DANAOS CORP, 6-K filed on 8/6/2024
Report of Foreign Issuer
v3.24.2.u1
Document and Entity Information
 6 Months Ended
Jun. 30, 2024
Document and Entity Information  
Entity Registrant Name Danaos Corp
Entity Central Index Key 0001369241
Document Type 6-K
Document Period End Date Jun. 30, 2024
Amendment Flag false
Current Fiscal Year End Date --12-31
Document Fiscal Year Focus 2024
Document Fiscal Period Focus Q2
v3.24.2.u1
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
CURRENT ASSETS    
Cash and cash equivalents $ 372,446 $ 271,809
Accounts receivable, net 22,726 9,931
Inventories 21,909 24,511
Prepaid expenses 1,868 1,915
Due from related parties $ 46,795 $ 51,431
Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration] Related Party [Member] Related Party [Member]
Other current assets $ 152,375 $ 142,173
Total current assets 618,119 501,770
NON-CURRENT ASSETS    
Fixed assets at cost, net of accumulated depreciation of $1,379,877 (2023: $1,311,689) 3,028,236 2,746,541
Advances for vessels acquisition and vessels under construction 283,260 301,916
Deferred charges, net 39,546 38,012
Investments in affiliates 64 270
Other non-current assets 77,132 72,627
Total non-current assets 3,428,238 3,159,366
Total assets 4,046,357 3,661,136
CURRENT LIABILITIES    
Accounts payable 23,565 22,820
Accrued liabilities 24,639 20,458
Current portion of long-term debt, net 25,160 21,300
Unearned revenue 51,528 63,823
Other current liabilities 22,856 39,759
Total current liabilities 147,748 168,160
LONG-TERM LIABILITIES    
Long-term debt, net 544,543 382,874
Unearned revenue, net of current portion 38,753 60,134
Other long-term liabilities 38,095 33,651
Total long-term liabilities 621,391 476,659
Total liabilities 769,139 644,819
Commitments and Contingencies
STOCKHOLDERS' EQUITY    
Preferred stock (par value $0.01, 100,000,000 preferred shares authorized and not issued as of June 30, 2024 and December 31, 2023)
Common stock (par value $0.01, 750,000,000 common shares authorized as of June 30, 2024 and December 31, 2023. 25,355,973 and 25,355,962 shares issued as of June 30, 2024 and December 31, 2023; and 19,345,643 and 19,418,696 shares outstanding as of June 30, 2024 and December 31, 2023) 193 194
Additional paid-in capital 688,122 690,190
Accumulated other comprehensive loss (73,647) (75,979)
Retained earnings 2,662,550 2,401,912
Total stockholders' equity 3,277,218 3,016,317
Total liabilities and stockholders' equity $ 4,046,357 $ 3,661,136
v3.24.2.u1
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)    
Accumulated depreciation $ 1,379,877 $ 1,311,689
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, shares authorized 100,000,000 100,000,000
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 25,355,973 25,355,962
Common stock, shares outstanding 19,345,643 19,418,696
v3.24.2.u1
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited)        
OPERATING REVENUES $ 246,306 $ 241,479 $ 499,755 $ 485,053
OPERATING EXPENSES        
Voyage expenses (12,678) (8,399) (33,020) (16,282)
Vessel operating expenses (47,090) (41,861) (90,204) (82,500)
Depreciation (35,380) (31,910) (69,243) (63,439)
Amortization of deferred drydocking and special survey costs (6,972) (4,502) (12,424) (8,337)
General and administrative expenses (11,297) (7,192) (21,541) (14,037)
Net gain on disposal/sale of vessels 7,094   7,094 1,639
Income From Operations 139,983 147,615 280,417 302,097
OTHER INCOME (EXPENSES):        
Interest income 2,923 3,596 5,859 6,319
Interest expense (5,106) (5,881) (8,230) (12,603)
Gain on investments 2,224 6,438 13,203 6,438
Dividend income 3,052   3,984  
Loss on debt extinguishment   (2,254)   (2,254)
Equity loss on investments (97) (738) (206) (3,326)
Other finance expenses (868) (1,146) (1,750) (2,122)
Other income/(expenses), net (56) 294 179 469
Loss on derivatives (903) (903) (1,806) (1,796)
Total Other Income/(Expenses), net 1,169 (594) 11,233 (8,875)
Net Income $ 141,152 $ 147,021 $ 291,650 $ 293,222
EARNINGS PER SHARE        
Basic earnings per share (in dollars per share) $ 7.30 $ 7.32 $ 15.05 $ 14.51
Diluted earnings per share (in dollars per share) $ 7.23 $ 7.32 $ 14.92 $ 14.51
Basic weighted average number of common shares 19,348 20,081 19,380 20,214
Diluted weighted average number of common shares 19,520 20,081 19,552 20,214
v3.24.2.u1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited)        
Net income for the period $ 141,152 $ 147,021 $ 291,650 $ 293,222
Other comprehensive income:        
Prior service cost of defined benefit plan 263 186 526 372
Amortization of deferred realized losses on cash flow hedges 903 903 1,806 1,796
Total Other Comprehensive Income 1,166 1,089 2,332 2,168
Comprehensive Income $ 142,318 $ 148,110 $ 293,982 $ 295,390
v3.24.2.u1
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (unaudited) - USD ($)
$ in Thousands
Common Stock
Additional paid-in capital
Accumulated other comprehensive loss
Retained earnings
Total
Balance at Dec. 31, 2022 $ 203 $ 748,109 $ (74,209) $ 1,886,311 $ 2,560,414
Balance (in shares) at Dec. 31, 2022 20,350        
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)        
Issuance of common stock   1     1
Net movement in other comprehensive income     1,079   1,079
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
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 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 Dec. 31, 2023 $ 194 690,190 (75,979) 2,401,912 3,016,317
Balance (in shares) at Dec. 31, 2023 19,419        
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        
Balance at Dec. 31, 2023 $ 194 690,190 (75,979) 2,401,912 3,016,317
Balance (in shares) at Dec. 31, 2023 19,419        
Increase (Decrease) in Stockholders' Equity          
Net Income       150,498 150,498
Dividends       (15,535) (15,535)
Repurchase of common stock   (4,132)     (4,132)
Repurchase of common stock (in shares) (58)        
Stock based compensation   1,576     1,576
Net movement in other comprehensive income     1,166   1,166
Balance at Mar. 31, 2024 $ 194 687,634 (74,813) 2,536,875 3,149,890
Balance (in shares) at Mar. 31, 2024 19,361        
Balance at Dec. 31, 2023 $ 194 690,190 (75,979) 2,401,912 3,016,317
Balance (in shares) at Dec. 31, 2023 19,419        
Increase (Decrease) in Stockholders' Equity          
Net Income         291,650
Net movement in other comprehensive income         2,332
Balance at Jun. 30, 2024 $ 193 688,122 (73,647) 2,662,550 3,277,218
Balance (in shares) at Jun. 30, 2024 19,346        
Balance at Mar. 31, 2024 $ 194 687,634 (74,813) 2,536,875 3,149,890
Balance (in shares) at Mar. 31, 2024 19,361        
Increase (Decrease) in Stockholders' Equity          
Net Income       141,152 141,152
Dividends       (15,477) (15,477)
Repurchase of common stock $ (1) (1,090)     (1,091)
Repurchase of common stock (in shares) (15)        
Stock based compensation   1,577     1,577
Issuance of common stock   1     1
Net movement in other comprehensive income     1,166   1,166
Balance at Jun. 30, 2024 $ 193 $ 688,122 $ (73,647) $ 2,662,550 $ 3,277,218
Balance (in shares) at Jun. 30, 2024 19,346        
v3.24.2.u1
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (unaudited) (Parenthetical) - $ / shares
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2024
Jun. 30, 2023
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (unaudited)            
Dividends (in US$ per share) $ 0.80 $ 0.80 $ 0.75 $ 0.75 $ 0.80 $ 0.75
v3.24.2.u1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Cash Flows from Operating Activities          
Net income     $ 291,650 $ 293,222  
Adjustments to reconcile net income to net cash provided by operating activities          
Depreciation $ 35,380 $ 31,910 69,243 63,439  
Amortization of deferred drydocking and special survey costs 6,972 4,502 12,424 8,337 $ 18,663
Amortization of assumed time charters     (4,534) (12,390)  
Amortization of finance costs     971 1,261  
Gain on investments     (13,203) (6,438)  
Payments for drydocking and special survey costs deferred     (14,618) (14,560)  
Net gain on disposal/sale of vessels (7,094)   (7,094) (1,639)  
Loss on debt extinguishment   2,254   2,254  
Equity loss on investments 97 738 206 3,326  
Prior service cost and periodic cost     715 886  
Stock based compensation     3,153    
Amortization of deferred realized losses on interest rate swaps     1,806 1,796  
(Increase)/Decrease in          
Accounts receivable     (12,795) (2,456)  
Inventories     2,602 77  
Prepaid expenses     47 (1,323)  
Due from related parties     4,636 1,090  
Other assets, current and non-current     13,922 (12,250)  
Increase/(Decrease) in          
Accounts payable     1,586 (4,836)  
Accrued liabilities     4,181 1,685  
Unearned revenue, current and long-term     (29,142) (38,078)  
Other liabilities, current and long-term     (18,189) (2,797)  
Net Cash provided by Operating Activities     307,567 280,606  
Cash Flows from Investing Activities          
Vessels additions and advances     (341,855) (29,784)  
Net proceeds and insurance proceeds from disposal/sale of vessels     10,639 3,914  
Investments in affiliates/marketable securities       (74,407)  
Net Cash used in Investing Activities     (331,216) (100,277)  
Cash Flows from Financing Activities          
Proceeds from long-term debt     181,000    
Payments of long-term debt     (13,750) (13,750)  
Payments of leaseback obligation       (72,925)  
Dividends paid     (31,011) (30,361)  
Repurchase of common stock     (5,223) (35,738)  
Finance costs     (6,730) (1,892)  
Net Cash provided by/(used in) Financing Activities     124,286 (154,666)  
Net Increase in cash and cash equivalents     100,637 25,663  
Cash and cash equivalents at beginning of period     271,809 267,668 267,668
Cash and cash equivalents at end of period $ 372,446 $ 293,331 372,446 293,331 $ 271,809
Supplemental cash flow information:          
Cash paid for interest, net of amounts capitalized     $ 5,322 $ 11,139  
v3.24.2.u1
Basis of Presentation and General Information
 6 Months Ended
Jun. 30, 2024
Basis of Presentation and General Information  
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 container vessels and drybulk vessels 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, 2024, the condensed consolidated results of operations for the three and six months ended June 30, 2024 and 2023 and the condensed consolidated cash flows for the six months ended June 30, 2024 and 2023. 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, 2023. The results of operations for the three and six months ended June 30, 2024, 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, 2024, Danaos included the vessel owning companies (the “Danaos Subsidiaries”) of container vessels and drybulk vessels listed below:

Container vessels:

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​

​

​

​

​

​

Company

    

Date of Incorporation

    

Vessel Name

    

Year Built

    

TEU (1)

Megacarrier (No. 1) Corp.

​

September 10, 2007

​

Kota Peony (ex Hyundai Honour)

​

2012

​

13,100

Megacarrier (No. 2) Corp.

​

September 10, 2007

​

Kota Primrose (ex Hyundai Respect)

​

2012

​

13,100

Megacarrier (No. 3) Corp.

