DANAOS CORP, 6-K filed on 8/7/2023
Report of Foreign Issuer
v3.23.2
Document and Entity Information
 6 Months Ended
Jun. 30, 2023
Entity Registrant Name DANAOS CORPORATION
Entity Central Index Key 0001369241
Document Type 6-K
Document Period End Date Jun. 30, 2023
Amendment Flag false
Current Fiscal Year End Date --12-31
Document Fiscal Year Focus 2023
Document Fiscal Period Focus Q2
v3.23.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
CURRENT ASSETS    
Cash and cash equivalents $ 293,331 $ 267,668
Accounts receivable, net 8,091 5,635
Inventories 16,022 16,099
Prepaid expenses 2,635 1,312
Due from related parties $ 32,912 $ 34,002
Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration] Related Party [Member] Related Party [Member]
Other current assets $ 134,792 $ 47,805
Total current assets 487,783 372,521
NON-CURRENT ASSETS    
Fixed assets at cost, net of accumulated depreciation of $1,245,841 (2022: $1,182,402) 2,661,976 2,721,494
Advances for vessels under construction 215,786 190,736
Deferred charges, net 31,777 25,554
Investments in affiliates 937  
Other non-current assets 86,173 89,923
Total non-current assets 2,996,649 3,027,707
Total assets 3,484,432 3,400,228
CURRENT LIABILITIES    
Accounts payable 17,533 24,505
Accrued liabilities 21,907 21,362
Current portion of long-term debt, net 27,500 27,500
Current portion of long-term leaseback obligation, net   27,469
Unearned revenue 89,912 111,149
Other current liabilities 28,220 16,422
Total current liabilities 185,072 228,407
LONG-TERM LIABILITIES    
Long-term debt, net 389,564 402,440
Long-term leaseback obligation, net of current portion   44,542
Unearned revenue, net of current portion 82,333 111,564
Other long-term liabilities 37,981 52,861
Total long-term liabilities 509,878 611,407
Total liabilities 694,950 839,814
Commitments and Contingencies
STOCKHOLDERS' EQUITY    
Preferred stock (par value $0.01, 100,000,000 preferred shares authorized and not issued as of June 30, 2023 and December 31, 2022)
Common stock (par value $0.01, 750,000,000 common shares authorized as of June 30, 2023 and December 31, 2022. 25,155,948 and 25,155,928 shares issued as of June 30, 2023 and December 31, 2022; and 19,752,025 and 20,349,702 shares outstanding as of June 30, 2023 and December 31, 2022) 197 203
Additional paid-in capital 712,154 748,109
Accumulated other comprehensive loss (72,041) (74,209)
Retained earnings 2,149,172 1,886,311
Total stockholders' equity 2,789,482 2,560,414
Total liabilities and stockholders' equity $ 3,484,432 $ 3,400,228
v3.23.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Accumulated depreciation $ 1,245,841 $ 1,182,402
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, shares authorized 100,000,000 100,000,000
Preferred stock, shares issued 0 0
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized 750,000,000 750,000,000
Common stock, shares issued 25,155,948 25,155,928
Common stock, shares outstanding 19,752,025 20,349,702
v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
OPERATING REVENUES $ 241,479 $ 250,923 $ 485,053 $ 480,824
OPERATING EXPENSES        
Voyage expenses (8,399) (9,443) (16,282) (16,632)
Vessel operating expenses (41,861) (40,579) (82,500) (79,743)
Depreciation and amortization of right-of-use assets (31,910) (33,753) (63,439) (67,112)
Amortization of deferred drydocking and special survey costs (4,502) (3,202) (8,337) (5,922)
General and administrative expenses (7,192) (7,136) (14,037) (14,527)
Gain on sale of vessels     1,639  
Income From Operations 147,615 156,810 302,097 296,888
OTHER INCOME (EXPENSES):        
Interest income 3,596 120 6,319 121
Interest expense (5,881) (16,079) (12,603) (33,193)
Gain/(loss) on investments 6,438 (168,635) 6,438 (69,096)
Dividend income   16,208   138,386
Gain/(loss) on debt extinguishment (2,254) 22,939 (2,254) 22,939
Equity loss on investments (738)   (3,326)  
Other finance expenses (1,146) (336) (2,122) (941)
Other income/(expenses), net 294 362 469 861
Loss on derivatives (903) (903) (1,796) (1,796)
Total Other Income/(Expenses), net (594) (146,324) (8,875) 57,281
Income before income taxes 147,021 10,486 293,222 354,169
Income taxes   (2,262)   (14,480)
Net Income $ 147,021 $ 8,224 $ 293,222 $ 339,689
EARNINGS PER SHARE        
Basic earnings per share (in dollars per share) $ 7.32 $ 0.40 $ 14.51 $ 16.42
Diluted earnings per share (in dollars per share) $ 7.32 $ 0.40 $ 14.51 $ 16.40
Basic weighted average number of common shares (in thousands) 20,081 20,689 20,214 20,693
Diluted weighted average number of common shares (in thousands) 20,081 20,708 20,214 20,712
v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Net income for the period $ 147,021 $ 8,224 $ 293,222 $ 339,689
Other comprehensive income:        
Prior service cost of defined benefit plan 186   372  
Amortization of deferred realized losses on cash flow hedges 903 903 1,796 1,796
Total Other Comprehensive Income 1,089 903 2,168 1,796
Comprehensive Income $ 148,110 $ 9,127 $ 295,390 $ 341,485
v3.23.2
CONDENSED 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, 2021 $ 207 $ 770,676 $ (71,455) $ 1,388,595 $ 2,088,023
Balance (in shares) at Dec. 31, 2021 20,717        
Increase (Decrease) in Stockholders' Equity          
Net income       331,465 331,465
Dividends       (15,537) (15,537)
Stock compensation   124     124
Net movement in other comprehensive income     893   893
Balance at Mar. 31, 2022 $ 207 770,800 (70,562) 1,704,523 2,404,968
Balance (in shares) at Mar. 31, 2022 20,717        
Balance at Dec. 31, 2021 $ 207 770,676 (71,455) 1,388,595 2,088,023
Balance (in shares) at Dec. 31, 2021 20,717        
Increase (Decrease) in Stockholders' Equity          
Net income         339,689
Net movement in other comprehensive income         1,796
Balance at Jun. 30, 2022 $ 205 759,723 (69,659) 1,697,209 2,387,478
Balance (in shares) at Jun. 30, 2022 20,539        
Balance at Dec. 31, 2021 $ 207 770,676 (71,455) 1,388,595 2,088,023
Balance (in shares) at Dec. 31, 2021 20,717        
Increase (Decrease) in Stockholders' Equity          
Repurchase of common stock         $ (28,600)
Repurchase of common stock (in shares)         (466,955)
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        
Balance at Mar. 31, 2022 $ 207 770,800 (70,562) 1,704,523 2,404,968
Balance (in shares) at Mar. 31, 2022 20,717        
Increase (Decrease) in Stockholders' Equity          
Net income       8,224 8,224
Dividends       (15,538) (15,538)
Stock compensation   124     124
Repurchase of common stock $ (2) (11,206)     (11,208)
Repurchase of common stock (in shares) (178)        
Net movement in other comprehensive income     903   903
Issuance of common stock   5     5
Balance at Jun. 30, 2022 $ 205 759,723 (69,659) 1,697,209 2,387,478
Balance (in shares) at Jun. 30, 2022 20,539        
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        
Increase (Decrease) in Stockholders' Equity          
Net income       146,201 146,201
Dividends       (15,262) (15,262)
Repurchase of common stock   (2,196)     (2,196)
Repurchase of common stock (in shares) (41)        
Net movement in other comprehensive income     1,079   1,079
Issuance of common stock   1     1
Balance at Mar. 31, 2023 $ 203 745,914 (73,130) 2,017,250 2,690,237
Balance (in shares) at Mar. 31, 2023 20,309        
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        
Increase (Decrease) in Stockholders' Equity          
Net income         293,222
Repurchase of common stock         $ (36,000)
Repurchase of common stock (in shares)         (597,697)
Net movement in other comprehensive income         $ 2,168
Balance at Jun. 30, 2023 $ 197 712,154 (72,041) 2,149,172 2,789,482
Balance (in shares) at Jun. 30, 2023 19,752        
Balance at Mar. 31, 2023 $ 203 745,914 (73,130) 2,017,250 2,690,237
Balance (in shares) at Mar. 31, 2023 20,309        
Increase (Decrease) in Stockholders' Equity          
Net income       147,021 147,021
Dividends       (15,099) (15,099)
Repurchase of common stock $ (6) (33,760)     (33,766)
Repurchase of common stock (in shares) (557)        
Net movement in other comprehensive income     1,089   1,089
Balance at Jun. 30, 2023 $ 197 $ 712,154 $ (72,041) $ 2,149,172 $ 2,789,482
Balance (in shares) at Jun. 30, 2023 19,752        
v3.23.2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares
 3 Months Ended
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2022
Mar. 31, 2022
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY        
Dividends (in US$ per share) $ 0.75 $ 0.75 $ 0.75 $ 0.75
v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash Flows from Operating Activities    
Net income $ 293,222 $ 339,689
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization of right-of-use assets 63,439 67,112
Amortization of deferred drydocking and special survey costs 8,337 5,922
Amortization of assumed time charters (12,390) (32,364)
Amortization of finance costs 1,261 4,922
Debt discount amortization   1,639
Loss/(gain) on investments (6,438) 69,096
Payments for drydocking and special survey costs deferred (14,560) (9,726)
Gain on sale of vessels (1,639)  
Loss/(gain) on debt extinguishment 2,254 (22,939)
Equity loss on investments 3,326  
Prior service cost and periodic cost 886  
Stock based compensation   248
Amortization of deferred realized losses on interest rate swaps 1,796 1,796
(Increase)/Decrease in    
Accounts receivable (2,456) 1,578
Inventories 77 (1,863)
Prepaid expenses (1,323) (1,179)
Due from related parties 1,090 (10,243)
Other assets, current and non-current (12,250) (30,145)
Increase/(Decrease) in    
Accounts payable (4,836) (1,061)
Accrued liabilities 1,685 5,902
Unearned revenue, current and long-term (38,078) 217,882
Other liabilities, current and long-term (2,797) 14,212
Net Cash provided by Operating Activities 280,606 620,478
Cash Flows from Investing Activities    
Vessels additions and advances for vessels under construction (29,784) (84,047)
Proceeds/Advances from sale of vessels 3,914 13,000
Proceeds from sale of investments   85,333
Investments in affiliates/marketable securities (74,407)  
Net Cash provided by/(used in) Investing Activities (100,277) 14,286
Cash Flows from Financing Activities    
Proceeds from long-term debt   127,725
Payments of long-term debt (13,750) (383,125)
Payments of leaseback obligation (72,925) (120,687)
Dividends paid (30,361) (31,070)
Repurchase of common stock (35,738) (6,325)
Payments of accumulated accrued interest   (3,373)
Finance costs (1,892) (15,092)
Net Cash used in Financing Activities (154,666) (431,947)
Net Increase in cash, cash equivalents and restricted cash 25,663 202,817
Cash, cash equivalents and restricted cash at beginning of period 267,668 129,756
Cash, cash equivalents and restricted cash at end of period 293,331 332,573
Supplemental cash flow information    
Supplemental information: Cash paid for interest, net of amounts capitalized $ 11,139 $ 27,249
v3.23.2
Basis of Presentation and General Information
 6 Months Ended
Jun. 30, 2023
Basis of Presentation and General Information

