposals

​

​

(3,940)

​

​

1,055

​

​

(2,885)

Depreciation

​

​

—

​

​

(148,344)

​

​

(148,344)

As of December 31, 2024

​

$

4,749,287

​

$

(1,458,978)

​

$

3,290,309

Additions and transfers from vessels under construction

​

 

142,760

​

​

—

​

​

142,760

Depreciation

​

 

—

​

​

(163,366)

​

​

(163,366)

As of December 31, 2025

​

$

4,892,047

​

$

(1,622,344)

​

$

3,269,703

​

Deliveries of newbuilding container vessels & Capesize drybulk carrier vessels acquisitions:

​

In 2025, the Company took delivery of two 6,014 TEU newbuild container vessels, Phoebe and Greenhouse, both of which commenced long-term charters upon delivery and which were transferred from “Advances for vessels under construction” to “Fixed assets, net” at an aggregate cost of approximately $129.4 million. In addition, during 2025, the Company entered into a Memorandum of Agreement to acquire a drybulk capesize vessel for a purchase price of $25.0 million, which is expected to be delivered in the first quarter of 2026. For this acquisition, the Company deposited $3.8 million into an escrow account in 2025, which as of December 31, 2025 is recorded under “Advances for vessels under construction and vessel acquisition” (Note 5).

In 2024, the Company took delivery of four 8,010 TEU newbuild container vessels named Catherine C, Greenland, Greenville and Greenfield and two 7,165 TEU newbuild container vessels named Interasia Accelerate and Interasia Amplify, of which all six vessels commenced a long-term charter upon delivery. Additionally, following the acquisition of the seven drybulk capsize vessels in 2023, during 2024 the Company acquired the three Capesize bulk carrier vessels Danaos, Gouverneur and Valentine.

Container vessels disposal/sale:

In March 2024, the Company sold the vessel Stride for scrap. The vessel had been off-hire since January 8, 2024 due to damage from a fire in the engine room that was subsequently contained. The Company recognized $11.9 million of net insurance proceeds for the total loss of the vessel and recorded a gain on disposal of $8.3 million for the year ended December 31, 2024, which is separately presented under “Net gain on disposal/sale of vessels” in the Consolidated Statements of Income.

In 2022, the Company entered into an agreement to opportunistically sell the vessel Amalia C, which was classified as held for sale as of December 31, 2022. Upon delivery of the vessel to its buyer in January 2023, the Company recognized a gain of $1.6 million,which is separately presented under “Net gain on disposal/sale of vessels” in the Consolidated Statements of Income.

See Note 10 “Long-Term Debt, net” for information about the vessels, which are subject to first preferred mortgages as collateral to the Company’s credit facilities.

As of December 31, 2025 and 2024, the Company concluded that events and circumstances triggered the existence of potential impairment for some of the Company’s container vessels. These indicators included volatility in the charter market and the vessels’ market values, as well as the potential impact the current marketplace may have on its future operations. As a result, the Company performed step one of the impairment assessment for the Company’s vessels with impairment indicators by comparing the undiscounted projected net operating cash flows for each of these vessels to its carrying values. As of December 31, 2025 and 2024, the Company’s assessment concluded that step two of the impairment analysis was not required for any vessel, as the undiscounted projected net operating cash flows of all vessels exceeded the carrying value of the respective vessels. As of December 31, 2025 and 2024, no impairment loss was identified.

4. Fixed Assets, net (Continued)

The residual value (estimated scrap value at the end of the vessels’ useful lives) of the fleet was estimated at $616.3 million and $603.7 million as of December 31, 2025 and December 31, 2024, respectively. The Company has calculated the residual value of the vessels taking into consideration the 10 year average and the 5 year average of the scrap. The Company has applied uniformly the scrap value of $300 per ton for all vessels. The Company believes that $300 per ton is a reasonable estimate of future scrap prices, taking into consideration the cyclical nature of future demand for scrap steel. Although the Company believes that the assumptions used to determine the scrap rate are reasonable and appropriate, such assumptions are highly subjective, in part, because of the cyclical nature of future demand for scrap steel.

v3.25.4
Advances for Vessels under Construction and Vessel Acquisition
 12 Months Ended
Dec. 31, 2025
Advances for Vessels under Construction and Vessel Acquisition  
Advances for Vessels under Construction and Vessel Acquisition

5. Advances for Vessels under Construction and Vessel Acquisition

Advances for vessels under construction:

In 2025, the Company added one 6,014 TEU, two 7,165 TEU, two 5,300 TEU and six 1,800 TEU newbuilding containerships to its orderbook. As of December 31, 2025, the Company has a total of 25 container vessels under construction, with scheduled deliveries between 2026 and 2029, as summarized below:

●Seven 9,200 TEU vessels, contracted between June 2024 and December 2024 of which five are expected to be delivered in 2027 and two in 2028.
●Seven 8,258 TEU vessels, contracted between June 2023 and July 2024 of which one is expected to be delivered in the third quarter of 2026, two in the fourth quarter of 2026, and the remaining four in 2027.
●Two 7,165 TEU vessels, contracted in September 2025 and both are expected to be delivered in the third quarter of 2027.
●One 6,014 TEU vessel, contracted in June 2025, which is expected to be delivered in 2027.
●Two 5,300 TEU vessels, contracted in December 2025, which are expected to be delivered in 2028.
●Six 1,800 TEU vessels, contracted in December 2025, of which one is expected to be delivered in 2027, four in 2028 and one in 2029.

​

Furthermore, pursuant to the shipbuilding contracts for the six 1,800 TEU container vessels and the shipbuilding contracts for the two 5,300 TEU container vessels described above, the respective shipyard has agreed to grant the Company the option to purchase two additional 1,800 TEU and two additional 5,300 TEU newbuilding containerships (the “Option Agreements”), respectively, all of which may be exercised by the Company by March 2026. The Company had not exercised any of these purchase options as of December 31, 2025.

​

As of December 31, 2025, the aggregate contracted purchase price of the 25 container vessels under construction amounts to $1,940.9 million, out of which $190.0 million, $174.5 million and $28.3 million was paid in the years ended December 31, 2025, 2024 and 2023, respectively. Subsequent to December 31, 2025, the remaining contractual commitments for the 25 vessels under construction, are as follows (in thousands of US$):

​

​

​

​

​

Payments due by twelve month period ending:

  ​ ​ ​

in ‘000s of US$

December 31, 2026

​

$

502,414

December 31, 2027

​

 

763,695

December 31, 2028

​

 

239,456

December 31, 2029

​

 

42,550

Total contractual commitments

​

$

1,548,115

​

5. Advances for Vessels under Construction and Vessel Acquisition (Continued)

Advances for vessels under construction (Continued):

Additionally, a supervision fee of $850 thousand per newbuilding vessel (refer to Note 11, “Related Parties Transactions”) is payable to Danaos Shipping Company Limited (the “Manager”) over the construction period. Supervision fees totaling $1.9 million in the year ended December 31, 2025 and $3.0 million in each of the years ended December 31, 2024 and 2023, were charged by the Manager and capitalized to the vessels under construction. Interest expense amounting to $21.6 million, $21.5 million and $17.4 million was capitalized to the vessels under construction in the years ended December 31, 2025, 2024 and 2023, respectively.

​

Advance for vessel acquisition:

In addition, during 2025, the Company entered into a Memorandum of Agreement to acquire a drybulk capesize vessel for a purchase price of $25.0 million and deposited $3.8 million into an escrow account in 2025, with the remaining $21.2 million payable upon delivery of the vessel, which is expected in the first quarter of 2026.
v3.25.4
Deferred Charges, net
 12 Months Ended
Dec. 31, 2025
Deferred Charges, net  
Deferred Charges, net

6. Deferred Charges, net

Deferred charges, net consisted of the following (in thousands of US$):

​

​

​

​

​

  ​ ​ ​

Drydocking and

​

​

Special Survey

​

​

Costs

As of January 1, 2023

​

$

25,554

Additions

​

 

31,121

Amortization

​

 

(18,663)

As of December 31, 2023

​

$

38,012

Additions

​

​

50,568

Write-off

​

​

(660)

Amortization

​

​

(29,161)

As of December 31, 2024

​

$

58,759

Additions

​

 

39,671

Amortization

​

 

(44,074)

As of December 31, 2025

​

$

54,356

​

In March 2024, the Company sold for scrap vessel Stride (as described to Note 4. “Fixed Assets, net”) and wrote-off $0.7 million of drydocking deferred charges. These write-offs were reflected under the “Net gain on disposal/sale of vessels” in the Consolidated Statement of Income.

The Company follows the deferral method of accounting for drydocking and special survey costs in accordance with accounting for planned major maintenance activities, whereby actual costs incurred are deferred and amortized on a straight-line basis over the period until the next scheduled survey, which is two and a half years. If special survey or drydocking is performed prior to the scheduled date, the remaining unamortized balances are immediately written off. Furthermore, when a vessel is drydocked in more than one reporting periods, the respective costs are identified and recorded in the period in which they are incurred.
v3.25.4
Other Current and Non-current Assets
 12 Months Ended
Dec. 31, 2025
Other Current and Non-current Assets  
Other Current and Non-current Assets

7. Other Current and Non-current Assets

Other current and non-current assets consisted of the following (in thousands of US$):

​

​

​

​

​

​

​

​

  ​ ​ ​

As of

  ​ ​ ​

As of

Other Current Assets

​

December 31, 2025

​

December 31, 2024

Marketable securities

​

$

120,244

​

$

60,850

Straight-lining of revenue

​

​

24,828

​

​

22,170

Claims receivable

​

​

9,978

​

​

14,387

Other current assets

​

​

16,087

​

​

16,243

Total other current assets

​

$

171,137

​

$

113,650

​

​

​

​

​

​

​

Straight-lining of revenue

​

$

30,144

​

$

47,423

Other non-current assets

​

 

12,161

​

 

10,358

Total other non-current assets

​

$

42,305

​

$

57,781

​

Marketable securities in Star Bulk Carriers Corp. (Ticker: SBLK)

In 2023, the Company acquired marketable securities of Eagle Bulk Shipping Inc., an owner of bulk carriers, which was listed on the New York Stock Exchange (Ticker: EGLE). On December 11, 2023, Star Bulk Carriers Corp. (Ticker: SBLK), a NASDAQ-listed owner and operator of drybulk vessels, and EGLE, announced that both companies had entered into a definitive agreement to combine in an all-stock merger, which was completed on April 9, 2024. Under the terms of the agreement, EGLE shareholders received 2.6211 shares of SBLK common stock in exchange for each share of EGLE common stock owned and as of December 31, 2024 the Company owned 4,070,214 shares of common stock of SBLK. During the year ended December 31, 2025, the Company purchased an additional 2,185,967 shares of common stock of “SBLK” in the open market for $29.9 million. As a result, as of December 31, 2025, the Company owned 6,256,181 shares of SBLK common stock.

As of December 31, 2025 and 2024, these marketable securities were fair valued at $120.2 million and $60.9 million, respectively. Furthermore, for the years ended December 31, 2025, 2024 and 2023, the Company recognized a $29.5 million gain, a $25.2 million loss and a $17.9 million gain, respectively, on these marketable securities, which are reflected under “Gain/(Loss) on investments” in the Consolidated Statements of Income. Additionally, the Company recognized dividend income on these securities amounting to $1.7 million, $9.3 million and $1.0 million for the years ended December 31, 2025, 2024 and 2023, respectively, which is reflected under “Dividend income” in the Consolidated Statements of Income.
v3.25.4
Accrued Liabilities
 12 Months Ended
Dec. 31, 2025
Accrued Liabilities  
Accrued Liabilities

8. Accrued Liabilities

Accrued liabilities consisted of the following (in thousands of US$):

​

​

​

​

​

​

​

​

  ​ ​ ​

As of

  ​ ​ ​

As of

​

​

December 31, 2025

​

December 31, 2024

Accrued interest

​

$

16,402

​

$

10,599

Accrued dry-docking expenses

​

​

2,594

​

​

5,334

Accrued expenses

​

 

9,776

​

 

7,711

Total

​

$

28,772

​

$

23,644

​

Accrued expenses mainly consisted of accruals related to the operation of the Company’s fleet as of December 31, 2025 and 2024, respectively.
v3.25.4
Lease Arrangements
 12 Months Ended
Dec. 31, 2025
Lease Arrangements  
Lease Arrangements

9. Lease Arrangements

Charters-out

As of December 31, 2025, the Company generated operating revenues from its 75 container vessels on time charters or bareboat charter agreements, with remaining terms ranging from less than one year to 2032. Additionally, the Company contracted 5-year, 7-year and and 10 - year time charter agreements for the 21 out of 25 container vessels under construction as of December 31, 2025. Under the terms of the charter party agreements, most charterers have options to extend the duration of contracts ranging from less than one year to four years after the expiration of the contract. The Company determines fair value of its vessels at the lease commencement date and at the end of lease term for lease classification with the assistance from valuations obtained by third party independent shipbrokers. The Company manages its risk associated with the residual value of its vessels after the expiration of the charter party agreements by seeking multi-year charter arrangements for its vessels.

In May 2022, the Company received $238.9 million of charter hire prepayment related to charter contracts for 15 of the Company’s vessels, representing partial prepayment of charter hire payable up to January 2027. This charter hire prepayment is recognized in revenue through the remaining period of each charter party agreement, in addition to the contracted future minimum payments reflected in the below table. As of December 31, 2025, the outstanding balances of the current and non - current portion of unearned revenue in relation to this prepayment amounted to $20.3 million and $2.6 million, respectively. As of December 31, 2024, the outstanding balances of the current and non - current portion of unearned revenue in relation to this prepayment amounted to $37.2 million and $22.9 million, respectively.

​

The future minimum payments, expected to be received on non-cancellable time charters and bareboat charters classified as operating leases consisted of the following as of December 31, 2025 (in thousands of US$):

​

​

​

​

​

Year ending December 31,

​

in ‘000s of US$

2026

  ​ ​ ​

$

945,823

2027

​

 

900,755

2028

​

 

701,253

2029

​

 

543,790

2030

​

 

370,926

2031 and thereafter

​

 

690,938

Total future rentals

​

$

4,153,485

​

Rentals from time charters are not generally received when a vessel is off-hire, including time required for normal periodic maintenance of the vessel. In arriving at the future minimum rentals, an estimated time off-hire to perform periodic maintenance on each vessel has been deducted, although there is no assurance that such estimate will be reflective of the actual off-hire in the future.
v3.25.4
Long-Term Debt, net
 12 Months Ended
Dec. 31, 2025
Long-Term Debt, net  
Long-Term Debt, net

10. Long-Term Debt, net

Long-term debt consisted of the following (in thousands of US$):

​

​

​

​

​

​

​

​

​

Balance as of

​

Balance as of

Credit Facility

  ​ ​ ​

December 31, 2025

  ​ ​ ​

December 31, 2024

BNP Paribas/Credit Agricole $130 mil. Facility

​

$

—

​

$

86,200

Alpha Bank $55.25 mil. Facility

​

​

—

​

​

40,250

Syndicated $450.0 mil. Facility

​

​

335,210

​

​

355,330

Citibank $382.5 mil. Revolving Credit Facility

​

​

—

​

​

—

Syndicated $850.0 mil. Facility

​

​

—

​

​

—

JOLCO Phoebe Facility

​

​

79,806

​

​

—

JOLCO Greenhouse Facility

​

​

—

​

​

—

Senior unsecured notes

​

​

762,766

​

​

262,766

Total long-term debt

​

$

1,177,782

​

$

744,546

Less: Deferred finance costs (long term portion)

​

​

(17,032)

​

​

(9,763)

Less: Unamortized debt discount

​

​

(3,226)

​

​

—

Less: Current portion, gross of deferred finance costs

​

​

(285,448)

​

​

(35,220)

Total long-term debt net of current portion and long term portion of deferred finance costs

​

$

872,076

​

$

699,563

​

Secured Credit Facilities:

Syndicated $850.0 mil. Facility

In February 2025, the Company entered into a syndicated loan facility agreement for a maximum principal amount of up to $850.0 million (the “Syndicated $850.0 mil. Facility”), to finance a portion of the purchase price of 14 newbuilding container vessels. The facility is expected to be drawn upon delivery of each vessel in separate tranches. Each vessel tranche is repayable in 20 equal quarterly instalments of approximately $0.8 million per tranche followed by a final payment on the fifth anniversary of each vessel’s tranche of between $42.4 million and $46.7 million per tranche up to December 2033. The facility bears interest at SOFR plus a margin of 1.65% and commitment fee of 0.50%.

JOLCO Phoebe Facility

In October 2025, the Company entered into a Japanese Operating Lease with Call Option (“JOLCO Phoebe Facility”) structure to finance the container vessel Phoebe (previously financed and mortgaged under the Syndicated $450.0 million Facility). Although legal title to the vessel was transferred to the lessor as part of the arrangement, the transaction did not qualify as a sale under the sale-leaseback guidance in ASC 842 (which incorporates the sale criteria in ASC 606) and is therefore accounted for as a financing arrangement in accordance with ASC 470. The facility provides total funding of up to $80.0 million and has an eight-year term. The facility includes a call option that allows the Company to repurchase the vessel at specified dates during the term of the arrangement. On October 30, 2025, the Company received the full $80.0 million in proceeds, which was recognized as a financing liability. The vessel continues to be recognized under “Fixed assets, net” on the Company’s consolidated balance sheets and to be depreciated over its remaining useful life.

10. Long-Term Debt, net (Continued)

Secured Credit Facilities (Continued):

JOLCO Greenhouse Facility

In December 2025, the Company entered into a Japanese operating lease agreement (the “JOLCO Greenhouse Facility”) with a call option for a total facility of up to $80.0 million, with the purpose of financing the container vessel Greenhouse. Although legal title to the vessel was transferred to the lessor as part of the arrangement, the transaction did not qualify as a sale under the sale-leaseback guidance in ASC 842 (which incorporates the sale criteria in ASC 606) and is therefore accounted for as a financing arrangement in accordance with ASC 470. The facility provides total funding of up to $80.0 million and has an eight-year term. The facility includes a call option that allows the Company to repurchase the vessel at specified dates during the term of the arrangement. On January 15, 2026, the Company drew down the full amount of $80.0 million (Note 21). The vessel will continue to be recognized under “Fixed assets, net” on the Company’s consolidated balance sheets and to be depreciated over its remaining useful life.

Syndicated $450.0 mil. Facility

In March 2024, the Company entered into a syndicated secured loan facility agreement providing for a maximum principal amount of up to $450.0 million (the “Syndicated $450.0 mil. Facility”). The facility was initially secured by eight of the Company’s container vessels, including the vessel Greenhouse, which was under construction and delivered to the Company in the fourth quarter of 2025. In September 2025, the Company submitted a cancellation notice to the bank related to the undrawn $44.0 million tranche for this vessel. In connection with this cancellation, the Company recorded a loss on debt extinguishment of $1.1 million, representing the write-off of unamortized deferred financing costs and commitment fee charges associated with the undrawn portion of the facility.

The facility was structured in separate vessel tranches, each drawn upon delivery of the respective vessel. As of December 31, 2025, all seven remaining vessel tranches had been fully utilized. Each drawn vessel tranche is repayable in 20 equal quarterly instalments ranging from $0.6 million to $0.9 million per tranche, followed by a balloon payment due on the fifth anniversary of each tranche, ranging from $31.8 million to $45.5 million, with final maturities extending through September 2030. Borrowings under the facility bear interest at SOFR plus a margin of 1.85% and are subject to a commitment fee of 0.74% on undrawn amounts. On October 1, 2025, the Company prepaid the outstanding principal amount of $42.78 million related to the newbuilding vessel Phoebe, which had been drawn in January 2025. In connection with this prepayment, unamortized deferred financing costs of $0.7 million were written off and recognized as “Loss on debt extinguishment, net” in the Consolidated Statements of Income. In February 2026, the Company notified the bank that, on March 2, 2026, together with the quarterly installments for the tranches relating to the vessels Catherine C. Greenland, Interasia Accelerate, and Interasia Amplify, it would also prepay in full the outstanding principal amounts of these tranches (Note 21).

BNP Paribas/Credit Agricole $130 mil. Facility

In June 2022, the Company put in place a $130.0 million senior secured term loan facility with BNP Paribas and Credit Agricole (the “BNP Paribas/Credit Agricole $130 mil. Facility”), which is secured by six 5,466 TEU sister vessels acquired in 2021. The facility is repayable in eight quarterly instalments of $5.0 million followed by twelve quarterly instalments of $1.9 million, together with a balloon payment of $67.2 million payable at maturity of the facility’s five year term in June 2027. The facility bears interest at SOFR plus a margin of 2.16% as adjusted by the sustainability margin adjustment. On December 1, 2025, the Company early prepaid the outstanding principal amount of $78.6 million under the BNP Paribas/Credit Agricole $130.0 million Facility. In connection with this prepayment, unamortized deferred financing costs of $0.6 million were written off and recognized as “Loss on debt extinguishment, net” in the Consolidated Statements of Income.

Citibank $382.5 mil. Revolving Credit Facility

In December 2022, the Company early extinguished the remaining $437.75 million outstanding under the Citibank/NatWest $815.0 million facility and replaced it with a $382.5 mil. Revolving Credit Facility with Citibank (the “Citibank $382.5 mil. Revolving Credit Facility”) and with Alpha Bank $55.25 mil. Facility (as defined below). As of December 31, 2025, no amounts were drawn down under Citibank $382.5 mil. Revolving Credit Facility. The Citibank $382.5 million Revolving Credit Facility is a reducing facility and is repayable over five years through 20 quarterly commitment reductions of $11.25 million each, followed by a final reduction of $157.5 million at maturity in December 2027. Borrowings under this facility bear interest at SOFR plus a margin of 2.0%, and a commitment fee of 0.8% is payable on the undrawn portion. The facility is secured by sixteen of the Company’s vessels.

10. Long-Term Debt, net (Continued)

Secured Credit Facilities (Continued):

Alpha Bank $55.25 mil. Facility

In December 2022, the Company entered into a $55.25 million secured credit facility with Alpha Bank, which was fully utilized (the “Alpha Bank $55.25 mil. Facility”). The Alpha Bank $55.25 mil. Facility was repayable over five years in 20 consecutive quarterly installments of $1.875 million each, with a balloon payment of $17.75 million due at maturity in December 2027. This facility bore interest at SOFR plus a margin of 2.3% and was secured by two of the Company’s vessels. On December 1, 2025, the Company early prepaid the outstanding principal amount of $32.8 million under the Alpha Bank $55.25 mil. Facility. In connection with this prepayment, unamortized deferred financing costs of $0.1 million were written off and recognized as “Loss on debt extinguishment, net” in the Consolidated Statements of Income.

The Citibank $382.5 mil. Revolving Credit Facility and Syndicated $450.0 million Facility contain a requirement to maintain minimum fair market value of collateral vessels to loan value coverage of 120%. Additionally, the Citibank $382.5 mil. Revolving Credit Facility, Syndicated $450.0 million Facility and JOLCO facilities require the Company to maintain the following financial covenants:

(i)minimum liquidity of $30.0 million;
(ii)maximum consolidated debt (less cash and cash equivalents) to consolidated EBITDA ratio of 6.5x; and
(iii)minimum consolidated EBITDA to net interest expense ratio of 2.5x.

Each of the secured credit facilities are collateralized by first preferred mortgages over the vessels financed, general assignment of all hire freights, income and earnings, the assignment of their insurance policies, as well as any proceeds from the sale of mortgaged vessels, stock pledges and benefits from corporate guarantees (as noted below, the Company’s senior unsecured notes are not collateralized). The Company was in compliance with the financial covenants contained in the credit facilities agreements as of December 31, 2025 and 2024, respectively. Twenty - four of the Company’s vessels having a net carrying value of $1,736.3 million as of December 31, 2025, were subject to first preferred mortgages as collateral to the Company’s credit facilities.

As of December 31, 2025, there was a $247.5 million remaining borrowing availability under the Company’s Citibank $382.5 million Revolving Credit Facility, $850.0 million under the Syndicated $850.0 mil. Facility and $80.0 million under the JOLCO Greenhouse Facility.

Unsecured Credit Facilities:

​

6.875% Senior Unsecured Notes Due 2032

On October 16, 2025, the Company issued in a private placement, $500.0 million aggregate principal amount of 6.875% senior unsecured notes due 2032 (the “6.875% Senior Notes”). The 6.875% Senior Notes were issued at a price of 99.335% of par, resulting in gross proceeds of $496.7 million. The 6.875% Senior Notes mature on October 15, 2032 and bear interest at a rate of 6.875% per annum, payable semiannually in arrears March 1 and September 1, beginning March 1, 2026. The Notes were recorded at their initial carrying amount, which consisted of the cash proceeds received, net of the original issue discount. The Company is amortizing the original issue discount over the term of the 6.875% Senior Notes using the effective interest method. The amount of $12.8 million of bond issuance costs were deferred over the life of the bond and recognized through the effective interest method. Interest expense related to the 6.875% Senior Notes for the year ended December 31, 2025 was approximately $7.1 million, which includes amortization of the original issue discount and amortization of debt issuance costs.

The Company may redeem some or all of the 6.875% Senior Notes at any time or from time to time for cash: (i) prior to October 15, 2028, at 100.000% of the principal amount of such notes, plus an applicable make-whole premium and accrued and unpaid interest; (ii) on or after October 15, 2028 and prior to October 15, 2029, at 103.438% of the principal amount, plus accrued and unpaid interest; (iii) on or after October 15, 2029 and prior to October 15, 2030, at 101.719% of the principal amount, plus accrued and unpaid interest; and (iv) on or after October 15, 2030 and prior to maturity, at 100.000% of the principal amount, in each case plus accrued and unpaid interest to, but not including, the redemption date.