​

September 10, 2007

​

Kota Plumbago (ex Hyundai Smart)

​

2012

​

13,100

Megacarrier (No. 4) Corp.

​

September 10, 2007

​

Speed (ex Hyundai Speed)

​

2012

​

13,100

Megacarrier (No. 5) Corp.

​

September 10, 2007

​

Ambition (ex 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

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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

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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

Teushipper (No. 1) Corp.

​

March 14, 2022

​

Catherine C (4)

​

2024

​

8,010

Teushipper (No. 2) Corp.

​

March 14, 2022

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Greenland (4)

​

2024

​

8,010

Boxsail (No. 1) Corp.

​

March 4, 2022

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Interasia Accelerate (4)

​

2024

​

7,165

Boxcarrier (No. 2) Corp.

​

June 27, 2006

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CMA CGM Musset

​

2010

​

6,500

Boxcarrier (No. 3) Corp.

​

June 27, 2006

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CMA CGM Nerval

​

2010

​

6,500

Boxcarrier (No. 4) Corp.

​

June 27, 2006

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CMA CGM Rabelais

​

2010

​

6,500

Boxcarrier (No. 5) Corp.

​

June 27, 2006

​

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

Actaea Company Limited

​

October 14, 2014

​

Savannah (ex 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

​

Monaco (ex Zim Monaco)

​

2009

​

4,253

Medsea Marine Inc.

​

May 8, 2006

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Dalian

​

2009

​

4,253

Blacksea Marine Inc.

​

May 8, 2006

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Zim Luanda

​

2009

​

4,253

Bayview Shipping Inc.

​

March 22, 2006

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Rio Grande

​

2008

​

4,253

Channelview Marine Inc.

​

March 22, 2006

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Paolo

​

2008

​

4,253

Balticsea Marine Inc.

​

March 22, 2006

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Kingston

​

2008

​

4,253

Seacarriers Services Inc.

​

June 28, 2005

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Seattle C

​

2007

​

4,253

Seacarriers Lines Inc.

​

June 28, 2005

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Vancouver

​

2007

​

4,253

Containers Services Inc.

​

May 30, 2002

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Tongala

​

2004

​

4,253

Containers Lines Inc.

​

May 30, 2002

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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 (2)

​

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 (3)

​

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. 2) Corp.

​

March 4, 2022

​

Hull No. C7100-8

​

2024

​

7,165

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

​

2025

​

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

Boxline (No. 3) Corp.

​

February 2, 2024

​

Hull No. YZJ2024-1612

​

2026

​

8,258

Boxline (No. 4) Corp.

​

February 2, 2024

​

Hull No. YZJ2024-1613

​

2027

​

8,258

Boxline (No. 5) Corp.

​

March 8, 2024

​

Hull No. YZJ2024-1625

​

2027

​

8,258

Boxline (No. 6) Corp.

​

March 8, 2024

​

Hull No. YZJ2024-1626

​

2027

​

8,258

Boxline (No. 7) Corp.

​

May 30, 2024

​

Hull No. YZJ2024-1668

​

2027

​

8,258

Boxsail (No. 5) Corp.

​

June 13, 2024

​

Hull No. C9200-7

​

2027

​

9,200

Boxsail (No. 6) Corp.

​

June 13, 2024

​

Hull No. C9200-8

​

2027

​

9,200

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

1     Basis of Presentation and Gopeneral Information (Continued)

​

(2)The sale of Amalia C was completed in January 2023.
(3)The Stride was sold for scrap in March 2024.
(4)The Interasia Accelerate, Greenland and Catherine C were delivered in the second quarter of 2024.

​

Capesize drybulk vessels:

​

​

​

​

​

​

​

​

​

​

Company

    

Date of Incorporation

    

Vessel Name

    

Year Built

    

DWT(1)

Bulk No. 1 Corp.

​

July 14, 2023

 

Integrity

 

2010

 

175,996

Bulk No. 2 Corp.

​

July 14, 2023

 

Achievement

 

2011

 

175,850

Bulk No. 3 Corp.

​

July 14, 2023

 

Ingenuity

 

2011

 

176,022

Bulk No. 4 Corp.

​

July 14, 2023

​

Genius

 

2012

 

175,580

Bulk No. 5 Corp.

​

July 14, 2023

 

Peace

 

2010

 

175,858

Bulk No. 6 Corp.

​

September 15, 2023

 

W Trader

 

2009

 

175,879

Bulk No. 7 Corp.

​

September 25, 2023

 

E Trader

 

2009

 

175,886

Bulk No. 9 Corp.

​

February 2, 2024

 

Gouverneur (ex Xin Hang) (2)

 

2010

 

178,043

Bulk No. 10 Corp.

​

February 15, 2024

 

Valentine (ex Star Audrey) (2)

 

2011

 

175,125

Contracted drybulk vessels

​

  

 

  

 

  

 

  

Bulk No. 8 Corp.

​

January 31, 2024

 

Danaos (ex Guo May) (3)

 

2011

 

176,536

(1)DWT, dead weight tons, the international standard measure for drybulk vessels capacity.
(2)The vessels were delivered in the second quarter of 2024.
(3)The vessel was delivered in July 2024.

​

Impact of the wars in Ukraine and Gaza on the Company’s Business

​

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 and drybulk demand. The extent of the impact will depend largely on future developments.

​

The war between Israel and Hamas in the Gaza Strip, potential disruption of shipping routes such as Houthi attacks in the Red Sea and the Gulf of Aden, has not affected the Company’s business to date; however, an escalation of these conflicts could have reverberations on the regional and global economies that could have the potential to adversely affect demand for cargoes and the Company’s business.
v3.24.2.u1
Significant Accounting Policies
 6 Months Ended
Jun. 30, 2024
Significant Accounting Policies  
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, 2023 filed with the Securities and Exchange Commission on February 29, 2024. During the six months ended June 30, 2024, there were no significant changes made to the Company’s significant accounting policies.

​
v3.24.2.u1
Investments in Affiliates
 6 Months Ended
Jun. 30, 2024
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 $0.2 million and $4.0 million and is presented under “Equity loss on investments” in the condensed consolidated statement of income in the six months ended June 30, 2024 and the period ended December 31, 2023, respectively.
v3.24.2.u1
Fixed Assets, Advances for Vessels Acquisition and Vessels under Construction
 6 Months Ended
Jun. 30, 2024
Fixed Assets, Advances for Vessels Acquisition and Vessels under Construction  
Fixed Assets, net & Advances for Vessels under Construction

4     Fixed Assets, Advances for Vessels Acquisition and Vessels under Construction

​

In 2023, the Company acquired 7 Capesize bulk carriers built in 2009 through 2012 that aggregate to 1,231,157 DWT for a total purchase price of $139.6 million. In February 2024, the Company entered into agreements to acquire 3 Capesize bulk carriers built in 2010 through 2011 that aggregate 529,704 DWT for a total purchase price of $79.8 million, out of which $58.8 million was paid before June 30, 2024 and $21.0 million was paid in July 2024. Two of these vessels were delivered to the Company in the second quarter of 2024 and one in July 2024.

​

In April 2022, the Company entered into contracts for the construction of four 8,000 TEU container vessels, of which two were delivered to the Company in the second quarter of 2024 and two are expected to be delivered in the third quarter of 2024. In March 2022, the Company entered into contracts for the construction of two 7,100 TEU container vessels, out of which one was delivered to the Company from the shipyard in the second quarter of 2024 and one is expected to be delivered in the third quarter of 2024. In April 2023, the Company entered into contracts for the construction of two 6,000 TEU container vessels with expected vessels delivery in 2025. In June 2023, the Company entered into contracts for the construction of two 8,200 TEU container vessels with expected vessels delivery in 2026. In February and March 2024, the Company entered into contracts for the construction of four 8,200 TEU container vessels with expected vessels deliveries in 2026 through 2027. In June 2024, the Company entered into contracts for the construction of two 9,200 TEU container vessels and one 8,200 TEU container vessel with expected deliveries in 2027.

As of June 30, 2024, the aggregate purchase price of the 14 remaining vessel construction contracts amounts to $1,245.9 million, out of which $90.2 million, $73.3 million and $88.6 million was paid in the six months ended June 30, 2024 and in the years ended December 31, 2023 and 2022, respectively. The contractual commitments under 14 remaining vessel construction contracts are analyzed as follows as of June 30, 2024 (in thousands):

​

​

​

​

​

Payments due by period ended

    

  

​

December 31, 2024

​

$

205,067

December 31, 2025

​

 

204,550

December 31, 2026

​

 

295,212

December 31, 2027

​

 

288,984

Total contractual commitments

​

$

993,813

​

Additionally, a supervision fee of $850 thousand per newbuilding vessel is payable to Danaos Shipping Company Limited (the “Manager”) over the construction period. Supervision fees totaling $2.1 million and $3.0 million were charged by the Manager and capitalized to the vessels under construction in the six months ended June 30, 2024 and in the year ended December 31, 2023, respectively. Interest expense amounting to $11.4 million, $17.4 million and $5.0 million was capitalized to the vessels under construction in the six months ended June 30, 2024 and in the years ended December 31, 2023 and 2022, respectively.

In March 2024, the Company sold for scrap the vessel Stride, which had been off-hire since January 8, 2024 due to damage from a fire in the engine room that was subsequently contained. The Company collected $10.6 million net insurance proceeds for total loss of vessel and recognized a gain on disposal of this vessel amounting to $7.1 million in the six months ended June 30, 2024 separately presented under “Net gain on disposal/sale of vessels” in the condensed consolidated statement of income. The proceedings with the insurers are in progress as of June 30, 2024, and any additional gain will be recognized upon their finalization.

In December 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 “Net gain on disposal/sale of vessels” in the condensed consolidated statement of income.

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 $4.5 million and $6.5 million in the six months ended June 30, 2024 and June 30, 2023, respectively and is presented under “Operating revenues” in the condensed consolidated statement of income. The remaining unamortized amount of nil and $4.5 million is presented under current “Unearned revenue” in the condensed consolidated balance sheet as of June 30, 2024 and December 31, 2023, respectively.