1     Basis of Presentation and General Information

​

The accompanying condensed consolidated financial statements (unaudited) 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 (“Danaos” or 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 11, “Stockholders’ Equity”. 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 containerships that are under the exclusive management of a related party of the Company.

​

In the opinion of management, the accompanying condensed consolidated financial statements (unaudited) of Danaos and subsidiaries contain all adjustments necessary to state fairly, in all material respects, the Company’s condensed consolidated financial position as of June 30, 2023, the condensed consolidated results of operations for the three and six months ended June 30, 2023 and 2022 and the condensed consolidated cash flows for the six months ended June 30, 2023 and 2022. All such adjustments are deemed to be of a normal, recurring nature. These financial statements should be read in conjunction with the consolidated financial statements and related notes included in Danaos’ Annual Report on Form 20-F for the year ended December 31, 2022. The results of operations for the three and six months ended June 30, 2023, are not necessarily indicative of the results to be expected for the full year. The year-end condensed consolidated balance sheet data was derived from annual financial statements. These condensed consolidated financial statements do not include all disclosures required by accounting principles generally accepted in the United States of America.

​

The condensed consolidated financial statements (unaudited) 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 condensed consolidated balance sheets and condensed consolidated statements of income, comprehensive income, cash flows and stockholders’ equity at and for each period since their respective incorporation dates.

1     Basis of Presentation and General Information (Continued)

​

As of June 30, 2023, Danaos included the vessel owning companies (the “Danaos Subsidiaries”) listed below. All vessels are container vessels:

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​

​

​

​

​

​

Company

    

Date of Incorporation

    

Vessel Name

    

Year Built

    

TEU (1)

Megacarrier (No. 1) Corp.

​

September 10, 2007

​

Hyundai Honour

​

2012

​

13,100

Megacarrier (No. 2) Corp.

​

September 10, 2007

​

Hyundai Respect

​

2012

​

13,100

Megacarrier (No. 3) Corp.

​

September 10, 2007

​

Hyundai Smart

​

2012

​

13,100

Megacarrier (No. 4) Corp.

​

September 10, 2007

​

Hyundai Speed

​

2012

​

13,100

Megacarrier (No. 5) Corp.

​

September 10, 2007

​

Hyundai 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. 5) Corp.

​

September 17, 2007

​

CMA CGM Melisande

​

2012

​

8,530

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

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

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 (ex CMA CGM Racine)

​

2010

​

6,500

Boxcarrier (No. 1) Corp.

​

June 27, 2006

​

CMA CGM Moliere

​

2009

​

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

Kingsland International Shipping Limited

​

June 26, 2015

​

Catherine C (2)

​

2001

​

6,422

Leo Shipping and Trading S.A.

​

October 29, 2015

​

Leo C (2)

​

2002

​

6,422

Actaea Company Limited

​

October 14, 2014

​

Zim Savannah

​

2002

​

6,402

Asteria Shipping Company Limited

​

October 14, 2014

​

Dimitra C

​

2002

​

6,402

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

​

Maersk Euphrates

​

2014

​

5,466

Oceancarrier (No. 7) Corp.

​

July 6, 2021

​

Wide Hotel

​

2015

​

5,466

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

​

Zim Monaco

​

2009

​

4,253

Medsea Marine Inc.

​

May 8, 2006

​

Dalian

​

2009

​

4,253

Blacksea Marine Inc.

​

May 8, 2006

​

Zim Luanda

​

2009

​

4,253

Bayview Shipping Inc.

​

March 22, 2006

​

Rio Grande

​

2008

​

4,253

Channelview Marine Inc.

​

March 22, 2006

​

Paolo (ex Zim Sao Paolo)

​

2008

​

4,253

Balticsea Marine Inc.

​

March 22, 2006

​

Kingston (ex Zim 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

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

Wellington Marine Inc.

​

January 27, 2005

​

Singapore

​

2004

​

3,314

Auckland Marine Inc.

​

January 27, 2005

​

Colombo

​

2004

​

3,314

Vilos Navigation Company Ltd.

​

May 30, 2013

​

Zebra

​

2001

​

2,602

Trindade Maritime Company

​

April 10, 2013

​

Amalia C (3)

​

1998

​

2,452

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. 3) Corp.

​

June 28, 2007

​

Stride

​

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

Vessels under construction

​

​

​

​

​

​

​

​

Boxsail (No. 1) Corp.

​

March 4, 2022

​

Hull No. C7100-7

​

2024

​

7,165

Boxsail (No. 2) Corp.

​

March 4, 2022

​

Hull No. C7100-8

​

2024

​

7,165

Teushipper (No. 1) Corp.

​

March 14, 2022

​

Hull No. HN4009

​

2024

​

8,010

Teushipper (No. 2) Corp.

​

March 14, 2022

​

Hull No. HN4010

​

2024

​

8,010

Teushipper (No. 3) Corp.

​

March 14, 2022

​

Hull No. HN4011

​

2024

​

8,010

Teushipper (No. 4) Corp.

​

March 14, 2022

​

Hull No. HN4012

​

2024

​

8,010

Boxsail (No. 3) Corp.

​

March 4, 2022

​

Hull No. CV5900-07

​

2024

​

6,014

Boxsail (No. 4) Corp.

​

March 4, 2022

​

Hull No. CV5900-08

​

2025

​

6,014

Boxline (No. 1) Corp.

​

June 7, 2023

​

Hull No. YZJ2023-1556

​

2026

​

8,258

Boxline (No. 2) Corp.

​

June 7, 2023

​

Hull No. YZJ2023-1557

​

2026

​

8,258

(1)Twenty-feet equivalent unit, the international standard measure for containers and containership capacity.

1     Basis of Presentation and General Information (Continued)

​

(2)The Company completed the sale of the Catherine C and the Leo C in November 2022.
(3)The Company held the Amalia C for sale as of December 31, 2022 and completed the sale in January 2023.

​

Impact of the war in Ukraine on the Company’s Business

​

As disclosed in the Company’s Annual Report on Form 20-F for the year ended December 31, 2022 filed with the Securities and Exchange Commission on March 9, 2023, the current conflict between Russia and Ukraine, and related sanctions imposed by the U.S., EU and others, adversely affect the crewing operations of the Company’s Manager, which has crewing offices in St. Petersburg, Odessa and Mariupol (damaged by the war), and trade patterns involving ports in the Black Sea or Russia, and as well as impacting world energy supply and creating uncertainties in the global economy, which in turn impact containership demand. The extent of the impact will depend largely on future developments.
v3.23.2
Significant Accounting Policies
 6 Months Ended
Jun. 30, 2023
Significant Accounting Policies

2     Significant Accounting Policies

​

For a detailed discussion about the Company’s significant accounting policies, see Note 2 “Significant Accounting Policies” in the Company’s consolidated financial statements included in the Annual Report on Form 20-F for the year ended December 31, 2022 filed with the Securities and Exchange Commission on March 9, 2023. During the six months ended June 30, 2023, there were no significant changes made to the Company’s significant accounting policies.

​

​
v3.23.2
Investments in Affiliates
 6 Months Ended
Jun. 30, 2023
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. The Company’s share of CTTC’s initial expenses amounted to $3.3 million and is presented under “Equity loss on investments” in the condensed consolidated statement of income in the six months ended June 30, 2023.
v3.23.2
Fixed Assets, net & Advances for Vessels under Construction
 6 Months Ended
Jun. 30, 2023
Fixed Assets, net & Advances for Vessels under Construction

4     Fixed Assets, net & Advances for Vessels under Construction

​

On April 1, 2022, the Company entered into contracts, as amended on April 21, 2022, for the construction of four 8,000 TEU container vessels with expected vessels delivery in 2024. On March 11, 2022, the Company entered into contracts for the construction of two 7,100 TEU container vessels with expected vessels delivery in 2024. On April 28, 2023, the Company entered into contracts for the construction of two 6,000 TEU container vessels with expected vessels delivery in 2024 and 2025. On June 20, 2023, the Company entered into contracts for the construction of two 8,200 TEU container vessels with expected vessels delivery in 2026. The aggregate purchase price of the vessel construction contracts amounts to $834.9 million. The remaining contractual commitments under vessel construction contracts are analyzed as follows as of June 30, 2023 (in thousands):

​

​

​

​

​

Remainder of 2023

​

$

73,300

2024

​

 

365,631

2025

​

 

82,428

2026

​

 

113,040

Total contractual commitments

​

$

634,399

​

​

4     Fixed Assets, net & Advances for Vessels under Construction (Continued)

Additionally, a supervision fee of $725 thousand per newbuilding vessel will be payable to Danaos Shipping Company Limited (the “Manager”) over the construction period. Supervision fees totaling $1.1 million were charged by the Manager and capitalized to the vessels under construction in the six months ended June 30, 2023. Interest expense amounting to $5.0 million was capitalized to the vessels under construction in the year ended December 31, 2022 and $7.2 million in the six months ended June 30, 2023.