10. Long-Term Debt, net (Continued)

Unsecured Credit Facilities (Continued):

​

6.875% Senior Unsecured Notes Due 2032 (Continued)

Subject to certain conditions, at any time and from time to time prior to October 15, 2028, the Company may redeem up to 40% of the original aggregate principal amount of the 6.875% Senior Notes with the net cash proceeds of public equity offerings of the Company and certain equity contributions at a redemption price of 106.875% of the principal amount, plus accrued and unpaid interest, if any, to but excluding the redemption date; provided that at least 60% of the original aggregate principal amount of the 6.875% Senior Notes remains outstanding.

8.500% Senior Unsecured Notes Due 2028

On February 11, 2021, the Company issued in a private placement, $300.0 million aggregate principal amount of senior unsecured notes, which bear interest at a fixed rate of 8.500% per annum and mature on March 1, 2028 (the “8.500% Senior Notes”). At any time on or after March 1, 2026 the Company may elect to redeem all or any portion of the notes, respectively, at a price equal to 100%, of the principal amount being redeemed. In December 2022, the Company repurchased $37.2 million aggregate principal amount of its unsecured senior notes in a privately negotiated transaction. Interest payments on the notes are payable semi-annually commencing on September 1, 2021. In addition, $9.0 million of bond issuance costs were deferred and are recognized over the life of the bond through the effective interest method. Interest expense related to the 8.500% Senior Notes for the year ended December 31, 2025 was approximately $22.3 million, which includes amortization of debt issuance costs. The Company will redeem the 8.500% Senior Notes on March 2, 2026 (Note 21) and the remaining outstanding principal balance of $262.8 million and the unamortized deferred issuance costs of $2.4 million, were classified as “Current portion of long - term debt, net” in the Consolidated Balance Sheet as of December 31, 2025.

Principal Payments of Secured and Unsecured Credit Facilities:

The scheduled debt maturities of long-term debt subsequent to December 31, 2025, are as follows (in thousands of US$):

​

​

​

​

​

​

Principal

Payments due by year ending:

  ​ ​ ​

repayments

December 31, 2026

​

$

285,448

December 31, 2027

​

​

23,362

December 31, 2028

​

​

23,535

December 31, 2029

​

​

278,467

December 31, 2030

​

​

3,821

December 31, 2031 and thereafter

​

​

563,149

Total long-term debt

​

$

1,177,782

​

Interest and finance costs:

The amounts of “Interest and finance costs” included in the Consolidated Income Statements are analyzed as follows in thousands of US$):

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

Years ended December 31,

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

Interest on secured and unsecured credit facilities

​

$

60,919

​

$

45,350

 

$

35,664

Less: Interest capitalized

​

 

(21,564)

​

 

(21,491)

 

​

(17,402)

Amortization of debt issuance costs & debt discount

​

 

3,487

​

 

2,326

 

​

2,201

Interest and finance costs

​

$

42,842

​

$

26,185

​

$

20,463

​

10. Long-Term Debt, net (Continued)

Interest and finance costs (Continued):

In May 2023, the Company early repaid in full the outstanding leaseback obligation to Oriental Fleet related to the vessels Hyundai Honour and Hyundai Respect. In connection with the described prepayments and the refinancing of certain credit facilities, the Company recognized $2.5 million, nil, and $2.3 million under “Loss on debt extinguishment, net” in the Consolidated Statements of Income for the years ended December 31, 2025, 2024, and 2023, respectively. These amounts relate to the write-off of unamortized debt issuance costs, commitment fees and other expenses incurred in connection with the aforementioned prepayments.

The weighted-average interest rate on long-term borrowings was 6.9%, 7.7% and 7.8% for the years ended December 31, 2025, 2024, and 2023, respectively.

v3.25.4
Related Party Transactions
 12 Months Ended
Dec. 31, 2025
Related Party Transactions  
Related Party Transactions

11. Related Party Transactions

Pursuant to a ship management agreement between each of the vessel owning companies and Danaos Shipping Company Limited (the “Manager”), the Manager acts as the fleet’s technical manager responsible for (i) recruiting qualified officers and crews, (ii) managing day to day vessel operations and relationships with charterers, (iii) purchasing of stores, supplies and new equipment for the vessels, (iv) performing general vessel maintenance, reconditioning and repair, including commissioning and supervision of shipyards and subcontractors of drydock facilities required for such work, (v) ensuring regulatory and classification society compliance, (vi) performing operational budgeting and evaluation, (vii) arranging financing for vessels, (viii) providing accounting, treasury and finance services and (ix) providing information technology software and hardware in the support of the Company’s processes. The Company’s largest shareholder controls the Manager.

Prior to 2024, the Company operated under a management agreement amended on August 10, 2018 and further amended on November 10, 2023, which extended the term through December 31, 2025 and which commenced in 2024, an annual management fee of $2.0 million and 100,000 shares of the Company’s common stock payable annually, together with daily vessel management fees of $475 for vessels on bareboat charter and $950 for vessels on time or voyage charter, a 1.25% commission on gross freight, charter hire, ballast bonus and demurrage, a 1.0% commission on vessel acquisitions and disposals, and a flat supervision fee of $850 thousand per newbuilding vessel.

On February 3, 2025, the Company entered into an amended and restated management agreement with the Manager, effective as of January 1, 2025 until December 31, 2025, removing the provision of certain commercial services to the Company by Danaos Shipping and the related fees payable by the Company. Under this agreement the Company pays to the Manager the following fees:

(i)an annual management fee of $2.0 million and 100,000 shares of the Company’s common stock, payable annually,
(ii)a daily vessel management fee of $475 for vessels on bareboat charter, pro - rated for the number of calendar days the Company owns each vessel,
(iii)a daily vessel management fee of $950 for vessels on time charter and voyage charter, pro - rated for the number of calendar days the Company owns each vessel,
(iv)a flat fee of $850 thousand per newbuilding vessel, which is capitalized to the newbuilding cost, for the on premises supervision of any newbuilding contracts by selected engineers and others of its staff, and
(v)a fee of $1 per Emission Allowance required to be surrendered by the Responsible entity under the EU ETS or any other applicable emission scheme in any calendar year.

On August 1, 2025, the Company further amended the management agreement with the Manager to extend the termination date to December 31, 2026, and under which the Company will pay the following fees:

(i)an annual management fee of (a) $2.0 million for the remainder of 2025 and (b) $2.5 million effective as of January 1, 2026,
(ii)100,000 shares of the Company’s common stock, payable annually in the fourth quarter of each year,
(iii)a daily vessel management fee of (a) $475 for vessels on bareboat charter for the remainder of 2025 and (b) $550 for vessels on bareboat charter for 2026, effective as of January 1, 2026, each pro-rated for the number of calendar days the Company owns each vessel,

11. Related Party Transactions (Continued)

(iv)a daily vessel management fee (a) of $950 for vessels on time charter or voyage charter for the remainder of 2025 and (b) of $1,100 for vessels on time charter or voyage charter for 2026, effective as of January 1, 2026, each pro-rated for the number of calendar days the Company owns each vessel,
(v)a flat fee of $850 thousand per newbuilding vessel, which is capitalized to the newbuilding cost, for the on premises supervision of any newbuilding contracts by selected engineers and others of its staff, and
(vi)a fee of $1 per Emission Allowance required to be surrendered by the Responsible entity under the EU ETS or any other applicable emission scheme in any calendar year.

On February 3, 2025, the Company entered into a brokerage services agreement with Danaos Chartering Services Inc. (“Danaos Chartering”), effective as of January 1, 2025 until December 31, 2025, for the provision of commercial services at the same fees previously payable to Danaos Shipping Company Limited. Danaos Chartering, a newly-formed affiliate of Danaos Shipping, is ultimately owned by Danaos Investment Limited (“DIL”), the Company’s largest stockholder. On August 1, 2025, the Company amended the brokerage services agreement with Danaos Chartering to extend the termination date to December 31, 2026. Except for this change in the termination time, all other terms and fee structures of the agreement remain unchanged, under which the Company will pay:

(i)a management fee of 1.25%
(ii)on all freight, charter hire, ballast bonus and demurrage for each vessel, and
(iii)a fee of 1.0% based on the contract price of any vessel bought or sold by it on the Company’s behalf, including newbuilding contracts.

For the years ended December 31, 2025, 2024 and 2023, management fees to Danaos Shipping amounted to $31.1 million, $29.1 million and $21.5 million, respectively, and are presented under “General and administrative expenses” in the Consolidated Statements of Income. For the years ended December 31, 2025, 2024 and 2023, commissions for commercial services to Danaos Chartering and Danaos Shipping amounted to $13.1 million, $12.4 million and $11.7 million, respectively, and are presented under “Voyage expenses” in the Consolidated Statements of Income. Commissions on the contract price of vessels sold in the years ended December 31, 2025, 2024 and 2023 amounted to nil, nil and $25.6 thousand, respectively, and are presented under “Net gain on disposal/sale of vessels.” Commissions on the contract price of newly acquired vessels charged by Danaos Chartering and Danaos Shipping totaled $1.2 million, $6.0 million and $0.7 million in 2025, 2024 and 2023, respectively, and were capitalized to the cost of the newly acquired vessels. Additionally, supervision fees for vessels under construction charged by Danaos Shipping and capitalized to vessels under construction totaled $1.9 million, $3.0 million and $3.0 million in 2025, 2024 and 2023, respectively.

The Company pays advances on account of the vessels’ operating expenses. These prepaid amounts are presented in the Consolidated Balance Sheets under “Due from related parties” totaling $46.8 million and $52.6 million as of December 31, 2025 and 2024, respectively.

The Company employs its executive officers. The executive officers received aggregate cash salaries of $2.6 million (€2.3 million), $2.5 million (€2.3 million) and $2.2 million (€2.0 million) for the years ended December 31, 2025, 2024 and 2023, respectively. In addition, for the year ended December 31, 2025, the Company distributed an additional $4.8 million as a one - off discretionary cash bonus to executive officers.

The Company established defined benefit retirement plan for its executive officers in December 2022 and prior service costs related to the defined benefit plan of $14.2 million were recognized in the other comprehensive loss in the year ended December 31, 2022. Advances related to this plan amounting to $7.8 million were exercised in the period ended December 31, 2022 (refer to Note 19 “Executive Retirement Plan”), out of which $6.8 million remained unpaid and were presented under “Other current liabilities” as of December 31, 2022. These advances were paid in 2023 and nil is outstanding as of December 31, 2025 and 2024, respectively. The Company recognized non-cash share-based compensation expense in respect of awards to executive officers of $9.8 million, $8.2 million, and $6.3 million in the years ended December 31, 2025, 2024, and 2023, respectively.

11. Related Party Transactions (Continued)

Dr. John Coustas, the Chief Executive Officer of the Company, is a member of the Board of Directors of The Swedish Club, the primary provider of insurance for the Company, including a substantial portion of its hull & machinery, war risk and protection and indemnity insurance. During the years ended December 31, 2025, 2024 and 2023 the Company paid premiums to The Swedish Club of $12.1 million, $9.3 million and $8.7 million, respectively, which are presented under “Vessel operating expenses” in the Consolidated Statements of Income. As of December 31, 2025 and 2024, the Company had payable balance to The Swedish Club amounting to $0.3 million and $0.4 million, respectively.

See Note 3 “Investments in Affiliates” for the loan provided to the Company’s affiliate CTTC.
v3.25.4
Taxes
 12 Months Ended
Dec. 31, 2025
Taxes.  
Taxes

12. Taxes

Under the laws of the countries of the Company’s ship owning subsidiaries’ incorporation and/or vessels’ registration, the Company’s ship operating subsidiaries are not subject to tax on international shipping income, however, they are subject to registration and tonnage taxes, which have been included under “Vessel operating expenses” in the accompanying Consolidated Statements of Income. Pursuant to the U.S. Internal Revenue Code (the “Code”), U.S.-source income from the international operation of ships is generally exempt from U.S. tax if the company operating the ships meets certain requirements. Among other things, in order to qualify for this exemption, the company operating the ships must be incorporated in a country which grants an equivalent exemption from income taxes to U.S. corporations.

All of the Company’s ship-operating subsidiaries satisfy these initial criteria. In addition, these companies must be more than 50% owned by individuals who are residents, as defined, in the countries of incorporation or another foreign country that grants an equivalent exemption to U.S. corporations. These companies satisfied the more than 50% beneficial ownership requirement for 2025. In addition, should the beneficial ownership requirement not be met, the management of the Company believes that by virtue of a special rule applicable to situations where the ship operating companies are beneficially owned by a publicly traded company like the Company, the more than 50% beneficial ownership requirement can also be satisfied based on the trading volume, the Company’s shareholder composition and the anticipated widely-held ownership of the Company’s shares, but no assurance can be given that this will be the case or remain so in the future, since continued compliance with this rule is subject to factors outside of the Company’s control. Income taxes were nil in each of the years ended December 31, 2025, 2024 and 2023.
v3.25.4
Financial Instruments
 12 Months Ended
Dec. 31, 2025
Financial Instruments  
Financial Instruments

13. Financial Instruments

The following is a summary of the Company’s risk management strategies and the effect of these strategies on the Company’s consolidated financial statements.

Interest Rate Risk: Interest rate risk arises on bank borrowings. The Company monitors the interest rate on borrowings closely to ensure that the borrowings are maintained at favorable rates. The interest rates relating to the long-term loans are disclosed in Note 10, “Long-term Debt, net”.

Concentration of Credit Risk: Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash, cash equivalents and trade accounts receivable. The Company places its temporary cash investments, consisting mostly of deposits, with established financial institutions. The Company performs periodic evaluations of the relative credit standing of those financial institutions that are considered in the Company’s investment strategy. The Company is exposed to credit risk in the event of non-performance by counterparties, however, the Company limits this exposure by diversifying among counterparties with high credit ratings. The Company depends upon a limited number of customers for a large part of its revenues. Refer to Note 14, “Operating Revenue”, for further details on revenue from significant clients. Credit risk with respect to trade accounts receivable is generally managed by the selection of customers among the major liner companies in the world and their dispersion across many geographic areas.

13. Financial Instruments (Continued)

Fair Value: The carrying amounts reflected in the Consolidated Balance Sheets of financial assets and liabilities (excluding long-term bank loans and certain other non-current assets) approximate their respective fair values due to the short maturity of these instruments. The fair values of long-term floating rate bank loans approximate the recorded values, generally due to their variable interest rates. The fair value of senior unsecured notes is measured based on quoted market prices. The fair value of marketable securities is measured based on the closing price of the securities on a stock exchange.

Interest Rate Swaps: The Company currently has no outstanding interest rate swaps agreements. However, in the past years, the Company entered into interest rate swap agreements with its lenders in order to manage its floating rate exposure. Certain variable-rate interests on specific borrowings were associated with vessels under construction and were capitalized as a cost of the specific vessels. In accordance with the accounting guidance on derivatives and hedging, the amounts related to realized gains or losses on cash flow hedges that have been entered into and qualified for hedge accounting, in order to hedge the variability of that interest, were recognized in accumulated other comprehensive loss and are reclassified into earnings over the depreciable life of the constructed asset, since that depreciable life coincides with the amortization period for the capitalized interest cost on the debt. An amount of $3.6 million was reclassified into earnings for each of the years ended December 31, 2025, 2024 and 2023, respectively, representing amortization over the depreciable life of the vessels. An amount of $3.6 million is expected to be reclassified into earnings within the next 12 months.

Fair Value of Financial Instruments

The Company determines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Inputs used in the valuation techniques to derive fair values are classified based on a three - level hierarchy.

Level I: Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation of these items does not entail a significant amount of judgment.

Level II: Inputs other than quoted prices included in Level I that are observable for the asset or liability through corroboration with market data at the measurement date.

Level III: Inputs that are unobservable. The Company did not use any Level 3 inputs as of December 31, 2025 and 2024.

The estimated fair values of the Company’s financial instruments are as follows (in thousands of US$):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As of December 31, 2025

​

As of December 31, 2024

​

  ​ ​ ​

Balance Sheet Location

  ​ ​ ​

Book Value

  ​ ​ ​

Fair Value

  ​ ​ ​

Book Value

  ​ ​ ​

Fair Value

​

​

​

​

(in ‘000s of US$)

ASSETS

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cash and cash equivalents

​

Cash and cash equivalents

​

$

1,037,292

​

$

1,037,292

​

$

453,384

​

$

453,384

Marketable securities

​

Other current assets

​

$

120,244

​

$

120,244

​

$

60,850

​

$

60,850

LIABILITIES

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Secured long-term debt, including current portion (1)

​

Current portion of long-term debt, net & Long-term debt, net

​

$

415,016

​

$

415,016

​

$

481,780

​

$

481,780

Unsecured long-term debt (1)

​

Current portion of long-term debt, net & Long-term debt, net

​

$

762,766

​

$

782,269

​

$

262,766

​

$

259,834

​

The estimated fair value of the financial instruments that are measured at fair value on a recurring basis, categorized based upon the fair value hierarchy, are as follows as of December 31, 2025 (in thousands of US$):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements

​

​

​

​

as of December 31, 2025

​

  ​ ​ ​

Balance Sheet Location

  ​ ​ ​

Total

  ​ ​ ​

(Level I)

  ​ ​ ​

(Level II)

  ​ ​ ​

(Level III)

​

​

​

​

​

(in ‘000s of US$)

ASSETS

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Marketable securities

​

Other current assets

​

$

120,244

​

$

120,244

​

$

—

​

$

—

​

13. Financial Instruments (Continued)

Fair Value of Financial Instruments (Continued)

The estimated fair value of the financial instruments that are not measured at fair value on a recurring basis, categorized based upon the fair value hierarchy, are as follows as of December 31, 2025 (in thousands of US$):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

​

  ​ ​ ​

Fair Value Measurements

​

​

​

​

as of December 31, 2025

​

  ​ ​ ​

Balance Sheet Location

​

Total

  ​ ​ ​

(Level I)

  ​ ​ ​

(Level II)

  ​ ​ ​

(Level III)

​

​

​

​

(in ‘000s of US$)

ASSETS

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cash and cash equivalents

​

Cash and cash equivalents

​

$

1,037,292

​

$

1,037,292

​

$

—

​

$

—

LIABILITIES

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Secured long-term debt, including current portion (1)

​

Current portion of long-term debt, net & Long-term debt, net

​

$

415,016

​

$

—

​

$

415,016

​

$

—

Unsecured long-term debt (1)

​

Current portion of long-term debt, net & Long-term debt, net

​

$

782,269

​

$

782,269

​

$

—

​

$

—

​

The estimated fair value of the financial instruments that are measured at fair value on a recurring basis, categorized based upon the fair value hierarchy, are as follows as of December 31, 2024 (in thousands of US$):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements

​

​

​

​

as of December 31, 2024

​

  ​ ​ ​

Balance Sheet Location

  ​ ​ ​

Total

  ​ ​ ​

(Level I)

  ​ ​ ​

(Level II)

  ​ ​ ​

(Level III)

​

​

​

​

​

(in ‘000s of US$)

ASSETS

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Marketable securities

​

Other current assets

​

$

60,850

​

$

60,850

​

$

—

​

$

—

​

The estimated fair value of the financial instruments that are not measured at fair value on a recurring basis, categorized based upon the fair value hierarchy, are as follows as of December 31, 2024 (in thousands of US$):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements

​

​

​

​

as of December 31, 2024

​

  ​ ​ ​

Balance Sheet Location

  ​ ​ ​

Total

  ​ ​ ​

(Level I)

  ​ ​ ​

(Level II)

  ​ ​ ​

(Level III)

​

​

​

​

(in ‘000s of US$)

ASSETS

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cash and cash equivalents

​

Cash and cash equivalents

​

$

453,384

​

$

453,384

​

$

—

​

$

—

LIABILITIES

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Secured long-term debt, including current portion (1)

​

Current portion of long-term debt, net & Long-term debt, net

​

$

481,780

​

$

—

​

$

481,780

​

$

—

Unsecured long-term debt (1)

​

Long-term debt, net

​

$

259,834

​

$

259,834

​

$

—

​

$

—

(1)Secured and unsecured long-term debt, including current portion is presented gross of deferred finance costs of $22.7 million (current and non current portions) and $9.8 million as of December 31, 2025 and 2024, respectively. The fair value of the Company’s secured debt is estimated based on currently available debt with similar contract terms, interest rate and remaining maturities.
v3.25.4
Operating Revenue
 12 Months Ended
Dec. 31, 2025
Operating Revenue  
Operating Revenue

14. Operating Revenue

Operating revenue from time charters and bareboat charters and voyage charters for the years ended December 31, 2025, 2024 and 2023, were as follows (in thousands of US$):

​

​

​

​

​

​

​

​

​

​

​

​

​

Years ended December 31,

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

Time charters and bareboat charters

​

$

995,852

​

$

967,095

​

$

963,192

Voyage charters

​

 

46,604

​

 

47,015

​

 

10,391

Total Operating Revenue

​

$

1,042,456

​

$

1,014,110

​

$

973,583

​

As of December 31, 2025 and 2024, the Company had accounts receivable from voyage charter agreements amounting to $3.1 million and $0.4 million, respectively, and are presented under “Accounts receivable, net” in the Consolidated Balance Sheets.

The operating revenues received in advance from voyage charter agreements amounting to nil and $1.7 million is presented under current “Unearned revenue” in the Consolidated Balance Sheets as of December 31, 2025 and 2024, respectively. Unearned revenue as of December 31, 2024 was recognized in earnings in the year ended December 31, 2025 as the performance obligations were satisfied in that period. Unearned revenue related to voyage charter agreements in progress as of December 31, 2025 will be recognized in earnings as performance obligations will be satisfied in the year ending December 31, 2026. The Company assumed time charter liabilities in connection with its acquisition of certain vessels in 2021. Amortization of the assumed time charters amounted to nil, $4.5 million and $21.2 million for the years ended December 31, 2025, 2024, and 2023, respectively, and is presented within “Operating revenues” in the Consolidated Statements of Income. The remaining unamortized balance was nil as of December 31, 2025 and 2024.

Further, as of December 31, 2025, capitalized contract fulfilment costs, which are recorded under “Other current assets” in the Consolidated Balance Sheets, increased by $1.1 million compared to December 31, 2024, to $1.5 million from $0.4 million. The outstanding balance is mainly affected by the timing of commencement of revenue recognition.

In July 2016, the Company recognized unearned revenue of $75.6 million representing compensation to the Company for the future reductions in the daily charter rates payable by the charterer HMM under the time charter agreements. The amortization of unearned revenue was recognized in the Consolidated Statement of Income under “Operating revenues” over the remaining life of the respective charters. In each of the years ended December 31, 2025, 2024 and 2023, the Company recognized nil, $2.6 million and $8.2 million of unearned revenue amortization. As of December 31, 2025 and 2024, the outstanding current portion of unearned revenue in relation to HMM amounted to nil.

Operating revenue from significant container vessels customers (constituting more than 10% of total revenue) for the years ended December 31, 2025, 2024 and 2023, were as follows:

​

​

​

​

​

​

​

​

​

​

​

Years ended December 31,

​

Charterer

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

​

CMA CGM

 

21

%  

20

%  

23

%

MSC

​

16

%  

13

%  

11

%

HMM Korea

 

—

%  

—

%  

12

%

​

14. Operating Revenue (Continued)

Operating revenue by geographic location of the customers for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands of US$):

​

​

​

​

​

​

​

​

​

​

​

​

Years ended December 31,

Continent

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

Australia—Asia

​

$

503,628

​

$

532,800

​

$

519,759

Europe

​

 

537,969

​

 

481,310

​

 

453,824

America

​

​

859

​

​

—

​

​

—

Total Operating Revenue

​

$

1,042,456

​

$

1,014,110

​

$

973,583

​

Operating revenue by geographic location of the container vessels customers for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands of US$):

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

Years ended December 31,

Continent

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

Australia—Asia

​

$

430,689

​

$

465,176

​

$

511,021

Europe

​

​

524,744

​

​

471,901

​

​

452,171

Total Operating Revenue

​

$

955,433

​

$

937,077

​

$

963,192

​

Operating revenue by geographic location of the drubulk vessels customers for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands of US$):

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

Years ended December 31,

Continent

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

Australia—Asia

​

$

72,939

​

$

67,624

​

$

8,738

Europe

​

​

13,225

​

​

9,409

​

​

1,653

America

​

​

859

​

​

—

​

​

—

Total Operating Revenue

​

$

87,023

​

$

77,033

​

$

10,391

​
v3.25.4
Segments
 12 Months Ended
Dec. 31, 2025
Segments  
Segments

15. Segments

​

Until the acquisition of the drybulk vessels in 2023, the Company reported financial information and evaluated its operations by total charter revenues. Since 2023, for management purposes, the Company has been organized based on operating revenues generated from container and drybulk vessels and has two reporting segments: (1) the container vessels segment and (2) the drybulk vessels segment. The container vessels segment owns and operates container vessels, which are primarily chartered on multi-year, fixed-rate time charter and bareboat charter agreements. The drybulk vessels segment owns and operates drybulk vessels to provide transportation services for drybulk commodities.

The Company’s Chief Operating Decision Maker, the Chief Executive Officer, monitors and assesses the performance of the container vessels segment and the drybulk vessels segment based on net income. Items included in each segment’s net income are allocated directly to the extent they are directly or indirectly attributable to that segment. For items allocated through indirect calculations, the allocation is based on the utilization of key resources. Investments in marketable securities and investments in affiliates accounted for using the equity method are not allocated to any of the Company’s reportable segments.