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

The residual value (estimated scrap value at the end of the vessels’ useful lives) of the fleet was estimated at $574.9 million and $540.5 million as of June 30, 2024 and as of December 31, 2023, 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.
v3.24.2.u1
Deferred Charges, net
 6 Months Ended
Jun. 30, 2024
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, 2023

​

$

25,554

Additions

​

​

31,121

Amortization

​

 

(18,663)

As of December 31, 2023

​

​

38,012

Additions

​

 

14,618

Amortization

​

 

(12,424)

Write-off

​

​

(660)

As of June 30, 2024

​

$

39,546

​

The Company follows the deferral method of accounting for drydocking and special survey costs in accordance with accounting for planned major maintenance activities, whereby actual costs incurred are deferred and amortized on a straight-line basis over the period until the next scheduled survey, which is two and a half years. If special survey or drydocking is performed prior to the scheduled date, the remaining unamortized balances are immediately written off. Furthermore, when a vessel is drydocked in more than one reporting period, the respective costs are identified and recorded in the period in which they were incurred and not at the conclusion of the drydocking.
v3.24.2.u1
Other Current and Non-current Assets
 6 Months Ended
Jun. 30, 2024
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, 2024

    

December 31, 2023

Straight-lining of revenue

​

$

28,989

​

$

36,495

Marketable securities

​

​

99,232

​

​

86,029

Claims receivable

​

​

14,420

​

​

12,026

Other current assets

​

​

9,734

​

​

7,623

Total othe current assets

​

$

152,375

​

$

142,173

Straight-lining of revenue

​

$

52,461

​

$

63,382

Other non-current assets

​

​

24,671

​

​

9,245

Total other non-current assets

​

$

77,132

​

$

72,627

​

6     Other Current and Non-current Assets (Continued)

In June 2023, the Company acquired marketable securities of Eagle Bulk Shipping Inc., which was listed on the New York Stock Exchange (Ticker: EGLE) consisting of 1,552,865 shares of common stock for $68.2 million (out of which $24.4 million from Virage International Ltd., a related company). EGLE owned and operated a fleet of bulk carriers. As of December 31, 2023, these marketable securities were fair valued at $86.0 million and the Company recognized a $17.9 million gain on these marketable securities reflected under “Gain on investments” in the condensed consolidated statements of income in the period ended December 31, 2023. On December 11, 2023, Star Bulk Carriers Corp. (Ticker: SBLK), a NASDAQ-listed owner and operator of drybulk vessels, and EGLE announced that both companies had entered into a definitive agreement to combine in an all-stock merger, which was completed on April 9, 2024. Under the terms of the agreement, EGLE shareholders received 2.6211 shares of SBLK common stock in exchange for each share of EGLE common stock owned. As a result, the Company owns 4,070,214 shares of SBLK common stock, which were fair valued at $99.2 million as of June 30, 2024. The Company recognized a $13.2 million gain on marketable securities and dividend income on these securities amounting to $4.0 million in the six months ended June 30, 2024.
v3.24.2.u1
Accrued Liabilities
 6 Months Ended
Jun. 30, 2024
Accrued Liabilities  
Accrued Liabilities

7     Accrued Liabilities

​

Accrued liabilities consisted of the following (in thousands):

​

​

​

​

​

​

​

​

​

    

As of

    

As of

​

​

June 30, 2024

​

December 31, 2023

Accrued interest

​

$

10,248

​

$

8,312

Accrued dry-docking expenses

​

​

4,413

​

​

3,276

Accrued expenses

​

​

9,978

​

 

8,870

Total

​

$

24,639

​

$

20,458

​

Accrued expenses mainly consisted of accruals related to the operation of the Company’s fleet as of June 30, 2024 and December 31, 2023.
v3.24.2.u1
Long-Term Debt, net
 6 Months Ended
Jun. 30, 2024
Long-Term Debt, net  
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, 2024

    

December 31, 2023

BNP Paribas/Credit Agricole $130 mil. Facility

​

$

90,000

​

$

100,000

Alpha Bank $55.25 mil. Facility

​

​

44,000

​

​

47,750

Syndicated $450.0 mil. Facility

​

​

181,000

​

​

—

Citibank $382.5 mil. Revolving Credit Facility

​

​

—

​

​

—

Senior unsecured notes

​

​

262,766

​

​

262,766

Total long-term debt

​

$

577,766

​

$

410,516

Less: Deferred finance costs, net

​

​

(8,063)

​

​

(6,342)

Less: Current portion

​

​

(25,160)

​

​

(21,300)

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

​

$

544,543

​

$

382,874

​

In March 2024, the Company entered into a syndicated loan facility agreement of up to $450 million (the “Syndicated $450.0 mil. Facility”), which is secured by 8 of the Company’s container vessels under construction and newbuilds. An amount of $181.0 million was drawn down related to 3 of these vessels delivered to the Company as of June 30, 2024. This facility is repayable in quarterly instalments up to September 2030. The facility bears interest at SOFR plus a margin of 1.85%.

8    Long-Term Debt, net (Continued)

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 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, 2024 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.

The Company incurred interest expense amounting to $18.7 million, out of which $11.4 million was capitalized in the six months ended June 30, 2024 compared to $18.5 million of interest expense incurred (including interest on leaseback obligations), out of which $7.2 million was capitalized in the six months ended June 30, 2023. As of June 30, 2024, there was a $315.0 million remaining borrowing availability under the Company’s Citibank $382.5 mil. Revolving Credit Facility and $269.0 million under the Syndicated $450.0 million Facility. Twenty-seven of the Company’s vessels having a net carrying value of $1,763.9 million as of June 30, 2024 and five container vessels under construction, 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 could have redeemed 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 and are recognized over the life of the bond through the effective interest method.

The scheduled debt maturities of long-term debt subsequent to June 30, 2024 are as follows (in thousands):

​

​

​

​

​

​

​

Principal

Payments due by period ended

    

repayments

June 30, 2025

​

$

25,160

June 30, 2026

​

​

25,160

June 30, 2027

​

​

92,360

June 30, 2028

​

​

294,326

June 30, 2029

​

​

140,760

Total long-term debt

​

$

577,766

​

Alpha Bank $55.25 mil. Facility, Citibank $382.5 mil. Revolving Credit Facility and Syndicated $450.0 mil. 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.

​

8    Long-Term Debt, net (Continued)

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, 2024 and December 31, 2023.
v3.24.2.u1
Financial Instruments
 6 Months Ended
Jun. 30, 2024
Financial Instruments  
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 a stock exchange.

​

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, 2024 and 2023, 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, 2024 and December 31, 2023.

9     Financial Instruments (Continued)

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As of June 30, 2024

​

As of December 31, 2023

​

    

Book Value

    

Fair Value

    

Book Value

    

Fair Value

​

​

(in thousands of $)

Cash and cash equivalents

​

$

372,446

​

$

372,446

​

$

271,809

​

$

271,809

Marketable securities

​

$

99,232

​

$

99,232

​

$

86,029

​

$

86,029

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

​

$

315,000

​

$

315,000

​

$

147,750

​

$

147,750

Unsecured long-term debt(1)

​

$

262,766

​

$

250,491

​

$

262,766

​

$

241,969

​

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, 2024:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Fair Value Measurements as of June 30, 2024

​

    

Total

    

(Level I)

    

(Level II)

    

(Level III)

​

​

(in thousands of $)

Marketable securities

​

$

99,232

​

$

99,232

​

$

—

​

$

—

​

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, 2024:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements as of June 30, 2024

​

    

Total

    

(Level I)

    

 (Level II)

    

(Level III)

​

​

​

(in thousands of $)

Cash and cash equivalents

​

$

372,446

​

$

372,446

​

$

—

​

$

—

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

​

$

315,000

​

$

—

​

$

315,000

​

$

—

Unsecured long-term debt(1)

​

$

250,491

​

$

250,491

​

$

—

​

$

—

​

The estimated fair value of the financial instruments that are measured at fair value on a recurring basis, categorized based upon the fair value hierarchy, are as follows as of December 31, 2023:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements as of December 31, 2023

​

    

Total

    

(Level I)

    

(Level II)

    

(Level III)

​

 

(in thousands of $)

Marketable securities

​

$

86,029

​

$

86,029

​

$

—

​

$

—

​

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, 2023:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements as of December 31, 2023

​

    

Total

    

(Level I)

    

(Level II)

    

(Level III)

​

​

(in thousands of $)

Cash and cash equivalents

​

$

271,809

​

$

271,809

​

$

—

​

$

—

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

​

$

147,750

​

$

—

​

$

147,750

​

$

—

Unsecured long-term debt(1)

​

$

241,969

​

$

241,969

​

$

—

​

$

—

(1)Secured and unsecured long-term debt, including current portion is presented gross of deferred finance costs of $8.1 million and $6.3 million as of June 30, 2024 and December 31, 2023, 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.
v3.24.2.u1
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2024
Commitments and Contingencies  
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 and contracts for the acquisition of secondhand drybulk vessel as of June 30, 2024, see the Note 4 “Fixed Assets, Advances for Vessels Acquisition and Vessels under Construction”.

​
v3.24.2.u1
Stockholders' Equity
 6 Months Ended
Jun. 30, 2024
Stockholders' Equity  
Stockholders' Equity

11    Stockholders’ Equity

​

In the period ended June 30, 2024, the Company declared and paid dividend of $0.80 per share of common stock paid in each of March and June amounting to $31.0 million, compared to a dividend of $0.75 per share of common stock in each of February and May amounting to $30.4 million in the period ended June 30, 2023. The Company issued 11 and 20 shares of common stock pursuant to its dividends reinvestment plan in the periods ended June 30, 2024 and June 30, 2023, respectively.

​

In June 2022, the Company announced a share repurchase program of up to $100 million of the Company’s common stock. A $100 million increase to the existing share repurchase program, for a total aggregate amount of $200 million, was approved by the Company’s Board of Directors on November 10, 2023. The Company repurchased 73,064 shares of the Company’s common stock in the open market for $5.2 million in the six months ended June 30, 2024, 1,131,040 shares for $70.6 million in the year ended December 31, 2023 and 466,955 shares for $28.6 million in the period ended December 31, 2022. As of June 30, 2024, the Company had repurchased a total of 1,671,059 shares of common stock for $104.4 million under this repurchase program.

​

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. No restricted shares were issued and outstanding under this program as of June 30, 2024 and December 31, 2023.

​

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.

On November 10, 2023, the Company granted 100,000 fully vested shares as well as two tranches of 100,000 shares each that will vest as of December 31, 2024 and December 31, 2025, respectively, to the Manager under the amended and restated management agreement with the Manager, refer to Note 14 “Related Party Transactions”. The fair value of shares granted was calculated based on the closing trading price of the Company’s shares at the grant date of $63.40. An amount of $3.2 million was expensed in the six months ended June 30, 2024 and a total of $6.3 million is expected to be recognized as stock based compensation to the Manager in each of 2024 and 2025, respectively.

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, 2024 and June 30, 2023, none of the directors elected to receive their compensation in Company shares.
v3.24.2.u1
Lease Arrangements
 6 Months Ended
Jun. 30, 2024
Lease Arrangements  
Lease Arrangements

12    Lease Arrangements

​

Charters-out

​

As of June 30, 2024, the Company generated leasing operating revenues from its 70 container vessels on time charter or bareboat charter agreements with remaining terms ranging from less than one year to 2030. Additionally, the Company contracted multi-year time charter agreements for 13 of its container vessels under construction as of June 30, 2024. 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. As of June 30, 2024, the outstanding balances of the current and non-current portion of unearned revenue in relation to this prepayment amounted to $43.6 million and $38.8 million, respectively. As of December 31, 2023, the outstanding balances of the current and non-current portion of unearned revenue in relation to this prepayment amounted to $44.2 million and $60.1 million, respectively.