On December 23, 2022, the Company entered into an agreement to sell the vessel Amalia C for an aggregate gross consideration of $5.1 million, which was delivered to its buyers in January 2023 resulting in a $1.6 million gain separately presented under “Gain on sale of vessels” in the condensed consolidated statement of income. The vessel was presented as held for sale under “Other current assets” and a $1.0 million advance payment received for sale of the vessel was presented under “Other current liabilities” as of December 31, 2022. On January 17, 2022, the Company entered into agreement to sell its vessels Catherine C and Leo C for aggregate gross consideration of $130.0 million, out of which $13.0 million were advanced by the buyers in January 2022. The vessels were delivered to their buyers in November 2022 resulting in a $37.2 million gain.

The Company assumed time charter liabilities related to its acquisition of vessels in the second half of 2021. The amortization of these assumed time charters amounted to $12.4 million and $32.4 million in the six months ended June 30, 2023 and June 30, 2022, respectively and is presented under “Operating revenues” in the condensed consolidated statement of income. The remaining unamortized amount of $13.4 million is presented under “Unearned revenue, current portion” in the condensed consolidated balance sheet as of June 30, 2023 and is expected to be amortized into “Operating revenues” in the next 12 months.

As of June 30, 2023, the Company concluded that events and circumstances triggered the existence of potential impairment for some of the Company’s 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 some of the Company’s vessels by comparing the undiscounted projected net operating cash flows for each of these vessels to its carrying values. As of June 30, 2023, 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.

The residual value (estimated scrap value at the end of the vessels’ useful lives) of the fleet was estimated at $484.3 million and $487.3 million as of June 30, 2023 and as of December 31, 2022, 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 prices. 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 cyclicality of the 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.

On May 12, 2020, the Company refinanced the existing leaseback obligation related to the vessels Hyundai Honour and Hyundai Respect with a new sale and leaseback arrangement with Oriental Fleet International Company Limited (“Oriental Fleet”) amounting to $139.1 million with a four years term, at the end of which the Company would reacquire these vessels. This arrangement did not qualify for a sale of the vessels and the net proceeds were recognized as a financial leaseback liability. In January 2023, the Company gave early termination notice to Oriental Fleet and fully repaid its outstanding leaseback obligation related to these two vessels on May 12, 2023. The early termination resulted in a loss of $2.3 million, which is presented under “Loss on debt extinguishment” in the consolidated statement of income.
v3.23.2
Deferred Charges, net
 6 Months Ended
Jun. 30, 2023
Deferred Charges, net  
Deferred Charges, net

5     Deferred Charges, net

​

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

​

​

​

​

​

​

​

Drydocking and

​

    

Special Survey Costs

As of January 1, 2022

​

$

11,801

Additions

​

​

29,939

Write-off

​

 

(4,016)

Amortization

​

 

(12,170)

As of December 31, 2022

​

​

25,554

Additions

​

 

14,560

Amortization

​

 

(8,337)

As of June 30, 2023

​

$

31,777

​

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 for more than one reporting period, the respective costs are identified and recorded in the period in which they were incurred and not at the conclusion of the drydocking.

​
v3.23.2
Other Current and Non-current Assets
 6 Months Ended
Jun. 30, 2023
Other Current and Non-current Assets  
Other Current and Non-current Assets

6     Other Current and Non-current Assets

​

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

​

​

​

​

​

​

​

​

​

​

As of

​

As of

​

    

June 30, 2023

    

December 31, 2022

Straight-lining of revenue

​

$

39,375

​

$

22,007

Marketable securities

​

​

74,600

​

​

—

Claims receivable

​

​

12,198

​

​

15,169

Vessel held for sale

​

​

—

​

​

3,297

Other assets

​

​

8,619

​

​

7,332

Total current assets

​

$

134,792

​

$

47,805

Straight-lining of revenue

​

$

79,397

​

$

83,873

Other non-current assets

​

​

6,776

​

​

6,050

Total non-current assets

​

$

86,173

​

$

89,923

​

In the three months ended June 30, 2023, the Company acquired marketable securities of Eagle Bulk Shipping Inc. consisting of 1,552,865 shares of common stock for $68.2 million (out of which $24.4 million from Virage International Ltd., our related company). As of June 30, 2023, these marketable securities were fair valued at $74.6 million and the Company recognized a $6.4 million gain on these marketable securities reflected under “Gain on investments” in the condensed consolidated statement of income.

​

6     Other Current and Non-current Assets (Continued)

The Company’s shareholding interest in ZIM of 7,186,950 ordinary shares was fair valued at $423.0 million and presented under “Other current assets” in the condensed consolidated balance sheet as of December 31, 2021, based on the closing price of ZIM ordinary shares on the NYSE on that date. In April 2022, the Company sold 1,500,000 ordinary shares of ZIM resulting in net proceeds of $85.3 million. All the remaining shareholding interest of 5,686,950 ordinary shares were sold for $161.3 million in September 2022. For the six months ended June 30, 2022, the Company recognized $69.1 million loss on these shares compared to none in the six months ended June 30, 2023. These gain is reflected under “Loss on investments” in the condensed consolidated statement of income. Additionally, the Company recognized dividend income on these shares amounting to $138.4 million in the six months period ended June 30, 2022 gross of withholding taxes compared to none in the six months ended June 30, 2023. Withholding taxes amounting to $14.5 million were recognized on dividend income under “Income taxes” in the condensed consolidated statement of income in the six months ended June 30, 2022.
v3.23.2
Accrued Liabilities
 6 Months Ended
Jun. 30, 2023
Accrued Liabilities  
Accrued Liabilities

7     Accrued Liabilities

​

Accrued liabilities consisted of the following (in thousands):

​

​

​

​

​

​

​

​

​

    

As of

    

As of

​

​

June 30, 2023

​

December 31, 2022

Accrued interest

​

$

8,329

​

$

8,267

Accrued dry-docking expenses

​

​

2,987

​

​

2,332

Accrued expenses

​

​

10,591

​

 

10,763

Total

​

$

21,907

​

$

21,362

​

Accrued expenses mainly consisted of accruals related to the operation of the Company’s fleet as of June 30, 2023 and December 31, 2022.
v3.23.2
Long-Term Debt, net
 6 Months Ended
Jun. 30, 2023
Long-Term Debt, net

8     Long-Term Debt, net

​

Long-term debt, net consisted of the following (in thousands):

​

​

​

​

​

​

​

​

​

​

Balance as of

​

Balance as of

Credit Facility

    

June 30, 2023

    

December 31, 2022

BNP Paribas/Credit Agricole $130 mil. Facility

​

$

110,000

​

$

120,000

Alpha Bank $55.25 mil. Facility

​

​

51,500

​

​

55,250

Citibank $382.5 mil. Revolving Credit Facility

​

​

—

​

​

—

Senior unsecured notes

​

​

262,766

​

​

262,766

Total long-term debt

​

$

424,266

​

$

438,016

Less: Deferred finance costs, net

​

​

(7,202)

​

​

(8,076)

Less: Current portion

​

​

(27,500)

​

​

(27,500)

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

​

$

389,564

​

$

402,440

​

In June 2022, the Company drew down $130.0 million of senior secured term loan facility from BNP Paribas and Credit Agricole, which is secured by six 5,466 TEU sister vessels acquired in 2021. This facility is repayable in eight quarterly instalments of $5.0 million, twelve quarterly instalments of $1.9 million together with a balloon payment of $67.2 million payable over five-year term. The facility bears interest at SOFR plus a margin of 2.16% as adjusted by the sustainability margin adjustment.

In the three months ended June 30, 2022, the Company early extinguished certain loan facilities resulting in a total gain on debt extinguishment of $22.9 million, which is separately presented in the consolidated statement of income. In December 2022, the Company early extinguished the remaining $437.75 million of the Citibank/Natwest $815 mil. Facility and replaced it with Citibank of up to $382.5 mil. Revolving Credit Facility, out of which nil is drawn down as of June 30, 2023 and with Alpha Bank $55.25 mil. Facility, which was drawn down in full. Citibank $382.5 mil. Revolving Credit Facility is reducing and repayable over 5 years in 20 quarterly reductions of $11.25 million each together with a final reduction of $157.5 million at maturity in December 2027. This facility bears interest at SOFR plus a margin of 2.0% and commitment fee of 0.8% on any undrawn amount and is secured by sixteen of the Company’s vessels. Alpha Bank $55.25 mil. Facility is repayable over 5 years with 20 consecutive quarterly instalments of $1.875 million each, together with a balloon payment of $17.75 million at maturity in December 2027. This facility bears interest at SOFR plus a margin of 2.3% and is secured by two of the Company’s vessels.

​

8    Long-Term Debt, net (Continued)

The Company incurred interest expense amounting to $18.5 million (including interest on leaseback obligations), out of which $7.2 million was capitalized in the six months ended June 30, 2023 compared to $27.4 million of interest expense incurred (including interest on leaseback obligations), out of which $0.7 million was capitalized in the six months ended June 30, 2022. As of June 30, 2023, there was a $360.0 million remaining borrowing availability under the Company’s Citibank $382.5 mil. Revolving Credit Facility. Twenty-four of the Company’s vessels having a net carrying value of $1,556.3 million as of June 30, 2023, were subject to first preferred mortgages as collateral to the Company’s credit facilities other than its senior unsecured notes.