15. Segments (Continued)

The following table summarizes our selected financial information for the year ended December 31, 2025, by segment (in thousands of US$):

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

Container

  ​ ​ ​

Dry bulk

  ​ ​ ​

​

​

​

​

vessels 

​

vessels

​

​

​

Income Statement Metrics for the year ended December 31, 2025

​

segment

​

segment

​

Total

​

​

(in ‘000s of US$)

Operating revenues

​

$

955,433

​

$

87,023

​

$

1,042,456

Voyage expenses

​

​

(35,741)

​

​

(27,320)

​

​

(63,061)

Vessel operating expenses

 

​

(180,847)

​

​

(27,932)

​

​

(208,779)

Depreciation

 

​

(150,075)

​

​

(13,291)

​

​

(163,366)

Amortization of deferred drydocking and special survey costs

 

​

(35,114)

​

​

(8,960)

​

​

(44,074)

Interest income (excluding interest income from investments in affiliates)

 

​

19,413

​

​

2

​

​

19,415

Interest expense

 

​

(42,842)

​

​

—

​

​

(42,842)

Other segment items (1)

​

​

(69,281)

​

​

(6,169)

​

​

(75,450)

Net Income per segment

​

$

460,946

​

$

3,353

​

$

464,299

Gain on investments, dividend income, interest income from investments in affiliates and loss on equity investments

​

​

​

​

​

​

​

​

30,315

Net Income

​

​

​

​

​

​

​

$

494,614

(1)

Other segment items for each reportable segment include general and administrative expenses, other finance expenses, other (expenses)/income, net, and loss on derivatives.

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

Container

  ​ ​ ​

Dry bulk

  ​ ​ ​

​

​

​

​

vessels

​

vessels

​

​

​

Balance Sheet Metrics as of December 31, 2025

​

segment

​

segment

​

Total

​

​

(in ‘000s of US$)

Total Assets per segment

​

$

4,717,465

​

$

275,965

​

$

4,993,430

Marketable Securities (1)

​

  ​

—

​

​

—

​

​

120,244

Receivable from affiliates (1)

 

​

—

 

​

—

 

​

256

Total Assets

​

​

—

 

​

—

 

$

5,113,930

(1)Reflected under “Other current assets” in the Consolidated Balance Sheet.

​

15. Segments (Continued)

The following table summarizes our selected financial information for the year ended December 31, 2024, by segment (in thousands of US$):

​

​

​

​

​

​

​

​

​

​

​

​

Container

​

Dry bulk

​

​

​

​

​

vessels

​

vessels

​

​

​

Income Statement Metrics for the year ended December 31, 2024

  ​ ​ ​

segment

  ​ ​ ​

segment

  ​ ​ ​

Total

​

​

(in ‘000s of US$)

Operating revenues

​

$

937,077

​

$

77,033

​

$

1,014,110

Voyage expenses

​

 

(32,481)

​

 

(31,620)

​

 

(64,101)

Vessel operating expenses

​

 

(162,192)

​

 

(23,532)

​

 

(185,724)

Depreciation

​

 

(137,823)

​

 

(10,521)

​

 

(148,344)

Amortization of deferred drydocking and special survey costs

​

 

(27,167)

​

 

(1,994)

​

 

(29,161)

Net gain on disposal/sale of vessels

​

 

8,332

​

 

—

​

 

8,332

Interest income (excluding interest income from investments in affiliates)

​

 

12,843

​

 

—

​

 

12,843

Interest expense

​

 

(26,185)

​

 

—

​

 

(26,185)

Other segment items (1)

​

 

(54,275)

​

 

(4,937)

​

 

(59,212)

Net Income per segment

​

$

518,129

​

$

4,429

​

$

522,558

Loss on investments, dividend income, interest income from investments in affiliates and loss on equity investments

​

​

​

​

​

​

​

​

(17,485)

Net Income

​

​

​

​

​

​

​

$

505,073

(1)

Other segment items for each reportable segment include general and administrative expenses, other finance expenses, other (expenses)/income, net, and loss on derivatives.

​

​

​

​

​

​

​

​

​

​

​

​

​

Container

​

Dry bulk

​

​

​

​

​

vessels

​

vessels

​

​

​

Balance Sheet Metrics as of December 31, 2024

  ​ ​ ​

segment

  ​ ​ ​

segment

  ​ ​ ​

Total

​

​

(in ‘000s of US$)

Total Assets per segment

​

$

4,006,268

​

$

276,207

​

$

4,282,475

Marketable Securities (1)

​

​

—

​

​

—

​

​

60,850

Receivable from affiliates (1)

​

​

—

​

​

—

​

​

329

Total Assets

​

​

—

​

​

—

​

$

4,343,654

(1)Reflected under “Other current assets” in the Consolidated Balance Sheet.
v3.25.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies  
Commitments and Contingencies

16. Commitments and Contingencies

On September 1, 2016, Hanjin Shipping, a charterer of eight of the Company’s vessels, referred to the Seoul Central District Court, which issued an order to commence the rehabilitation proceedings of Hanjin Shipping. Hanjin Shipping has cancelled all eight charter party agreements with the Company. On February 17, 2017, the Seoul Central District Court (Bankruptcy Division), declared the bankruptcy of Hanjin Shipping, converting the rehabilitation proceeding to a bankruptcy proceeding. The Seoul Central District Court (Bankruptcy Division) appointed a bankruptcy trustee to dispose of Hanjin Shipping’s remaining assets and distribute the proceeds from the sale of such assets to Hanjin Shipping’s creditors according to their priorities. The Company ceased recognizing revenue from Hanjin Shipping effective from July 1, 2016 onwards. The Company has a total unsecured claim submitted to the Seoul Central District Court for unpaid charter hire, charges, expenses and loss of profit against Hanjin Shipping totaling $597.9 million, which was not recognized in the accompanying Consolidated Balance Sheets as of December 31, 2025 and 2024. In December 2024 and January 2021 the Company received $2.1 million and $3.9 million from the bankruptcy trustee of Hanjin Shipping as a partial payment of a common benefit claim plus interest, respectively, which were presented under “Other (expenses)/income, net” in the Company’s Consolidated Statements of Income. In January 2025, the bankruptcy proceedings related to Hanjin Shipping were closed and no other amounts are expected to be recovered.

16. Commitments and Contingencies (Continued)

There are no other material legal proceedings to which the Company is a party or to which any of its properties are the subject, or other contingencies that the Company is aware of, other than routine litigation incidental to the Company’s business.

As of December 31, 2025, the Company has outstanding commitments under vessel construction contracts and a vessel acquisition agreement, see Note 5 “Advances for Vessels under Construction and Vessel Acquisition”.
v3.25.4
Stock Based Compensation
 12 Months Ended
Dec. 31, 2025
Stock Based Compensation  
Stock Based Compensation

17. Stock Based Compensation

On April 18, 2008, the Board of Directors and the Compensation Committee approved incentive compensation of the Manager’s employees with the Company’s shares from time to time, after specific for each such time, decision by the compensation committee and the Board of Directors in order to provide a means of compensation in the form of free shares to certain employees of the Manager of the Company’s common stock. The plan was effective as of December 31, 2008. Pursuant to the terms of the plan, employees of the Manager may receive (from time to time) shares of the Company’s common stock as additional compensation for their services offered during the preceding period. The total amount of stock to be granted to employees of the Manager will be at the Company’s Board of Directors’ discretion only and there will be no contractual obligation for any stock to be granted as part of the employees’ compensation package in future periods. In August 2025, the Company granted 100,000 shares to the Manager for the year ending December 31, 2026 under the amended and restated management agreement with the Manager as described in Note 11 “Related Party Transactions”. In November 2023, the Company granted 100,000 shares to the Manager for each of the years ended December 31, 2025, 2024 and 2023 under the then existing management agreement with the Manager (Note 11 “Related Party Transactions”). The fair value of shares granted was calculated based on the closing trading price of the Company’s shares at the grant date.

In December 2024, the Company granted 30,000 shares of restricted stock to certain employees of the Manager, out of which 2,000 shares vested in December 2025 and 4,000 shares, 8,000 shares and 16,000 shares will be vested in December 2026, December 2027 and December 2028, respectively. As of December 31, 2025, 28,000 shares remained unvested and will remain restricted until they vest. The vesting of these shares is subject to satisfaction of the vesting terms, under the Company’s 2006 Equity Compensation Plan, as amended. The 30,000 restricted shares were issued and outstanding as of December 31, 2024, with aggregate compensation expense of $2.3 million related thereto expected to be recognized as the shares vest over a four-year period. In relation to the vesting of these restricted shares to certain employees of the Manager and the 100,000 shares vested to the Manager in 2025, an amount of $6.9 million was expensed in the year ended December 31, 2025. As of December 31, 2025, the weighted-average remaining term of the Manager’s compensation stock relating to non-vested restricted shares not yet recognized was $10.8 million, and is expected to be recognized over the weighted average period of 1.3 years.

In addition, in the fourth quarter of each of the years ended December 31, 2025, 2024 and 2023, the Company granted 104,000, 100,000 and 100,000, respectively of fully vested shares to executive officers.

In the years ended December 31, 2025, 2024 and 2023, stock based compensation expenses of $16.8 million, $14.6 million and $12.7 million, respectively, were recorded under “General and administrative expenses” in the Consolidated Income Statements. The average price of issued shares was $94.61 per share, $80.80 per share and $63.40 per share in the years ended December 31, 2025, 2024 and 2023, respectively.

The aggregate number of shares of common stock for which awards may be granted under the 2006 Equity Compensation Plan shall not exceed 1,000,000 shares plus the number of unvested shares granted before August 2, 2019. The equity awards may be granted by the Company’s Compensation Committee or Board of Directors under its amended and restated 2006 Equity Compensation Plan. Awards made under the Plan that have been forfeited, cancelled or have expired, will not be treated as having been granted for purposes of the preceding sentence.

The Company has also established the Directors Share Payment Plan under its 2006 Equity Compensation Plan. The purpose of the plan is to provide a means of payment of all or a portion of compensation payable to directors of the Company in the form of Company’s Common Stock. The plan was effective as of April 18, 2008, and amended effective August 26, 2025. Each member of the Board of Directors of the Company may participate in the plan. Pursuant to the terms of the plan, directors may elect to receive in Common Stock all or a portion of their compensation. Following the last of each calendar quarter, the Company delivers to each Director the number of shares represented by the rights credited to their Share Payment Account during the preceding calendar quarter. During the years ended December 31, 2025, 2024 and 2023, none of the directors elected to receive shares as compensation.
v3.25.4
Stockholders' Equity
 12 Months Ended
Dec. 31, 2025
Stockholders' Equity  
Stockholders' Equity

18. Stockholders’ Equity

In the year ended December 31, 2025, the Company declared and paid a dividend of $0.85 per share of common stock in each of March, June, August and $0.90 per share in December amounting to $63.6 million.

In the year ended December 31, 2024, the Company declared and paid a dividend of $0.80 per share of common stock in each of March, June, August and $0.85 per share in November amounting to $62.8 million. In the year ended December 31, 2023, the Company declared and paid a dividend of $0.75 per share of common stock in each of February, May and August and $0.80 per share of common stock in November amounting to $60.7 million. The Company issued 205, 23 and 34 shares of common stock at par value of $0.01 pursuant to its dividends reinvestment plan in the years ended December 31, 2025 and 2024, 2023, respectively, at an average price of $87.83, $80.62 and $60.63 per share, respectively.

In June 2022, the Company announced a share repurchase program of up to $100.0 million of its common stock. A $100.0 million increase to the existing share repurchase program, for a total aggregate amount of $200.0 million, was approved by the Company’s Board of Directors on November 10, 2023 and on April 14, 2025, following Board approval, the Company announced the upsizing of its common stock repurchase program by an additional $100.0 million to a total of $300.0 million. The Company repurchased 927,527 shares of its common stock in the open market for $76.1 million in the year ended December 31, 2025; 661,103 shares for $53.9 million in the year ended December 31, 2024; 1,131,040 shares for $70.6 million in the year ended December 31, 2023 and 466,955 shares for $28.6 million in the year ended December 31, 2022.

Refer to Note 17 “Stock Based Compensation” for information on the Company’s compensation plans.

As of December 31, 2025, 25,790,190 shares were issued and 18,264,294 shares were outstanding; and 25,585,985 shares were issued and 18,987,616 shares were outstanding as of December 31, 2024. As of December 31, 2025 and December 31, 2024, 7,525,896 and 6,598,369 shares were held as Treasury shares, respectively. Under the Articles of Incorporation as amended on September 18, 2009, the Company’s authorized capital stock consists of 750,000,000 shares of common stock with a par value of $0.01 and 100,000,000 shares of preferred stock with a par value of $0.01.
v3.25.4
Executive Retirement Plan
 12 Months Ended
Dec. 31, 2025
Executive Retirement Plan  
Executive Retirement Plan

19. Executive Retirement Plan

Effective December 14, 2022, the Company maintains a defined benefit retirement plan for its executive officers. The actuarial determination of the projected benefit obligation was made by calculating the present value of the projected benefit at retirement based on service completed as of the valuation date. This calculation incorporates management’s best estimates of the discount rate of 3.3% (2024: 3.0%), salary escalation of up to 5.0% per annum (2024: 4.5%), and assumed retirement ages for the executive officers ranging from 65 to 74 years old.

The projected benefit obligation was as $21.5 million, $12.9 million, $13.3 million and $6.5 million as of December 31, 2025, 2024, 2023 and as of December 1, 2023, respectively.

Projected periodic benefit cost amounting to $0.8 million, $0.7 million and $0.6 million was recognized in “General and administrative expenses” for the years ended December 31, 2025, 2024 and 2023, respectively, and $1.1 million is expected to be recognized in the year ending December 31, 2026. Interest cost of $0.4 million, $0.4 million and $0.2 million was recognized in “Other finance expenses” for the years ended December 31, 2025, 2024 and 2023, respectively. A net curtailment gain of nil, nil and $0.2 million was recognized under “Other (expense)/income, net” for the years ended December 31, 2025, 2024 and 2023, respectively. Foreign exchange loss/gain of a $1.7 million loss, a $0.7 million gain and a $0.2 million loss was recognized under “Other (expense)/income, net” for the years ended December 31, 2025, 2024 and 2023, respectively.

Actuarial loss from changes in assumptions amounted to $0.4 million loss in 2025, nil in 2024 and $1.1 million loss in 2023. Actuarial loss/gain from experience adjustments amounted to $5.4 million loss in 2025, $0.9 million gain in 2024. Prior service cost arising from the retrospective recognition of past service and experience adjustments amounting to $5.2 million was recognized in 2023.

19. Executive Retirement Plan (Continued)

The defined benefit obligation of $21.5 million, $12.9 million is presented under “Other long-term liabilities” as of December 31, 2025 and 2024, respectively. The accumulated benefit obligation as of December 31, 2025, 2024, and 2023 was $14.6 million, $8.1 million, and $7.7 million respectively.

Prior service cost arising from the retrospective recognition of past service, amounting to $14.2 million as of December 14, 2022, was recognized in other comprehensive loss, of which advances totaling $7.8 million were exercised during the period ended December 31, 2022. In 2023, one additional executive officer was added to the plan and another was appointed to a new position, and as of December 31, 2023, balance of other comprehensive loss was $11.2 million. As of December 31, 2025 and 2024 other comprehensive loss balance, related to prior service cost, amounted to $14.5 million and $9.9 million, respectively.

An actuarial loss due to changes in assumptions and experience adjustments amounting to $5.8 million and was recognized in other comprehensive loss in 2025. An actuarial gain due to experience amounting to $0.9 million was recognized in other comprehensive loss in 2024. An actuarial loss due to changes in assumptions and experience adjustments amounting to $6.3 million, were recognized in other comprehensive loss in 2023.

Prior service cost related to this defined benefit obligation amounting to $1.2 million, $1.1 million and $0.7 million, was reclassified from the other comprehensive loss to “Other (expense)/income, net” for the years ended December 31, 2025, 2024, and 2023, respectively. In addition, $2.2 million of amortization of prior service cost and net loss is expected to be reclassified in the year ending December 31, 2026.

The assumptions used represent management’s best estimates selected from a range of possible actuarial assumptions, which may not necessarily occur in practice. The average remaining working lifetime of the active participants in the defined benefit obligation is 7.8 years as of December 31, 2025. Benefits of $12.7 million are expected to be paid by 2030, based on the assumptions used by the actuaries in measuring the benefit obligations as of December 31, 2025.

​
v3.25.4
Earnings per Share
 12 Months Ended
Dec. 31, 2025
Earnings per Share  
Earnings per Share

20. Earnings per Share

The following table sets forth the computation of basic and diluted earnings per share for the years ended December 31, 2025, 2024 and 2023:

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

Years ended December 31,

​

​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

Numerator:

​

​

​

​

​

​

​

​

​

Net income (in thousands of US$)

​

$

494,614

​

$

505,073

​

$

576,299

​

​

​

​

​

​

​

​

​

​

Denominator (number of shares in thousands):

​

​

​

​

​

​

​

​

​

Basic weighted average common shares outstanding

​

​

18,432

​

​

19,316

​

​

19,879

Effect of dilutive securities:

​

 

​

​

 

​

​

 

​

Dilutive effect of non-vested shares

​

​

48

​

​

69

​

​

25

Diluted weighted average common shares outstanding

​

​

18,480

​

​

19,385

​

​

19,904

​

​

​

​

​

​

​

​

​

​

Basic earnings per share (in US$ per share)

​

$

26.83

​

$

26.15

​

$

28.99

Diluted earnings per share (in US$ per share)

​

$

26.76

​

$

26.05

​

$

28.95

​
v3.25.4
Subsequent Events
 12 Months Ended
Dec. 31, 2025
Subsequent Events  
Subsequent Events

21. Subsequent Events

On January 15, 2026, the Company drew down the full amount of the $80.0 million JOLCO Greenhouse Facility (as described in Note 10).

On January 20, 2026, the Company delivered a notice of redemption to the holders of its 8.500% Senior Notes, pursuant to the terms of the indenture governing the notes. The Company elected to redeem all of the outstanding 8.500% Senior Notes on March 2, 2026 (the “Redemption Date”). The record date for determining holders entitled to receive the redemption payment is February 27, 2026. The Notes will be redeemed at a price equal to 100.00% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest from (and including) September 1, 2025 to (but not including) the Redemption Date, and any Additional Amounts, if applicable. The aggregate redemption price is expected to be approximately $273.9 million, consisting of $262.8 million of outstanding principal and approximately $11.2 million of accrued but unpaid interest, assuming a Redemption Date of March 2, 2026.

On January 20, 2026, the Company announced a strategic partnership with an unrelated third party, Glenfarne Group LLC, to advance the Alaska LNG project. In connection with this partnership, the Company committed to a $50.0 million equity investment in the project and was designated as a preferred provider for at least six liquefied natural gas (“LNG”) carriers.

In January and February 2026, the Company reached agreements with chinese shipyards for the construction of four Newcastlemax drybulk carriers of approximately 211,000 DWT each, with an aggregate purchase price of $297.3 million and expected delivery dates in 2028.

On February 9, 2026, the Company declared a dividend of $0.90 per share of common stock payable on March 4, 2026, to holders of record on February 23, 2026.

In February 2026, the Company exercised its option to enter into shipbuilding contracts for the construction of two additional 5,300 TEU newbuilding containerships (see Note 4) at an aggregate purchase price of $126.0 million, with expected delivery dates in 2029.

In February 2026, the Company notified the bank that on March 2, 2026 together with the quarterly instalments under the Syndicated $450.0 million Facility for the tranches relating to the vessels Catherine C, Greenland, Interasia Accelerate, and Interasia Amplify, amounting to $3.3 million, the Company would also prepay in full the outstanding principal amount of $213.8 million, resulting in a total cash outflow of $217.1 million.

Pursuant to the $300.0 million authorized share repurchase program, as described in Note 18, subsequently to December 31, 2025, the Company repurchased 60,819 shares in open market transactions. As of the date of this report, under the $300.0 million authorized share repurchase program, the Company has repurchased a total of 3,247,444 shares of its common stock in the open market for $235.1 million.
v3.25.4
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Pay vs Performance Disclosure      
Net Income (Loss) $ 494,614 $ 505,073 $ 576,299
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]

Risk Management and Strategy

We recognize the importance of safeguarding the security of our computer systems, software, networks, and other technology assets. Accordingly, we have implemented processes for identifying, assessing, and mitigating cybersecurity risks as part of our Enterprise Risk Management (ERM) process. In line with recognized industry standards - including, but not limited to, the National Institute of Standards and Technology (NIST) Cybersecurity Framework, the General Data Protection Regulation (GDPR), and the Network & Information Systems Directive 2022 (NIS2) - we maintain a cybersecurity risk management program designed to identify, assess, and mitigate material cybersecurity risks. Our IT infrastructure and information security management systems have also been ISO 27001:2022 certified, underscoring our commitment to integrity, transparency, and data safety.

Our cybersecurity program integrates several key components, including information security policies and operating procedures, periodic risk assessments and other vulnerability analyses, and ongoing monitoring of critical cybersecurity risks using automated tools. In addition, all employees undergo cybersecurity training both during onboarding and periodically throughout the year. We also conduct regular phishing simulations to heighten employees’ awareness of spoofed or manipulated electronic communications and other cyber threats.

We maintain a Cybersecurity Incident Response Plan (“CIRP”) designed to guide the Company’s response to cybersecurity incidents, including procedures to identify, escalate, contain, mitigate, and recover from events that could adversely affect our information systems, networks, or data. The CIRP defines roles and responsibilities for incident response, including escalation and internal reporting processes, and is periodically reviewed and tested to support operational readiness.

To support the effectiveness of our incident response and cybersecurity controls, we engage independent third-party cybersecurity specialists to conduct regular security testing and exercises. These activities include, but are not limited to, penetration testing, vulnerability assessments, and social engineering assessments, and are designed to evaluate the resilience of our technical controls, processes, and personnel against evolving threat scenarios.

We also perform regular assessments of our cybersecurity program to evaluate alignment with recognized frameworks and guidance, including the NIST Cybersecurity Framework and the International Maritime Organization’s Guidelines on Maritime Cyber Risk Management, as revised, as well as applicable international standards. These assessments inform the ongoing development and continuous improvement of our cybersecurity risk management practices, including updates to policies, controls, and incident response procedures, as appropriate.

To date, risks from cybersecurity threats have not materially affected us, and we do not believe they are reasonably likely to have a material effect on our business strategy, results of operations, or financial condition. Nevertheless, we may occasionally experience threats to, and security incidents affecting, our data and systems. We will promptly disclose any material cybersecurity incident in accordance with applicable SEC requirements. For more information, please see the risk factor entitled “We rely on our information systems to conduct our business, and failure to protect these systems against security breaches could adversely affect our business and results of operations. Additionally, if these systems fail or become unavailable for any significant period of time, our business could be harmed.” under “Item 3—Key Information—Risk Factors” in this annual report.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]

We recognize the importance of safeguarding the security of our computer systems, software, networks, and other technology assets. Accordingly, we have implemented processes for identifying, assessing, and mitigating cybersecurity risks as part of our Enterprise Risk Management (ERM) process. In line with recognized industry standards - including, but not limited to, the National Institute of Standards and Technology (NIST) Cybersecurity Framework, the General Data Protection Regulation (GDPR), and the Network & Information Systems Directive 2022 (NIS2) - we maintain a cybersecurity risk management program designed to identify, assess, and mitigate material cybersecurity risks. Our IT infrastructure and information security management systems have also been ISO 27001:2022 certified, underscoring our commitment to integrity, transparency, and data safety.

Our cybersecurity program integrates several key components, including information security policies and operating procedures, periodic risk assessments and other vulnerability analyses, and ongoing monitoring of critical cybersecurity risks using automated tools. In addition, all employees undergo cybersecurity training both during onboarding and periodically throughout the year. We also conduct regular phishing simulations to heighten employees’ awareness of spoofed or manipulated electronic communications and other cyber threats.

We maintain a Cybersecurity Incident Response Plan (“CIRP”) designed to guide the Company’s response to cybersecurity incidents, including procedures to identify, escalate, contain, mitigate, and recover from events that could adversely affect our information systems, networks, or data. The CIRP defines roles and responsibilities for incident response, including escalation and internal reporting processes, and is periodically reviewed and tested to support operational readiness.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]

Governance

To oversee our cybersecurity risk management program and policies, the role and responsibilities of the Chief Information Security Officer are performed by an external IT advisory company. The Chief Information Security Officer has primary responsibility for strategy, governance, and risk oversight of our cybersecurity measures, working in cooperation with our Head of IT and under the guidance of our Chief Operating Officer. The IT Department, led by the Head of IT—who has over 30 years of experience in information technology and cybersecurity risk management—implements the technical controls and processes designed to mitigate cybersecurity risks, as well as regularly monitoring and updating these measures to adapt to evolving threats. In addition, the IT Department oversees a Security Operations Center (SOC) that is operated by an external provider, employing specialized technology professionals who continuously monitor our systems for potential cybersecurity risks.

We also maintain processes to oversee and identify material cybersecurity risks arising from our use of third-party service providers. These processes include comprehensive vendor evaluations prior to engagement, ongoing audits and testing to verify adherence to our security policies, and contractual provisions requiring vendors to meet our cybersecurity standards. By proactively assessing potential vulnerabilities within our supply chain and continuously monitoring vendor performance, we seek to mitigate any cybersecurity threats that could significantly impact our operations.

As part of our Board of Directors’ ERM process, the Board has ultimate responsibility for overseeing cybersecurity risk management. The Audit Committee, which receives updates on cybersecurity at least quarterly (and more frequently if circumstances warrant), oversees our cybersecurity program. Pursuant to its charter, the Audit Committee reviews our cybersecurity and other information technology risks, controls, and procedures, including our plans for cybersecurity risk mitigation and incident response. The Compliance Officer, alongside the Chief Operating Officer, provides periodic reports to the Audit Committee on cybersecurity and other IT risks. In the event of a cybersecurity incident that presents a critical risk to the Company, the Chief Operating Officer (and/or the Compliance Officer) would promptly report such incident to our Board of Directors, consistent with our escalation process.