​

The future minimum payments, expected to be received on non-cancellable time charters and bareboat charters classified as operating leases consisted of the following as of June 30, 2024 (in thousands):

​

​

​

​

​

Remainder of 2024

    

$

445,414

2025

 

​

802,559

2026

 

​

626,893

2027

 

​

398,621

2028

 

​

170,368

2029

​

​

130,517

2030 and thereafter

 

​

114,879

Total future rentals

​

$

2,689,251

​

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.
v3.24.2.u1
Earnings per Share
 6 Months Ended
Jun. 30, 2024
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, 2024

    

June 30, 2023

​

​

(in thousands)

Numerator:

​

​

​

​

​

​

Net income

​

$

141,152

​

$

147,021

​

​

​

​

​

​

​

Denominator (number of shares in thousands):

​

​

​

​

​

​

Basic weighted average common shares outstanding

​

 

19,348

​

 

20,081

Effect of dilutive securities:

​

 

​

​

 

​

Dilutive effect of non-vested shares

​

 

172

​

 

—

Diluted weighted average common shares outstanding

​

 

19,520

​

 

20,081

Basic earnings per share

​

​

7.30

​

​

7.32

Diluted earnings per share

​

​

7.23

​

​

7.32

​

​

​

​

​

​

​

​

​

​

Six months ended

​

    

June 30, 2024

    

June 30, 2023

​

​

(in thousands)

Numerator:

​

​

​

​

​

​

Net income

​

$

291,650

​

$

293,222

​

​

​

​

​

​

​

Denominator (number of shares in thousands):

​

 

​

​

 

​

Basic weighted average common shares outstanding

​

​

19,380

​

​

20,214

Effect of dilutive securities:

​

​

​

​

​

​

Dilutive effect of non-vested shares

​

​

172

​

​

—

Diluted weighted average common shares outstanding

​

​

19,552

​

​

20,214

Basic earnings per share

​

​

15.05

​

​

14.51

Diluted earnings per share

​

​

14.92

​

​

14.51

​
v3.24.2.u1
Related Party Transactions
 6 Months Ended
Jun. 30, 2024
Related Party Transactions  
Related Party Transactions

14    Related Party Transactions

​

On November 10, 2023, the Company entered into an amended and restated management agreement with Danaos Shipping Company Limited (“the Manager”), extending the term from December 31, 2024 to December 31, 2025. Under this agreement, the Company pays to the Manager the following fees in 2024: (i) an annual management fee of $2.0 million and 100,000 shares of the Company’s common stock, payable annually, (ii) a daily vessel management fee of $475 for vessels on bareboat charter, pro-rated for the number of calendar days the Company owns each vessel, (iii) a daily vessel management fee of $950 for vessels on time charter and voyage charter, pro-rated for the number of calendar days the Company owns each vessel, (iv) a fee of 1.25% on all freight, charter hire, ballast bonus and demurrage for each vessel, (v) a fee of 1.0% based on the contract price of any vessel bought or sold by it on the Company’s behalf, including newbuilding contracts, and (vi) a flat fee of $850 thousand per newbuilding vessel, which is capitalized to the newbuilding cost, for the on premises supervision of any newbuilding contracts by selected engineers and others of its staff.

14    Related Party Transactions (Continued)

​

Management fees to the Manager amounted to $13.9 million and $10.5 million in the six months ended June 30, 2024 and 2023, respectively, and are presented under “General and administrative expenses” in the condensed consolidated statements of income.

​

Commissions to the Manager amounted to $5.9 million and $5.7 million in the six months ended June 30, 2024 and 2023, respectively, and are presented under “Voyage expenses” in the condensed consolidated statements of income. Commissions on the contract price of the newly acquired vessels totaling $3.1 million and $0.7 million in the six months ended June 30, 2024 and year ended December 31, 2023, respectively, were capitalized to the cost of newly acquired vessels. Additionally, supervision fees for vessels under construction totaling $2.1 million and $3.0 million were charged by the Manager and capitalized to vessels under construction costs in the six months ended June 30, 2024 and the year ended December 31, 2023, respectively.

​

The balance “Due from related parties” in the condensed consolidated balance sheets totaling $46.8 million and $51.4 million as of June 30, 2024 and December 31, 2023, respectively, represents advances to the Manager on account of the vessels’ operating and other expenses. Defined benefit obligation for the executive officers amounting to $13.5 million and $13.3 million was presented under “Other long-term liabilities” in the condensed consolidated balance sheets as of June 30, 2024 and December 31, 2023, respectively. The Company recognized prior service cost and periodic cost of this defined benefit executive retirement plan amounting to $0.7 million and $0.9 million in the six months ended June 30, 2024 and June 30, 2023, respectively.

​

An amount of $0.1 million and nil was due to executive officers and is presented under “Accounts payable” in the condensed consolidated balance sheets as of June 30, 2024 and December 31, 2023, respectively.
v3.24.2.u1
Operating Revenue
 6 Months Ended
Jun. 30, 2024
Operating Revenue  
Operating Revenue

15    Operating Revenue

​

Operating revenue from time charters and bareboat charters and voyage charters for the six months ended June 30, 2024 and 2023, were as follows:

​

​

​

​

​

​

​

​

​

​

Six months ended

​

    

June 30, 2024

    

June 30, 2023

Time charters and bareboat charters

​

$

476,853

​

$

485,053

Voyage charters

​

 

22,902

​

 

—

Total Revenue

​

$

499,755

​

$

485,053

​

As of June 30, 2024 and December 31, 2023, the Company had accounts receivable from voyage charter agreements amounting to $1.6 million and $1.0 million, respectively. The charter hire received in advance from voyage charter agreements amounting to nil and $2.0 million is presented under current “Unearned revenue” as of June 30, 2024 and December 31, 2023, respectively.
v3.24.2.u1
Segments
 6 Months Ended
Jun. 30, 2024
Segments  
Segments

16    Segments

​

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

​

The Company’s chief operating decision maker monitors and assesses the performance of the container vessels segment and the drybulk vessels segment based on net income. Items included in the applicable segment’s net income are directly allocated to the extent that the items are directly or indirectly attributable to the segments. With regards to the items that are allocated by indirect calculations, their allocation is commensurate to the utilization of key resources. Investments in marketable securities and investments in affiliates accounted for using the equity method of accounting are not allocated to any of the Company’s reportable segments.

16    Segments (Continued)

The following table summarizes the Company’s selected financial information for the six months ended and as of June 30, 2024, by segment (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

Container vessels

​

Drybulk vessels 

​

​

​

​

    

 segment

    

segment

    

Total

Operating revenues

​

$

463,997

​

$

35,758

​

$

499,755

Voyage expenses

​

 

(16,741)

​

 

(16,279)

​

 

(33,020)

Vessel operating expenses

​

 

(79,430)

​

 

(10,774)

​

 

(90,204)

Depreciation

​

 

(65,255)

​

 

(3,988)

​

 

(69,243)

Amortization of deferred drydocking and special survey costs

​

 

(12,135)

​

 

(289)

​

 

(12,424)

Interest income

​

 

5,859

​

 

—

​

 

5,859

Interest expense

​

 

(8,230)

​

 

—

​

 

(8,230)

Net income per segment

​

$

272,042

​

$

2,627

​

$

274,669

Gain on investments, dividend income and equity loss on investments

​

 

​

​

 

​

​

 

16,981

Net income

​

​

​

​

​

​

​

$

291,650

​

​

​

​

​

​

​

​

​

​

​

​

    

Container vessels

    

Drybulk vessels

    

​

​

​

​

segment

​

segment

​

Total

Total assets per segment

​

$

3,710,004

​

$

237,057

​

$

3,947,061

Marketable securities

​

​

​

​

​

​

​

​

99,232

Investments in affiliates

​

​

​

​

​

​

​

​

64

Total assets

​

​

​

​

​

​

​

$

4,046,357

​

The following table summarizes the Company’s selected financial information for the six months ended June 30, 2023, by segment (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

Container vessels

​

Drybulk vessels

​

​

​

​

    

segment

    

 segment

    

Total

Operating revenues

​

$

485,053

​

—

​

$

485,053

Voyage expenses

 

​

(16,282)

 

—

 

​

(16,282)

Vessel operating expenses

 

​

(82,500)

 

—

 

​

(82,500)

Depreciation

 

​

(63,439)

 

—

 

​

(63,439)

Amortization of deferred drydocking and special survey costs

 

​

(8,337)

 

—

 

​

(8,337)

Interest income

 

​

6,319

 

—

 

​

6,319

Interest expense

 

​

(12,603)

 

—

 

​

(12,603)

Net income per segment

​

$

290,110

 

—

​

$

290,110

Gain on investments, dividend income and equity loss on investments

​

​

​

 

  

​

 

3,112

Net income

​

​

​

 

  

​

$

293,222

​
v3.24.2.u1
Subsequent Events
 6 Months Ended
Jun. 30, 2024
Subsequent Events  
Subsequent Events

17    Subsequent Events

​

In July 2024, the Company exercised its option and ordered another three 9,200 TEU newbuilding vessels for an aggregate purchase price of $315 million with deliveries in 2027 and 2028.

​

The Company has declared a dividend of $0.80 per share of common stock payable on August 29, 2024, to holders of record on August 20, 2024.

​

On August 2, 2024, the Company drew down $55.0 million on Syndicated $450.0 million facility related to a coming delivery of another one container vessel newbuilding.

​
v3.24.2.u1
Basis of Presentation and General Information (Tables)
 6 Months Ended
Jun. 30, 2024
Basis of Presentation and General Information  
Schedule of the vessel owning companies (the "Danaos Subsidiaries")

As of June 30, 2024, Danaos included the vessel owning companies (the “Danaos Subsidiaries”) of container vessels and drybulk vessels listed below:

Container vessels:

​

​

​

​

​

​

​

​

​

Company

    

Date of Incorporation

    

Vessel Name

    

Year Built

    

TEU (1)

Megacarrier (No. 1) Corp.

​

September 10, 2007

​

Kota Peony (ex Hyundai Honour)

​

2012

​

13,100

Megacarrier (No. 2) Corp.

​

September 10, 2007

​

Kota Primrose (ex Hyundai Respect)

​

2012

​

13,100

Megacarrier (No. 3) Corp.

​

September 10, 2007

​

Kota Plumbago (ex Hyundai Smart)

​

2012

​

13,100

Megacarrier (No. 4) Corp.

​

September 10, 2007

​

Speed (ex Hyundai Speed)

​

2012

​

13,100

Megacarrier (No. 5) Corp.

​

September 10, 2007

​

Ambition (ex 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

Teushipper (No. 1) Corp.

​

March 14, 2022

​

Catherine C (4)

​

2024

​

8,010

Teushipper (No. 2) Corp.

​

March 14, 2022

​

Greenland (4)

​

2024

​

8,010

Boxsail (No. 1) Corp.

​

March 4, 2022

​

Interasia Accelerate (4)

​

2024

​

7,165

Boxcarrier (No. 2) Corp.

​

June 27, 2006

​

CMA CGM Musset

​

2010

​

6,500

Boxcarrier (No. 3) Corp.

​

June 27, 2006

​

CMA CGM Nerval

​

2010

​

6,500

Boxcarrier (No. 4) Corp.

​

June 27, 2006

​

CMA CGM Rabelais

​

2010

​

6,500

Boxcarrier (No. 5) Corp.

​

June 27, 2006

​

Racine

​

2010

​

6,500

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

Actaea Company Limited

​

October 14, 2014

​

Savannah (ex 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

​

Monaco (ex 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

​

2008

​

4,253

Balticsea Marine Inc.

​

March 22, 2006

​

Kingston

​

2008

​

4,253

Seacarriers Services Inc.

​

June 28, 2005

​

Seattle C

​

2007

​

4,253

Seacarriers Lines Inc.

​

June 28, 2005

​

Vancouver

​

2007

​

4,253

Containers Services Inc.

​

May 30, 2002

​

Tongala

​

2004

​

4,253

Containers Lines Inc.