​

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 8.50% per annum and mature on March 1, 2028. At any time on or after March 1, 2024, March 1, 2025 and March 1, 2026 the Company may elect to redeem all or any portion of the notes, respectively, at a price equal to 104.25%, 102.125% and 100%, respectively, of the principal amount being redeemed. Prior to March 1, 2024 the Company may redeem up to 35% of the aggregate principal of the notes from equity offering proceeds at a price equal to 108.50% within 90 days after the equity offering closing. 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. $9.0 million of bond issuance costs were deferred over the life of the bond and recognized through the effective interest method.

​

The scheduled debt maturities of long-term debt subsequent to June 30, 2023 are as follows (in thousands):

​

​

​

​

​

​

​

Principal

Payments due by period ended

    

repayments

June 30, 2024

​

$

27,500

June 30, 2025

​

​

15,100

June 30, 2026

​

​

15,100

June 30, 2027

​

​

82,300

March 2028

​

​

284,266

Total long-term debt

​

$

424,266

​

Alpha Bank $55.25 mil. Facility and Citibank $382.5 mil. Revolving Credit Facility contain a requirement to maintain minimum fair market value of collateral vessels to loan value coverage of 120% and the BNP Paribas/Credit Agricole $130 mil. Facility of 125%. Additionally, these facilities require 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 credit facilities except for senior unsecured notes 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. The Company was in compliance with the financial covenants contained in the credit facilities agreements as of June 30, 2023 and December 31, 2022.
v3.23.2
Financial Instruments
 6 Months Ended
Jun. 30, 2023
Financial Instruments

9     Financial Instruments

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

​

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. 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.

​

Fair Value: The carrying amounts reflected in the accompanying 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 the NYSE.

​

a. Interest Rate Swap Hedges

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 $1.8 million was reclassified into earnings for the six months ended June 30, 2023 and 2022, representing its 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.

b. 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 June 30, 2023 and December 31, 2022.

​

9     Financial Instruments (Continued)

The estimated fair values of the Company’s financial instruments are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As of June 30, 2023

​

As of December 31, 2022

​

    

Book Value

    

Fair Value

    

Book Value

    

Fair Value

​

​

(in thousands of $)

Cash and cash equivalents

​

$

293,331

​

$

293,331

​

$

267,668

​

$

267,668

Marketable securities

​

$

74,600

​

$

74,600

​

$

—

​

$

—

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

​

$

161,500

​

$

161,500

​

$

175,250

​

$

175,250

Unsecured long-term debt(1)

​

$

262,766

​

$

263,094

​

$

262,766

​

$

255,868

​

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 June 30, 2023:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Fair Value Measurements as of June 30, 2023

​

    

Total

    

(Level I)

    

(Level II)

    

(Level III)

​

​

(in thousands of $)

Marketable securities

​

$

74,600

​

$

74,600

​

$

—

​

$

—

​

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 June 30, 2023:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements as of June 30, 2023

​

    

Total

    

(Level I)

    

 (Level II)

    

(Level III)

​

​

​

(in thousands of $)

Cash and cash equivalents

​

$

293,331

​

$

293,331

​

$

—

​

$

—

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

​

$

161,500

​

$

—

​

$

161,500

​

$

—

Unsecured long-term debt(1)

​

$

263,094

​

$

263,094

​

$

—

​

$

—

​

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, 2022:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements as of December 31, 2022

​

    

Total

    

(Level I)

    

(Level II)

    

(Level III)

​

​

(in thousands of $)

Cash and cash equivalents

​

$

267,668

​

$

267,668

​

$

—

​

$

—

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

​

$

175,250

​

$

—

​

$

175,250

​

$

—

Unsecured long-term debt(1)

​

$

255,868

​

$

255,868

​

$

—

​

$

—

(1)Secured and unsecured long-term debt, including current portion is presented gross of deferred finance costs of $7.2 million and $8.1 million as of June 30, 2023 and December 31, 2022, 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.
v3.23.2
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2023
Commitments and Contingencies

10    Commitments and Contingencies

​

There are no 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.

​

The Company has outstanding commitments under vessel construction contracts as of June 30, 2023, see the Note 4 “Fixed Assets, net & Advances for Vessels under Construction”.

​
v3.23.2
Stockholders' Equity
 6 Months Ended
Jun. 30, 2023
Stockholders' Equity

11    Stockholders’ Equity

​

In the six months ended June 30, 2023, the Company declared a dividend of $0.75 per share of common stock in February and May amounting to $30.4 million. In the six months ended June 30, 2022, the Company declared a dividend of $0.75 per share of common stock in February and May amounting to $31.1 million. The Company issued 20 and 56 shares of common stock pursuant to its dividends reinvestment plan in the six months ended June 30, 2023 and June 30, 2022, respectively.

​

In June 2022, the Company announced a share repurchase program of up to $100 million of the Company’s common stock. The Company had repurchased 466,955 shares of the Company’s common stock in the open market for $28.6 million until December 31, 2022. In the six months ended June 30, 2023, the Company repurchased an additional 597,697 shares for $36.0 million, out of which 3,400 shares valued at $0.2 million remained unsettled as of June 30, 2023.

​

As of April 18, 2008, the Board of Directors and the Compensation Committee approved incentive compensation of the Manager’s employees with its 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.

​

On March 16, 2021, the Company granted 40,000 shares to certain employees of the Manager, out of which 10,000 fully vested on the grant date, 1,050 were forfeited and 9,650 restricted shares vested on December 31, 2021. An additional 224 restricted shares were forfeited in the year ended December 31, 2022 and the remaining 19,076 restricted shares vested on December 31, 2022. On December 14, 2022, the Company granted 100,000 fully vested shares to executive officers. The fair value of shares granted was calculated based on the closing trading price of the Company’s shares at the grant date. Stock based compensation expenses of nil and $0.2 million were recognized under “General and administrative expenses” in the condensed consolidated statements of income in the six months period ended June 30, 2023 and June 30, 2022, respectively. No restricted stock are issued and outstanding as of June 30, 2023 and December 31, 2022, respectively.

The aggregate number of shares of common stock for which awards may be granted under the 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. 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 December 31 of each year, the Company delivers to each Director the number of shares represented by the rights credited to their Share Payment Account during the preceding calendar year. During the six months ended June 30, 2023 and June 30, 2022, none of the directors elected to receive their compensation in Company shares.

​
v3.23.2
Lease Arrangements
 6 Months Ended
Jun. 30, 2023
Lease Arrangements

12    Lease Arrangements

​

Charters-out

​

As of June 30, 2023, the Company generated operating revenues from its 68 vessels on time charters or bareboat charter agreements, with remaining terms ranging from less than one year to June 2028. 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 three 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. 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 June 30, 2023 (in thousands):

​

​

​

​

​

Remainder of 2023

    

$

454,099

2024

 

​

797,810

2025

 

​

590,558

2026

 

​

409,694

2027

​

​

265,290

2028

 

​

35,354

Total future rentals

​

$

2,552,805

​

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.
v3.23.2
Earnings per Share
 6 Months Ended
Jun. 30, 2023
Earnings per Share  
Earnings per Share

13    Earnings per Share

​

The following table sets forth the computation of basic and diluted earnings per share:

​

​

​

​

​

​

​

​

​

​

Three months ended

​

    

June 30, 2023

    

June 30, 2022

​

​

(in thousands)

Numerator:

​

​

​

​

​

​

Net income

​

$

147,021

​

$

8,224

​

​

​

​

​

​

​

Denominator (number of shares in thousands):

​

​

​

​

​

​

Basic weighted average common shares outstanding

​

 

20,081

​

 

20,689

Effect of dilutive securities:

​

 

​

​

 

​

Diluted effect of non-vested shares

​

 

—

​

 

19

Diluted weighted average common shares outstanding

​

 

20,081

​

 

20,708

​

​

​

​

​

​

​

​

​

​

Six months ended

​

    

June 30, 2023

    

June 30, 2022

​

​

(in thousands)

Numerator:

​

​

​

​

​

​

Net income

​

$

293,222

​

$

339,689

​

​

​

​

​

​

​

Denominator (number of shares in thousands):

​

 

​

​

 

​

Basic weighted average common shares outstanding

​

​

20,214

​

​

20,693

Effect of dilutive securities:

​

​

​

​

​

​

Diluted effect of non-vested shares

​

​

—

​

​

19

Diluted weighted average common shares outstanding

​

​

20,214

​

​

20,712

​
v3.23.2
Related Party Transactions
 6 Months Ended
Jun. 30, 2023
Related Party Transactions

14    Related Party Transactions

​

Management fees to the Manager amounted to $10.5 million and $10.9 million in the six months ended June 30, 2023 and 2022, respectively, and are presented under “General and administrative expenses” in the condensed consolidated statements of income.

​

Commissions to the Manager amounted to $5.7 million and $6.3 million in the six months ended June 30, 2023 and 2022, respectively and are presented under “Voyage expenses” in the condensed consolidated statements of income. Commission of 0.5% on the contract price of the vessel sold in January 2023 amounted to $25.6 thousand and is presented under “Gain on sale of vessels”. Additionally, supervision fees for vessels under construction totaling $1.1 million were charged by the Manager and capitalized to vessels under construction costs in the six months ended June 30, 2023 and nil in 2022.