​
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Chief Information Security Officer
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]

As part of our Board of Directors’ ERM process, the Board has ultimate responsibility for overseeing cybersecurity risk management. The Audit Committee, which receives updates on cybersecurity at least quarterly (and more frequently if circumstances warrant), oversees our cybersecurity program. Pursuant to its charter, the Audit Committee reviews our cybersecurity and other information technology risks, controls, and procedures, including our plans for cybersecurity risk mitigation and incident response. The Compliance Officer, alongside the Chief Operating Officer, provides periodic reports to the Audit Committee on cybersecurity and other IT risks. In the event of a cybersecurity incident that presents a critical risk to the Company, the Chief Operating Officer (and/or the Compliance Officer) would promptly report such incident to our Board of Directors, consistent with our escalation process.
Cybersecurity Risk Role of Management [Text Block]

To oversee our cybersecurity risk management program and policies, the role and responsibilities of the Chief Information Security Officer are performed by an external IT advisory company. The Chief Information Security Officer has primary responsibility for strategy, governance, and risk oversight of our cybersecurity measures, working in cooperation with our Head of IT and under the guidance of our Chief Operating Officer. The IT Department, led by the Head of IT—who has over 30 years of experience in information technology and cybersecurity risk management—implements the technical controls and processes designed to mitigate cybersecurity risks, as well as regularly monitoring and updating these measures to adapt to evolving threats. In addition, the IT Department oversees a Security Operations Center (SOC) that is operated by an external provider, employing specialized technology professionals who continuously monitor our systems for potential cybersecurity risks.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] The IT Department, led by the Head of IT
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] The IT Department, led by the Head of IT—who has over 30 years of experience in information technology and cybersecurity risk management—implements the technical controls and processes designed to mitigate cybersecurity risks, as well as regularly monitoring and updating these measures to adapt to evolving threats.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]

To oversee our cybersecurity risk management program and policies, the role and responsibilities of the Chief Information Security Officer are performed by an external IT advisory company. The Chief Information Security Officer has primary responsibility for strategy, governance, and risk oversight of our cybersecurity measures, working in cooperation with our Head of IT and under the guidance of our Chief Operating Officer. The IT Department, led by the Head of IT—who has over 30 years of experience in information technology and cybersecurity risk management—implements the technical controls and processes designed to mitigate cybersecurity risks, as well as regularly monitoring and updating these measures to adapt to evolving threats. In addition, the IT Department oversees a Security Operations Center (SOC) that is operated by an external provider, employing specialized technology professionals who continuously monitor our systems for potential cybersecurity risks.

As part of our Board of Directors’ ERM process, the Board has ultimate responsibility for overseeing cybersecurity risk management. The Audit Committee, which receives updates on cybersecurity at least quarterly (and more frequently if circumstances warrant), oversees our cybersecurity program. Pursuant to its charter, the Audit Committee reviews our cybersecurity and other information technology risks, controls, and procedures, including our plans for cybersecurity risk mitigation and incident response. The Compliance Officer, alongside the Chief Operating Officer, provides periodic reports to the Audit Committee on cybersecurity and other IT risks. In the event of a cybersecurity incident that presents a critical risk to the Company, the Chief Operating Officer (and/or the Compliance Officer) would promptly report such incident to our Board of Directors, consistent with our escalation process.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
Significant Accounting Policies  
Principles of Consolidation

Principles of Consolidation: The accompanying consolidated financial statements represent the consolidation of the accounts of the Company and its wholly-owned subsidiaries. The subsidiaries are fully consolidated from the date on which control is obtained by the Company.

The Company determines whether it has a controlling financial interest in another entity by first assessing whether the entity is a voting interest entity or a variable interest entity (“VIE”) in accordance with ASC 810 “Consolidation”. The Company consolidates voting interest entities in which it owns all, or a majority (generally greater than 50%), of the voting interests. For all other arrangements, the Company evaluates whether the entity is a VIE and whether the Company is its primary beneficiary, which would require consolidation. A VIE is an entity in which the equity holders lack the characteristics of a controlling financial interest, have not provided sufficient equity to finance the entity’s activities, or hold voting rights that are disproportionate to their exposure to expected losses or residual returns. Based on these evaluations, the Company did not identify any VIEs requiring consolidation for the years 2025, 2024, or 2023. Intercompany balances and unrealized gains and losses are eliminated upon consolidation.
Investments in affiliates

Investments in affiliates: The Company’s investments in affiliates are accounted for using the equity method of accounting. Under the equity method of accounting, investments are stated at initial cost and are adjusted for subsequent additional investments and the Company’s proportionate share of earnings or losses and distributions. The Company evaluates its investments in affiliates for impairment when events or circumstances indicate that the carrying value of such investments may have experienced other than temporary decline in value below their carrying value. If the estimated fair value is less than the carrying value and is considered an other than temporary decline, the carrying value is written down to its estimated fair value and the resulting impairment is recorded in the Consolidated Statements of Income.
Use of Estimates

Use of Estimates: The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant estimates include, but are not limited to, the useful lives and recoverability of long-lived assets, impairment assessments, expected credit losses, provisions for legal and other contingencies, and assumptions used in employee benefit obligations. Estimates are based on historical experience and other factors considered reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from those estimates under different assumptions and/or conditions.
Reclassifications in Other Comprehensive Income/(Loss)

Reclassifications in Other Comprehensive Income/(Loss): The Company had the following reclassifications out of Accumulated Other Comprehensive Loss during the years ended December 31, 2025, 2024 and 2023, respectively (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year ended December 31, 

​

  ​ ​ ​

Location of Reclassification into Income:

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

Amortization of deferred realized losses on cash flow hedges

​

Loss on derivatives

​

$

3,622

​

$

3,632

​

$

3,622

Reclassification of prior service cost of defined benefit plan

​

Other income/(expenses), net

​

​

1,161

​

​

1,050

​

​

885

Total Reclassifications

​

​

​

$

4,783

​

$

4,682

​

$

4,507
Foreign Currency Translation

Foreign Currency Translation: The functional currency of the Company is the U.S. dollar. The Company engages in worldwide commerce with a variety of entities. Although its operations may expose it to certain levels of foreign currency risk, its transactions are predominantly U.S. dollar denominated. Additionally, the Company’s wholly-owned vessel subsidiaries transacted a nominal amount of their operations in Euros; however, all of the subsidiaries’ primary cash flows are U.S. dollar denominated. Transactions in currencies other than the functional currency are translated at the exchange rate in effect at the date of each transaction. Differences in exchange rates during the period between the date a transaction denominated in a foreign currency is consummated and the date on which it is either settled or translated, are recognized in the Consolidated Statements of Income. The foreign currency exchange losses recognized in the accompanying Consolidated Statements of Income for each of the years ended December 31, 2025, 2024 and 2023 were $0.7 million, $0.3 million and $0.5 million, respectively, and are presented under “Vessel operating expenses” in the Consolidated Statements of Income.
Cash and Cash Equivalents

Cash and Cash Equivalents: Cash and cash equivalents consist of interest bearing call deposits, where the Company has instant access to its funds and withdrawals and deposits can be made at any time, time deposits with original maturities of three months or less which are not restricted for use or withdrawal, as well as other short-term, highly liquid investments which are readily convertible into known amounts of cash with original maturities of three months or less at the time of purchase that are subject to an insignificant risk of change in value.
Accounts Receivable, Net

Accounts Receivable, Net: The amount shown as Accounts Receivable, net, at each balance sheet date includes estimated recoveries from charterers for hire from operating leases accounted for in accordance with Topic 842 and freight and demurrage billings, net of a provision for doubtful accounts. Amounts receivable from freight and demurrage billings were not material as of December 31, 2025 and December 31, 2024. Accounts receivable are short term in duration as payments are expected to be received within one year. Operating-lease receivables are evaluated for collectibility in accordance with ASC 842, while all other receivables are assessed for expected credit losses under ASC 326. The Company evaluates receivables individually based on historical loss experience, the aging of outstanding balances, current and expected economic conditions, and the financial condition of customers. Receivables are written off when they are deemed uncollectible. Based on the Company’s assessment, no allowance for credit losses or impairment of receivables was recognized as of December 31, 2025 or December 31, 2024.
Insurance Claims

Insurance Claims: Insurance claims represent the claimable expenses, net of deductibles, that are expected to be recovered from the Company’s insurance providers and are classified within “Other current assets” in the Consolidated Balance Sheets. Costs incurred to complete and settle insurance claims are accrued within accrued liabilities. Under certain insurance arrangements, the Company may be subject to additional call amounts. Possible additional calls are accounted for in accordance with ASC 450, and are recognized when the obligation is considered probable and estimable based on the Company’s historical experience and industry practices.
Prepaid Expenses

Prepaid Expenses: Prepaid expenses consist primarily of insurance costs paid in advance and are recognized as expenses over the periods to which the related benefits pertain.
Inventories

Inventories: Inventories consist of bunkers, lubricants, and provisions remaining on board the vessels at each period end. Inventories are stated at the lower of cost and net realizable value, where net realizable value represents the estimated selling price in the ordinary course of business less reasonably predictable costs of disposal. Inventory costs are determined using the first-in, first-out (FIFO) method. Costs of spare parts are expensed as incurred.
Deferred Financing Costs

Deferred Financing Costs: Fees paid to lenders, or to third parties on behalf of lenders, for obtaining new loans or senior notes, for refinancing or amending existing loans, or for securing lease financing, are presented on the balance sheet as a direct deduction from the carrying amount of the related debt liability, similar to debt discounts. These costs are amortized using the effective interest rate method over the term of the related debt and the amortization expense is included in “Interest expense and finance costs” in the Consolidated Statements of Income. Any unamortized deferred financing costs related to debt that is repaid or refinanced in a transaction that meets the criteria for a debt extinguishment, as per ASC 470-50, are expensed in the period of the repayment or refinancing and are presented under “Loss on debt extinguishment, net” in the Consolidated Statements of Income. Costs related to refinancings that do not meet the extinguishment criteria are amortized over the term of the refinanced debt. Fees incurred for obtaining loan facilities when no borrowings have been drawn as of the balance sheet date are recorded within “Other non-current assets” or “Other current assets,” as applicable, and are reclassified as a direct deduction from the related debt once the borrowings occur.
Fixed Assets

Fixed Assets: Fixed assets consist of vessels. Vessels are stated at cost, less accumulated depreciation. Vessel cost includes the contract purchase price and any material expenses incurred upon acquisition, such as improvements and delivery expenses. Subsequent expenditures for conversions or major improvements are capitalized when they extend the useful life of the vessel, increase its earning capacity, or improve its efficiency or safety. All other expenditures are expensed as incurred. Interest costs incurred during construction of a vessel are capitalized as part of the vessel’s cost.
Evaluation of Purchase Transactions

Evaluation of Purchase Transactions: The Company evaluates if any vessel acquisition in the secondhand market constitutes a business or not. When substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the set is not a business. The Company entered into memorandums of agreement (“MOAs”) in the secondhand market for the purchase of one, three and seven dry bulk carrier vessels during the years ended December 31, 2025, 2024 and 2023, respectively, all of which were accounted for as asset acquisitions. The following assets are considered as a single asset for the purposes of the evaluation (i) a tangible asset that is attached to and cannot be physically removed and used separately from another tangible asset (or an intangible asset representing the right to use a tangible asset); (ii) in place lease intangibles, including favorable and unfavorable intangible assets or liabilities, and the related leased assets. Acquisition costs associated with asset acquisitions are capitalized.
Advances for Vessels Under Construction

Advances for Vessels Under Construction: Advances made to shipyards or sellers of shipbuilding contracts for vessels under construction are classified as “Advances for vessels under construction” until the date of delivery and acceptance of the vessel. At that time, these costs are reclassified to “Fixed assets, net.” Advances for vessels under construction also include supervision costs, amounts paid under engineering contracts, and other expenses directly related to the construction of the vessel or the preparation of the vessel for its initial voyage. Interest cost incurred during the construction period of the vessels is also capitalized and included in the vessels’ cost.
Impairment of Long-lived Assets

Impairment of Long-lived Assets: The accounting standard for impairment of long-lived assets requires that long-lived assets and certain identifiable intangible assets held and used or held for disposal be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. If any such indication exists, the Company performs step one of the impairment test by comparing the undiscounted projected net operating cash flows for each vessel to its carrying value. For vessels held and used, if the future undiscounted net cash flows are less than the carrying value, the Company performs step two of the impairment assessment by comparing the vessel’s fair value to its carrying value. An impairment loss is recorded equal to the difference between the vessel’s carrying value and its fair value.

As of December 31, 2025 and 2024, the Company concluded that events and circumstances indicated potential impairment of certain container vessels. These indicators included volatility in the charter market and the vessels’ market values, as well as the potential impact of current market conditions on future operations. Consequently, the Company performed step one of the impairment assessment for vessels with impairment indicators by comparing the undiscounted projected net operating cash flows to their carrying values.

The Company’s strategy is to charter its container vessels under multi-year, fixed-rate charters, providing contracted stable cash flows, while its drybulk vessels operate under a combination of time charter and voyage charter arrangements depending on market conditions. In projecting undiscounted net operating cash flows, the Company considered several factors and assumptions, including operating revenues, off-hire revenues, drydocking costs, operating expenses, and management fees. Revenue assumptions were based on contracted time charter rates through the end of each vessel’s current charter, as well as estimated time charter equivalent (“TCE”) rates for non-contracted revenue days for the remaining life of the vessel. The estimated daily TCE rate for non-contracted revenue days is considered a significant assumption. Recognizing the cyclical and volatile nature of the transportation industry, management believes that historical averages of the most recent 5 to 15 years of time charter rates provide a reasonable benchmark for estimating TCE rates for non-contracted revenue days, as these averages account for market volatility and the remaining economic useful life of each vessel. Additionally, the Company applied an annual operating expenses escalation factor and estimated scheduled and unscheduled off-hire days based on historical experience. All estimates and assumptions were prepared in accordance with the Company’s internal budgets and historical industry experience.
Time Charters Assumed on Acquisition of Vessels

Time Charters Assumed on Acquisition of Vessels: The Company recognizes separately identifiable assets and liabilities arising from the market value of time charters assumed at the date of delivery in connection with the acquisition of secondhand vessels. When the present value of the contractual cash flows of an assumed time charter is less than its current fair value, the difference is recorded as unearned revenue. When the present value exceeds fair value, the difference is recognized as accrued charter revenue. Such liabilities or assets are amortized as an increase in revenue and reduction of revenue, respectively, over the period of each time charter assumed. Significant assumptions used in calculation of the fair value of the time charters assumed include daily time charter rate prevailing in the market for a similar size of the vessels available before the acquisition for a similar charter duration (including the estimated time charter expiry date). Other assumptions used are the discount rate based on the Company’s weighted average cost of capital close to the acquisition date and the estimated average off-hire rate.
Depreciation

Depreciation: The cost of the Company’s vessels is depreciated on a straight-line basis over their remaining economic useful lives, after considering estimated residual value. The residual value of a vessel is calculated as its lightweight tonnage multiplied by an estimated scrap rate of $300 per light weight ton. Management has estimated the useful life of the Company’s containerships to be 30 years and drybulk vessels to be 25 years from the year built. These estimates are reviewed periodically and adjusted if circumstances indicate that changes are necessary.
Accounting for Special Survey and Drydocking Costs

Accounting for Special Survey and Drydocking Costs: The Company follows the accounting guidance for planned major maintenance activities. Drydocking and special survey costs, reported within “Deferred charges, net” on the balance sheet, include planned major maintenance and overhaul activities required for ongoing certification, such as inspection, refurbishment, and replacement of steel, engine components, electrical systems, pipes, valves, and other vessel parts. The Company applies the deferral method, under which actual costs incurred are deferred and amortized on a straight-line basis over the period until the next scheduled survey and drydocking which is generally 2.5 years. This amortization period represents the estimated useful economic life of the deferred charge. If a special survey or drydocking is performed prior to the scheduled date, any remaining unamortized balance is immediately written off. Costs incurred during the drydocking period for routine repairs and maintenance are expensed as incurred. For vessels sold, the unamortized portion of special survey and drydocking costs is included in the vessel’s carrying amount when determining the gain or loss on vessel disposal.
Dividends

Dividends: Dividends, if any, are recorded in the Company’s financial statements in the period in which they are declared by the Company’s board of directors.
Investments in Equity Securities

Investments in Equity Securities: The Company measures its investments in equity securities in accordance with ASC 321. Equity securities that do not have a readily determinable fair value are initially measured at cost, less impairment, and subsequently adjusted for observable price changes in orderly transactions for the identical or a similar investment. When an equity security has a readily determinable fair value, the Company measures it at fair value at each balance sheet date, with unrealized gains and losses recognized in earnings in the period in which they arise. Realized gains and losses are recognized upon disposition of the securities, based on the difference between the net sale proceeds and the carrying amount of the investment. Realized and unrealized gains and losses are presented within “Gain/(loss) on investments” in the Consolidated Statements of Income. Dividends received on such securities are recorded as “Dividend income” and any taxes withheld on dividend income are included in “Income taxes”. As of December 31, 2025 and 2024, the Company holds equity securities consisting of common shares of Star Bulk Carriers Corp., all of which have readily determinable fair values.
Accounting for Revenue and Expenses

Accounting for Revenue and Expenses: The Company derives its revenue from time charters and bareboat charters of its containerships, each of which contains a lease. These charters involve placing the specified vessel at charterers’ use for a specified rental period of time in return for the payment of specified daily hire rates. Most of the charters include options for the charterers to extend their terms. Under a time charter, the daily hire rate includes lease component related to the right of use of the vessel and non-lease components primarily related to the operating expenses of the vessel incurred by the Company such as commissions, vessel operating expenses: crew expenses, lubricants, certain insurance expenses, repair and maintenance, spares, stores etc. and vessel management fees. Under a bareboat charter, the daily hire rate includes only lease component related to the right of use of the vessel. The revenue earned based on time charters is not negotiated in separate components. Revenue from the Company’s time charters and bareboat charters of vessels is accounted for as operating leases on a straight line basis based on the average fixed rentals over the minimum fixed rental period of the time charter and bareboat charter agreements, as service is performed. Charter hire received in advance is recorded under “Unearned revenue” in the Consolidated Balance Sheets until charter services are rendered. The Company elected the practical expedient which allows the Company to treat the lease and non-lease components as a single lease component for the leases where the timing and pattern of transfer for the nonlease component and the associated lease component to the lessees are the same and the lease component, if accounted for separately, would be classified as an operating lease. The combined component is therefore accounted for as an operating lease, as the lease component is the predominant component in 2025, 2024 and 2023.

Accounting for Revenue and Expenses (Continued): The Company’s drybulk vessels generate revenue from short-term time charter agreements and voyage charter agreements. The voyage charter agreements do not contain a lease because the charterer under such contracts does not have the right to control the use of the vessel since the Company retains control over the operations of the vessel and are therefore considered service contracts that fall under the provision of ASC 606 “Revenue from contracts with customers”. The Company accounts for a voyage charter when all the following criteria are met: (i) the parties to the contract have approved the contract in the form of a written charter agreement or fixture recap and are committed to perform their respective obligations, (ii) the Company can identify each party’s rights regarding the services to be transferred, (iii) the Company can identify the payment terms for the services to be transferred, (iv) the charter agreement has commercial substance (that is, the risk, timing, or amount of the future cash flows is expected to change as a result of the contract) and (v) it is probable that the Company will collect substantially all of the consideration to which it will be entitled in exchange for the services that will be transferred to the charterer. Under voyage charter agreements, the charter party generally specifies a minimum amount of cargo and the charterer is liable for any short loading of cargo or dead-freight. Demurrage income, which represents a form of variable consideration when loading or discharging time exceeds the stipulated time in the voyage charter agreement, is included in voyage revenues and was immaterial in the years ended December 31, 2025, 2024 and 2023. The majority of revenue from voyage charter agreements is usually collected in advance. The Company has determined that there is one single performance obligation for each of its voyage contracts, which is to provide the charterer with an integrated transportation service within a specified time period. In addition, the Company has concluded that a contract for a voyage charter meets the criteria to recognize revenue over time because the charterer simultaneously receives and consumes the benefits of the Company’s performance as the Company performs. Therefore, since the Company’s performance obligation under each voyage contract is met evenly as the voyage progresses, revenue is recognized on a straight line basis over the voyage days from the loading of cargo to its discharge.
Voyage Expenses

Voyage Expenses: Under voyage charter agreements, all voyage costs are borne and paid by the Company. Voyage expenses consist primarily of port and canal charges, bunker (fuel) expenses, agency fees, address commissions and brokerage commissions related to the voyage. All voyage costs are expensed as incurred with the exception of the contract fulfilment costs that are incurred from the later of the end of the previous vessel employment and the contract date and until the commencement of loading the cargo on the relevant vessel, which are capitalized to the extent the Company, in its reasonable judgement, determines that they (i) are directly related to a contract, (ii) will be recoverable and (iii) enhance the Company’s resources by putting the Company’s vessel in a location to satisfy its performance obligation under a contract pursuant to the provisions of ASC 340-40 “Other assets and deferred costs”. These capitalized contract fulfilment costs are recorded under “Other current assets” and are amortized on a straight-line basis as the related performance obligations are satisfied.

Under multi-year time charters and bareboat charters, such as those on which the Company charters its container vessels and under short-term time charters, the charterers bear the voyage expenses other than brokerage and address commissions. As such, voyage expenses represent a relatively small portion of the overall expenses under time charters and bareboat charters.
Vessel Operating Expenses

Vessel Operating Expenses: Vessel operating expenses are expensed as incurred and include crew wages and related costs, the cost of insurance, expenses for repairs and maintenance, the cost of spares and consumable stores, tonnage taxes and other miscellaneous expenses. Aggregate expenses increase as the size of the Company’s fleet increases. Under time charters and voyage charter agreements, the Company pays for vessel operating expenses. Under bareboat charters, the Company’s charterers bear most vessel operating expenses, including the costs of crewing, insurance, surveys, drydockings, maintenance and repairs.
General and administrative expenses

General and administrative expenses: General and administrative expenses are expensed as incurred and include management fees paid to the vessels’ manager (refer to Note 11, “Related Party Transactions”), audit fees, legal fees, board remuneration, service cost, stock based compensation, executive officers compensation, directors & officers insurance and stock exchange fees.
Repairs and Maintenance

Repairs and Maintenance: All repair and maintenance expenses are expensed as incurred and are included in vessel operating expenses in the Consolidated Statements of Income. These costs include routine maintenance, minor repairs, and other expenditures that do not extend the useful life or improve the efficiency, capacity, or safety of the vessels.
Going Concern

Going Concern: The Company evaluates whether there is substantial doubt about its ability to continue as a going concern by applying the provisions of ASC 205-40. In more detail, the Company evaluates whether there are conditions or events that raise substantial doubt about the Company’s ability to continue as a going concern within one year from the date the financial statements are issued. As part of such evaluation, the Company did not identify any conditions that raise substantial doubt about the entity’s ability to continue as a going concern. Accordingly, the Company continues to adopt the going concern basis in preparing its consolidated financial statements.
Segment Reporting

Segment Reporting:Following the acquisition of the drybulk vessels in 2023, the Company operates in two separate segments in accordance with ASC 280: (i) a container vessels segment, as a provider of worldwide marine transportation services through time charter and bareboat charter arrangements; and (ii) a drybulk vessels segment, as a provider of drybulk commodity transportation services through time charter and voyage charter arrangements. The Company’s management, including its Chief Executive Officer, who is the chief operating decision maker, evaluates performance based on overall revenue per day and fleet operating results for each segment. The accounting policies applied in measuring the operating results of each reportable segment are the same as those used in preparing the Company’s consolidated financial statements. Prior to the acquisition of the drybulk vessels in 2023, the Company operated as one reportable segment.
Derivative Instruments

Derivative Instruments: From time to time, the Company enters into interest rate swap contracts to manage its exposure to variable interest rates. Derivative instruments are recorded at fair value on the Consolidated Balance Sheets. Changes in the fair value of derivatives that do not qualify for hedge accounting are recognized in earnings in the period of the change.

When derivative instruments qualify for hedge accounting under ASC 815, the Company designates them as either fair value hedges or cash flow hedges at inception. For fair value hedges, changes in the fair value of both the derivative and the hedged item attributable to the hedged risk are recognized in earnings. For cash flow hedges, the effective portion of changes in the fair value of the derivative is recorded in other comprehensive income/loss and reclassified to earnings when the hedged item affects earnings. Any ineffective portion is recognized immediately in earnings.

In the past, the Company elected to prospectively dedesignate certain fair value and cash flow interest rate swaps that had previously qualified for hedge accounting, due to the compliance burden associated with maintaining hedge documentation. As a result, all subsequent changes in the fair value of these cash flow interest rate swap agreements were recorded in the Consolidated Income Statements under “Loss on derivatives.” The Company evaluated whether the previously hedged forecasted interest payments were probable of occurring within the originally specified time period and concluded that such payments remain probable of occurring. Accordingly, the unamortized loss balance associated with the previously designated cash flow interest rate swaps remains in accumulated other comprehensive loss and is reclassified into earnings on an annual basis as the underlying hedged interest payments are recognized. If such interest payments were determined to be probable of not occurring, the related unamortized balance remaining in accumulated other comprehensive loss would be immediately reclassified to earnings.