​

May 30, 2002

​

Derby D

​

2004

​

4,253

Boulevard Shiptrade S.A

​

September 12, 2013

​

Dimitris C

​

2001

​

3,430

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 (2)

​

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 (3)

​

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. 2) Corp.

​

March 4, 2022

​

Hull No. C7100-8

​

2024

​

7,165

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

​

2025

​

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

Boxline (No. 3) Corp.

​

February 2, 2024

​

Hull No. YZJ2024-1612

​

2026

​

8,258

Boxline (No. 4) Corp.

​

February 2, 2024

​

Hull No. YZJ2024-1613

​

2027

​

8,258

Boxline (No. 5) Corp.

​

March 8, 2024

​

Hull No. YZJ2024-1625

​

2027

​

8,258

Boxline (No. 6) Corp.

​

March 8, 2024

​

Hull No. YZJ2024-1626

​

2027

​

8,258

Boxline (No. 7) Corp.

​

May 30, 2024

​

Hull No. YZJ2024-1668

​

2027

​

8,258

Boxsail (No. 5) Corp.

​

June 13, 2024

​

Hull No. C9200-7

​

2027

​

9,200

Boxsail (No. 6) Corp.

​

June 13, 2024

​

Hull No. C9200-8

​

2027

​

9,200

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

1     Basis of Presentation and Gopeneral Information (Continued)

​

(2)The sale of Amalia C was completed in January 2023.
(3)The Stride was sold for scrap in March 2024.
(4)The Interasia Accelerate, Greenland and Catherine C were delivered in the second quarter of 2024.
Schedule of Dry Bulk Vessels

​

​

​

​

​

​

​

​

​

​

Company

    

Date of Incorporation

    

Vessel Name

    

Year Built

    

DWT(1)

Bulk No. 1 Corp.

​

July 14, 2023

 

Integrity

 

2010

 

175,996

Bulk No. 2 Corp.

​

July 14, 2023

 

Achievement

 

2011

 

175,850

Bulk No. 3 Corp.

​

July 14, 2023

 

Ingenuity

 

2011

 

176,022

Bulk No. 4 Corp.

​

July 14, 2023

​

Genius

 

2012

 

175,580

Bulk No. 5 Corp.

​

July 14, 2023

 

Peace

 

2010

 

175,858

Bulk No. 6 Corp.

​

September 15, 2023

 

W Trader

 

2009

 

175,879

Bulk No. 7 Corp.

​

September 25, 2023

 

E Trader

 

2009

 

175,886

Bulk No. 9 Corp.

​

February 2, 2024

 

Gouverneur (ex Xin Hang) (2)

 

2010

 

178,043

Bulk No. 10 Corp.

​

February 15, 2024

 

Valentine (ex Star Audrey) (2)

 

2011

 

175,125

Contracted drybulk vessels

​

  

 

  

 

  

 

  

Bulk No. 8 Corp.

​

January 31, 2024

 

Danaos (ex Guo May) (3)

 

2011

 

176,536

(1)DWT, dead weight tons, the international standard measure for drybulk vessels capacity.
(2)The vessels were delivered in the second quarter of 2024.
(3)The vessel was delivered in July 2024.
v3.24.2.u1
Fixed Assets, Advances for Vessels Acquisition and Vessels under Construction (Tables)
 6 Months Ended
Jun. 30, 2024
Fixed Assets, Advances for Vessels Acquisition and Vessels under Construction  
Schedule of remaining contractual commitments under 14 vessel construction contracts The contractual commitments under 14 remaining vessel construction contracts are analyzed as follows as of June 30, 2024 (in thousands):

​

​

​

​

​

Payments due by period ended

    

  

​

December 31, 2024

​

$

205,067

December 31, 2025

​

 

204,550

December 31, 2026

​

 

295,212

December 31, 2027

​

 

288,984

Total contractual commitments

​

$

993,813
v3.24.2.u1
Deferred Charges, net (Tables)
 6 Months Ended
Jun. 30, 2024
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, 2023

​

$

25,554

Additions

​

​

31,121

Amortization

​

 

(18,663)

As of December 31, 2023

​

​

38,012

Additions

​

 

14,618

Amortization

​

 

(12,424)

Write-off

​

​

(660)

As of June 30, 2024

​

$

39,546
v3.24.2.u1
Other Current and Non-current Assets (Tables)
 6 Months Ended
Jun. 30, 2024
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, 2024

    

December 31, 2023

Straight-lining of revenue

​

$

28,989

​

$

36,495

Marketable securities

​

​

99,232

​

​

86,029

Claims receivable

​

​

14,420

​

​

12,026

Other current assets

​

​

9,734

​

​

7,623

Total othe current assets

​

$

152,375

​

$

142,173

Straight-lining of revenue

​

$

52,461

​

$

63,382

Other non-current assets

​

​

24,671

​

​

9,245

Total other non-current assets

​

$

77,132

​

$

72,627
v3.24.2.u1
Accrued Liabilities (Tables)
 6 Months Ended
Jun. 30, 2024
Accrued Liabilities  
Schedule of accrued liabilities

Accrued liabilities consisted of the following (in thousands):

​

​

​

​

​

​

​

​

​

    

As of

    

As of

​

​

June 30, 2024

​

December 31, 2023

Accrued interest

​

$

10,248

​

$

8,312

Accrued dry-docking expenses

​

​

4,413

​

​

3,276

Accrued expenses

​

​

9,978

​

 

8,870

Total

​

$

24,639

​

$

20,458
v3.24.2.u1
Long-Term Debt, net (Tables)
 6 Months Ended
Jun. 30, 2024
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, 2024

    

December 31, 2023

BNP Paribas/Credit Agricole $130 mil. Facility

​

$

90,000

​

$

100,000

Alpha Bank $55.25 mil. Facility

​

​

44,000

​

​

47,750

Syndicated $450.0 mil. Facility

​

​

181,000

​

​

—

Citibank $382.5 mil. Revolving Credit Facility

​

​

—

​

​

—

Senior unsecured notes

​

​

262,766

​

​

262,766

Total long-term debt

​

$

577,766

​

$

410,516

Less: Deferred finance costs, net

​

​

(8,063)

​

​

(6,342)

Less: Current portion

​

​

(25,160)

​

​

(21,300)

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

​

$

544,543

​

$

382,874
Schedule of debt maturities of long-term debt

The scheduled debt maturities of long-term debt subsequent to June 30, 2024 are as follows (in thousands):

​

​

​

​

​

​

​

Principal

Payments due by period ended

    

repayments

June 30, 2025

​

$

25,160

June 30, 2026

​

​

25,160

June 30, 2027

​

​

92,360

June 30, 2028

​

​

294,326

June 30, 2029

​

​

140,760

Total long-term debt

​

$

577,766
v3.24.2.u1
Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2024
Financial Instruments  
Schedule of estimated fair values of the financial instruments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As of June 30, 2024

​

As of December 31, 2023

​

    

Book Value

    

Fair Value

    

Book Value

    

Fair Value

​

​

(in thousands of $)

Cash and cash equivalents

​

$

372,446

​

$

372,446

​

$

271,809

​

$

271,809

Marketable securities

​

$

99,232

​

$

99,232

​

$

86,029

​

$

86,029

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

​

$

315,000

​

$

315,000

​

$

147,750

​

$

147,750

Unsecured long-term debt(1)

​

$

262,766

​

$

250,491

​

$

262,766

​

$

241,969
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, 2024

​

    

Total

    

(Level I)

    

(Level II)

    

(Level III)

​

​

(in thousands of $)

Marketable securities

​

$

99,232

​

$

99,232

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements as of December 31, 2023

​

    

Total

    

(Level I)

    

(Level II)

    

(Level III)

​

 

(in thousands of $)

Marketable securities

​

$

86,029

​

$

86,029

​

$

—

​

$

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements as of June 30, 2024

​

    

Total

    

(Level I)

    

 (Level II)

    

(Level III)

​

​

​

(in thousands of $)

Cash and cash equivalents

​

$

372,446

​

$

372,446

​

$

—

​

$

—

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

​

$

315,000

​

$

—

​

$

315,000

​

$

—

Unsecured long-term debt(1)

​

$

250,491

​

$

250,491

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements as of December 31, 2023

​

    

Total

    

(Level I)

    

(Level II)

    

(Level III)

​

​

(in thousands of $)

Cash and cash equivalents

​

$

271,809

​

$

271,809

​

$

—

​

$

—

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

​

$

147,750

​

$

—

​

$

147,750

​

$

—

Unsecured long-term debt(1)

​

$

241,969

​

$

241,969

​

$

—

​

$

—

(1)Secured and unsecured long-term debt, including current portion is presented gross of deferred finance costs of $8.1 million and $6.3 million as of June 30, 2024 and December 31, 2023, 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.
v3.24.2.u1
Lease Arrangements (Tables)
 6 Months Ended
Jun. 30, 2024
Lease Arrangements  
Schedule of future minimum payments, expected to be received on non-cancellable time charters and bareboat charters

​

The future minimum payments, expected to be received on non-cancellable time charters and bareboat charters classified as operating leases consisted of the following as of June 30, 2024 (in thousands):

​

​

​

​

​

Remainder of 2024

    

$

445,414

2025

 

​

802,559

2026

 

​

626,893

2027

 

​

398,621

2028

 

​

170,368

2029

​

​

130,517

2030 and thereafter

 

​

114,879

Total future rentals

​

$

2,689,251
v3.24.2.u1
Earnings per Share (Tables)
 6 Months Ended
Jun. 30, 2024
Earnings per Share  
Schedule of computation of basic and diluted earnings per share

​

​

​

​

​

​

​

​

​

​

Three months ended

​

    

June 30, 2024

    

June 30, 2023

​

​

(in thousands)

Numerator:

​

​

​

​

​

​

Net income

​

$

141,152

​

$

147,021

​

​

​

​

​

​

​

Denominator (number of shares in thousands):

​

​

​

​

​

​

Basic weighted average common shares outstanding

​

 

19,348

​

 

20,081

Effect of dilutive securities:

​

 

​

​

 

​

Dilutive effect of non-vested shares

​

 

172

​

 

—

Diluted weighted average common shares outstanding

​

 

19,520

​

 

20,081

Basic earnings per share

​

​

7.30

​

​

7.32

Diluted earnings per share

​

​

7.23

​

​

7.32

​

​

​

​

​

​

​

​

​

​

Six months ended

​

    

June 30, 2024

    

June 30, 2023

​

​

(in thousands)

Numerator:

​

​

​

​

​

​

Net income

​

$

291,650

​

$

293,222

​

​

​

​

​

​

​

Denominator (number of shares in thousands):

​

 

​

​

 

​

Basic weighted average common shares outstanding

​

​

19,380

​

​

20,214

Effect of dilutive securities:

​

​

​

​

​

​

Dilutive effect of non-vested shares

​

​

172

​

​

—

Diluted weighted average common shares outstanding

​

​

19,552

​

​

20,214

Basic earnings per share

​

​

15.05

​

​

14.51

Diluted earnings per share

​

​

14.92

​

​

14.51

​
v3.24.2.u1
Operating Revenue (Tables)
 6 Months Ended
Jun. 30, 2024
Operating Revenue  
Schedule of operating revenue from time charters and bareboat charters and voyage charters

​

​

​

​

​

​

​

​

​

​

Six months ended

​

    

June 30, 2024

    

June 30, 2023

Time charters and bareboat charters

​

$

476,853

​

$

485,053

Voyage charters

​

 