​

The balance “Due from related parties” in the condensed consolidated balance sheets totaling $32.9 million and $34.0 million as of June 30, 2023 and December 31, 2022, respectively, represents advances to the Manager on account of the vessels’ operating and other expenses. Advances related to a defined benefit executive retirement plan amounting to $6.8 million and presented under “Other current liabilities” as of December 31, 2022 were fully paid in the three months ended March 31, 2023. The remaining defined benefit obligation of $6.8 million and $6.4 million is presented under “Other long-term liabilities” as of June 30, 2023 and December 31, 2022, respectively. The Company recognized prior service cost and periodic cost of this defined benefit executive retirement plan amounting to $0.9 million and nil in the six months ended June 30, 2023 and June 30, 2022, respectively. An amount of nil and $0.1 million as of June 30, 2023 and December 31, 2022, respectively, was due to executive officers and is presented under “Accounts payable” in the condensed consolidated balance sheets.
v3.23.2
Cash, Cash Equivalents and Restricted Cash
 6 Months Ended
Jun. 30, 2023
Cash, Cash Equivalents and Restricted Cash  
Cash, Cash Equivalents and Restricted Cash

15    Cash, Cash Equivalents and Restricted Cash

​

Cash, cash equivalents and restricted cash consisted of the following (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

As of

    

As of

    

As of

    

As of

​

​

June 30, 2023

​

December 31, 2022

​

June 30, 2022

​

December 31, 2021

Cash and cash equivalents

 

$

293,331

​

$

267,668

​

$

319,573

​

$

129,410

Restricted cash, current

 

​

—

​

 

—

​

 

13,000

​

 

346

Total

​

$

293,331

​

$

267,668

​

$

332,573

​

$

129,756

​

The Company was required to maintain cash on retention account as collateral for the then upcoming scheduled debt payments related to the now repaid Eurobank $30 mil. Facility, which was recorded in restricted cash under current assets as of December 31, 2021. Additionally, the Company received an advance payment for sale of the vessels of $13.0 million, which was held on an escrow account under current assets as of June 30, 2022.
v3.23.2
Subsequent Events
 6 Months Ended
Jun. 30, 2023
Subsequent Events

16    Subsequent Events

​

In July 2023, the Company reached an in principle agreement to acquire 5 Capesize bulk carriers built in 2010 through 2012 that aggregate to 879,306 DWT for a total of $103 million. The agreement is subject to entry into definitive documentation. The vessels are expected to be delivered to the Company between September and October 2023.

​

The Company has declared a dividend of $0.75 per share of common stock payable on September 1, 2023, to holders of record on August 23, 2023.

​

Subsequent to June 30, 2023, the Company repurchased 15,895 shares of its common stock in the open market for $1.0 million under its previously announced share repurchase program.
v3.23.2
Basis of Presentation and General Information (Tables)
 6 Months Ended
Jun. 30, 2023
Schedule of the vessel owning companies (the "Danaos Subsidiaries")

As of June 30, 2023, Danaos included the vessel owning companies (the “Danaos Subsidiaries”) listed below. All vessels are container vessels:

​

​

​

​

​

​

​

​

​

​

Company

    

Date of Incorporation

    

Vessel Name

    

Year Built

    

TEU (1)

Megacarrier (No. 1) Corp.

​

September 10, 2007

​

Hyundai Honour

​

2012

​

13,100

Megacarrier (No. 2) Corp.

​

September 10, 2007

​

Hyundai Respect

​

2012

​

13,100

Megacarrier (No. 3) Corp.

​

September 10, 2007

​

Hyundai Smart

​

2012

​

13,100

Megacarrier (No. 4) Corp.

​

September 10, 2007

​

Hyundai Speed

​

2012

​

13,100

Megacarrier (No. 5) Corp.

​

September 10, 2007

​

Hyundai 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. 5) Corp.

​

September 17, 2007

​

CMA CGM Melisande

​

2012

​

8,530

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

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

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 (ex CMA CGM Racine)

​

2010

​

6,500

Boxcarrier (No. 1) Corp.

​

June 27, 2006

​

CMA CGM Moliere

​

2009

​

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

Kingsland International Shipping Limited

​

June 26, 2015

​

Catherine C (2)

​

2001

​

6,422

Leo Shipping and Trading S.A.

​

October 29, 2015

​

Leo C (2)

​

2002

​

6,422

Actaea Company Limited

​

October 14, 2014

​

Zim Savannah

​

2002

​

6,402

Asteria Shipping Company Limited

​

October 14, 2014

​

Dimitra C

​

2002

​

6,402

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

​

Maersk Euphrates

​

2014

​

5,466

Oceancarrier (No. 7) Corp.

​

July 6, 2021

​

Wide Hotel

​

2015

​

5,466

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

​

Zim Monaco

​

2009

​

4,253

Medsea Marine Inc.

​

May 8, 2006

​

Dalian

​

2009

​

4,253

Blacksea Marine Inc.

​

May 8, 2006

​

Zim Luanda

​

2009

​

4,253

Bayview Shipping Inc.

​

March 22, 2006

​

Rio Grande

​

2008

​

4,253

Channelview Marine Inc.

​

March 22, 2006

​

Paolo (ex Zim Sao Paolo)

​

2008

​

4,253

Balticsea Marine Inc.

​

March 22, 2006

​

Kingston (ex Zim 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

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

Wellington Marine Inc.

​

January 27, 2005

​

Singapore

​

2004

​

3,314

Auckland Marine Inc.

​

January 27, 2005

​

Colombo

​

2004

​

3,314

Vilos Navigation Company Ltd.

​

May 30, 2013

​

Zebra

​

2001

​

2,602

Trindade Maritime Company

​

April 10, 2013

​

Amalia C (3)

​

1998

​

2,452

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. 3) Corp.

​

June 28, 2007

​

Stride

​

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

Vessels under construction

​

​

​

​

​

​

​

​

Boxsail (No. 1) Corp.

​

March 4, 2022

​

Hull No. C7100-7

​

2024

​

7,165

Boxsail (No. 2) Corp.

​

March 4, 2022

​

Hull No. C7100-8

​

2024

​

7,165

Teushipper (No. 1) Corp.

​

March 14, 2022

​

Hull No. HN4009

​

2024

​

8,010

Teushipper (No. 2) Corp.

​

March 14, 2022

​

Hull No. HN4010

​

2024

​

8,010

Teushipper (No. 3) Corp.

​

March 14, 2022

​

Hull No. HN4011

​

2024

​

8,010

Teushipper (No. 4) Corp.

​

March 14, 2022

​

Hull No. HN4012

​

2024

​

8,010

Boxsail (No. 3) Corp.

​

March 4, 2022

​

Hull No. CV5900-07

​

2024

​

6,014

Boxsail (No. 4) Corp.

​

March 4, 2022

​

Hull No. CV5900-08

​

2025

​

6,014

Boxline (No. 1) Corp.

​

June 7, 2023

​

Hull No. YZJ2023-1556

​

2026

​

8,258

Boxline (No. 2) Corp.

​

June 7, 2023

​

Hull No. YZJ2023-1557

​

2026

​

8,258

(1)Twenty-feet equivalent unit, the international standard measure for containers and containership capacity.
(2)The Company completed the sale of the Catherine C and the Leo C in November 2022.
(3)The Company held the Amalia C for sale as of December 31, 2022 and completed the sale in January 2023.
v3.23.2
Fixed Assets, net & Advances for Vessels under Construction (Tables)
 6 Months Ended
Jun. 30, 2023
Fixed Assets, net & Advances for Vessels under Construction  
Schedule of remaining contractual commitments under vessel construction contracts

​

​

​

​

​

Remainder of 2023

​

$

73,300

2024

​

 

365,631

2025

​

 

82,428

2026

​

 

113,040

Total contractual commitments

​

$

634,399
v3.23.2
Deferred Charges, net (Tables)
 6 Months Ended
Jun. 30, 2023
Deferred Charges, net  
Schedule of deferred charges, net

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

​

​

​

​

​

​

​

Drydocking and

​

    

Special Survey Costs

As of January 1, 2022

​

$

11,801

Additions

​

​

29,939

Write-off

​

 

(4,016)

Amortization

​

 

(12,170)

As of December 31, 2022

​

​

25,554

Additions

​

 

14,560

Amortization

​

 

(8,337)

As of June 30, 2023

​

$

31,777
v3.23.2
Other Current and Non-current Assets (Tables)
 6 Months Ended
Jun. 30, 2023
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):

​

​

​

​

​

​

​

​

​

​

As of

​

As of

​

    

June 30, 2023

    

December 31, 2022

Straight-lining of revenue

​

$

39,375

​

$

22,007

Marketable securities

​

​

74,600

​

​

—

Claims receivable

​

​

12,198

​

​

15,169

Vessel held for sale

​

​

—

​

​

3,297

Other assets

​

​

8,619

​

​

7,332

Total current assets

​

$

134,792

​

$

47,805

Straight-lining of revenue

​

$

79,397

​

$

83,873

Other non-current assets

​

​

6,776

​

​

6,050

Total non-current assets

​

$

86,173

​

$

89,923

​
v3.23.2
Accrued Liabilities (Tables)
 6 Months Ended
Jun. 30, 2023
Accrued Liabilities  
Schedule of Accrued liabilities

Accrued liabilities consisted of the following (in thousands):

​

​

​

​

​

​

​

​

​

    

As of

    

As of

​

​

June 30, 2023

​

December 31, 2022

Accrued interest

​

$

8,329

​

$

8,267

Accrued dry-docking expenses

​

​

2,987

​

​

2,332

Accrued expenses

​

​

10,591

​

 

10,763

Total

​

$

21,907

​

$

21,362
v3.23.2
Long-Term Debt, net (Tables)
 6 Months Ended
Jun. 30, 2023
Long-Term Debt, net  
Schedule of long-term debt, net

Long-term debt, net consisted of the following (in thousands):

​

​

​

​

​

​

​

​

​

​

Balance as of

​

Balance as of

Credit Facility

    

June 30, 2023

    

December 31, 2022

BNP Paribas/Credit Agricole $130 mil. Facility

​

$

110,000

​

$

120,000

Alpha Bank $55.25 mil. Facility

​

​

51,500

​

​

55,250

Citibank $382.5 mil. Revolving Credit Facility

​

​

—

​

​

—

Senior unsecured notes

​

​

262,766

​

​

262,766

Total long-term debt

​

$

424,266

​

$

438,016

Less: Deferred finance costs, net

​

​

(7,202)