The Company does not enter into derivative transactions for trading or speculative purposes.
Earnings Per Share

Earnings Per Share: The Company presents basic and diluted earnings per share in accordance with ASC 260. Basic earnings per share is computed by dividing net earnings attributable to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted. Diluted earnings per share is computed by dividing net earnings attributable to common shareholders by the weighted average number of common shares outstanding plus the dilutive effect of potential common shares, including unvested restricted stock, calculated using the treasury stock method when applicable. The Company applies the two-class method when participating securities, such as unvested restricted stock that receive nonforfeitable dividends or dividend equivalents, are outstanding and the two-class method is more dilutive than the treasury stock method. Unvested shares of restricted stock are included in diluted earnings per share unless their effect is antidilutive.
Treasury Stock and Share Repurchases

Treasury Stock and Share Repurchases: The Company recognizes treasury stock based on the price paid to repurchase its shares, including direct costs to acquire treasury stock and records the repurchase of its common shares at cost. Until their retirement these common shares are classified as treasury stock, which is a reduction to shareholders’ equity. Treasury stock is recorded as a reduction from common stock at its par value and the price paid in excess of par value and direct costs, if any, as a reduction from additional paid-in capital. Treasury stock is included in authorized and issued shares but excluded from outstanding shares and are excluded from average common shares outstanding for basic and diluted earnings per share.
Income taxes

Income taxes: Income taxes comprise of taxes, if any, withheld on dividend income earned on the Company’s investments. We recorded income taxes of nil in each the years ended December 31, 2025, 2024 and 2023.
Equity Compensation Plan

Equity Compensation Plan: The Company has adopted an equity compensation plan (the “2006 Equity Compensation Plan”) in 2006 (as amended on August 2, 2019), which is generally administered by the compensation committee of the Board of Directors. The Plan allows the plan administrator to grant awards of shares of common stock or the right to receive or purchase shares of common stock to employees, directors or other persons or entities providing significant services to the Company or its subsidiaries. The actual terms of an award will be determined by the plan administrator and set forth in written award agreement with the participant. Any options granted under the Plan are accounted for in accordance with the accounting guidance for share-based compensation arrangements.

Share based compensation represents the cost of shares and share options granted to employees of Danaos Shipping Company Limited (the “Manager”), the Company’s executive officers and to directors, for their services, and is included under “General and administrative expenses” in the Consolidated Statements of Income. The shares are measured at their fair value equal to the market value of the Company’s common shares on the grant date. The shares that do not contain any future service vesting conditions are considered vested shares and the total fair value of such shares is expensed on the grant date. The shares that contain a time-based service vesting condition are considered non-vested shares on the grant date and the total fair value of such shares is recognized using the accelerated attribution method for share-based payment arrangements with employees, which treats an award with multiple vesting dates as multiple awards and results in a front-loading of the costs of the award. Further, the Company accounts for restricted share award forfeitures upon occurrence. The Company recognizes the cost of nonemployee awards during the nonemployee’s vesting period as services are received.
Executive Retirement Plan

Executive Retirement Plan: The Company established a defined benefit retirement plan for its executive officers in December 2022. The actuarial determination of the projected benefit obligation was determined by calculating the present value of the projected benefit at retirement based on service completed at the valuation date, which incorporates management’s best estimate of the discount rate, salary escalation rate and retirement ages of executive officers. The discount rate used to value the defined benefit obligation is derived based on high quality income investments with duration similar to the duration of the obligation. Prior service cost arising from the retrospective recognition of past service was recognized in the other comprehensive income/loss. Prior service cost reclassification and other gains or losses (including foreign exchange gain/loss) are recognized under “Other income/(expenses), net” in the Consolidated Statements of Income. The actuarially determined expense for current service is recognized under “General and administrative expenses” in the Consolidated Statements of Income. The actuarially determined net interest costs on the defined benefit plan obligation are recognized under “Other finance expenses” in the Consolidated Statements of Income. All actuarial remeasurements arising from defined benefit plan are recognized in full in the period in which they arise in the other comprehensive income/loss.
Fair Value Measurements

Fair Value Measurements: The Company follows the provisions of ASC 820, “Fair Value Measurements and Disclosures” that define and provide guidance as to the measurement of fair value. ASC 820 creates a hierarchy of measurement and indicates that, when possible, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The fair value hierarchy gives the highest priority (Level 1) to quoted prices in active markets and the lowest priority (Level 3) to unobservable data, for example, the reporting entity’s own data. Under the standard, fair value measurements are separately disclosed by level within the fair value hierarchy (Note 13).
Sale and Lease Back Transactions

Sale and Lease Back Transactions: Sale and lease back transactions which involve a purchase obligation (or a purchase option that is reasonably certain, at inception, that will be exercised) and are therefore treated as a failed sale or merely a financing arrangement, are not within the scope of sale and leaseback accounting under ASC 842. In such cases the Company does not derecognize the corresponding leased vessels and continues to present these at their net book values within “Fixed assets, net” on its Consolidated Balance Sheets, while the financing liability is presented in “Long-term debt” and in “Current portion of long - term debt, net” in the Company’s Consolidated Balance Sheets. Depreciation attributable to the vessels that are subject to financing under sale and lease back transactions is included within “Depreciation and amortization” in the Consolidated Income Statements while the corresponding interest expense on the lease financing arrangement is included within “Interest expense and finance costs” in the Consolidated Income Statements. The Company’s sale and lease back financing agreement as of December 31, 2025 was of this type. Please refer to Note 10 for the description of the nature of the Company’s lease financing agreement, general terms, covenants included, any variable payments, if any, as well as the purchase options and/or obligations they provide for.
Recent Accounting Pronouncements (not yet adopted)

Recent Accounting Pronouncements (not yet adopted):

In November 2024, the FASB issued ASU 2024-03, “Income Statement – Reporting Comprehensive Income – Expenses Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses”. The standard is intended to require more detailed disclosure about specified categories of expenses (including employee compensation, depreciation and amortization) included in certain expense captions presented on the face of the income statement. This ASU is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either prospectively to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to all prior periods presented in the financial statements. The Company is currently assessing the impact this standard will have on its financial statements.

​

In December 2025, the FASB issued ASU No. 2025-12 to clarify, correct errors in or make other improvements to a broad range of topics in the Accounting Standards Codification (“ASC”), including ASC 260, Earnings Per Share; ASC 325, Investments — Other; and ASC 958, Not-for-Profit Entities. The guidance is effective for all entities for annual reporting periods beginning after 15 December 2026, and interim periods within those annual periods. Early adoption is permitted. Entities are required to apply the amendments to ASC 260 retrospectively to each prior reporting period presented in the period of adoption. Entities can apply all other amendments in the period of adoption either (1) prospectively to all new transactions recognized on or after the date that the entity first applies the amendments or (2) retrospectively to the beginning of the earliest comparative period presented, with an adjustment to the opening balance of retained earnings (or other appropriate components of equity or net assets in the statement of financial position) as of the beginning of the earliest comparative period presented. An entity may elect the transition method on an issue-by-issue basis (except for the ASC 260 amendments). The Company evaluated the impact of this ASU on its consolidated financial statements and determined that there is no effect on its results of operations.
v3.25.4
Basis of Presentation and General Information (Tables)
 12 Months Ended
Dec. 31, 2025
Basis of Presentation and General Information  
Schedule of the vessel owning companies (the "Danaos Subsidiaries")

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​

​

​

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​

​

​

Year

​

​

Company

  ​ ​ ​

Date of Incorporation

  ​ ​ ​

Vessel Name

  ​ ​ ​

Built

  ​ ​ ​

TEU(1)

Megacarrier (No. 1) Corp.

​

September 10, 2007

 

Kota Peony

 

2012

 

13,100

Megacarrier (No. 2) Corp.

​

September 10, 2007

 

Kota Primrose

 

2012

 

13,100

Megacarrier (No. 3) Corp.

​

September 10, 2007

 

Kota Plumbago

 

2012

 

13,100

Megacarrier (No. 4) Corp.

​

September 10, 2007

 

Speed

 

2012

 

13,100

Megacarrier (No. 5) Corp.

​

September 10, 2007

 

Ambition

 

2012

 

13,100

CellContainer (No. 6) Corp.

​

October 31, 2007

 

Express Berlin

 

2011

 

10,100

CellContainer (No. 7) Corp.

​

October 31, 2007

 

Express Rome

 

2011

 

10,100

CellContainer (No. 8) Corp.

​

October 31, 2007

 

Express Athens

 

2011

 

10,100

Karlita Shipping Co. Ltd.

​

February 27, 2003

 

Pusan C

 

2006

 

9,580

Ramona Marine Co. Ltd.

​

February 27, 2003

 

Le Havre

 

2006

 

9,580

Oceancarrier (No. 2) Corp.

​

October 15, 2020

​

Bremen

​

2009

​

9,012

Oceancarrier (No. 3) Corp.

​

October 15, 2020

​

C Hamburg

​

2009

​

9,012

Blackwell Seaways Inc.

​

January 9, 2020

​

Niledutch Lion

​

2008

​

8,626

Oceancarrier (No. 1) Corp.

​

February 19, 2020

​

Kota Manzanillo

​

2005

​

8,533

Springer Shipping Co.

​

April 29, 2019

​

Belita

​

2006

​

8,533

Teucarrier (No. 1) Corp.

​

January 31, 2007

 

CMA CGM Attila

 

2011

 

8,530

Teucarrier (No. 2) Corp.

​

January 31, 2007

 

CMA CGM Tancredi

 

2011

 

8,530

Teucarrier (No. 3) Corp.

​

January 31, 2007

 

CMA CGM Bianca

 

2011

 

8,530

Teucarrier (No. 4) Corp.

​

January 31, 2007

​

CMA CGM Samson

​

2011

​

8,530

Teucarrier (No. 5) Corp.

​

September 17, 2007

​

CMA CGM Melisande

​

2012

​

8,530

Oceanew Shipping Ltd.

​

January 14, 2002

​

Europe

​

2004

​

8,468

Oceanprize Navigation Ltd.

​

January 21, 2003

​

America

​

2004

​

8,468

Rewarding International Shipping Inc.

​

October 1, 2019

​

Kota Santos

​

2005

​

8,463

Teushipper (No 1) Corp.

​

March 14, 2022

​

Catherine C

​

2024

​

8,010

Teushipper (No 2) Corp.

​

March 14, 2022

​

Greenland

​

2024

​

8,010

Teushipper (No 3) Corp.

​

March 14, 2022

​

Greenville

​

2024

​

8,010

Teushipper (No 4) Corp.

​

March 14, 2022

​

Greenfield

​

2024

​

8,010

Boxsail (No. 1) Corp

​

March 4, 2022

​

Interasia Accelerate

​

2024

​

7,165

Boxsail (No. 2) Corp

​

March 4, 2022

​

Interasia Amplify

​

2024

​

7,165

Boxcarrier (No. 1) Corp.

​

June 27, 2006

​

CMA CGM Moliere

​

2009

​

6,500

Boxcarrier (No. 2) Corp.

​

June 27, 2006

​

CMA CGM Musset

​

2010

​

6,500

Boxcarrier (No. 3) Corp.

​

June 27, 2006

​

CMA CGM Nerval

​

2010

​

6,500

Boxcarrier (No. 4) Corp.

​

June 27, 2006

​

CMA CGM Rabelais

​

2010

​

6,500

Boxcarrier (No. 5) Corp.

​

June 27, 2006

​

Racine

​

2010

​

6,500

Expresscarrier (No. 1) Corp.

​

March 5, 2007

​

YM Mandate

​

2010

​

6,500

Expresscarrier (No. 2) Corp.

​

March 5, 2007

​

YM Maturity

​

2010

​

6,500

Actaea Company Limited

​

October 14, 2014

​

Savannah

​

2002

​

6,402

Asteria Shipping Company Limited

​

October 14, 2014

​

Dimitra C

​

2002

​

6,402

Boxsail (No. 3) Corp.

​

March 4, 2022

​

Phoebe(2)

​

2025

​

6,014

Boxsail (No. 4) Corp.

​

March 4, 2022

​

Greenhouse(2)

​

2025

​

6,014

Averto Shipping S.A.

​

June 12, 2015

​

Suez Canal

​

2002

​

5,610

Sinoi Marine Ltd.

​

June 12, 2015

​

Kota Lima

​

2002

​

5,544

Oceancarrier (No. 4) Corp.

​

July 6, 2021

​

Wide Alpha

​

2014

​

5,466

Oceancarrier (No. 5) Corp.

​

July 6, 2021

​

Stephanie C

​

2014

​

5,466

Oceancarrier (No. 6) Corp.

​

July 6, 2021

​

Euphrates

​

2014

​

5,466

Oceancarrier (No. 7) Corp.

​

July 6, 2021

​

Wide Hotel

​

2015

​

5,466

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year

​

​

Company

  ​ ​ ​

Date of Incorporation

  ​ ​ ​

Vessel Name

  ​ ​ ​

Built

  ​ ​ ​

TEU (1)

Oceancarrier (No. 8) Corp.

​

July 6, 2021

 

Wide India

 

2015

 

5,466

Oceancarrier (No. 9) Corp.

​

July 6, 2021

 

Wide Juliet

 

2015

 

5,466

Continent Marine Inc.

​

March 22, 2006

 

Monaco

 

2009

 

4,253

Medsea Marine Inc.

​

May 8, 2006

 

Dalian

 

2009

 

4,253

Blacksea Marine Inc.

​

May 8, 2006

 

Jamaica (ex Luanda)

 

2009

 

4,253

Bayview Shipping Inc.

​

March 22, 2006

 

Rio Grande

 

2008

 

4,253

Channelview Marine Inc.

​

March 22, 2006

 

Merve A (tbr Paolo)

 

2008

 

4,253

Balticsea Marine Inc.

​

March 22, 2006

 

Kingston

 

2008

 

4,253

Seacarriers Services Inc.

​

June 28, 2005

 

Seattle C

 

2007

 

4,253

Seacarriers Lines Inc.

​

June 28, 2005

 

Vancouver

 

2007

 

4,253

Containers Services Inc.

​

May 30, 2002

 

Tongala

 

2004

 

4,253

Containers Lines Inc.

​

May 30, 2002

 

Derby D

 

2004

 

4,253

Boulevard Shiptrade S.A

​

September 12, 2013

 

Dimitris C

 

2001

 

3,430

Wellington Marine Inc.

​

January 27, 2005

 

Singapore

 

2004

 

3,314

Auckland Marine Inc.

​

January 27, 2005

 

Colombo

 

2004

 

3,314

CellContainer (No. 4) Corp.

​

March 23, 2007

 

Express Spain

 

2011

 

3,400

CellContainer (No. 5) Corp.

​

March 23, 2007

 

Express Black Sea

 

2011

 

3,400

CellContainer (No. 1) Corp.

​

March 23, 2007

 

Express Argentina

 

2010

 

3,400

CellContainer (No. 2) Corp.

​

March 23, 2007

 

Express Brazil

 

2010

 

3,400

CellContainer (No. 3) Corp.

​

March 23, 2007

 

Express France

 

2010

 

3,400

Vilos Navigation Company Ltd.

​

May 30, 2013

 

Zebra

 

2001

 

2,602

Sarond Shipping Inc.

​

January 18, 2013

 

Artotina

 

2001

 

2,524

Speedcarrier (No. 7) Corp.

​

December 6, 2007

 

Highway

 

1998

 

2,200

Speedcarrier (No. 6) Corp.

​

December 6, 2007

 

Progress C

 

1998

 

2,200

Speedcarrier (No. 8) Corp.

​

December 6, 2007

 

Bridge

 

1998

 

2,200

Speedcarrier (No. 1) Corp.

​

June 28, 2007

 

Phoenix D

 

1997

 

2,200

Speedcarrier (No. 2) Corp.

​

June 28, 2007

 

Advance

 

1997

 

2,200

Speedcarrier (No. 5) Corp.

​

June 28, 2007

 

Future

 

1997

 

2,200

Speedcarrier (No. 4) Corp.

​

June 28, 2007

 

Sprinter

 

1997

 

2,200

​

​

​

​

​

 

Total TEU

 

477,491

(1)

Twenty-feet equivalent unit, the international standard measure for containers and container vessels capacity.

(2)

The vessels Phoebe and Greenhouse were delivered to the Company in 2025.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Expected

​

​

Company

  ​ ​ ​

Date of Incorporation

  ​ ​ ​

Hull No.

  ​ ​ ​

Delivery(2)

  ​ ​ ​

TEU (1)

Boxline (No. 1) Corp.

​

June 7, 2023

 

YZJ2023-1556

 

Q3 2026

 

8,258

Boxline (No. 2) Corp.

​

June 7, 2023

 

YZJ2023-1557

 

Q4 2026

 

8,258

Boxline (No. 3) Corp.

​

February 2, 2024

 

YZJ2024-1612

 

Q4 2026

 

8,258

Boxsail (No. 5) Corp.

​

June 13, 2024

 

C9200-7

 

Q1 2027

 

9,200

Boxsail (No. 6) Corp.

​

June 13, 2024

 

C9200-8

 

Q2 2027

 

9,200

Boxline (No. 8) Corp

​

June 6, 2025

 

CV5900-09

 

Q2 2027

 

6,014

Boxline (No. 4) Corp.

​

February 2, 2024

 

YZJ2024-1613

 

Q2 2027

 

8,258

Boxline (No. 5) Corp.

​

March 8, 2024

 

YZJ2024-1625

 

Q2 2027

 

8,258

Boxline (No. 6) Corp.

​

March 8, 2024

 

YZJ2024-1626

 

Q3 2027

 

8,258

Boxline (No. 7) Corp.

​

May 30, 2024

 

YZJ2024-1668

 

Q3 2027

 

8,258

Boxsail (No. 10) Corp.

​

June 13, 2024

 

H2596

 

Q3 2027

 

9,200

Boxline (No. 9) Corp.

​

July 25, 2025

 

C7100-9

 

Q3 2027

 

7,165

Boxline (No. 10) Corp.

​

August 26, 2025

 

C7100-10

 

Q3 2027

 

7,165

Boxsail (No. 7) Corp.

​

June 13, 2024

 

C9200-9

 

Q4 2027

 

9,200

Boxsail (No. 11) Corp.

​

June 13, 2024

 

H2597

 

Q4 2027

 

9,200

Boxline (No. 11) Corp.

​

November 24, 2025

 

S1162

 

Q4 2027

 

1,800

Boxline (No. 12) Corp.

​

November 24, 2025

 

S1163

 

Q1 2028

 

1,800

Boxsail (No. 8) Corp.

​

June 13, 2024

 

C9200-10

 

Q2 2028

 

9,200

Boxline (No. 13) Corp.

​

November 24, 2025

 

S1164

 

Q2 2028

 

1,800

Boxsail (No. 9) Corp.

​

June 13, 2024

 

C9200-11

 

Q3 2028

 

9,200

Boxline (No. 14) Corp.

​

November 24, 2025

 

S1165

 

Q3 2028

 

1,800

Boxline (No. 15) Corp.

​

November 24, 2025

 

S1166

 

Q4 2028

 

1,800

Boxsail (No. 12) Corp.

​

December 3, 2025

​

H2638

​

Q4 2028

​

5,300

Boxline (No. 16) Corp.

​

November 24, 2025

 

S1167

 

Q1 2029

 

1,800

Boxsail (No. 13) Corp.

​

December 3, 2025

​

H2639

​

Q1 2029

​

5,300

​

​

​

​

​

 

Total TEU

 

163,950

(1)Twenty-feet equivalent unit, the international standard measure for containers and container vessels capacity.
(2)Under construction container vessels’ expected delivery dates were sorted based on the upcoming deliveries.
Schedule of Dry Bulk Vessels

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

​

  ​ ​ ​

​

  ​ ​ ​

Year

  ​ ​ ​

​

Company

​

Date of Incorporation

​

Vessel Name

​

Built (2)

​

DWT (1)

Bulk No. 4 Corp.

​

July 14, 2023

 

Genius

​

2012

​

175,580

Bulk No. 2 Corp.

​

July 14, 2023

 

Achievement

 

2011

 

175,966

Bulk No. 3 Corp.

​

July 14, 2023

 

Ingenuity

 

2011

 

176,022

Bulk No. 8 Corp.

​

January 31, 2024

​

Danaos

​

2011

​

176,536

Bulk No. 10 Corp.

​

February 15, 2024

​

Valentine

​

2011

​

175,125

Bulk No. 1 Corp.

​

July 14, 2023

​

Integrity

​

2010

​

175,966

Bulk No. 5 Corp.

​

July 14, 2023

 

Peace

 

2010

 

175,858

Bulk No. 9 Corp.

​

February 2, 2024

​

Gouverneur

​

2010

​

178,043

Bulk No. 6 Corp.

​

September 15, 2023

 

W Trader

 

2009

 

175,879

Bulk No. 7 Corp.

​

September 25, 2023

​

E Trader

​

2009

​

175,886

Bulk No. 11 Corp.

​

October 6, 2025

​

Drybulk capesize vessel(3)

​

2009

​

182,425

​

​

​

​

​

​

Total DWT

​

1,943,286

(1)DWT, dead weight tons, the international standard measure for drybulk vessels capacity.

(2)Capesize drybulk carrier vessels are sorted by their year built, from newest to oldest.

(3)On October 17, 2025, the Company entered into an Memorandum of Agreement to purchase a drybulk capesize vessel which is expected to be delivered to the Company by the end of the first quarter of 2026 (Note 4).
v3.25.4
Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Significant Accounting Policies  
Schedule of reclassifications out of accumulated other comprehensive loss The Company had the following reclassifications out of Accumulated Other Comprehensive Loss during the years ended December 31, 2025, 2024 and 2023, respectively (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year ended December 31, 

​

  ​ ​ ​

Location of Reclassification into Income:

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

Amortization of deferred realized losses on cash flow hedges

​

Loss on derivatives

​

$

3,622

​

$

3,632

​

$

3,622

Reclassification of prior service cost of defined benefit plan

​

Other income/(expenses), net

​

​

1,161

​

​

1,050

​

​

885

Total Reclassifications

​

​

​

$

4,783

​

$

4,682

​

$

4,507
v3.25.4
Fixed Assets, Net (Tables)
 12 Months Ended
Dec. 31, 2025
Fixed Assets, net  
Schedule of fixed assets, net

Fixed assets, net consisted of the following (in thousands of US$):

​

​

​

​

​

​

​

​

​

​

​

​

Vessel

​

Accumulated 

​

Net Book

​

  ​ ​ ​

Costs

  ​ ​ ​

Depreciation

  ​ ​ ​

Value

As of January 1, 2023

​

$

3,903,896

​

$

(1,182,402)

​

$

2,721,494

Additions

​

 

154,334

​

 

—

​

 

154,334

Depreciation

​

 

—

​

 

(129,287)

​

 

(129,287)

As of December 31, 2023

​

$

4,058,230

​

$

(1,311,689)

​

$

2,746,541

Additions and transfers from vessels under construction

​

 

694,997

​

 

—

​

 

694,997

Disposals

​

​

(3,940)

​

​

1,055

​

​

(2,885)

Depreciation

​

​

—

​

​

(148,344)

​

​

(148,344)

As of December 31, 2024

​

$

4,749,287

​

$

(1,458,978)

​

$

3,290,309

Additions and transfers from vessels under construction

​

 

142,760

​

​

—

​

​

142,760

Depreciation

​

 

—

​

​

(163,366)

​

​

(163,366)

As of December 31, 2025

​

$

4,892,047

​

$

(1,622,344)

​

$

3,269,703
v3.25.4
Advances for Vessels under Construction and Vessel Acquisition (Tables)
 12 Months Ended
Dec. 31, 2025
Advances for Vessels under Construction and Vessel Acquisition  
Schedule of remaining contractual commitments of the remaining 16 vessel construction contracts

​

​

​

​

​

Payments due by twelve month period ending:

  ​ ​ ​

in ‘000s of US$

December 31, 2026

​

$

502,414

December 31, 2027

​

 

763,695

December 31, 2028

​

 

239,456

December 31, 2029

​

 

42,550

Total contractual commitments

​

$

1,548,115
v3.25.4
Deferred Charges, net (Tables)
 12 Months Ended
Dec. 31, 2025
Deferred Charges, net  
Schedule of deferred charges, net

Deferred charges, net consisted of the following (in thousands of US$):

​

​

​

​

​

  ​ ​ ​

Drydocking and

​

​

Special Survey

​

​

Costs

As of January 1, 2023

​

$

25,554

Additions

​

 

31,121

Amortization

​

 

(18,663)

As of December 31, 2023

​

$

38,012

Additions

​

​

50,568

Write-off

​

​

(660)

Amortization

​

​

(29,161)

As of December 31, 2024

​

$

58,759

Additions

​

 

39,671

Amortization

​

 

(44,074)

As of December 31, 2025

​

$

54,356
v3.25.4
Other Current and Non-current Assets (Tables)
 12 Months Ended
Dec. 31, 2025
Other Current and Non-current Assets  
Schedule of other current and non current assets

Other current and non-current assets consisted of the following (in thousands of US$):

​

​

​

​

​

​

​

​

  ​ ​ ​

As of

  ​ ​ ​

As of

Other Current Assets

​

December 31, 2025

​

December 31, 2024

Marketable securities

​

$

120,244

​

$

60,850

Straight-lining of revenue

​

​

24,828

​

​

22,170

Claims receivable

​

​

9,978

​

​

14,387

Other current assets

​

​

16,087

​

​

16,243

Total other current assets

​

$

171,137

​

$

113,650

​

​

​

​

​

​

​

Straight-lining of revenue

​

$

30,144

​

$

47,423

Other non-current assets

​

 

12,161

​

 

10,358

Total other non-current assets

​

$

42,305

​

$

57,781
v3.25.4
Accrued Liabilities (Tables)
 12 Months Ended
Dec. 31, 2025
Accrued Liabilities  
Schedule of accrued liabilities

Accrued liabilities consisted of the following (in thousands of US$):

​

​

​

​

​

​

​

​

  ​ ​ ​

As of

  ​ ​ ​

As of

​

​

December 31, 2025

​

December 31, 2024

Accrued interest

​

$

16,402

​

$

10,599

Accrued dry-docking expenses

​

​

2,594

​

​

5,334

Accrued expenses

​

 

9,776

​

 

7,711

Total

​

$

28,772

​

$

23,644
v3.25.4
Lease Arrangements (Tables)
 12 Months Ended
Dec. 31, 2025
Lease Arrangements  
Schedule of future minimum payments, expected to be received on non-cancellable time charters and bareboat charters

The future minimum payments, expected to be received on non-cancellable time charters and bareboat charters classified as operating leases consisted of the following as of December 31, 2025 (in thousands of US$):

​

​

​

​

​

Year ending December 31,

​

in ‘000s of US$

2026

  ​ ​ ​

$

945,823

2027

​

 

900,755

2028

​

 

701,253

2029

​

 