22,902

​

 

—

Total Revenue

​

$

499,755

​

$

485,053
v3.24.2.u1
Segments (Tables)
 6 Months Ended
Jun. 30, 2024
Segments  
Summary of the company's selected financial information

The following table summarizes the Company’s selected financial information for the six months ended and as of June 30, 2024, by segment (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

Container vessels

​

Drybulk vessels 

​

​

​

​

    

 segment

    

segment

    

Total

Operating revenues

​

$

463,997

​

$

35,758

​

$

499,755

Voyage expenses

​

 

(16,741)

​

 

(16,279)

​

 

(33,020)

Vessel operating expenses

​

 

(79,430)

​

 

(10,774)

​

 

(90,204)

Depreciation

​

 

(65,255)

​

 

(3,988)

​

 

(69,243)

Amortization of deferred drydocking and special survey costs

​

 

(12,135)

​

 

(289)

​

 

(12,424)

Interest income

​

 

5,859

​

 

—

​

 

5,859

Interest expense

​

 

(8,230)

​

 

—

​

 

(8,230)

Net income per segment

​

$

272,042

​

$

2,627

​

$

274,669

Gain on investments, dividend income and equity loss on investments

​

 

​

​

 

​

​

 

16,981

Net income

​

​

​

​

​

​

​

$

291,650

​

​

​

​

​

​

​

​

​

​

​

​

    

Container vessels

    

Drybulk vessels

    

​

​

​

​

segment

​

segment

​

Total

Total assets per segment

​

$

3,710,004

​

$

237,057

​

$

3,947,061

Marketable securities

​

​

​

​

​

​

​

​

99,232

Investments in affiliates

​

​

​

​

​

​

​

​

64

Total assets

​

​

​

​

​

​

​

$

4,046,357

​

The following table summarizes the Company’s selected financial information for the six months ended June 30, 2023, by segment (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

Container vessels

​

Drybulk vessels

​

​

​

​

    

segment

    

 segment

    

Total

Operating revenues

​

$

485,053

​

—

​

$

485,053

Voyage expenses

 

​

(16,282)

 

—

 

​

(16,282)

Vessel operating expenses

 

​

(82,500)

 

—

 

​

(82,500)

Depreciation

 

​

(63,439)

 

—

 

​

(63,439)

Amortization of deferred drydocking and special survey costs

 

​

(8,337)

 

—

 

​

(8,337)

Interest income

 

​

6,319

 

—

 

​

6,319

Interest expense

 

​

(12,603)

 

—

 

​

(12,603)

Net income per segment

​

$

290,110

 

—

​

$

290,110

Gain on investments, dividend income and equity loss on investments

​

​

​

 

  

​

 

3,112

Net income

​

​

​

 

  