​

​

(8,076)

Less: Current portion

​

​

(27,500)

​

​

(27,500)

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

​

$

389,564

​

$

402,440

​
Schedule of debt maturities of long-term debt

The scheduled debt maturities of long-term debt subsequent to June 30, 2023 are as follows (in thousands):

​

​

​

​

​

​

​

Principal

Payments due by period ended

    

repayments

June 30, 2024

​

$

27,500

June 30, 2025

​

​

15,100

June 30, 2026

​

​

15,100

June 30, 2027

​

​

82,300

March 2028

​

​

284,266

Total long-term debt

​

$

424,266
v3.23.2
Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2023
Financial Instruments  
Schedule of estimated fair values of the financial instruments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As of June 30, 2023

​

As of December 31, 2022

​

    

Book Value

    

Fair Value

    

Book Value

    

Fair Value

​

​

(in thousands of $)

Cash and cash equivalents

​

$

293,331

​

$

293,331

​

$

267,668

​

$

267,668

Marketable securities

​

$

74,600

​

$

74,600

​

$

—

​

$

—

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

​

$

161,500

​

$

161,500

​

$

175,250

​

$

175,250

Unsecured long-term debt(1)

​

$

262,766

​

$

263,094

​

$

262,766

​

$

255,868
Schedule of estimated fair value of the financial instruments that are measured at fair value on a recurring basis

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Fair Value Measurements as of June 30, 2023

​

    

Total

    

(Level I)

    

(Level II)

    

(Level III)

​

​

(in thousands of $)

Marketable securities

​

$

74,600

​

$

74,600

​

$

—

​

$

—
Schedule of estimated fair value of the financial instruments, categorized based upon the fair value hierarchy

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements as of June 30, 2023

​

    

Total

    

(Level I)

    

 (Level II)

    

(Level III)

​

​

​

(in thousands of $)

Cash and cash equivalents

​

$

293,331

​

$

293,331

​

$

—

​

$

—

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

​

$

161,500

​

$

—

​

$

161,500

​

$

—

Unsecured long-term debt(1)

​

$

263,094

​

$

263,094

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements as of December 31, 2022

​

    

Total

    

(Level I)

    

(Level II)

    

(Level III)

​

​

(in thousands of $)

Cash and cash equivalents

​

$

267,668

​

$

267,668

​

$

—

​

$

—

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

​

$

175,250

​

$

—

​

$

175,250

​

$

—

Unsecured long-term debt(1)

​

$

255,868

​

$

255,868

​

$

—

​

$

—

(1)Secured and unsecured long-term debt, including current portion is presented gross of deferred finance costs of $7.2 million and $8.1 million as of June 30, 2023 and December 31, 2022, 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.
v3.23.2
Lease Arrangements (Tables)
 6 Months Ended
Jun. 30, 2023
Schedule of future minimum payments, expected to be received on non-cancellable time charters and bareboat charters

​

​

​

​

​

Remainder of 2023

    

$

454,099

2024

 

​

797,810

2025

 

​

590,558

2026

 

​

409,694

2027

​

​

265,290

2028

 

​

35,354

Total future rentals

​

$

2,552,805
v3.23.2
Earnings per Share (Tables)
 6 Months Ended
Jun. 30, 2023
Schedule of computation of basic and diluted earnings per share

​

​

​

​

​

​

​

​

​

​

Three months ended

​

    

June 30, 2023

    

June 30, 2022

​

​

(in thousands)

Numerator:

​

​

​

​

​

​

Net income

​

$

147,021

​

$

8,224

​

​

​

​

​

​

​

Denominator (number of shares in thousands):

​

​

​

​

​

​

Basic weighted average common shares outstanding

​

 

20,081

​

 

20,689

Effect of dilutive securities:

​

 

​

​

 

​

Diluted effect of non-vested shares

​

 

—

​

 

19

Diluted weighted average common shares outstanding

​

 

20,081

​

 

20,708

​

​

​

​

​

​

​

​

​

​

Six months ended

​

    

June 30, 2023

    

June 30, 2022

​

​

(in thousands)

Numerator:

​

​

​

​

​

​

Net income

​

$

293,222

​

$

339,689

​

​

​

​

​

​

​

Denominator (number of shares in thousands):

​

 

​

​

 

​

Basic weighted average common shares outstanding

​

​

20,214

​

​

20,693

Effect of dilutive securities:

​

​

​

​

​

​

Diluted effect of non-vested shares

​

​

—

​

​

19

Diluted weighted average common shares outstanding

​

​

20,214

​

​

20,712
v3.23.2
Cash, Cash Equivalents and Restricted Cash (Tables)
 6 Months Ended
Jun. 30, 2023
Cash, Cash Equivalents and Restricted Cash  
Schedule of cash, cash equivalents and restricted cash

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

As of

    

As of

    

As of

    

As of

​

​

June 30, 2023

​

December 31, 2022

​

June 30, 2022

​

December 31, 2021

Cash and cash equivalents

 

$

293,331

​

$

267,668

​

$

319,573

​

$

129,410

Restricted cash, current

 

​

—

​

 

—

​

 

13,000

​

 