543,790

2030

​

 

370,926

2031 and thereafter

​

 

690,938

Total future rentals

​

$

4,153,485
v3.25.4
Long-Term Debt, net (Tables)
 12 Months Ended
Dec. 31, 2025
Long-Term Debt, net  
Schedule of long-term debt, net

Long-term debt consisted of the following (in thousands of US$):

​

​

​

​

​

​

​

​

​

Balance as of

​

Balance as of

Credit Facility

  ​ ​ ​

December 31, 2025

  ​ ​ ​

December 31, 2024

BNP Paribas/Credit Agricole $130 mil. Facility

​

$

—

​

$

86,200

Alpha Bank $55.25 mil. Facility

​

​

—

​

​

40,250

Syndicated $450.0 mil. Facility

​

​

335,210

​

​

355,330

Citibank $382.5 mil. Revolving Credit Facility

​

​

—

​

​

—

Syndicated $850.0 mil. Facility

​

​

—

​

​

—

JOLCO Phoebe Facility

​

​

79,806

​

​

—

JOLCO Greenhouse Facility

​

​

—

​

​

—

Senior unsecured notes

​

​

762,766

​

​

262,766

Total long-term debt

​

$

1,177,782

​

$

744,546

Less: Deferred finance costs (long term portion)

​

​

(17,032)

​

​

(9,763)

Less: Unamortized debt discount

​

​

(3,226)

​

​

—

Less: Current portion, gross of deferred finance costs

​

​

(285,448)

​

​

(35,220)

Total long-term debt net of current portion and long term portion of deferred finance costs

​

$

872,076

​

$

699,563
Schedule of debt maturities of long-term debt

The scheduled debt maturities of long-term debt subsequent to December 31, 2025, are as follows (in thousands of US$):

​

​

​

​

​

​

Principal

Payments due by year ending:

  ​ ​ ​

repayments

December 31, 2026

​

$

285,448

December 31, 2027

​

​

23,362

December 31, 2028

​

​

23,535

December 31, 2029

​

​

278,467

December 31, 2030

​

​

3,821

December 31, 2031 and thereafter

​

​

563,149

Total long-term debt

​

$

1,177,782
Schedule of Interest and finance costs

The amounts of “Interest and finance costs” included in the Consolidated Income Statements are analyzed as follows in thousands of US$):

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

Years ended December 31,

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

Interest on secured and unsecured credit facilities

​

$

60,919

​

$

45,350

 

$

35,664

Less: Interest capitalized

​

 

(21,564)

​

 

(21,491)

 

​

(17,402)

Amortization of debt issuance costs & debt discount

​

 

3,487

​

 

2,326

 

​

2,201

Interest and finance costs

​

$

42,842

​

$

26,185

​

$

20,463
v3.25.4
Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2025
Financial Instruments  
Schedule of estimated fair values of the financial instruments

The estimated fair values of the Company’s financial instruments are as follows (in thousands of US$):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As of December 31, 2025

​

As of December 31, 2024

​

  ​ ​ ​

Balance Sheet Location

  ​ ​ ​

Book Value

  ​ ​ ​

Fair Value

  ​ ​ ​

Book Value

  ​ ​ ​

Fair Value

​

​

​

​

(in ‘000s of US$)

ASSETS

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cash and cash equivalents

​

Cash and cash equivalents

​

$

1,037,292

​

$

1,037,292

​

$

453,384

​

$

453,384

Marketable securities

​

Other current assets

​

$

120,244

​

$

120,244

​

$

60,850

​

$

60,850

LIABILITIES

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Secured long-term debt, including current portion (1)

​

Current portion of long-term debt, net & Long-term debt, net

​

$

415,016

​

$

415,016

​

$

481,780

​

$

481,780

Unsecured long-term debt (1)

​

Current portion of long-term debt, net & Long-term debt, net

​

$

762,766

​

$

782,269

​

$

262,766

​

$

259,834
Schedule of estimated fair value of the financial instruments that are measured at fair value on a recurring basis

The estimated fair value of the financial instruments that are measured at fair value on a recurring basis, categorized based upon the fair value hierarchy, are as follows as of December 31, 2025 (in thousands of US$):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements

​

​

​

​

as of December 31, 2025

​

  ​ ​ ​

Balance Sheet Location

  ​ ​ ​

Total

  ​ ​ ​

(Level I)

  ​ ​ ​

(Level II)

  ​ ​ ​

(Level III)

​

​

​

​

​

(in ‘000s of US$)

ASSETS

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Marketable securities

​

Other current assets

​

$

120,244

​

$

120,244

​

$

—

​

$

—

The estimated fair value of the financial instruments that are measured at fair value on a recurring basis, categorized based upon the fair value hierarchy, are as follows as of December 31, 2024 (in thousands of US$):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements

​

​

​

​

as of December 31, 2024

​

  ​ ​ ​

Balance Sheet Location

  ​ ​ ​

Total

  ​ ​ ​

(Level I)

  ​ ​ ​

(Level II)

  ​ ​ ​

(Level III)

​

​

​

​

​

(in ‘000s of US$)

ASSETS

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Marketable securities

​

Other current assets

​

$

60,850

​

$

60,850

​

$

—

​

$

—

​

The estimated fair value of the financial instruments that are not measured at fair value on a recurring basis, categorized based upon the fair value hierarchy, are as follows as of December 31, 2024 (in thousands of US$):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements

​

​

​

​

as of December 31, 2024

​

  ​ ​ ​

Balance Sheet Location

  ​ ​ ​

Total

  ​ ​ ​

(Level I)

  ​ ​ ​

(Level II)

  ​ ​ ​

(Level III)

​

​

​

​

(in ‘000s of US$)

ASSETS

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cash and cash equivalents

​

Cash and cash equivalents

​

$

453,384

​

$

453,384

​

$

—

​

$

—

LIABILITIES

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Secured long-term debt, including current portion (1)

​

Current portion of long-term debt, net & Long-term debt, net

​

$

481,780

​

$

—

​

$

481,780

​

$

—

Unsecured long-term debt (1)

​

Long-term debt, net

​

$

259,834

​

$

259,834

​

$

—

​

$

—

(1)Secured and unsecured long-term debt, including current portion is presented gross of deferred finance costs of $22.7 million (current and non current portions) and $9.8 million as of December 31, 2025 and 2024, respectively. The fair value of the Company’s secured debt is estimated based on currently available debt with similar contract terms, interest rate and remaining maturities.
Schedule of estimated fair value of the financial instruments, categorized based upon the fair value hierarchy

The estimated fair value of the financial instruments that are not measured at fair value on a recurring basis, categorized based upon the fair value hierarchy, are as follows as of December 31, 2025 (in thousands of US$):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

​

  ​ ​ ​

Fair Value Measurements

​

​

​

​

as of December 31, 2025

​

  ​ ​ ​

Balance Sheet Location

​

Total

  ​ ​ ​

(Level I)

  ​ ​ ​

(Level II)

  ​ ​ ​

(Level III)

​

​

​

​

(in ‘000s of US$)

ASSETS

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cash and cash equivalents

​

Cash and cash equivalents

​

$

1,037,292

​

$

1,037,292

​

$

—

​

$

—

LIABILITIES

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Secured long-term debt, including current portion (1)

​

Current portion of long-term debt, net & Long-term debt, net

​

$

415,016

​

$

—

​

$

415,016

​

$

—

Unsecured long-term debt (1)

​

Current portion of long-term debt, net & Long-term debt, net

​

$

782,269

​

$

782,269

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements

​

​

​

​

as of December 31, 2024

​

  ​ ​ ​

Balance Sheet Location

  ​ ​ ​

Total

  ​ ​ ​

(Level I)

  ​ ​ ​

(Level II)

  ​ ​ ​

(Level III)

​

​

​

​

​

(in ‘000s of US$)

ASSETS

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Marketable securities

​

Other current assets

​

$

60,850

​

$

60,850

​

$

—

​

$

—
v3.25.4
Operating Revenue (Tables)
 12 Months Ended
Dec. 31, 2025
Operating Revenue  
Schedule of operating revenue from time charters and bareboat charters and voyage charters

​

​

​

​

​

​

​

​

​

​

​

​

​

Years ended December 31,

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

Time charters and bareboat charters

​

$

995,852

​

$

967,095

​

$

963,192

Voyage charters

​

 

46,604

​

 

47,015

​

 

10,391

Total Operating Revenue

​

$

1,042,456

​

$

1,014,110

​

$

973,583
Schedule of operating revenue from significant customers (constituting more than 10% of total revenue)

​

​

​

​

​

​

​

​

​

​

​

Years ended December 31,

​

Charterer

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

​

CMA CGM

 

21

%  

20

%  

23

%

MSC

​

16

%  

13

%  

11

%

HMM Korea

 

—

%  

—

%  

12

%
Schedule of operating revenue by geographic location

Operating revenue by geographic location of the customers for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands of US$):

​

​

​

​

​

​

​

​

​

​

​

​

Years ended December 31,

Continent

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

Australia—Asia

​

$

503,628

​

$

532,800

​

$

519,759

Europe

​

 

537,969

​

 

481,310

​

 

453,824

America

​

​

859

​

​

—

​

​

—

Total Operating Revenue

​

$

1,042,456

​

$

1,014,110

​

$

973,583

​

Operating revenue by geographic location of the container vessels customers for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands of US$):

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

Years ended December 31,

Continent

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

Australia—Asia

​

$

430,689

​

$

465,176

​

$

511,021

Europe

​

​

524,744

​

​

471,901

​

​

452,171

Total Operating Revenue

​

$

955,433

​

$

937,077

​

$

963,192

​

Operating revenue by geographic location of the drubulk vessels customers for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands of US$):

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

Years ended December 31,

Continent

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

Australia—Asia

​

$

72,939

​

$

67,624

​

$

8,738

Europe

​

​

13,225

​

​

9,409

​

​

1,653

America

​

​

859

​

​

—

​

​

—

Total Operating Revenue

​

$

87,023

​

$

77,033

​

$

10,391

​
v3.25.4
Segments (Tables)
 12 Months Ended
Dec. 31, 2025
Segments  
Schedule of the company's selected financial information

The following table summarizes our selected financial information for the year ended December 31, 2025, by segment (in thousands of US$):

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

Container

  ​ ​ ​

Dry bulk

  ​ ​ ​

​

​

​

​

vessels 

​

vessels

​

​

​

Income Statement Metrics for the year ended December 31, 2025

​

segment

​

segment

​

Total

​

​

(in ‘000s of US$)

Operating revenues

​

$

955,433

​

$

87,023

​

$

1,042,456

Voyage expenses

​

​

(35,741)

​

​

(27,320)

​

​

(63,061)

Vessel operating expenses

 

​

(180,847)

​

​

(27,932)

​

​

(208,779)

Depreciation

 

​

(150,075)

​

​

(13,291)

​

​

(163,366)

Amortization of deferred drydocking and special survey costs

 

​

(35,114)

​

​

(8,960)

​

​

(44,074)

Interest income (excluding interest income from investments in affiliates)

 

​

19,413

​

​

2

​

​

19,415

Interest expense

 

​

(42,842)

​

​

—

​

​

(42,842)

Other segment items (1)

​

​

(69,281)

​

​

(6,169)

​

​

(75,450)

Net Income per segment

​

$

460,946

​

$

3,353

​

$

464,299

Gain on investments, dividend income, interest income from investments in affiliates and loss on equity investments

​

​

​

​

​

​

​

​

30,315

Net Income

​

​

​

​

​

​

​

$

494,614

(1)

Other segment items for each reportable segment include general and administrative expenses, other finance expenses, other (expenses)/income, net, and loss on derivatives.

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

Container

  ​ ​ ​

Dry bulk

  ​ ​ ​

​

​

​

​

vessels

​

vessels

​

​

​

Balance Sheet Metrics as of December 31, 2025

​

segment

​

segment

​

Total

​

​

(in ‘000s of US$)

Total Assets per segment

​

$

4,717,465

​

$

275,965

​

$

4,993,430

Marketable Securities (1)

​

  ​

—

​

​

—

​

​

120,244

Receivable from affiliates (1)

 

​

—

 

​

—

 

​

256

Total Assets

​

​

—

 

​

—

 

$

5,113,930

(1)Reflected under “Other current assets” in the Consolidated Balance Sheet.

The following table summarizes our selected financial information for the year ended December 31, 2024, by segment (in thousands of US$):

​

​

​

​

​

​

​

​

​

​

​

​

Container

​

Dry bulk

​

​

​

​

​

vessels

​

vessels

​

​

​

Income Statement Metrics for the year ended December 31, 2024

  ​ ​ ​

segment

  ​ ​ ​

segment

  ​ ​ ​

Total

​

​

(in ‘000s of US$)

Operating revenues

​

$

937,077

​

$

77,033

​

$

1,014,110

Voyage expenses

​

 

(32,481)

​

 

(31,620)

​

 

(64,101)

Vessel operating expenses

​

 

(162,192)

​

 

(23,532)

​

 

(185,724)

Depreciation

​

 

(137,823)

​

 

(10,521)

​

 

(148,344)

Amortization of deferred drydocking and special survey costs

​

 

(27,167)

​

 

(1,994)

​

 

(29,161)

Net gain on disposal/sale of vessels

​

 

8,332

​

 

—

​

 

8,332

Interest income (excluding interest income from investments in affiliates)

​

 

12,843

​

 

—

​

 

12,843

Interest expense

​

 

(26,185)

​

 

—

​

 

(26,185)

Other segment items (1)

​

 

(54,275)

​

 

(4,937)

​

 

(59,212)

Net Income per segment

​

$

518,129

​

$

4,429

​

$

522,558

Loss on investments, dividend income, interest income from investments in affiliates and loss on equity investments

​

​

​

​

​

​

​

​

(17,485)

Net Income

​

​

​

​

​

​

​

$

505,073

(1)

Other segment items for each reportable segment include general and administrative expenses, other finance expenses, other (expenses)/income, net, and loss on derivatives.

​

​

​

​

​

​

​

​

​

​

​

​

​

Container

​

Dry bulk

​

​

​

​

​

vessels

​

vessels

​

​

​

Balance Sheet Metrics as of December 31, 2024

  ​ ​ ​

segment

  ​ ​ ​

segment

  ​ ​ ​

Total

​

​

(in ‘000s of US$)

Total Assets per segment

​

$

4,006,268

​

$

276,207

​

$

4,282,475

Marketable Securities (1)

​

​

—

​

​

—

​

​

60,850

Receivable from affiliates (1)

​

​

—

​

​

—

​

​

329

Total Assets

​

​

—

​

​

—

​

$

4,343,654

(1)Reflected under “Other current assets” in the Consolidated Balance Sheet.
v3.25.4
Earnings per Share (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings per Share  
Schedule of computation of basic and diluted earnings per share

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

Years ended December 31,

​

​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

Numerator:

​

​

​

​

​

​

​

​

​

Net income (in thousands of US$)

​

$

494,614

​

$

505,073

​

$

576,299

​

​

​

​

​

​

​

​

​

​

Denominator (number of shares in thousands):

​

​

​

​

​

​

​

​

​

Basic weighted average common shares outstanding

​

​

18,432

​

​

19,316

​

​

19,879

Effect of dilutive securities:

​

 

​

​

 

​

​

 

​

Dilutive effect of non-vested shares

​

​

48

​

​

69

​

​

25

Diluted weighted average common shares outstanding

​

​

18,480

​

​

19,385

​

​

19,904

​

​

​

​

​

​

​

​

​

​

Basic earnings per share (in US$ per share)

​

$

26.83

​

$

26.15

​

$

28.99

Diluted earnings per share (in US$ per share)