​

$

293,222

​
v3.24.2.u1
Basis of Presentation and General Information (Details)
Jun. 30, 2024
item
$ / shares
shares
Dec. 31, 2023
$ / 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
Kota Peony    
Property, Plant and Equipment    
TEU 13,100  
Kota Primrose    
Property, Plant and Equipment    
TEU 13,100  
Kota Plumbago    
Property, Plant and Equipment    
TEU 13,100  
Hyundai Speed    
Property, Plant and Equipment    
TEU 13,100  
Ambition    
Property, Plant and Equipment    
TEU 13,100  
Express Berlin    
Property, Plant and Equipment    
TEU 10,100  
Express Rome    
Property, Plant and Equipment    
TEU 10,100  
Express Athens    
Property, Plant and Equipment    
TEU 10,100  
Pusan C    
Property, Plant and Equipment    
TEU 9,580  
Le Havre    
Property, Plant and Equipment    
TEU 9,580  
Bremen    
Property, Plant and Equipment    
TEU 9,012  
C Hamburg    
Property, Plant and Equipment    
TEU 9,012  
Niledutch Lion    
Property, Plant and Equipment    
TEU 8,626  
Kota Manzanillo    
Property, Plant and Equipment    
TEU 8,533  
Belita    
Property, Plant and Equipment    
TEU 8,533  
CMA CGM 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  
Greenland    
Property, Plant and Equipment    
TEU 8,010  
Interasia Accelerate    
Property, Plant and Equipment    
TEU 7,165  
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 8,010  
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  
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)    
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. C7100-8    
Property, Plant and Equipment    
TEU 7,165  
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  
Hull No. Yzj 2024-1612    
Property, Plant and Equipment    
TEU 8,258  
Hull No. Yzj 2024-1613    
Property, Plant and Equipment    
TEU 8,258  
Hull No. Yzj 2024-1625    
Property, Plant and Equipment    
TEU 8,258  
Hull No. Yzj 2024-1626    
Property, Plant and Equipment    
TEU 8,258  
Hull No. YZJ2024-1668    
Property, Plant and Equipment    
TEU 8,258  
Hull No. C9200-7    
Property, Plant and Equipment    
TEU 9,200  
Hull No. C9200-8    
Property, Plant and Equipment    
TEU 9,200  
v3.24.2.u1
Basis of Presentation and General Information - Capesize drybulk vessels (Details)
Jun. 30, 2024
t
Integrity  
Property, Plant and Equipment  
Capesize drybulk vessels 175,996
Achievement  
Property, Plant and Equipment  
Capesize drybulk vessels 175,850
Ingenuity  
Property, Plant and Equipment  
Capesize drybulk vessels 176,022
Genius  
Property, Plant and Equipment  
Capesize drybulk vessels 175,580
Peace  
Property, Plant and Equipment  
Capesize drybulk vessels 175,858
W Trader  
Property, Plant and Equipment  
Capesize drybulk vessels 175,879
E Trader  
Property, Plant and Equipment  
Capesize drybulk vessels 175,886
Gouverneur  
Property, Plant and Equipment  
Capesize drybulk vessels 178,043
Valentine  
Property, Plant and Equipment  
Capesize drybulk vessels 175,125
Danaos  
Property, Plant and Equipment  
Capesize drybulk vessels 176,536
v3.24.2.u1
Investments in Affiliates (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Mar. 31, 2023
Schedule of Equity Method Investments [Line Items]            
Equity loss on investments $ (97) $ (738) $ (206) $ (3,326)    
CTTC            
Schedule of Equity Method Investments [Line Items]            
Amount invested           $ 4,300
Ownership interest percentage           49.00%
Equity loss on investments     $ 200   $ 4,000  
v3.24.2.u1
Fixed Assets, Advances for Vessels Acquisition and Vessels under Construction (Details)
$ in Thousands
 1 Months Ended 3 Months Ended 5 Months Ended 6 Months Ended 12 Months Ended
Nov. 10, 2023
USD ($)
Jul. 31, 2024
USD ($)
item
Jun. 30, 2024
USD ($)
item
Mar. 31, 2024
item
Feb. 29, 2024
USD ($)
item
t
Jun. 30, 2023
item
Apr. 30, 2023
item
Jan. 31, 2023
USD ($)
Apr. 30, 2022
item
Mar. 31, 2022
item
Sep. 30, 2024
item
Jun. 30, 2024
USD ($)
item
Jun. 29, 2024
USD ($)
Jun. 30, 2024
USD ($)
item
$ / T
Jun. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
item
t
Dec. 31, 2022
USD ($)
Dec. 23, 2022
USD ($)
Fixed Assets, net & Advances for Vessels under Construction                                    
Interest expense capitalized | $                           $ 11,400 $ 7,200      
Gain on disposal/sale of vessels | $                       $ 7,094   7,094 1,639      
Net insurance proceeds from disposal/sale of vessels | $                           10,639 3,914      
Amortization of assumed time charter | $                           4,500 $ 6,500      
Unamortized time charter liabilities | $     $ 0                 0   0   $ 4,500    
Manager                                    
Fixed Assets, net & Advances for Vessels under Construction                                    
Supervision fee per newbuilding vessel payable | $ $ 850                         850        
Supervision fees for vessels capitalized | $     2,100                 $ 2,100   2,100   $ 3,000    
Capesize Bulk Carriers                                    
Fixed Assets, net & Advances for Vessels under Construction                                    
Number of vessels acquired         3                     7    
DWT of acquired carriers | t         529,704                     1,231,157    
Aggregate amount of purchase price | $         $ 79,800                     $ 139,600    
Purchase price paid | $   $ 21,000                     $ 58,800          
Number of vessels delivered   1                   2            
Vessel                                    
Fixed Assets, net & Advances for Vessels under Construction                                    
Residual value of the fleet | $     $ 574,900                 $ 574,900   $ 574,900   540,500    
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        
Amalia C                                    
Fixed Assets, net & Advances for Vessels under Construction                                    
TEU     2,452                 2,452   2,452        
Aggregate gross consideration | $                                   $ 5,100
Gain on disposal/sale of vessels | $               $ 1,600                    
Vessesls under Construction                                    
Fixed Assets, net & Advances for Vessels under Construction                                    
Interest expense capitalized | $                           $ 11,400   17,400 $ 5,000  
Vessesls under Construction | TEU container vessels                                    
Fixed Assets, net & Advances for Vessels under Construction                                    
Number of vessels under construction     14                 14   14        
Aggregate purchase price | $     $ 1,245,900                 $ 1,245,900   $ 1,245,900        
Payments for purchase price of construction assets | $                           90,200   $ 73,300 $ 88,600  
Four 8,000 TEU Vessels                                    
Fixed Assets, net & Advances for Vessels under Construction                                    
Number of vessels delivered                       2            
Number of vessels contracted for construction                 4                  
TEU of vessels contracted for construction                 8,000                  
Four 8,000 TEU Vessels | Forecast                                    
Fixed Assets, net & Advances for Vessels under Construction                                    
Number of vessels expected to be delivered                     2              
Two 7,100 TEU Vessels                                    
Fixed Assets, net & Advances for Vessels under Construction                                    
Number of vessels delivered                       1            
Number of vessels contracted for construction                   2                
TEU of vessels contracted for construction                   7,100                
Two 7,100 TEU Vessels | Forecast                                    
Fixed Assets, net & Advances for Vessels under Construction                                    
Number of vessels expected to be delivered                     1              
Two 6,000 TEU Vessels                                    
Fixed Assets, net & Advances for Vessels under Construction                                    
Number of vessels contracted for construction             2                      
TEU of vessels contracted for construction             6,000                      
Two 8,200 TEU Vessels                                    
Fixed Assets, net & Advances for Vessels under Construction                                    
Number of vessels contracted for construction           2                        
TEU of vessels contracted for construction           8,200                        
Four 8,200 TEU Vessels                                    
Fixed Assets, net & Advances for Vessels under Construction                                    
Number of vessels contracted for construction       4 4                          
TEU of vessels contracted for construction       8,200 8,200                          
Two 9,200 TEU Vessels                                    
Fixed Assets, net & Advances for Vessels under Construction                                    
Number of vessels contracted for construction     2                              
TEU of vessels contracted for construction     9,200                              
One 8,200 TEU Vessels                                    
Fixed Assets, net & Advances for Vessels under Construction                                    
Number of vessels contracted for construction     1                              
TEU of vessels contracted for construction     8,200                              
Vessel Stride                                    
Fixed Assets, net & Advances for Vessels under Construction                                    
Gain on disposal/sale of vessels | $                           7,100        
Net insurance proceeds from disposal/sale of vessels | $                           $ 10,600        
v3.24.2.u1
Fixed Assets, Advances for Vessels Acquisition and Vessels under Construction - Remaining contractual commitments (Details)
$ in Thousands
Jun. 30, 2024
USD ($)
Fixed Assets, Advances for Vessels Acquisition and Vessels under Construction  
December 31, 2024 $ 205,067
December 31, 2025 204,550
December 31, 2026 295,212
December 31, 2027 288,984
Total contractual commitments $ 993,813
v3.24.2.u1
Deferred Charges, net (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Changes in deferred charges, net          
Balance at the beginning of the period     $ 38,012 $ 25,554 $ 25,554
Additions     14,618   31,121
Amortization $ (6,972) $ (4,502) (12,424) $ (8,337) (18,663)
Write-off     (660)    
Balance at the end of the period $ 39,546   $ 39,546   $ 38,012
Period of amortization for deferred costs     2 years 6 months    
v3.24.2.u1
Other Current and Non-current Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Other Current and Non-current Assets    
Straight-lining of revenue $ 28,989 $ 36,495
Marketable securities 99,232 86,029
Claims receivable 14,420 12,026
Other current assets 9,734 7,623
Total other current assets 152,375 142,173
Straight-lining of revenue 52,461 63,382
Other non-current assets 24,671 9,245
Total other non-current assets $ 77,132 $ 72,627
v3.24.2.u1
Other Current and Non-current Assets - Eagle Bulk Shipping Inc (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 6 Months Ended 12 Months Ended
Dec. 11, 2023
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Other Current and Non-current Assets              
Marketable securities, fair value     $ 99,232   $ 99,232   $ 86,029
Gain on investments     2,224 $ 6,438 13,203 $ 6,438  
Dividend income     3,052   3,984    
SBLK Common Stock              
Other Current and Non-current Assets              
Marketable securities, fair value     $ 99,200   $ 99,200    
Marketable securities owned     4,070,214   4,070,214    
Gain on investments         $ 13,200    
Dividend income         $ 4,000    
Eagle Bulk Shipping Inc.              
Other Current and Non-current Assets              
Number of shares of marketable securities acquired   1,552,865          
Amount paid to acquire marketable securities   $ 68,200          
Marketable securities, fair value             86,000
Common stock of SBLK received in exchange for each share of EGLE common stock owned 2.6211            
Gain on investments             $ 17,900
Related party | Virage | Eagle Bulk Shipping Inc.              
Other Current and Non-current Assets              
Amount paid to acquire marketable securities   $ 24,400          
v3.24.2.u1
Accrued Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Accrued Liabilities    
Accrued interest $ 10,248 $ 8,312
Accrued dry-docking expenses 4,413 3,276
Accrued expenses 9,978 8,870
Total $ 24,639 $ 20,458
v3.24.2.u1
Long-Term Debt, net - Schedule of Debt (Details) - USD ($)
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Mar. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Long-Term Debt, net          
Total long-term debt $ 577,766,000     $ 410,516,000  
Less: Deferred finance costs, net (8,063,000)     (6,342,000)  
Less: Current portion (25,160,000)     (21,300,000)  
Total long-term debt net of current portion and deferred finance cost 544,543,000     382,874,000  
Payments of long-term debt (13,750,000) $ (13,750,000)      
BNP Paribas/Credit Agricole $130 mil. Facility          
Long-Term Debt, net          
Long-term debt 90,000,000     100,000,000  
Credit facility 130,000,000        
Alpha Bank $55.25 mil. Facility          
Long-Term Debt, net          
Long-term debt 44,000,000     47,750,000  
Credit facility 55,250,000     55,250,000 $ 55,250,000
Syndicated $450.0 mil. Facility          
Long-Term Debt, net          
Long-term debt 181,000,000        
Credit facility 450,000,000.0   $ 450,000,000.0    
Citibank $382.5 mil. Revolving Credit Facility          
Long-Term Debt, net          
Credit facility 382,500,000     382,500,000 $ 382,500,000
Senior unsecured notes          
Long-Term Debt, net          
Long-term debt $ 262,766,000     $ 262,766,000  
v3.24.2.u1
Long-Term Debt, net - Additional Information (Details)
 1 Months Ended 6 Months Ended 12 Months Ended
Feb. 11, 2021
USD ($)
Dec. 31, 2022
USD ($)
installment
Jun. 30, 2022
USD ($)
item
Jun. 30, 2024
USD ($)
item
Jun. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
installment
Mar. 31, 2024
USD ($)
item
Long-Term Debt, net                
Incurred interest expense       $ 18,700,000 $ 18,500,000      
Interest expense capitalized       $ 11,400,000 $ 7,200,000      
Vessels subject to first preferred mortgages as collateral | item       27        
Carrying value of vessels subject to first preferred mortgages as collateral to credit facilities       $ 1,763,900,000        
Deferred bond issuance costs       8,100,000   $ 6,300,000    
Vessels under construction                
Long-Term Debt, net                
Interest expense capitalized       $ 11,400,000   17,400,000 $ 5,000,000.0  
Vessels under construction subject to first preferred mortgages as collateral | item       5        
BNP Paribas/Credit Agricole $130 mil. Facility                
Long-Term Debt, net                
Credit facility       $ 130,000,000   130,000,000    
Syndicated $450.0 mil. Facility                
Long-Term Debt, net                
Credit facility       450,000,000.0       $ 450,000,000.0
Number of vessels pledged as collateral | item               8
Amount drawn       $ 181,000,000.0        
Number of vessels delivered | item       3        
Spread on variable rate       1.85%        
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]       us-gaap:SecuredOvernightFinancingRateSofrMember        
Remaining borrowing availability       $ 269,000,000.0        
Long-term debt       181,000,000        
BNP Paribas/Credit Agricole $130 mil. Facility                
Long-Term Debt, net                
Credit facility       $ 130,000,000        
Number of vessels pledged as collateral | item     6          
Spread on variable rate     2.16%          
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]     us-gaap:SecuredOvernightFinancingRateSofrMember          
Face amount of debt     $ 130,000,000.0          
TEU of vessels pledged to loan | item     5,466          
Balloon payment at maturity     $ 67,200,000          
Term of debt     5 years          
Minimum percentage of fair market value of collateral vessels required to cover loan value       125.00%        
Long-term debt       $ 90,000,000   100,000,000    
BNP Paribas/Credit Agricole $130 mil. Facility | Eight Quarterly Installment                
Long-Term Debt, net                
Amount of quarterly instalment     $ 5,000,000.0          
BNP Paribas/Credit Agricole $130 mil. Facility | Twelve Quarterly Installments                