346

Total

​

$

293,331

​

$

267,668

​

$

332,573

​

$

129,756
v3.23.2
Basis of Presentation and General Information (Details)
Jun. 30, 2023
item
$ / shares
shares
Dec. 31, 2022
$ / shares
shares
Property, Plant and Equipment    
Common stock, authorized capital stock (in shares) | shares 750,000,000 750,000,000
Common stock, par value (in dollars per share) | $ / shares $ 0.01 $ 0.01
Preferred stock, authorized capital stock (in shares) | shares 100,000,000 100,000,000
Preferred stock, par value (in dollars per share) | $ / shares $ 0.01 $ 0.01
Hyundai Honour    
Property, Plant and Equipment    
TEU 13,100  
Hyundai Respect    
Property, Plant and Equipment    
TEU 13,100  
Hyundai Smart    
Property, Plant and Equipment    
TEU 13,100  
Hyundai Speed    
Property, Plant and Equipment    
TEU 13,100  
Hyundai 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 Melisande    
Property, Plant and Equipment    
TEU 8,530  
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  
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  
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 (ex CMA CGM Racine)    
Property, Plant and Equipment    
TEU 6,500  
CMA CGM Moliere    
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  
Catherine C    
Property, Plant and Equipment    
TEU 6,422  
Leo C    
Property, Plant and Equipment    
TEU 6,422  
Zim Savannah    
Property, Plant and Equipment    
TEU 6,402  
Dimitra C    
Property, Plant and Equipment    
TEU 6,402  
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  
Maersk 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  
Zim Monaco    
Property, Plant and Equipment    
TEU 4,253  
Dalian    
Property, Plant and Equipment    
TEU 4,253  
Zim Luanda    
Property, Plant and Equipment    
TEU 4,253  
Rio Grande    
Property, Plant and Equipment    
TEU 4,253  
Paolo (ex Zim Sao Paolo)    
Property, Plant and Equipment    
TEU 4,253  
Kingston (ex Zim Kingston) [Member]    
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  
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  
Singapore    
Property, Plant and Equipment    
TEU 3,314  
Colombo    
Property, Plant and Equipment    
TEU 3,314  
Zebra    
Property, Plant and Equipment    
TEU 2,602  
Amalia C    
Property, Plant and Equipment    
TEU 2,452  
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  
Stride    
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. C7100-7    
Property, Plant and Equipment    
TEU 7,165  
Hull No. C7100-8    
Property, Plant and Equipment    
TEU 7,165  
Hull No. HN4009    
Property, Plant and Equipment    
TEU 8,010  
Hull No. HN4010    
Property, Plant and Equipment    
TEU 8,010  
Hull No. HN4011    
Property, Plant and Equipment    
TEU 8,010  
Hull No. HN4012    
Property, Plant and Equipment    
TEU 8,010  
Hull No. CV5900-07    
Property, Plant and Equipment    
TEU 6,014  
Hull No. CV5900-08    
Property, Plant and Equipment    
TEU 6,014  
Hull No. YZJ2023-1556    
Property, Plant and Equipment    
TEU 8,258  
Hull No. YZJ2023-1557    
Property, Plant and Equipment    
TEU 8,258  
v3.23.2
Investments in Affiliates (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Schedule of Equity Method Investments [Line Items]      
Equity loss on investments $ (738) $ (3,326)  
CTTC      
Schedule of Equity Method Investments [Line Items]      
Amount invested     $ 4,300
Ownership interest Percentage     49.00%
Equity loss on investments   $ 3,300  
v3.23.2
Fixed Assets, net & Advances for Vessels under Construction (Details)
$ in Thousands
 1 Months Ended 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 20, 2023
item
Apr. 28, 2023
item
Apr. 01, 2022
item
Mar. 11, 2022
item
May 12, 2020
USD ($)
Jan. 31, 2023
USD ($)
Nov. 30, 2022
USD ($)
Jun. 30, 2023
USD ($)
item
Jun. 30, 2022
USD ($)
Jun. 30, 2023
USD ($)
item
$ / T
Jun. 30, 2022
USD ($)
Dec. 31, 2022
USD ($)
$ / T
Dec. 23, 2022
USD ($)
Jan. 31, 2022
USD ($)
Jan. 17, 2022
USD ($)
Fixed Assets, net & Advances for Vessels under Construction                              
Interest expense capitalized                   $ 7,200 $ 700        
Gain on sale of vessels                   1,639          
Advances payment received for sale of vessels                     13,000        
Amortization of assumed time charter                   12,400 32,400        
Less: Current portion               $ 13,400   13,400          
Gain/(loss) on debt extinguishment           $ 2,300   (2,254) $ 22,939 (2,254) $ 22,939        
TEU container vessels                              
Fixed Assets, net & Advances for Vessels under Construction                              
Number of TEU container vessels | item 2 2 4 2                      
TEU | item 8,200 6,000 8,000 7,100                      
Supervision fee per vessel                   725          
Vessel                              
Fixed Assets, net & Advances for Vessels under Construction                              
Residual value of the fleet               $ 484,300   $ 484,300   $ 487,300      
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   300      
Hyundai Honour And Hyundai Respect                              
Fixed Assets, net & Advances for Vessels under Construction                              
Sale and Lease back arrangement, amount         $ 139,100                    
Sale and leaseback arrangement term (in years)         4 years                    
Catherine C and Leo C                              
Fixed Assets, net & Advances for Vessels under Construction                              
Aggregate gross consideration                           $ 13,000 $ 130,000
Gain on sale of vessels             $ 37,200                
Amalia C                              
Fixed Assets, net & Advances for Vessels under Construction                              
TEU | item               2,452   2,452          
Aggregate gross consideration                         $ 5,100    
Gain on sale of vessels           $ 1,600                  
Advances payment received for sale of vessels                       $ 1,000      
Vessesls under Construction                              
Fixed Assets, net & Advances for Vessels under Construction                              
Supervision fees total                   $ 1,100          
Interest expense capitalized                   7,200   $ 5,000      
Vessesls under Construction | TEU container vessels                              
Fixed Assets, net & Advances for Vessels under Construction                              
Aggregate purchase price               $ 834,900   $ 834,900          
v3.23.2
Fixed Assets, net & Advances for Vessels under Construction - Remaining contractual commitments under vessel construction contracts (Details) - Vessesls under Construction
$ in Thousands
Jun. 30, 2023
USD ($)
Fixed Assets, net & Advances for Vessels under Construction  
Remainder of 2023 $ 73,300
2024 365,631
2025 82,428
2026 113,040
Total contractual commitments $ 634,399
v3.23.2
Deferred Charges, net (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
Changes in deferred charges, net          
Balance at the beginning of the period     $ 25,554    
Amortization $ (4,502) $ (3,202) (8,337) $ (5,922)  
Balance at the end of the period 31,777   31,777   $ 25,554
Drydocking and Special Survey Costs          
Changes in deferred charges, net          
Balance at the beginning of the period     25,554 $ 11,801 11,801
Additions     14,560   29,939
Write-off         (4,016)
Amortization     (8,337)   (12,170)
Balance at the end of the period $ 31,777   $ 31,777   $ 25,554
Period of amortization for deferred costs     2 years 6 months    
v3.23.2
Other Current and Non-current Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Other Current and Non-current Assets    
Straight-lining of revenue $ 39,375 $ 22,007
Marketable securities 74,600  
Claims receivable 12,198 15,169
Vessel held for sale   3,297
Other assets 8,619 7,332
Total current assets 134,792 47,805
Straight-lining of revenue 79,397 83,873
Other non-current assets 6,776 6,050
Total non-current assets $ 86,173 $ 89,923
v3.23.2
Other Current and Non-current Assets - ZIM (Details) - USD ($)
 1 Months Ended 3 Months Ended 6 Months Ended
Apr. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Sep. 30, 2022
Dec. 31, 2021
Other Current and Non-current Assets              
Marketable securities, fair value   $ 74,600,000   $ 74,600,000      
Gain on sale of marketable securities       6,400,000      
Total gain on ZIM ordinary shares   6,438,000 $ (168,635,000) 6,438,000 $ (69,096,000)    
Eagle Bulk Shipping Inc.              
Other Current and Non-current Assets              
Marketable securities acquired   $ 68,200,000          
Ordinary shares sold   1,552,865          
Virage | Related party              
Other Current and Non-current Assets              
Marketable securities acquired   $ 24,400,000          
ZIM              
Other Current and Non-current Assets              
Ordinary shares owned           5,686,950 7,186,950
Fair value of shareholding interest           $ 161,300,000 $ 423,000,000.0
Ordinary shares sold 1,500,000            
Net proceeds from sale of ordinary shares $ 85,300,000            
Total gain on ZIM ordinary shares       0 (69,100,000)    
Dividend received       $ 0 138,400,000    
Dividends received net of withholdings of tax         $ 14,500,000    
v3.23.2
Accrued Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Accrued Liabilities    
Accrued interest $ 8,329 $ 8,267
Accrued dry-docking expenses 2,987 2,332
Accrued expenses 10,591 10,763
Total $ 21,907 $ 21,362
v3.23.2
Long-Term Debt, net - Schedule of Debt (Details) - USD ($)
Jun. 30, 2023
Dec. 31, 2022
Feb. 11, 2021
Long-Term Debt, net      
Total long-term debt $ 424,266,000 $ 438,016,000  
Less: Deferred finance costs, net (7,202,000) (8,076,000)  
Less: Current portion (27,500,000) (27,500,000)  
Total long-term debt net of current portion and deferred finance cost 389,564,000 402,440,000  
BNP Paribas/Credit Agricole $130 mil. Facility      
Long-Term Debt, net      
Long-term debt 110,000,000 120,000,000  
Credit facility 130    
Alpha Bank $55.25 mil. Facility      
Long-Term Debt, net      
Long-term debt 51,500,000 55,250,000  
Credit facility 55,250,000 55,250,000  
Citibank $382.5 mil. Revolving Credit Facility      
Long-Term Debt, net      
Credit facility 382,500,000 382,500,000  
Senior unsecured notes      
Long-Term Debt, net      
Long-term debt 262,766,000 262,766,000 $ 300,000,000.0
Citibank/Natwest $815 mil. Facility      
Long-Term Debt, net      
Credit facility 55,250,000 $ 815,000,000  
BNP Paribas/Credit Agricole $130 mil. Facility      
Long-Term Debt, net      
Credit facility 130,000,000    
BNP Paribas/Credit Agricole $130 mil. Facility | Citibank $382.5 mil. Revolving Credit Facility      
Long-Term Debt, net      
Credit facility $ 382,500,000    
v3.23.2
Long-Term Debt, net - Additional Information (Details)
 1 Months Ended 3 Months Ended 6 Months Ended
Feb. 11, 2021
USD ($)
Jan. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
installment
Jun. 30, 2022
USD ($)
item
Jun. 30, 2023
USD ($)
Jun. 30, 2022
USD ($)
item
Jun. 30, 2023
USD ($)
item
Jun. 30, 2022
USD ($)
item
Line of Credit Facility [Line Items]                
Carrying value of vessels subject to first preferred mortgages as collateral to credit facilities         $ 1,556,300,000   $ 1,556,300,000  
Deferred bond issuance costs     $ 8,100,000   7,200,000   $ 7,200,000  
Number of vessels excluding sale and lease back arrangement | item             24  
Early repaid amount             $ 13,750,000 $ 383,125,000
Gain/(loss) on debt extinguishment   $ 2,300,000     (2,254,000) $ 22,939,000 (2,254,000) 22,939,000
Incurred interest expense             18,500,000 27,400,000
Interest expense capitalized             7,200,000 $ 700,000
TEU sister vessels                
Line of Credit Facility [Line Items]                
TEU | item       5,466   5,466   5,466
BNP Paribas/Credit Agricole $130 mil. Facility                
Line of Credit Facility [Line Items]                
Credit facility         130,000,000   130,000,000  
BNP Paribas/Credit Agricole $130 mil. Facility                
Line of Credit Facility [Line Items]                
Credit facility         130   130  
Balloon payment at maturity       $ 67,200,000   $ 67,200,000   $ 67,200,000
Long-term debt     120,000,000   $ 110,000,000   $ 110,000,000  
Minimum percentage of fair market value of collateral vessels required to cover loan value         125.00%   125.00%  
Early repaid amount       130,000,000.0        
BNP Paribas/Credit Agricole $130 mil. Facility | TEU sister vessels                
Line of Credit Facility [Line Items]                