​

$

26.76

​

$

26.05

​

$

28.95

​
v3.25.4
Basis of Presentation and General Information (Details)
 12 Months Ended
Dec. 31, 2025
item
t
$ / shares
shares
Dec. 31, 2023
item
$ / shares
Sep. 30, 2025
item
Dec. 31, 2024
$ / shares
shares
Sep. 18, 2009
$ / shares
shares
Property, Plant and Equipment          
Common stock, authorized capital stock (in shares) | shares 750,000,000     750,000,000 750,000,000
Common stock, par value (in dollars per share) | $ / shares $ 0.01 $ 0.01   $ 0.01 $ 0.01
Preferred stock, authorized capital stock (in shares) | shares 100,000,000     100,000,000 100,000,000
Preferred stock, par value (in dollars per share) | $ / shares $ 0.01     $ 0.01 $ 0.01
Number of vessels owned 75        
TEU 477,491        
Number of vessels under construction 25   25    
TEU of vessels contracted for construction 163,950        
Number Of Vessels Acquired 11 7      
DWT of acquired carriers | t 1,943,286        
Kota Peony          
Property, Plant and Equipment          
TEU 13,100        
Kota Primrose          
Property, Plant and Equipment          
TEU 13,100        
Kota Plumbago          
Property, Plant and Equipment          
TEU 13,100        
Speed          
Property, Plant and Equipment          
TEU 13,100        
Ambition          
Property, Plant and Equipment          
TEU 13,100        
Express Berlin          
Property, Plant and Equipment          
TEU 10,100        
Express Rome          
Property, Plant and Equipment          
TEU 10,100        
Express Athens          
Property, Plant and Equipment          
TEU 10,100        
Pusan C          
Property, Plant and Equipment          
TEU 9,580        
Le Havre          
Property, Plant and Equipment          
TEU 9,580        
Bremen          
Property, Plant and Equipment          
TEU 9,012        
C Hamburg          
Property, Plant and Equipment          
TEU 9,012        
Niledutch Lion          
Property, Plant and Equipment          
TEU 8,626        
Kota Manzanillo          
Property, Plant and Equipment          
TEU 8,533        
Belita          
Property, Plant and Equipment          
TEU 8,533        
CMA CGM Attila          
Property, Plant and Equipment          
TEU 8,530        
CMA CGM Tancredi          
Property, Plant and Equipment          
TEU 8,530        
CMA CGM Bianca          
Property, Plant and Equipment          
TEU 8,530        
CMA CGM Samson          
Property, Plant and Equipment          
TEU 8,530        
CMA CGM Melisande          
Property, Plant and Equipment          
TEU 8,530        
Europe          
Property, Plant and Equipment          
TEU 8,468        
America          
Property, Plant and Equipment          
TEU 8,468        
Kota Santos          
Property, Plant and Equipment          
TEU 8,463        
Catherine C          
Property, Plant and Equipment          
TEU 8,010        
Greenland          
Property, Plant and Equipment          
TEU 8,010        
Greenville          
Property, Plant and Equipment          
TEU 8,010        
Greenfield          
Property, Plant and Equipment          
TEU 8,010        
Interasia Accelerate          
Property, Plant and Equipment          
TEU 7,165        
Interasia Amplify          
Property, Plant and Equipment          
TEU 7,165        
CMA CGM Moliere          
Property, Plant and Equipment          
TEU 6,500        
CMA CGM Musset          
Property, Plant and Equipment          
TEU 6,500        
CMA CGM Nerval          
Property, Plant and Equipment          
TEU 6,500        
CMA CGM Rabelais          
Property, Plant and Equipment          
TEU 6,500        
Racine          
Property, Plant and Equipment          
TEU 6,500        
YM Mandate          
Property, Plant and Equipment          
TEU 6,500        
YM Maturity          
Property, Plant and Equipment          
TEU 6,500        
Savannah          
Property, Plant and Equipment          
TEU 6,402        
Dimitra C          
Property, Plant and Equipment          
TEU 6,402        
Phoebe          
Property, Plant and Equipment          
TEU 6,014        
Greenhouse          
Property, Plant and Equipment          
TEU 6,014        
Suez Canal          
Property, Plant and Equipment          
TEU 5,610        
Kota Lima          
Property, Plant and Equipment          
TEU 5,544        
Wide Alpha          
Property, Plant and Equipment          
TEU 5,466        
Stephanie C          
Property, Plant and Equipment          
TEU 5,466        
Euphrates          
Property, Plant and Equipment          
TEU 5,466        
Wide Hotel          
Property, Plant and Equipment          
TEU 5,466        
Wide India          
Property, Plant and Equipment          
TEU 5,466        
Wide Juliet          
Property, Plant and Equipment          
TEU 5,466        
Monaco          
Property, Plant and Equipment          
TEU 4,253        
Dalian          
Property, Plant and Equipment          
TEU 4,253        
Jamaica (ex Luanda)          
Property, Plant and Equipment          
TEU 4,253        
Rio Grande          
Property, Plant and Equipment          
TEU 4,253        
Merve A (tbr Paolo)          
Property, Plant and Equipment          
TEU 4,253        
Kingston.          
Property, Plant and Equipment          
TEU 4,253        
Seattle C          
Property, Plant and Equipment          
TEU 4,253        
Vancouver          
Property, Plant and Equipment          
TEU 4,253        
Tongala          
Property, Plant and Equipment          
TEU 4,253        
Derby D          
Property, Plant and Equipment          
TEU 4,253        
Dimitris C          
Property, Plant and Equipment          
TEU 3,430        
Singapore          
Property, Plant and Equipment          
TEU 3,314        
Colombo          
Property, Plant and Equipment          
TEU 3,314        
Express Spain          
Property, Plant and Equipment          
TEU 3,400        
Express Black Sea          
Property, Plant and Equipment          
TEU 3,400        
Express Argentina          
Property, Plant and Equipment          
TEU 3,400        
Express Brazil          
Property, Plant and Equipment          
TEU 3,400        
Express France          
Property, Plant and Equipment          
TEU 3,400        
Zebra          
Property, Plant and Equipment          
TEU 2,602        
Artotina          
Property, Plant and Equipment          
TEU 2,524        
Highway          
Property, Plant and Equipment          
TEU 2,200        
Progress C          
Property, Plant and Equipment          
TEU 2,200        
Bridge          
Property, Plant and Equipment          
TEU 2,200        
Phoenix D          
Property, Plant and Equipment          
TEU 2,200        
Advance          
Property, Plant and Equipment          
TEU 2,200        
Future          
Property, Plant and Equipment          
TEU 2,200        
Sprinter          
Property, Plant and Equipment          
TEU 2,200        
Hull No. YZJ2023-1556          
Property, Plant and Equipment          
TEU of vessels contracted for construction 8,258        
Hull No. YZJ2023-1557          
Property, Plant and Equipment          
TEU of vessels contracted for construction 8,258        
Hull No. Yzj 2024-1612          
Property, Plant and Equipment          
TEU of vessels contracted for construction 8,258        
Hull No. C9200-7          
Property, Plant and Equipment          
TEU of vessels contracted for construction 9,200        
Hull No. C9200-8          
Property, Plant and Equipment          
TEU of vessels contracted for construction 9,200        
Hull No. CV5900-09          
Property, Plant and Equipment          
TEU of vessels contracted for construction 6,014        
Hull No. Yzj 2024-1613          
Property, Plant and Equipment          
TEU of vessels contracted for construction 8,258        
Hull No. Yzj 2024-1625          
Property, Plant and Equipment          
TEU of vessels contracted for construction 8,258        
Hull No. Yzj 2024-1626          
Property, Plant and Equipment          
TEU of vessels contracted for construction 8,258        
Hull No. YZJ2024-1668          
Property, Plant and Equipment          
TEU of vessels contracted for construction 8,258        
Hull No. H2596          
Property, Plant and Equipment          
TEU of vessels contracted for construction 9,200        
Hull No. C 7100 9          
Property, Plant and Equipment          
TEU of vessels contracted for construction 7,165        
Hull No. C7100-10          
Property, Plant and Equipment          
TEU of vessels contracted for construction 7,165        
Hull No. C9200-9          
Property, Plant and Equipment          
TEU of vessels contracted for construction 9,200        
Hull No. H2597          
Property, Plant and Equipment          
TEU of vessels contracted for construction 9,200        
Hull No. S1162          
Property, Plant and Equipment          
TEU of vessels contracted for construction 1,800        
Hull No. S 1163          
Property, Plant and Equipment          
TEU of vessels contracted for construction 1,800        
Hull No. C9200-10          
Property, Plant and Equipment          
TEU of vessels contracted for construction 9,200        
Hull No. S 1164          
Property, Plant and Equipment          
TEU of vessels contracted for construction 1,800        
Hull No. C9200-11          
Property, Plant and Equipment          
TEU of vessels contracted for construction 9,200        
Hull No. S 1165          
Property, Plant and Equipment          
TEU of vessels contracted for construction 1,800        
Hull No. S 1166          
Property, Plant and Equipment          
TEU of vessels contracted for construction 1,800        
Hull No. H 2638          
Property, Plant and Equipment          
TEU of vessels contracted for construction 5,300        
Hull No. S 1167          
Property, Plant and Equipment          
TEU of vessels contracted for construction 1,800        
Hull No. H 2639          
Property, Plant and Equipment          
TEU of vessels contracted for construction 5,300        
v3.25.4
Basis of Presentation and General Information - Capesize drybulk vessels (Details)
Dec. 31, 2025
t
Property, Plant and Equipment  
Capesize drybulk vessels 1,943,286
Genius  
Property, Plant and Equipment  
Capesize drybulk vessels 175,580
Achievement  
Property, Plant and Equipment  
Capesize drybulk vessels 175,966
Ingenuity  
Property, Plant and Equipment  
Capesize drybulk vessels 176,022
Danaos  
Property, Plant and Equipment  
Capesize drybulk vessels 176,536
Valentine  
Property, Plant and Equipment  
Capesize drybulk vessels 175,125
Integrity  
Property, Plant and Equipment  
Capesize drybulk vessels 175,966
Peace  
Property, Plant and Equipment  
Capesize drybulk vessels 175,858
Gouverneur  
Property, Plant and Equipment  
Capesize drybulk vessels 178,043
W Trader  
Property, Plant and Equipment  
Capesize drybulk vessels 175,879
E Trader  
Property, Plant and Equipment  
Capesize drybulk vessels 175,886
Drybulk capesize vessel  
Property, Plant and Equipment  
Capesize drybulk vessels 182,425
v3.25.4
Significant Accounting Policies - Reclassifications in Other Comprehensive Income/(Loss) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Reclassifications in Other Comprehensive Income/(Loss)      
Total Reclassifications $ (3,622) $ (3,632) $ (3,622)
Reclassification out of accumulated other comprehensive income      
Reclassifications in Other Comprehensive Income/(Loss)      
Total Reclassifications 4,783 4,682 4,507
Amortization of deferred realized losses on cash flow hedges | Reclassification out of accumulated other comprehensive income      
Reclassifications in Other Comprehensive Income/(Loss)      
Total Reclassifications 3,622 3,632 3,622
Reclassification of prior service cost of defined benefit plan | Reclassification out of accumulated other comprehensive income      
Reclassifications in Other Comprehensive Income/(Loss)      
Total Reclassifications $ 1,161 $ 1,050 $ 885
v3.25.4
Significant Accounting Policies - Foreign Currency Translation (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Foreign Currency Translation:      
Foreign currency exchange losses $ 0.7 $ 0.3 $ 0.5
v3.25.4
Significant Accounting Policies - Accounts Receivable, Net (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Significant Accounting Policies    
Allowance for credit losses $ 0.0 $ 0.0
v3.25.4
Significant Accounting Policies - Evaluation of Purchase Transactions (Details) - item
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment      
Number of vessels acquired 11   7
Secondhand Market      
Property, Plant and Equipment      
Number of vessels acquired 1 3 7
v3.25.4
Significant Accounting Policies - Impairment of Long-lived Assets (Details)
 12 Months Ended
Dec. 31, 2025
Minimum  
Impairment of Long-lived Assets:  
Average historical period for estimating time charter equivalent rates 5 years
Maximum  
Impairment of Long-lived Assets:  
Average historical period for estimating time charter equivalent rates 15 years
v3.25.4
Significant Accounting Policies - Depreciation (Details)
 12 Months Ended
Dec. 31, 2025
USD ($)
Vessel  
Depreciation  
Estimated scrap rate $ 300
Containerships  
Depreciation  
Estimated useful life from the year built 30 years
Drybulk Vessels  
Depreciation  
Estimated useful life from the year built 25 years
v3.25.4
Significant Accounting Policies - Accounting for Special Survey and Drydocking Costs (Details)
 12 Months Ended
Dec. 31, 2025
Vessel  
Accounting for Special Survey and Drydocking Costs  
Deferral and amortization period of survey and drydocking costs 2 years 6 months
v3.25.4
Significant Accounting Policies - Segment Reporting (Details) - segment
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting:        
Number of operating segments 2 2 2 1
Number of reportable segments 2 2 2 1
v3.25.4
Significant Accounting Policies - Income taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Significant Accounting Policies      
Income taxes $ 0 $ 0 $ 0
v3.25.4
Investments in Affiliates (Details) - USD ($)
$ in Thousands
 12 Months Ended
Oct. 03, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
Schedule of Equity Method Investments [Line Items]          
Loss on equity investments   $ (1,039) $ (1,629) $ (3,993)  
CTTC          
Schedule of Equity Method Investments [Line Items]          
Amount invested         $ 4,300
Ownership interest percentage         49.00%
Payments for Advance to Affiliate $ 400 $ 2,100 $ 2,100    
Interest rate (as a percent) 2.00% 2.00% 2.00%    
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] us-gaap:SecuredOvernightFinancingRateSofrMember us-gaap:SecuredOvernightFinancingRateSofrMember us-gaap:SecuredOvernightFinancingRateSofrMember    
Amount of advances $ 2,500        
Loss on equity investments   $ 1,000 $ 1,600 $ 4,000  
v3.25.4
Fixed Assets, net - Rollforward (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Vessel Costs      
Balance at the beginning of the period $ 4,749,287 $ 4,058,230 $ 3,903,896
Additions 142,760 694,997 154,334
Disposals   (3,940)  
Depreciation and amortization 163,366 148,344 129,287
Balance at the end of the period 4,892,047 4,749,287 4,058,230
Accumulated Depreciation      
Balance at the beginning of the period (1,458,978) (1,311,689) (1,182,402)
Disposals   1,055  
Depreciation (163,366) (148,344) (129,287)
Balance at the end of the period (1,622,344) (1,458,978) (1,311,689)
Net Book Value      
Balance at the beginning of the period 3,290,309 2,746,541 2,721,494
Additions 142,760 694,997 154,334
Disposals   (2,885)  
Depreciation (163,366) (148,344) (129,287)
Balance at the end of the period $ 3,269,703 $ 3,290,309 $ 2,746,541
v3.25.4
Fixed Assets, net (Details)
$ in Thousands
 1 Months Ended 12 Months Ended
Mar. 31, 2024
USD ($)
Jan. 31, 2023
USD ($)
Dec. 31, 2025
USD ($)
item
$ / T
Dec. 31, 2024
USD ($)
item
Dec. 31, 2023
USD ($)
item
Dec. 31, 2022
USD ($)
Fixed Assets, net            
TEU of vessels contracted for construction | item     163,950      
Fixed assets, net     $ 4,892,047 $ 4,749,287 $ 4,058,230 $ 3,903,896
Number of vessels delivered | item       6    
Number of vessels acquired | item     11   7  
Gain / (Loss) on sale of vessels     $ 0 $ 8,332 $ 1,639  
Net gain on disposal/sale of vessels     0 8,332 $ 1,639  
Vessel            
Fixed Assets, net            
Impairment loss     0 0    
Residual value (estimated scrap value)     $ 616,300 $ 603,700    
Average life of scrap considered to calculate residual value of vessel, one     10 years      
Average life of scrap considered to calculate residual value of vessel, two     5 years      
Scrap value per ton (in dollars per ton) | $ / T     300      
Stride            
Fixed Assets, net            
Insurance proceeds $ 11,900          
Gain / (Loss) on sale of vessels 8,300          
Net gain on disposal/sale of vessels $ 8,300          
Two 6,104 TEU newbuild container vessels            
Fixed Assets, net            
Fixed assets, net     $ 129,400      
6,014 TEU            
Fixed Assets, net            
Number of Container Vessels | item     2      
Two 6,014 TEU            
Fixed Assets, net            
TEU of vessels contracted for construction | item     6,014      
7,165 TEU Container Vessels            
Fixed Assets, net            
Number of Container Vessels | item       2    
TEU of container vessels acquired | item       7,165    
Drybulk capesize vessel            
Fixed Assets, net            
Aggregate purchase price     $ 25,000      
Escrow Deposit     $ 3,800      
8,010 TEU Container Vessels            
Fixed Assets, net            
Number of Container Vessels | item       4    
TEU of container vessels acquired | item       8,010    
Amalia C            
Fixed Assets, net            
Gain / (Loss) on sale of vessels   $ 1,600        
Net gain on disposal/sale of vessels   $ 1,600        
Capesize Bulk Carriers            
Fixed Assets, net            
Number of carriers agreed to acquire | item       3    
v3.25.4
Advances for Vessels under Construction and Vessel Acquisition (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2026
item
Sep. 30, 2026
item
Dec. 31, 2029
item
Dec. 31, 2028
item
Dec. 31, 2027
item
Dec. 31, 2025
USD ($)
item
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Sep. 30, 2025
item
Aug. 01, 2025
USD ($)
Feb. 03, 2025
USD ($)
Nov. 10, 2023
USD ($)
Advances for Vessels under Construction and Vessel Acquisition                        
Number of vessels under construction           25     25      
TEU of vessels contracted for construction           163,950            
Supervision fee per new building vessel payable | $                   $ 850    
Seven 9200 TEU vessels                        
Advances for Vessels under Construction and Vessel Acquisition                        
Number of Vessels Contracted for Construction           7            
TEU of vessels contracted for construction           9,200            
Seven 8258 TEU vessels                        
Advances for Vessels under Construction and Vessel Acquisition                        
Number of Vessels Contracted for Construction           7            
TEU of vessels contracted for construction           8,258            
Two 7165 TEU vessels                        
Advances for Vessels under Construction and Vessel Acquisition                        
Number of Vessels Contracted for Construction           2            
TEU of vessels contracted for construction           7,165            
One 6014 TEU vessel                        
Advances for Vessels under Construction and Vessel Acquisition                        
Number of Vessels Contracted for Construction           1            
TEU of vessels contracted for construction           6,014            
Two 5300 TEU vessels                        
Advances for Vessels under Construction and Vessel Acquisition                        
Number of Vessels Contracted for Construction           2            
TEU of vessels contracted for construction           5,300            
Six 1800 TEU vessels                        
Advances for Vessels under Construction and Vessel Acquisition                        
Number of Vessels Contracted for Construction           6            
TEU of vessels contracted for construction           1,800            
Two additional 1800 TEU vessels                        
Advances for Vessels under Construction and Vessel Acquisition                        
Number of Vessels Contracted for Construction           2            
TEU of vessels contracted for construction           1,800            
Vessel under construction                        
Advances for Vessels under Construction and Vessel Acquisition                        
Interest expense capitalized | $           $ 21,600 $ 21,500 $ 17,400        
Manager                        
Advances for Vessels under Construction and Vessel Acquisition                        
Supervision fee per new building vessel payable | $           850         $ 850 $ 850
Supervision fee per vessel under construction | $           $ 1,900 3,000 3,000        
TEU container vessels | Vessel under construction                        
Advances for Vessels under Construction and Vessel Acquisition                        
Number of Vessels Contracted for Construction           25            
Aggregate purchase price | $           $ 1,940,900            
Payments for purchase price of construction assets | $           190,000 $ 174,500 $ 28,300        
Drybulk capesize vessel                        
Advances for Vessels under Construction and Vessel Acquisition                        
Aggregate amount of purchase price | $           25,000            
Asset acquisition deposit | $           3,800            
Asset acquisition payable | $           $ 21,200            
Forecast | Seven 9200 TEU vessels                        
Advances for Vessels under Construction and Vessel Acquisition                        
Number of vessels expected to be delivered       2 5              
Forecast | Seven 8258 TEU vessels                        
Advances for Vessels under Construction and Vessel Acquisition                        
Number of vessels expected to be delivered 2 1     4              
Forecast | Six 1800 TEU vessels                        
Advances for Vessels under Construction and Vessel Acquisition                        
Number of vessels expected to be delivered     1 4 1              
v3.25.4
Advances for Vessels under Construction and Vessel Acquisition - Remaining contractual commitments (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Advances for Vessels under Construction and Vessel Acquisition  
December 31, 2026 $ 502,414
December 31, 2027 763,695
December 31, 2028 239,456
December 31, 2029 42,550
Total contractual commitments $ 1,548,115
v3.25.4
Deferred Charges, net (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Mar. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Changes in deferred charges, net        
Balance at the beginning of the period   $ 58,759    
Amortization   (44,074) $ (29,161) $ (18,663)
Balance at the end of the period   $ 54,356 58,759  
Period of amortization for deferred costs   2 years 6 months    
Drydocking and Special Survey Costs        
Changes in deferred charges, net        
Balance at the beginning of the period   $ 58,759 38,012 25,554
Additions   39,671 50,568 31,121
Write-off     (660)  
Amortization   (44,074) (29,161) (18,663)
Balance at the end of the period   $ 54,356 $ 58,759 $ 38,012
Stride | Drydocking and Special Survey Costs        
Changes in deferred charges, net        
Wrote-off amounts $ 700      
v3.25.4
Other Current and Non-current Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Other Current and Non-current Assets    
Marketable Securities $ 120,244 $ 60,850
Straight-lining of revenue 24,828 22,170
Claims receivable 9,978 14,387
Other current assets 16,087 16,243
Total other current assets 171,137 113,650
Straight-lining of revenue 30,144 47,423
Other non-current assets 12,161 10,358
Total other non-current assets $ 42,305 $ 57,781
v3.25.4
Other Current and Non-current Assets - Narratives (Details) - USD ($)
$ in Thousands
 12 Months Ended
Apr. 09, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Other Current and Non-current Assets        
Marketable securities, fair value   $ 120,244 $ 60,850  
Gain/loss on investment   29,541 (25,179) $ 17,867
Dividend income   $ 1,680 $ 9,276 $ 1,056
SBLK Common Stock        
Other Current and Non-current Assets        
Marketable securities owned     4,070,214  
SBLK Common Stock        
Other Current and Non-current Assets        
Number of shares of marketable securities acquired   2,185,967    
Amount paid to acquire marketable securities   $ 29,900    
Marketable securities owned   6,256,181    
Eagle Bulk Shipping Inc. | SBLK Common Stock        
Other Current and Non-current Assets        
Common stock of SBLK received in exchange for each share of EGLE common stock owned 2.6211      
Eagle Bulk Shipping Inc.        
Other Current and Non-current Assets        
Marketable securities, fair value   $ 120,200 $ 60,900  
v3.25.4
Accrued Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Accrued Liabilities    
Accrued interest $ 16,402 $ 10,599
Accrued dry-docking expenses 2,594 5,334
Accrued expenses 9,776 7,711
Total $ 28,772 $ 23,644
v3.25.4
Lease Arrangements (Details)
$ in Thousands
 1 Months Ended 12 Months Ended
May 31, 2022
USD ($)
item
Dec. 31, 2025
USD ($)
item
Dec. 31, 2024
USD ($)
Lease Arrangements      
Number of vessels , generated revenue results | item   75  
Number of charter vessels | item 15    
Amount of charter hire prepayment received $ 238,900    
Current portion of unearned revenue   $ 36,625 $ 49,665
Non-current portion of unearned revenue   2,618 22,901
Future minimum payments, expected to be received      
2026   945,823  
2027   900,755  
2028   701,253  
2029   543,790  
2030   370,926  
2031 and thereafter   690,938  
Total future rentals   $ 4,153,485  
Time Charter Agreements      
Lease Arrangements      
Operating lease term of contract one   5 years  
Operating lease term of contract two   7 years  
Operating lease term of contract three   10 years  
Number of vessels under construction contracted with charter agreements | item   21  
Number of container vessels under construction | item   25  
Lessor, Operating Lease, Existence of Option to Extend [true false]   true  
Maximum term of the option to extend timer charter agreement   4 years  
Current portion of unearned revenue   $ 20,300 37,200
Non-current portion of unearned revenue   $ 2,600 $ 22,900
v3.25.4
Long-Term Debt, net - Schedule of Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 01, 2025
Oct. 31, 2025
Feb. 28, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2022
Long-Term Debt, net              
Total long-term debt $ 1,177,782       $ 744,546    
Less: Deferred finance costs (long-term portion) (17,032)       (9,763)    
Less: Unamortized debt discount (3,226)            
Less: Current portion, gross of deferred finance costs (285,448)       (35,220)    
Total long-term debt net of current portion and long term portion of deferred finance costs 872,076       699,563    
BNP Paribas/Credit Agricole $130 mil. Facility              
Long-Term Debt, net              
Long-term debt         86,200    
Credit facility 130,000 $ 130,000     130,000    
Alpha Bank $55.25 mil. Facility              
Long-Term Debt, net              
Long-term debt         40,250    
Credit facility 55,250 $ 55,250     55,250   $ 55,250
Syndicated $450.0 mil. Facility              
Long-Term Debt, net              
Long-term debt 335,210       355,330    
Credit facility 450,000       450,000 $ 450,000  
Citibank $382.5 mil. Revolving Credit Facility              
Long-Term Debt, net              
Credit facility 382,500       382,500   $ 382,500
Syndicated 850.0 million facility              
Long-Term Debt, net              
Credit facility 850,000     $ 850,000 850,000    
JOLCO Phoebe Facility              
Long-Term Debt, net              
Long-term debt 79,806            
Credit facility     $ 450,000        
JOLCO Greenhouse Facility              
Long-Term Debt, net              
Credit facility 80,000            
Senior Unsecured Notes [Member]              
Long-Term Debt, net              
Long-term debt $ 762,766       $ 262,766    
v3.25.4
Long-Term Debt, net - Additional Information (Details)
$ in Thousands
 1 Months Ended 12 Months Ended
Dec. 01, 2025
USD ($)
Oct. 16, 2025
USD ($)
Oct. 01, 2025
USD ($)
Feb. 11, 2021
USD ($)
Feb. 28, 2026
USD ($)
Dec. 31, 2025
USD ($)
item
installment
Oct. 31, 2025
USD ($)
Feb. 28, 2025
USD ($)
item
installment
Sep. 30, 2024
USD ($)
Dec. 31, 2022
USD ($)
item
installment
Jun. 30, 2022
USD ($)
item
installment
Dec. 31, 2025
USD ($)
installment
item
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Mar. 02, 2026
Jan. 20, 2026
Sep. 30, 2025
item
Mar. 31, 2024
USD ($)
item
Long-Term Debt, net                                    
Proceeds from long-term debt, net                       $ 620,675 $ 362,000 $ 0        
Number of vessels under construction | item           25           25         25  
Payments of long-term debt                       $ 190,764 27,970 27,500        
TEU | item           477,491           477,491            
Loss on debt extinguishment, net                       $ (2,499) 0 (2,254)        
Interest expenses                       42,842 26,185 20,463        
Prior to October 15, 2028, Subject Certain Condition                                    
Long-Term Debt, net                                    
Percentage of redemption price   106.875%                                
Syndicated 850.0 million facility                                    
Long-Term Debt, net                                    
Credit facility           $ 850,000   $ 850,000       850,000 850,000          
Number of vessels under construction | item               14                    
Number of quarterly instalments | installment               20                    
Amount of quarterly instalments               $ 800                    
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]               us-gaap:SecuredOvernightFinancingRateSofrMember                    
Spread on variable rate               1.65%                    
Commitment fee payable (as a percent)               0.50%                    
Remaining borrowing availability           850,000           850,000            
Syndicated 850.0 million facility | Minimum                                    
Long-Term Debt, net                                    
Balloon payment at maturity               $ 42,400                    
Syndicated 850.0 million facility | Maximum                                    
Long-Term Debt, net                                    
Balloon payment at maturity               $ 46,700                    
JOLCO Phoebe Facility                                    
Long-Term Debt, net                                    
Maximum facility amount             $ 80,000                      
Proceeds from long-term debt, net             80,000                      
Credit facility             $ 450,000                      
Term of debt             8 years                      
Long-term debt           $ 79,806           79,806            
JOLCO Greenhouse Facility                                    
Long-Term Debt, net                                    
Sale and leaseback arrangement term (in years)           8 years                        
Maximum facility amount           $ 80,000           80,000            
Credit facility           80,000           80,000            
Remaining borrowing availability           80,000           80,000            
Syndicated $450.0 mil. Facility                                    
Long-Term Debt, net                                    
Credit facility           $ 450,000           $ 450,000 450,000         $ 450,000
Number of vessels pledged as collateral | item                                   8
Number of remaining vessel tranches utilized | item           7           7            
Number of quarterly instalments | installment           20           20            
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]                       us-gaap:SecuredOvernightFinancingRateSofrMember            
Spread on variable rate                       1.85%            
Commitment fee payable (as a percent)                       0.74%            
Payments of long-term debt     $ 42,780                              
Deferred financing costs - Written off     $ 700                              
Long-term debt           $ 335,210           $ 335,210 355,330          
Remaining borrowing availability                 $ 44,000                  
Loss on debt extinguishment, net                 $ 1,100                  
Syndicated $450.0 mil. Facility | Subsequent events                                    
Long-Term Debt, net                                    
Credit facility         $ 450,000                          
Amount of quarterly instalments         3,300                          
Prepayment of credit facility         213,800                          
Payments of long-term debt         $ 217,100                          
Syndicated $450.0 mil. Facility | Minimum                                    
Long-Term Debt, net                                    
Amount of quarterly instalments                       600            
Balloon payment at maturity           31,800           31,800            
Syndicated $450.0 mil. Facility | Maximum                                    
Long-Term Debt, net                                    
Amount of quarterly instalments                       900            
Balloon payment at maturity           45,500           45,500            
BNP Paribas/Credit Agricole $130 mil. Facility                                    
Long-Term Debt, net                                    
Credit facility $ 130,000         130,000           130,000 130,000          
Term of debt                     5 years              
Number of vessels pledged as collateral | item                     6              
Balloon payment at maturity                     $ 67,200              
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]                     us-gaap:SecuredOvernightFinancingRateSofrMember              
Spread on variable rate                     2.16%              
Payments of long-term debt 78,600                                  
Deferred financing costs - Written off 600                                  
Long-term debt                         86,200          
Face amount of debt                     $ 130,000              
BNP Paribas/Credit Agricole $130 mil. Facility | Eight Quarterly Installment                                    
Long-Term Debt, net                                    
Number of quarterly instalments | installment                     8              
Amount of quarterly instalments                     $ 5,000              
BNP Paribas/Credit Agricole $130 mil. Facility | Twelve Quarterly Installments                                    
Long-Term Debt, net                                    
Number of quarterly instalments | installment                     12              
Amount of quarterly instalments                     $ 1,900              