Long-Term Debt, net                
Amount of quarterly instalment     $ 1,900,000          
Citibank/Natwest $815 mil. Facility                
Long-Term Debt, net                
Credit facility   $ 815,000,000   55,250,000     815,000,000  
Credit facility debt extinguished   437,750,000            
Citibank $382.5 mil. Revolving Credit Facility                
Long-Term Debt, net                
Credit facility   $ 382,500,000   382,500,000   382,500,000 $ 382,500,000  
Amount drawn       0        
Spread on variable rate   2.00%            
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]   us-gaap:SecuredOvernightFinancingRateSofrMember            
Number of quarterly instalments | installment   20         20  
Amount of quarterly instalment   $ 11,250,000            
Balloon payment at maturity   $ 157,500,000         $ 157,500,000  
Term of debt   5 years            
Commitment fee payable (as a percent)   0.80%            
Remaining borrowing availability       315,000,000.0        
Citibank $382.5 mil. Revolving Credit Facility | BNP Paribas/Credit Agricole $130 mil. Facility                
Long-Term Debt, net                
Credit facility       382,500,000        
Alpha Bank $55.25 mil. Facility                
Long-Term Debt, net                
Credit facility   $ 55,250,000   55,250,000   55,250,000 $ 55,250,000  
Spread on variable rate   2.30%            
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]   us-gaap:SecuredOvernightFinancingRateSofrMember            
Number of quarterly instalments | installment   20         20  
Amount of quarterly instalment   $ 1,875,000            
Balloon payment at maturity   $ 17,750,000         $ 17,750,000  
Term of debt   5 years            
Long-term debt       44,000,000   47,750,000    
Senior unsecured notes                
Long-Term Debt, net                
Face amount of debt $ 300,000,000.0              
Fixed interest rate (as a percent) 8.50%              
Percentage of principal amount redeemable from equity offering within 90 days of closing 35.00%              
Redemption period of principal from closing of equity offering 90 days              
Amount repurchased   $ 37,200,000         $ 37,200,000  
Deferred bond issuance costs $ 9,000,000.0              
Long-term debt       $ 262,766,000   $ 262,766,000    
Senior unsecured notes | On or after March 1, 2024                
Long-Term Debt, net                
Redemption price (as percent) 104.25%              
Senior unsecured notes | On or after March 1, 2025                
Long-Term Debt, net                
Redemption price (as percent) 102.125%              
Senior unsecured notes | On or after March 1, 2026                
Long-Term Debt, net                
Redemption price (as percent) 100.00%              
Senior unsecured notes | 90 days after equity offering                
Long-Term Debt, net                
Redemption price (as percent) 108.50%              
Alpha Bank $55.25 mil. Facility, Citibank $382.5 mil. Revolving Credit Facility and Syndicated $450.0 mil. Facility                
Long-Term Debt, net                
Minimum percentage of fair market value of collateral vessels required to cover loan value       120.00%        
Alpha Bank $55.25 mil. Facility, Citibank $382.5 mil. Revolving Credit Facility, Syndicated $450.0 mil. Facility, and the BNP Paribas/Credit Agricole $130 mil. Facility                
Long-Term Debt, net                
Minimum liquidity       $ 30,000,000.0        
Maximum leverage ratio       6.5        
Minimum interest coverage ratio       2.5        
v3.24.2.u1
Long-Term Debt, net - Maturities (Details)
$ in Thousands
Jun. 30, 2024
USD ($)
Scheduled maturities of long-term debt  
June 30, 2025 $ 25,160
June 30, 2026 25,160
June 30, 2027 92,360
June 30, 2028 294,326
June 30, 2029 140,760
Total long-term debt $ 577,766
v3.24.2.u1
Financial Instruments - Interest Rate Swap Hedges (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2024
USD ($)
agreement
Jun. 30, 2023
USD ($)
Financial Instruments    
Number of agreements held | agreement 0  
Interest rate swap contracts    
Financial Instruments    
Unrealized losses reclassified from accumulated other comprehensive loss to earnings $ 1.8 $ 1.8
Unrealized losses expected to be reclassified from accumulated other comprehensive loss to earnings within the next twelve months $ 3.6  
v3.24.2.u1
Financial Instruments - Fair Value (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Financial Instruments    
Marketable securities $ 99,232 $ 86,029
Fair Value    
Financial Instruments    
Cash and cash equivalents 372,446 271,809
Marketable securities 99,232 86,029
Book Value    
Financial Instruments    
Cash and cash equivalents 372,446 271,809
Marketable securities 99,232 86,029
Secured long-term debt, including current portion | Fair Value    
Financial Instruments    
Long-term debt 315,000 147,750
Secured long-term debt, including current portion | Book Value    
Financial Instruments    
Long-term debt 315,000 147,750
Unsecured long-term debt | Fair Value    
Financial Instruments    
Long-term debt 250,491 241,969
Unsecured long-term debt | Book Value    
Financial Instruments    
Long-term debt $ 262,766 $ 262,766
v3.24.2.u1
Financial Instruments - Measured On Recurring Basis (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Financial Instruments    
Marketable securities $ 99,232 $ 86,029
(Level I)    
Financial Instruments    
Marketable securities 99,232  
Fair Value    
Financial Instruments    
Marketable securities $ 99,232 86,029
Fair Value | (Level I)    
Financial Instruments    
Marketable securities   $ 86,029
v3.24.2.u1
Financial Instruments - Not Measured On Recurring Basis (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Financial Instruments    
Deferred finance costs, net $ 8,100 $ 6,300
(Level I)    
Financial Instruments    
Cash and cash equivalents 372,446 271,809
(Level I) | Unsecured long-term debt    
Financial Instruments    
Long-term debt 250,491 241,969
(Level II) | Secured long-term debt, including current portion    
Financial Instruments    
Long-term debt 315,000 147,750
Fair Value    
Financial Instruments    
Cash and cash equivalents 372,446 271,809
Fair Value | Secured long-term debt, including current portion    
Financial Instruments    
Long-term debt 315,000 147,750
Fair Value | Unsecured long-term debt    
Financial Instruments    
Long-term debt $ 250,491 $ 241,969
v3.24.2.u1
Stockholders' Equity (Details)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Nov. 10, 2023
USD ($)
$ / shares
shares
Jun. 30, 2024
USD ($)
$ / shares
shares
Mar. 31, 2024
USD ($)
$ / shares
Jun. 30, 2023
USD ($)
$ / shares
Mar. 31, 2023
USD ($)
$ / shares
Jun. 30, 2024
USD ($)
director
$ / shares
shares
Jun. 30, 2023
USD ($)
director
$ / shares
shares
Dec. 31, 2023
USD ($)
shares
Dec. 31, 2022
USD ($)
shares
Jun. 30, 2022
USD ($)
Stockholders' Equity                    
Dividend declared (in US$ per share) | $ / shares   $ 0.80 $ 0.80 $ 0.75 $ 0.75 $ 0.80 $ 0.75      
Dividends, common stock in cash           $ 31,000 $ 30,400      
Common shares issued | shares           11 20      
Shares repurchase program authorized amount $ 200,000                 $ 100,000
Stock repurchase program authorized repurchase additional amount $ 100,000                  
Value of shares repurchased   $ 1,091 $ 4,132 $ 33,766 $ 2,196          
Total shares repurchased | shares   1,671,059       1,671,059        
Amount of total shares repurchased   $ 104,400       $ 104,400        
Maximum number of shares that may be granted | shares   1,000,000       1,000,000        
Number of directors who elected to receive their compensation in shares | director           0 0      
Open Market Purchases                    
Stockholders' Equity                    
Shares repurchased | shares           73,064   1,131,040 466,955  
Value of shares repurchased           $ 5,200   $ 70,600 $ 28,600  
Maximum                    
Stockholders' Equity                    
Shares repurchase program authorized amount                   $ 100,000
Restricted stock                    
Stockholders' Equity                    
Shares issued and outstanding | shares   0       0        
Manager                    
Stockholders' Equity                    
Shares granted | shares 100,000                  
Trading price of share used to calculate fair value shares granted (in dollars per share) | $ / shares $ 63.40                  
Expenses representing fair value of the stock granted recognized expenses           $ 3,200        
Amount expected to be recognized as expenses in 2024 and 2025   $ 6,300       $ 6,300        
Manager | Vesting on december 31, 2024                    
Stockholders' Equity                    
Shares granted | shares 100,000                  
Manager | Vesting on december 31, 2025                    
Stockholders' Equity                    
Shares granted | shares 100,000                  
v3.24.2.u1
Lease Arrangements (Details)
$ in Thousands
 1 Months Ended 6 Months Ended
May 31, 2022
USD ($)
item
Jun. 30, 2024
USD ($)
item
Dec. 31, 2023
USD ($)
Lease Arrangements      
Number of vessels , generated revenue results | item   70  
Number of vessels under construction contracted with charter agreements | item   13  
Number of charter vessels | item 15    
Amount of charter hire prepayment received $ 238,900    
Current portion of unearned revenue   $ 51,528 $ 63,823
Non-current portion of unearned revenue   38,753 60,134
Future minimum payments, expected to be received      
Remainder of 2024   445,414  
2025   802,559  
2026   626,893  
2027   398,621  
2028   170,368  
2029   130,517  
2030 and thereafter   114,879  
Total future rentals   $ 2,689,251  
Time Charter Agreements      
Lease Arrangements      
Lessor, Operating Lease, Existence of Option to Extend [true false]   true  
Maximum term of the option to extend timer charter agreement   3 years  
Current portion of unearned revenue   $ 43,600 44,200
Non-current portion of unearned revenue   $ 38,800 $ 60,100
v3.24.2.u1
Earnings per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2024
Jun. 30, 2023
Numerator:            
Net income for the period $ 141,152 $ 150,498 $ 147,021 $ 146,201 $ 291,650 $ 293,222
Denominator (number of shares in thousands):            
Basic weighted average common shares outstanding 19,348   20,081   19,380 20,214
Effect of dilutive securities:            
Dilutive effect of non-vested shares 172       172  
Diluted weighted average common shares outstanding 19,520   20,081   19,552 20,214
Basic earnings per share (in dollars per share) $ 7.30   $ 7.32   $ 15.05 $ 14.51
Diluted earnings per share (in dollars per share) $ 7.23   $ 7.32   $ 14.92 $ 14.51
v3.24.2.u1
Related Party Transactions (Details) - USD ($)
 6 Months Ended
Nov. 10, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Related Party Transactions        
Due from related parties   $ 46,795,000   $ 51,431,000
Prior service cost and periodic cost   715,000 $ 886,000  
Due to executive officers   22,856,000   39,759,000
Manager        
Related Party Transactions        
Related Party Transaction, Annual Management Fee $ 2,000,000.0      
Related Party Transaction, Annual Management Fee, Shares 100,000      
Daily vessel management fees for vessels on bareboat charter $ 475      
Daily vessel management fees for vessels on time charter $ 950      
Management fee on gross freight, charter hire, ballast bonus and demurrage (as a percent) 1.25%      
Management fee based on the contract price of any vessel bought or sold (as a percent) 1.00%      
Supervision fee per newbuilding vessel payable $ 850,000 850,000    
Amount capitalized   3,100,000   700,000
Supervision fees for vessels capitalized   2,100,000   3,000,000.0
Due from related parties   46,800,000   51,400,000
Manager | General and administrative expenses        
Related Party Transactions        
Management fees   13,900,000 10,500,000  
Manager | Voyage expenses        
Related Party Transactions        
Commissions   5,900,000 5,700,000  
Executive officer        
Related Party Transactions        
Prior service cost and periodic cost   700,000 $ 900,000  
Other long-term liabilities | Executive officer        
Related Party Transactions        
Advances related to a defined benefit executive retirement plan   13,500,000   13,300,000
Accounts payable | Executive officer        
Related Party Transactions        
Due to executive officers   $ 100,000   $ 0
v3.24.2.u1
Operating Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Operating Revenue          
Revenues $ 246,306 $ 241,479 $ 499,755 $ 485,053  
Current portion of unearned revenue 51,528   51,528   $ 63,823
Time charters and bareboat charters          
Operating Revenue          
Revenues     476,853 $ 485,053  
Voyage charters          
Operating Revenue          
Revenues     22,902    
Accounts receivable 1,600   1,600   1,000
Current portion of unearned revenue $ 0   $ 0   $ 2,000
v3.24.2.u1
Segments - Summary of the company's selected financial information (Details)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
USD ($)
Mar. 31, 2024
USD ($)
Jun. 30, 2023
USD ($)
Mar. 31, 2023
USD ($)
Jun. 30, 2024
USD ($)
segment
Jun. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
Summary of the Company's selected financial information              
Reporting segments | segment         2    
Income Statement              
Operating revenues $ 246,306   $ 241,479   $ 499,755 $ 485,053  
Voyage expenses (12,678)   (8,399)   (33,020) (16,282)  
Vessel operating expenses (47,090)   (41,861)   (90,204) (82,500)  
Depreciation (35,380)   (31,910)   (69,243) (63,439)  
Amortization of deferred drydocking and special survey costs (6,972)   (4,502)   (12,424) (8,337) $ (18,663)
Interest income 2,923   3,596   5,859 6,319  
Interest expense (5,106)   (5,881)   (8,230) (12,603)  
Net income per segment         274,669 290,110  
Gain on investments, dividend income and equity loss on investments         16,981 3,112  
Net Income 141,152 $ 150,498 $ 147,021 $ 146,201 291,650 293,222  
Statement of Financial Position              
Total assets per segment 3,947,061       3,947,061    
Marketable securities 99,232       99,232   86,029
Investments in affiliates 64       64   270
Total assets 4,046,357       4,046,357   $ 3,661,136
Container vessels segment              
Income Statement              
Operating revenues         463,997 485,053  
Voyage expenses         (16,741) (16,282)  
Vessel operating expenses         (79,430) (82,500)  
Depreciation         (65,255) (63,439)  
Amortization of deferred drydocking and special survey costs         (12,135) (8,337)  
Interest income         5,859 6,319  
Interest expense         (8,230) (12,603)  
Net income per segment         272,042 $ 290,110  
Statement of Financial Position              
Total assets per segment 3,710,004       3,710,004    
Drybulk vessels segment              
Income Statement              
Operating revenues         35,758    
Voyage expenses         (16,279)    
Vessel operating expenses         (10,774)    
Depreciation         (3,988)    
Amortization of deferred drydocking and special survey costs         (289)    
Net income per segment         2,627    
Statement of Financial Position              
Total assets per segment $ 237,057       $ 237,057    
v3.24.2.u1
Subsequent Events (Details)
$ / shares in Units, $ in Millions
 1 Months Ended 3 Months Ended 6 Months Ended
Aug. 02, 2024
USD ($)
item
Jul. 31, 2024
USD ($)
item
$ / shares
Jun. 30, 2024
USD ($)
$ / shares
Mar. 31, 2024
USD ($)
$ / shares
Jun. 30, 2023
$ / shares
Mar. 31, 2023
$ / shares
Jun. 30, 2024
USD ($)
$ / shares
Jun. 30, 2023
$ / shares
Subsequent Events                
Dividend declared (in US$ per share) | $ / shares     $ 0.80 $ 0.80 $ 0.75 $ 0.75 $ 0.80 $ 0.75
Syndicated $450.0 mil. Facility                
Subsequent Events                
Credit facility     $ 450.0 $ 450.0     $ 450.0  
Subsequent events | Syndicated $450.0 mil. Facility                
Subsequent Events                
Amount drawn from facility $ 55.0              
Credit facility $ 450.0              
Subsequent events | O 2024 H2 Dividends                
Subsequent Events                
Dividend declared (in US$ per share) | $ / shares   $ 0.80            
Dividends payable, date to be paid   Aug. 29, 2024            
Dividends payable, date of record   Aug. 20, 2024            
Subsequent events | TEU newbuilding vessels                
Subsequent Events                
Number of TEU newbuilding vessels | item   3            
TEU | item   9,200            
Purchase price paid   $ 315.0            
Subsequent events | TEU newbuilding vessels | Syndicated $450.0 mil. Facility                
Subsequent Events                
Number of TEU newbuilding vessels | item 1