Amount of quarterly instalment       1,900,000        
BNP Paribas/Credit Agricole $130 mil. Facility | Eight Quarterly Installment                
Line of Credit Facility [Line Items]                
Amount of quarterly instalment       $ 5,000,000.0        
BNP Paribas/Credit Agricole $130 mil. Facility | Non-cumulative compounded RFR rate                
Line of Credit Facility [Line Items]                
Spread on variable rate       2.16%        
Alpha Bank $55.25 mil. Facility                
Line of Credit Facility [Line Items]                
Credit facility     $ 55,250,000   $ 55,250,000   $ 55,250,000  
Term of debt     5 years          
Number of quarterly instalments | installment     20          
Amount of quarterly instalment     $ 1,875,000          
Balloon payment at maturity     17,750,000          
Long-term debt     55,250,000   51,500,000   51,500,000  
Alpha Bank $55.25 mil. Facility | SOFR                
Line of Credit Facility [Line Items]                
Spread on variable rate               2.30%
Citibank $382.5 mil. Revolving Credit Facility                
Line of Credit Facility [Line Items]                
Credit facility     $ 382,500,000   382,500,000   382,500,000  
Term of debt     5 years          
Number of quarterly instalments | installment     20          
Amount of quarterly instalment     $ 11,250,000          
Balloon payment at maturity     $ 157,500,000          
Outstanding balance         0   0  
Commitment fee payable (as a percent)     0.80%          
Remaining borrowing availability         360,000,000.0   360,000,000.0  
Citibank $382.5 mil. Revolving Credit Facility | SOFR                
Line of Credit Facility [Line Items]                
Spread on variable rate     2.00%          
Citibank $382.5 mil. Revolving Credit Facility | BNP Paribas/Credit Agricole $130 mil. Facility                
Line of Credit Facility [Line Items]                
Credit facility         382,500,000   382,500,000  
Senior unsecured notes                
Line of Credit Facility [Line Items]                
Fixed interest rate (as a percent) 8.50%              
Percent of equity offering proceeds within 90 days after the equity offering closing 108.50%              
Deferred bond issuance costs $ 9,000,000.0              
Long-term debt $ 300,000,000.0   $ 262,766,000   262,766,000   262,766,000  
Company repurchased unsecured senior notes     37,200,000          
Senior unsecured notes | Prior to March 1, 2024                
Line of Credit Facility [Line Items]                
Percent of principal amount being redeemed 104.25%              
Senior unsecured notes | On or after March 1, 2024                
Line of Credit Facility [Line Items]                
Percent of principal amount being redeemed 102.125%              
Senior unsecured notes | On or after March 1, 2025                
Line of Credit Facility [Line Items]                
Percent of principal amount being redeemed 100.00%              
Senior unsecured notes | Maximum [Member]                
Line of Credit Facility [Line Items]                
Redemption price (as percent) 35.00%              
Citibank/Natwest $815 mil. Facility                
Line of Credit Facility [Line Items]                
Credit facility     815,000,000   $ 55,250,000   $ 55,250,000  
Outstanding balance     $ 437,750,000          
Minimum percentage of fair market value of collateral vessels required to cover loan value         120.00%   120.00%  
Minimum liquidity         $ 30,000,000.0   $ 30,000,000.0  
Maximum leverage ratio         6.5   6.5  
Minimum interest coverage ratio         2.5   2.5  
v3.23.2
Long-Term Debt, net - Maturities (Details)
$ in Thousands
Jun. 30, 2023
USD ($)
Scheduled maturities of long-term debt  
June 30, 2024 $ 27,500
June 30, 2025 15,100
June 30, 2026 15,100
June 30, 2027 82,300
March 2028 284,266
Total long-term debt $ 424,266
v3.23.2
Financial Instruments (Details) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Financial Instruments    
Marketable securities $ 74,600  
Fair Value    
Financial Instruments    
Cash and cash equivalents 293,331 $ 267,668
Marketable securities 74,600  
Book Value    
Financial Instruments    
Cash and cash equivalents 293,331 267,668
Marketable securities 74,600  
Secured long-term debt, including current portion | Fair Value    
Financial Instruments    
Long-term debt 161,500 175,250
Secured long-term debt, including current portion | Book Value    
Financial Instruments    
Long-term debt 161,500 175,250
Unsecured long-term debt | Fair Value    
Financial Instruments    
Long-term debt 263,094 255,868
Unsecured long-term debt | Book Value    
Financial Instruments    
Long-term debt $ 262,766 $ 262,766
v3.23.2
Financial Instruments - Interest Rate Swap Hedges (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2023
USD ($)
agreement
Jun. 30, 2022
USD ($)
Financial Instruments    
Number of agreements held | agreement 0  
Interest rate swap contracts    
Financial Instruments    
Unrealized losses reclassified from accumulated other comprehensive loss to earnings $ 1.8 $ 1.8
Unrealized losses expected to be reclassified from accumulated other comprehensive loss to earnings within the next twelve months $ 3.6  
v3.23.2
Financial Instruments - Financial Instruments Measured and Not Measured At Fair Value On Recurring Basis (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2022
Jun. 30, 2023
Dec. 31, 2022
Financial Instruments      
Marketable securities   $ 74,600  
Deferred finance costs, net   7,200 $ 8,100
Advances payment received for sale of vessels $ 13,000    
(Level I)      
Financial Instruments      
Cash and cash equivalents   293,331 267,668
Marketable securities   74,600  
(Level I) | Unsecured long-term debt      
Financial Instruments      
Long-term debt   263,094 255,868
(Level II) | Secured long-term debt, including current portion      
Financial Instruments      
Long-term debt   161,500 175,250
Total      
Financial Instruments      
Cash and cash equivalents   293,331 267,668
Marketable securities   74,600  
Total | Secured long-term debt, including current portion      
Financial Instruments      
Long-term debt   161,500 175,250
Total | Unsecured long-term debt      
Financial Instruments      
Long-term debt   $ 263,094 $ 255,868
v3.23.2
Stockholders' Equity (Details)
$ / shares in Units, $ in Thousands
 1 Months Ended 3 Months Ended 6 Months Ended 12 Months Ended
Dec. 14, 2022
shares
Mar. 16, 2021
shares
Jun. 30, 2022
USD ($)
$ / shares
shares
Jun. 30, 2023
USD ($)
$ / shares
shares
Mar. 31, 2023
USD ($)
$ / shares
Jun. 30, 2022
USD ($)
$ / shares
Mar. 31, 2022
$ / shares
Jun. 30, 2023
USD ($)
director
$ / shares
shares
Jun. 30, 2022
USD ($)
director
$ / shares
shares
Dec. 31, 2022
USD ($)
shares
Dec. 31, 2021
shares
Stock Based Compensation                      
Dividend declared (in US$ per share) | $ / shares       $ 0.75 $ 0.75 $ 0.75 $ 0.75        
Dividend declared (In US$ per share) | $ / shares     $ 0.75 $ 0.75   $ 0.75   $ 0.75 $ 0.75    
Dividends, common stock in cash | $               $ 30,400 $ 31,100    
Common shares issued               20 56    
Shares repurchased               597,697   466,955  
Value of shares repurchased | $       $ 33,766 $ 2,196 $ 11,208   $ 36,000   $ 28,600  
Number of shares remain unsettled     3,400                
Value of shares remain unsettled | $     $ 200                
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    
General and administrative expenses                      
Stock Based Compensation                      
Expenses representing fair value of the stock granted recognized in General and Administrative Expenses | $               $ 0 $ 200    
Maximum                      
Stock Based Compensation                      
Shares repurchase program authorized amount | $     $ 100,000     $ 100,000     $ 100,000    
Restricted stock                      
Stock Based Compensation                      
Shares issued and outstanding       0       0   0  
Employees of the Manager                      
Stock Based Compensation                      
Forfeiture of shares                   224  
Employees of the Manager | Vesting on december 31, 2021                      
Stock Based Compensation                      
Shares granted   40,000                  
Shares vested   10,000                  
Number of cancelled shares                     1,050
Employees of the Manager | Vesting on december 31, 2022                      
Stock Based Compensation                      
Shares vested               19,076      
Employees of the Manager | Vesting on december 31, 2022 | Restricted shares                      
Stock Based Compensation                      
Shares vested                     9,650
Executive officer | Restricted shares                      
Stock Based Compensation                      
Shares granted 100,000                    
v3.23.2
Lease Arrangements (Details)
$ in Thousands
 1 Months Ended 6 Months Ended
May 31, 2022
USD ($)
item
Jun. 30, 2023
USD ($)
item
Lease Arrangements    
Number of vessels , generated revenue results | item   68
Amount of charter hire prepayment received $ 238,900  
Number of charter vessels | item 15  
Future minimum payments, expected to be received    
Remainder of 2023   $ 454,099
2024   797,810
2025   590,558
2026   409,694
2027   265,290
2028   35,354
Total future rentals   $ 2,552,805
v3.23.2
Earnings per Share (Details) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2022
Mar. 31, 2022
Jun. 30, 2023
Jun. 30, 2022
Numerator:            
Net income for the period $ 147,021 $ 146,201 $ 8,224 $ 331,465 $ 293,222 $ 339,689
Denominator (number of shares in thousands):            
Basic weighted average common shares outstanding 20,081   20,689   20,214 20,693
Effect of dilutive securities:            
Dilutive effect of non-vested shares     19     19
Diluted weighted average common shares outstanding 20,081   20,708   20,214 20,712
v3.23.2
Related Party Transactions (Details) - USD ($)
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jan. 31, 2023
Dec. 31, 2022
Related Party Transactions        
Due from related parties $ 32,912,000     $ 34,002,000
Prior service cost and periodic cost 886,000      
Due to executive officers 28,220,000     16,422,000
Manager        
Related Party Transactions        
Supervision fees for vessels capitalized 1,100,000     0
Due from related parties 32,900,000     34,000,000.0
Manager | General and administrative expenses        
Related Party Transactions        
Management fees 10,500,000 $ 10,900,000    
Manager | Voyage expenses        
Related Party Transactions        
Commissions 5,700,000 6,300,000    
Manager | Gain on sale of vessels        
Related Party Transactions        
Commission on sale of vessels (Percentage)     0.50%  
Commission on sale of vessels     $ 25,600  
Executive officer        
Related Party Transactions        
Prior service cost and periodic cost   $ 0    
Other current liabilities | Executive officer        
Related Party Transactions        
Advances related to a defined benefit executive retirement plan       6,800,000
Other long-term liabilities | Executive officer        
Related Party Transactions        
Remaining defined benefit obligation 6,800,000     6,400,000
Accounts payable | Executive officer        
Related Party Transactions        
Prior service cost and periodic cost 900,000      
Due to executive officers $ 0     $ 100,000
v3.23.2
Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
Dec. 31, 2021
Cash, Cash Equivalents and Restricted Cash        
Cash and cash equivalents $ 293,331 $ 319,573 $ 267,668 $ 129,410
Restricted cash, current   13,000   346
Total 293,331 332,573 $ 267,668 $ 129,756
Debt repayments related to Eurobank $ 30,000      
Advances payment received for sale of vessels   $ 13,000    
v3.23.2
Subsequent Events (Details)
$ / shares in Units, $ in Thousands
 3 Months Ended
Sep. 01, 2023
$ / shares
Jun. 30, 2023
USD ($)
shares
Jun. 30, 2023
$ / shares
Mar. 31, 2023
USD ($)
$ / shares
Jun. 30, 2022
USD ($)
$ / shares
Mar. 31, 2022
$ / shares
Jul. 31, 2023
USD ($)
item
Subsequent Events              
Dividend declared (in US$ per share) | $ / shares     $ 0.75 $ 0.75 $ 0.75 $ 0.75  
Issuance of common stock       $ 1 $ 5    
Share repurchase program | Common Stock              
Subsequent Events              
Number of shares sold | shares   15,895          
Issuance of common stock   $ 1,000          
Subsequent events              
Subsequent Events              
Aggregate of DWT | item             879,306
Aggregate amount of carriers build             $ 103,000
Dividend declared (in US$ per share) | $ / shares $ 0.75