BNP Paribas/Credit Agricole $130 mil. Facility | TEU sister vessels                                    
Long-Term Debt, net                                    
TEU | item                     5,466              
Citibank/Natwest $815 mil. Facility                                    
Long-Term Debt, net                                    
Credit facility                   $ 815,000                
Credit facility debt extinguished                   437,750                
Citibank $382.5 mil. Revolving Credit Facility                                    
Long-Term Debt, net                                    
Credit facility           382,500       $ 382,500   382,500 382,500          
Term of debt                   5 years                
Number of vessels pledged as collateral | item                   16                
Number of quarterly instalments | installment                   20                
Amount of quarterly instalments                   $ 11,250                
Balloon payment at maturity                   $ 157,500                
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]                   us-gaap:SecuredOvernightFinancingRateSofrMember                
Spread on variable rate                   2.00%                
Commitment fee payable (as a percent)                   0.80%                
Amount drawn           0       $ 382,500   0            
Remaining borrowing availability           247,500           247,500            
Alpha Bank $55.25 mil. Facility                                    
Long-Term Debt, net                                    
Credit facility 55,250         55,250       $ 55,250   $ 55,250 55,250          
Term of debt                   5 years                
Number of vessels pledged as collateral | item                   2                
Number of quarterly instalments | installment                   20                
Amount of quarterly instalments                   $ 1,875                
Balloon payment at maturity                   $ 17,750                
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]                   us-gaap:SecuredOvernightFinancingRateSofrMember                
Spread on variable rate                   2.30%                
Prepayment of credit facility 32,800                                  
Deferred financing costs - Written off $ 100                                  
Long-term debt                         40,250          
Number of vessels excluding sale and lease back arrangement | item                       24            
Carrying value of vessels subject to first preferred mortgages as collateral to credit facilities           1,736,300           $ 1,736,300            
Senior unsecured notes                                    
Long-Term Debt, net                                    
Long-term debt           762,766           762,766 262,766          
Loss on debt extinguishment, net                       $ 2,500 $ 0 $ 2,300        
Weighted-average interest rate on long-term borrowings                       6.90% 7.70% 7.80%        
Senior unsecured notes | Subsequent events                                    
Long-Term Debt, net                                    
Fixed interest rate (as a percent)                             8.50% 8.50%    
Senior Unsecured Notes Due 2028                                    
Long-Term Debt, net                                    
Long-term debt           $ 262,800           $ 262,800            
Face amount of debt       $ 300,000                            
Fixed interest rate (as a percent)       8.50%   8.50%           8.50%            
Amount repurchased                   $ 37,200                
Bond issuance costs       $ 9,000                            
Interest expenses                       $ 22,300            
Deferred issuance           $ 2,400           2,400            
Senior Unsecured Notes Due 2028 | Subsequent events                                    
Long-Term Debt, net                                    
Fixed interest rate (as a percent)                             8.50%      
Senior Unsecured Notes Due 2028 | On or after March 1, 2026                                    
Long-Term Debt, net                                    
Percent of principal amount being redeemed       100.00%                            
Senior unsecured notes, due 2032                                    
Long-Term Debt, net                                    
Proceeds from long-term debt, net   $ 496,700                                
Percentage of par value issue price   99.335%                                
Face amount of debt   $ 500,000                                
Fixed interest rate (as a percent)   6.875%                                
Bond issuance costs   $ 12,800                                
Incurred interest expense                       7,100            
Senior unsecured notes, due 2032 | Prior To October 15, 2028                                    
Long-Term Debt, net                                    
Percentage of redemption senior note   100.00%                                
Senior unsecured notes, due 2032 | October 15, 2028, to Prior to October 15, 2029                                    
Long-Term Debt, net                                    
Percentage of redemption senior note   103.438%                                
Senior unsecured notes, due 2032 | October 15, 2029, to Prior to October 15, 2030                                    
Long-Term Debt, net                                    
Percentage of redemption senior note   101.719%                                
Senior unsecured notes, due 2032 | October 15, 2030, to maturity                                    
Long-Term Debt, net                                    
Percentage of redemption senior note   100.00%                                
Senior unsecured notes, due 2032 | Minimum | Prior to October 15, 2028, Subject Certain Condition                                    
Long-Term Debt, net                                    
Percentage of redemption senior note   60.00%                                
Senior unsecured notes, due 2032 | Maximum | Prior to October 15, 2028, Subject Certain Condition                                    
Long-Term Debt, net                                    
Percentage of redemption senior note   40.00%                                
Citibank $382.5 Mil. Revolving Credit Facility, Syndicated $450.0 Mil Facility And JOLCO Phoebe Facility                                    
Long-Term Debt, net                                    
Credit facility           450,000           450,000            
Minimum liquidity           $ 30,000           $ 30,000            
Maximum leverage ratio           6.5           6.5            
Minimum interest coverage ratio           2.5           2.5            
Alpha Bank $55.25 mil. Facility, Citibank $382.5 mil. Revolving Credit Facility and Syndicated $450.0 mil. Facility                                    
Long-Term Debt, net                                    
Minimum percentage of fair market value of collateral vessels required to cover loan value           120.00%           120.00%            
v3.25.4
Long-Term Debt, net - Principal Payments (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Scheduled maturities of long-term debt  
December 31, 2026 $ 285,448
December 31, 2027 23,362
December 31, 2028 23,535
December 31, 2029 278,467
December 31, 2030 3,821
December 31, 2031 and thereafter 563,149
Total long-term debt $ 1,177,782
v3.25.4
Long-Term Debt, net - Interest and finance costs (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Long-Term Debt, net      
Interest on secured and unsecured credit facilities $ 60,919 $ 45,350 $ 35,664
Less: Interest capitalized (21,564) (21,491) (17,402)
Amortization of debt issuance costs & debt discount 3,487 2,326 2,201
Interest and finance costs $ 42,842 $ 26,185 $ 20,463
v3.25.4
Related Party Transactions (Details)
€ in Millions
 12 Months Ended
Aug. 01, 2025
USD ($)
shares
Feb. 03, 2025
USD ($)
shares
Dec. 31, 2025
USD ($)
Dec. 31, 2025
EUR (€)
Dec. 31, 2024
USD ($)
Dec. 31, 2024
EUR (€)
Dec. 31, 2023
USD ($)
Dec. 31, 2023
EUR (€)
Dec. 31, 2022
USD ($)
Nov. 10, 2023
USD ($)
shares
Related Party Transactions                    
Annual management fees (in shares) | shares 100,000                  
Supervision fee per new building vessel payable $ 850,000                  
Fee per emission allowance, surrendered by responsible entity 1                  
Annual management fee payable for the remainder of 2025 2,000,000                  
Annual management fee payable to related party in next fiscal year 2,500,000                  
Daily vessel management fee for the vessel bareboat charter for the remainder of 2025 475                  
Daily vessel management fee for the vessel bareboat charter next fiscal year 550                  
Daily vessel management fee for vessels on time charter or voyage charter for the remainder of 2025 950                  
Daily vessel management fee for vessels on time charter or voyage charter for the next fiscal year $ 1,100                  
Due from related parties     $ 46,750,000   $ 52,572,000          
Additional one-off discretionary cash bonus     4,800,000              
Prior service cost arising from the retrospective recognition of past service     5,765,000   (867,000)   $ 6,277,000   $ 14,200,000  
Prior service cost exercised                 7,800,000  
Recognized non-cash share-based compensation expense     16,755,000   14,558,000   12,680,000      
Other current liabilities                    
Related Party Transactions                    
Unpaid costs under defined benefit plan     0   0       $ 6,800,000  
Related party | The Swedish Club                    
Related Party Transactions                    
Premiums paid     12,100,000   9,300,000   8,700,000      
Payable to the Swedish club     300,000   400,000          
Manager                    
Related Party Transactions                    
Annual management fees   $ 2,000,000               $ 2,000,000
Annual management fees (in shares) | shares   100,000               100,000
Daily vessel management fees for vessels on bareboat charter   $ 475               $ 475
Daily vessel management fees for vessels on time charter   $ 950               $ 950
Management fee on gross freight, charter hire, ballast bonus and demurrage (as a percent)   1.25%               1.25%
Management fee based on the contract price of any vessel bought or sold (as a percent)   1.00%                
Management fee based on the commission on vessel acquisitions and disposals (as a percent)                   1.00%
Supervision fee per new building vessel payable   $ 850,000 850,000             $ 850,000
Fee per emission allowance, surrendered by responsible entity   $ 1                
Amount capitalized     1,200,000   6,000,000   700,000      
Supervision fees for vessels capitalized     1,900,000   3,000,000   3,000,000      
Due from related parties     46,800,000   52,600,000          
Manager | General and administrative expenses                    
Related Party Transactions                    
Management fees     31,100,000   29,100,000   21,500,000      
Manager | Voyage expenses                    
Related Party Transactions                    
Commissions     13,100,000   12,400,000   11,700,000      
Manager | Gain on sale of vessels                    
Related Party Transactions                    
Commission on Contract Price of vessels sales     0   0   25,600,000      
Executive officers                    
Related Party Transactions                    
Executive officers' compensation     2,600,000 € 2.3 2,500,000 € 2.3 2,200,000 € 2.0    
Recognized non-cash share-based compensation expense     $ 9,800,000   $ 8,200,000   $ 6,300,000      
v3.25.4
Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Taxes.      
Income tax withheld on divided income earned on investment $ 0.0 $ 0.0 $ 0.0
v3.25.4
Financial Instruments - Interest Rate Swap Hedges (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
agreement
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Financial Instruments      
Number of agreements held | agreement 0    
Interest rate swap contracts      
Financial Instruments      
Unrealized losses reclassified from accumulated other comprehensive loss to earnings $ 3.6 $ 3.6 $ 3.6
Unrealized losses expected to be reclassified from accumulated other comprehensive loss to earnings within the next twelve months $ 3.6    
v3.25.4
Financial Instruments - Fair Value (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
ASSETS    
Marketable Securities $ 120,244 $ 60,850
Book Value    
ASSETS    
Cash and cash equivalents 1,037,292 453,384
Marketable Securities 120,244 60,850
Fair Value    
ASSETS    
Cash and cash equivalents 1,037,292 453,384
Marketable Securities 120,244 60,850
Secured long-term debt, including current portion | Book Value    
LIABILITIES    
Long-term debt 415,016 481,780
Secured long-term debt, including current portion | Fair Value    
LIABILITIES    
Long-term debt 415,016 481,780
Unsecured long-term debt | Book Value    
LIABILITIES    
Long-term debt 762,766 262,766
Unsecured long-term debt | Fair Value    
LIABILITIES    
Long-term debt $ 782,269 $ 259,834
v3.25.4
Financial Instruments - Measured On Recurring Basis (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
ASSETS    
Marketable Securities $ 120,244 $ 60,850
Fair Value    
ASSETS    
Marketable Securities 120,244 60,850
Recurring basis | (Level I)    
ASSETS    
Marketable Securities 120,244 60,850
Recurring basis | Fair Value    
ASSETS    
Marketable Securities $ 120,244 $ 60,850
v3.25.4
Financial Instruments - Not Measured On Recurring Basis (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
LIABILITIES    
Deferred finance costs, net $ 22,700 $ 9,800
Fair Value    
ASSETS    
Cash and cash equivalents 1,037,292 453,384
Fair Value | Secured long-term debt, including current portion    
LIABILITIES    
Long-term debt 415,016 481,780
Fair Value | Unsecured long-term debt    
LIABILITIES    
Long-term debt 782,269 259,834
Non-recurring basis | (Level I)    
ASSETS    
Cash and cash equivalents 1,037,292 453,384
Non-recurring basis | (Level I) | Unsecured long-term debt    
LIABILITIES    
Long-term debt 782,269 259,834
Non-recurring basis | (Level II) | Secured long-term debt, including current portion    
LIABILITIES    
Long-term debt 415,016 481,780
Non-recurring basis | Fair Value    
ASSETS    
Cash and cash equivalents 1,037,292 453,384
Non-recurring basis | Fair Value | Secured long-term debt, including current portion    
LIABILITIES    
Long-term debt 415,016 481,780
Non-recurring basis | Fair Value | Unsecured long-term debt    
LIABILITIES    
Long-term debt $ 782,269 $ 259,834
v3.25.4
Operating Revenue - Charters (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Jul. 31, 2016
Operating Revenue        
Operating revenues $ 1,042,456 $ 1,014,110 $ 973,583  
Current portion of unearned revenue 36,625 49,665    
Amortization of assumed time charters 0 4,534 21,222  
Capitalized contract fulfillment costs 1,100      
Capitalized contract 1,500 400    
Unamortized time charter liabilities 0 0    
Time charters and bareboat charters        
Operating Revenue        
Operating revenues 995,852 967,095 963,192  
Voyage charters        
Operating Revenue        
Operating revenues 46,604 47,015 10,391  
Accounts receivable 3,100 400    
Current portion of unearned revenue 0 1,700    
HMM        
Operating Revenue        
Current portion of unearned revenue 0 0    
Unearned revenue       $ 75,600
HMM | Operating revenue        
Operating Revenue        
Recognized unearned revenue $ 0 $ 2,600 $ 8,200  
v3.25.4
Operating Revenue - Significant customers (Details) - Operating revenue - Significant customers
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
CMA CGM      
Operating Revenue      
Percentage of operating revenue 21.00% 20.00% 23.00%
MSC      
Operating Revenue      
Percentage of operating revenue 16.00% 13.00% 11.00%
HMM Korea      
Operating Revenue      
Percentage of operating revenue     12.00%
v3.25.4
Operating Revenue - Geographic Location (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating Revenue      
Revenues $ 1,042,456 $ 1,014,110 $ 973,583
Australia-Asia      
Operating Revenue      
Revenues 503,628 532,800 519,759
Europe      
Operating Revenue      
Revenues 537,969 481,310 453,824
America      
Operating Revenue      
Revenues 859    
Container vessels segment      
Operating Revenue      
Revenues 955,433 937,077 963,192
Container vessels segment | Australia-Asia      
Operating Revenue      
Revenues 430,689 465,176 511,021
Container vessels segment | Europe      
Operating Revenue      
Revenues 524,744 471,901 452,171
Drybulk vessels segment      
Operating Revenue      
Revenues 87,023 77,033 10,391
Drybulk vessels segment | Australia-Asia      
Operating Revenue      
Revenues 72,939 67,624 8,738
Drybulk vessels segment | Europe      
Operating Revenue      
Revenues 13,225 $ 9,409 $ 1,653
Drybulk vessels segment | America      
Operating Revenue      
Revenues $ 859    
v3.25.4
Segments (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
segment
Dec. 31, 2024
USD ($)
segment
Dec. 31, 2023
USD ($)
segment
Dec. 31, 2022
segment
Summary of the Company's selected financial information        
Number of Operating Segments | segment 2 2 2 1
Number of reportable segments | segment 2 2 2 1
Income Statement        
Operating revenues $ 1,042,456 $ 1,014,110 $ 973,583  
Voyage expenses (63,061) (64,101) (41,010)  
Vessel operating expenses (208,779) (185,724) (162,117)  
Depreciation (163,366) (148,344) (129,287)  
Amortization of deferred drydocking and special survey costs (44,074) (29,161) (18,663)  
Net gain on disposal/sale of vessels 0 8,332 1,639  
Interest expense (42,842) (26,185) (20,463)  
Net Income (Loss) 494,614 505,073 576,299  
Statement of Financial Position        
Marketable Securities 120,244 60,850    
Total Assets 5,113,930 4,343,654    
Operating Segments        
Income Statement        
Operating revenues 1,042,456 1,014,110    
Voyage expenses (63,061) (64,101)    
Vessel operating expenses (208,779) (185,724)    
Depreciation (163,366) (148,344)    
Amortization of deferred drydocking and special survey costs (44,074) (29,161)    
Net gain on disposal/sale of vessels   8,332    
Interest income (excluding interest income from investments in affiliates) 19,415 12,843    
Interest expense (42,842) (26,185)    
Other segment items (75,450) (59,212)    
Net Income per segment 464,299 522,558    
Statement of Financial Position        
Total assets per segment 4,993,430 4,282,475    
Reconciling items        
Income Statement        
Gain on investments, dividend income, interest income from investments in affiliates and loss on equity investments 30,315 (17,485)    
Statement of Financial Position        
Marketable Securities 120,244 60,850    
Receivable from affiliates 256 329    
Container vessels segment        
Income Statement        
Operating revenues 955,433 937,077 963,192  
Container vessels segment | Operating Segments        
Income Statement        
Operating revenues 955,433 937,077    
Voyage expenses (35,741) (32,481)    
Vessel operating expenses (180,847) (162,192)    
Depreciation (150,075) (137,823)    
Amortization of deferred drydocking and special survey costs (35,114) (27,167)    
Net gain on disposal/sale of vessels   8,332    
Interest income (excluding interest income from investments in affiliates) 19,413 12,843    
Interest expense (42,842) (26,185)    
Other segment items (69,281) (54,275)    
Net Income per segment 460,946 518,129    
Statement of Financial Position        
Total assets per segment 4,717,465 4,006,268    
Drybulk vessels segment        
Income Statement        
Operating revenues 87,023 77,033 $ 10,391  
Drybulk vessels segment | Operating Segments        
Income Statement        
Operating revenues 87,023 77,033    
Voyage expenses (27,320) (31,620)    
Vessel operating expenses (27,932) (23,532)    
Depreciation (13,291) (10,521)    
Amortization of deferred drydocking and special survey costs (8,960) (1,994)    
Interest income (excluding interest income from investments in affiliates) 2      
Other segment items (6,169) (4,937)    
Net Income per segment 3,353 4,429    
Statement of Financial Position        
Total assets per segment $ 275,965 $ 276,207    
v3.25.4
Commitments and Contingencies (Details)
$ in Millions
 1 Months Ended 12 Months Ended
Sep. 01, 2016
item
Dec. 31, 2024
USD ($)
Jan. 31, 2021
USD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Commitments and Contingencies          
Partial payment received from Hanjin Shipping as common benefit claim and interest | $   $ 2.1 $ 3.9    
Pending litigation | Unsecured claim submitted to Seoul Central District Court against Hanjin Shipping | Collectability of receivables          
Commitments and Contingencies          
Total unsecured claim | $       $ 597.9 $ 597.9
Hanjin Shipping | Pending litigation | Unsecured claim submitted to Seoul Central District Court against Hanjin Shipping          
Commitments and Contingencies          
Number of charterer | item 8        
Number of charterer cancelled | item 8        
v3.25.4
Stock Based Compensation (Details)
$ / shares in Units, $ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Aug. 31, 2025
shares
Dec. 31, 2024
USD ($)
$ / shares
shares
Dec. 31, 2025
USD ($)
$ / shares
shares
Dec. 31, 2024
USD ($)
$ / shares
shares
Dec. 31, 2023
$ / shares
shares
Dec. 31, 2025
USD ($)
director
$ / shares
shares
Dec. 31, 2024
USD ($)
director
$ / shares
shares
Dec. 31, 2023
USD ($)
director
$ / shares
shares
Stock Based Compensation                
Average price of shares issued | $ / shares   $ 80.62 $ 87.83 $ 80.62 $ 60.63 $ 87.83 $ 80.62 $ 60.63
Maximum number of shares that may be granted     1,000,000     1,000,000    
Number of directors who elected to receive their compensation in shares | director           0 0 0
General and administrative expenses                
Stock Based Compensation                
Stock based compensation expenses | $           $ 16.8 $ 14.6 $ 12.7
Restricted shares                
Stock Based Compensation                
Average price of shares issued | $ / shares   $ 80.8 $ 94.61 $ 80.8 $ 63.4 $ 94.61 $ 80.8 $ 63.4
Manager | Restricted shares                
Stock Based Compensation                
Shares vested           100,000    
Compensation expense recognition weighted average (in years)           1 year 3 months 18 days    
Unrecognized compensation expense for non-vested restricted shares | $     $ 10.8     $ 10.8    
Employees of the Manager | Restricted shares                
Stock Based Compensation                
Shares granted   30,000            
Shares vested   2,000            
Shares issued and outstanding   30,000 28,000 30,000   28,000 30,000  
Stock based compensation expenses | $           $ 6.9    
Aggregate compensation expense | $   $ 2.3   $ 2.3     $ 2.3  
Compensation expense recognition weighted average (in years)   4 years            
Employees of the Manager | Restricted shares | December 31, 2026                
Stock Based Compensation                
Shares granted   4,000            
Employees of the Manager | Restricted shares | December 31, 2027                
Stock Based Compensation                
Shares granted   8,000            
Employees of the Manager | Restricted shares | December 31, 2028                
Stock Based Compensation                
Shares granted   16,000            
Executive officers | Common Stock                
Stock Based Compensation                
Shares granted     104,000 100,000 100,000      
Grant For 2025 | Manager                
Stock Based Compensation                
Shares granted 100,000              
Grant For 2023 | Manager                
Stock Based Compensation                
Shares granted           100,000 100,000 100,000
v3.25.4
Stockholders' Equity (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Apr. 14, 2025
Nov. 10, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Jun. 30, 2022
Sep. 18, 2009
Stockholders' Equity                
Dividend paid (in US$ per share)     $ 0.85 $ 0.8 $ 0.75      
Dividend declared (in US$ per share)     $ 3.45 $ 3.25 $ 3.05      
Dividends, common stock in cash     $ 63,600 $ 62,800 $ 60,700      
Stock issued during period, shares, dividend reinvestment plan     205 23 34      
Authorized capital stock, par value of common stock (in dollars per share)     $ 0.01 $ 0.01 $ 0.01     $ 0.01
Average price of shares issued     $ 87.83 $ 80.62 $ 60.63      
Shares repurchase program authorized amount $ 300,000 $ 200,000         $ 100,000  
Stock repurchase program authorized repurchase additional amount $ 100,000 $ 100,000            
Shares repurchased     927,527 661,103 1,131,040 466,955    
Value of shares repurchased     $ 76,060 $ 53,890 $ 70,610 $ 28,600    
Shares issued     25,790,190 25,585,985        
Shares outstanding     18,264,294 18,987,616        
Treasury shares     7,525,896 6,598,369        
Common stock, authorized capital stock (in shares)     750,000,000 750,000,000       750,000,000
Preferred stock, authorized capital stock (in shares)     100,000,000 100,000,000       100,000,000
Authorized capital stock, par value of preferred stock (in dollars per share)     $ 0.01 $ 0.01       $ 0.01
O 2025 M3 Dividends                
Stockholders' Equity                
Dividend declared (in US$ per share)     0.85          
O 2025 M6 Dividends                
Stockholders' Equity                
Dividend declared (in US$ per share)     0.85          
O 2025 M8 Dividends                
Stockholders' Equity                
Dividend declared (in US$ per share)     0.85          
O 2025 M12 Dividends                
Stockholders' Equity                
Dividend declared (in US$ per share)     $ 0.9          
O 2024 M3 Dividends                
Stockholders' Equity                
Dividend declared (in US$ per share)       0.8        
O 2024 M6 Dividends                
Stockholders' Equity                
Dividend declared (in US$ per share)       0.80        
O 2024 M8 Dividends                
Stockholders' Equity                
Dividend declared (in US$ per share)       0.80        
O 2024 M11 Dividends                
Stockholders' Equity                
Dividend declared (in US$ per share)       $ 0.85        
O 2023 M2 Dividends                
Stockholders' Equity                
Dividend declared (in US$ per share)         $ 0.75      
O 2023 M5 Dividends                
Stockholders' Equity                
Dividend declared (in US$ per share)         0.75      
O 2023 M8 Dividends                
Stockholders' Equity                
Dividend declared (in US$ per share)         0.75      
O 2023 M11 Dividends                
Stockholders' Equity                
Dividend declared (in US$ per share)         $ 0.8      
v3.25.4
Executive Retirement Plan (Details)
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
person
Dec. 31, 2022
USD ($)
Dec. 01, 2023
USD ($)
Executive Retirement Plan          
Prior service cost arising from the retrospective recognition of past service $ 5,765,000 $ (867,000) $ 6,277,000 $ 14,200,000  
Prior service cost exercised       7,800,000  
Executive Retirement Plan          
Executive Retirement Plan          
Defined Benefit Plan, Plan Name [Extensible Enumeration] dac:ExecutiveRetirementPlanMember        
Discount rate 3.30% 3.00%      
Defined benefit obligation $ 21,500,000 $ 12,900,000 13,300,000   $ 6,500,000
Projected periodic benefit cost expected to be recognized in 2026 1,100,000        
Interest cost 400,000 400,000 200,000    
Net curtailment gain 0 0 200,000    
Foreign exchange loss / (gain) 1,700,000 (700,000) 200,000    
Actuarial loss/(gain) due to changes in assumptions 5,800,000 (900,000) 6,300,000    
Actuarial loss/(gain) from past service and experience adjustments 5,400,000 (900,000) 5,200,000    
Accumulated benefit obligation 14,600,000 8,100,000 $ 7,700,000    
Prior service cost arising from the retrospective recognition of past service       14,200,000  
Prior service cost exercised       $ 7,800,000  
Number of executive officer added to the plan | person     1    
Number of officer appointed to new position | person     1    
Other comprehensive loss of the defined benefit plan 9,900,000 14,500,000 $ 11,200,000    
Actuarial loss from changes in assumptions 400,000 0 1,100,000    
Prior service cost related to benefit obligation $ 1,200,000 $ 1,100,000 $ 700,000    
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income [Extensible Enumeration] Other Nonoperating Income (Expense) Other Nonoperating Income (Expense) Other Nonoperating Income (Expense)    
Prior service cost expected to be reclassified $ 2,200,000        
Weighted average duration of the defined benefit obligation 7 years 9 months 18 days        
Expected future benefits paid by 2030 $ 12,700,000        
Executive Retirement Plan | General and administrative expenses          
Executive Retirement Plan          
Projected periodic benefit cost recognized 800,000 $ 700,000 $ 600,000    
Executive Retirement Plan | Other long-term liabilities          
Executive Retirement Plan          
Defined benefit obligation $ 21,500,000 $ 12,900,000      
Executive Retirement Plan | Minimum          
Executive Retirement Plan          
Retirement age assumption to calculate projected benefit obligation 65 years 65 years      
Executive Retirement Plan | Maximum          
Executive Retirement Plan          
Maximum percentage of salary escalation 5.00% 4.50%      
Retirement age assumption to calculate projected benefit obligation 74 years 74 years      
v3.25.4
Earnings per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Numerator:      
Net Income $ 494,614 $ 505,073 $ 576,299
Denominator (number of shares in thousands):      
Basic weighted average common shares outstanding 18,432,153 19,316,453 19,879,161
Effect of dilutive securities:      
Dilutive effect of non-vested shares 48,000 69,000 25,000
Diluted weighted average common shares outstanding 18,480,301 19,384,879 19,903,655
Basic earnings per share (in dollars per share) $ 26.83 $ 26.15 $ 28.99
Diluted earnings per share (in dollars per share) $ 26.76 $ 26.05 $ 28.95
v3.25.4
Subsequent Events (Details)
$ / shares in Units, $ in Thousands
 1 Months Ended 12 Months Ended
Mar. 02, 2026
USD ($)
Jan. 15, 2026
USD ($)
Jan. 02, 2026
USD ($)
shares
Jan. 01, 2026
USD ($)
shares
Oct. 01, 2025
USD ($)
Feb. 28, 2026
USD ($)
item
t
$ / shares
Jan. 31, 2026
USD ($)
item
t
Feb. 28, 2025
USD ($)
Dec. 31, 2025
USD ($)
item
t
$ / shares
shares
Dec. 31, 2024
USD ($)
$ / shares
shares
Dec. 31, 2023
USD ($)
$ / shares
shares
Dec. 31, 2022
USD ($)
shares
Jan. 20, 2026
USD ($)
item
Apr. 14, 2025
USD ($)
Mar. 31, 2024
USD ($)
Nov. 10, 2023
USD ($)
Jun. 30, 2022
USD ($)
Subsequent Events                                  
Capesize drybulk vessels | t                 1,943,286                
Dividend declared (in US$ per share) | $ / shares                 $ 3.45 $ 3.25 $ 3.05            
TEU of vessels contracted for construction | item                 163,950                
Total cash outflow                 $ 190,764 $ 27,970 $ 27,500            
Shares repurchase program authorized amount                           $ 300,000   $ 200,000 $ 100,000
Shares repurchased | shares                 927,527 661,103 1,131,040 466,955          
Value of shares repurchased                 $ 76,060 $ 53,890 $ 70,610 $ 28,600          
Syndicated 850.0 million facility                                  
Subsequent Events                                  
Credit facility               $ 850,000 850,000 850,000              
Amount of quarterly instalments               $ 800                  
JOLCO Greenhouse Facility                                  
Subsequent Events                                  
Credit facility                 80,000                
Syndicated $450.0 millions Facility                                  
Subsequent Events                                  
Credit facility                 $ 450,000 $ 450,000         $ 450,000    
Total cash outflow         $ 42,780                        
Subsequent Events                                  
Subsequent Events                                  
Accrued unpaid interest $ 11,200                                
Shares repurchase program authorized amount     $ 300,000 $ 300,000                          
Shares repurchased | shares     3,247,444 60,819                          
Value of shares repurchased     $ 235,100                            
Subsequent Events | Glenfame Group Llc | Equity investment                                  
Subsequent Events                                  
Equity investment                         $ 50,000        
Natural gas carrier | item                         6        
Subsequent Events | JOLCO Greenhouse Facility                                  
Subsequent Events                                  
Amount drawn from facility   $ 80,000                              
Subsequent Events | Senior unsecured notes                                  
Subsequent Events                                  
Interest rate (as a percent) 8.50%                       8.50%        
Redemption price (as percent) 100.00%                                
Aggregate redemption price $ 273,900                                
Outstanding principal amount $ 262,800                                
Subsequent Events | Syndicated $450.0 millions Facility                                  
Subsequent Events                                  
Credit facility           $ 450,000                      
Amount of quarterly instalments           3,300                      
Prepay in full the outstanding principal amount           213,800                      
Total cash outflow           $ 217,100                      
Subsequent Events | Two additional 5,300 TEU                                  
Subsequent Events                                  
Number of vessels contracted for construction | item           2                      
TEU of vessels contracted for construction | item           5,300                      
Subsequent Events | Drybulk capesize vessel | 211,000 DWT                                  
Subsequent Events                                  
Number of vessels contracted for construction | item           4 4                    
Capesize drybulk vessels | t           211,000 211,000                    
Aggregate purchase price           $ 297,300 $ 297,300                    
Subsequent Events | TEU container vessels | Two additional 5,300 TEU                                  
Subsequent Events                                  
Aggregate purchase price           $ 126,000                      
Subsequent Events | O 2026 Q1 Dividends                                  
Subsequent Events                                  
Date of dividend declared           Feb. 09, 2026                      
Dividend declared (in US$ per share) | $ / shares           $ 0.9                      
Date of dividend payable           Mar. 04, 2026                      
Date of dividend payable recorded           Feb. 23, 2026