Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2023 shares
Entity Registrant Name	DANAOS CORPORATION
Document Registration Statement	false
Document Transition Report	false
Document Annual Report	true
Document Shell Company Report	false
Entity File Number	001-33060
Entity Incorporation, State or Country Code	1T
Entity Address, Address Line One	c/o Danaos Shipping Co. Ltd, Athens Branch
Entity Address, Address Line Two	14 Akti Kondyli
Entity Address, City or Town	Piraeus
Entity Address, Country	GR
Entity Address, Postal Zip Code	185 45
Title of 12(b) Security	Common stock, $0.01 par value per share
Trading Symbol	DAC
Security Exchange Name	NYSE
Entity Central Index Key	0001369241
Document Type	20-F
Document Period End Date	Dec. 31, 2023
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	19,418,696
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Emerging Growth Company	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Document Accounting Standard	U.S. GAAP
ICFR Auditor Attestation Flag	true
Auditor Firm ID	1163
Auditor Name	Deloitte Certified Public Accountants S.A.
Auditor Location	Athens, Greece
Business Contact [Member]
Entity Address, Address Line One	c/o Danaos Shipping Co. Ltd, Athens Branch
Entity Address, Address Line Two	14 Akti Kondyli
Entity Address, City or Town	Piraeus
Entity Address, Country	GR
Entity Address, Postal Zip Code	185 45
Contact Personnel Name	Evangelos Chatzis
City Area Code	+30 210
Local Phone Number	419 6480
Contact Personnel Fax Number	30 210 419 6489

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
CURRENT ASSETS
Cash and cash equivalents	$ 271,809	$ 267,668
Accounts receivable, net	9,931	5,635
Inventories	24,511	16,099
Prepaid expenses	1,915	1,312
Due from related parties	$ 51,431	$ 34,002
Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Other current assets	$ 142,173	$ 47,805
Total current assets	501,770	372,521
NON-CURRENT ASSETS
Fixed assets at cost, net of accumulated depreciation of $ 1,311,689 (2022: $1,182,402)	2,746,541	2,721,494
Advances for vessels under construction	301,916	190,736
Deferred charges, net	38,012	25,554
Investments in affiliates	270
Other non-current assets	72,627	89,923
Total non-current assets	3,159,366	3,027,707
Total assets	3,661,136	3,400,228
CURRENT LIABILITIES
Accounts payable	22,820	24,505
Accrued liabilities	20,458	21,362
Current portion of long-term debt, net	21,300	27,500
Current portion of long-term leaseback obligation, net		27,469
Unearned revenue	63,823	111,149
Other current liabilities	39,759	16,422
Total current liabilities	168,160	228,407
LONG-TERM LIABILITIES
Long-term debt, net	382,874	402,440
Long-term leaseback obligation, net of current portion		44,542
Unearned revenue, net of current portion	60,134	111,564
Other long-term liabilities	33,651	52,861
Total long-term liabilities	476,659	611,407
Total liabilities	644,819	839,814
Commitments and Contingencies
STOCKHOLDERS' EQUITY
Preferred stock (par value $0.01, 100,000,000 preferred shares authorized and not issued as of December 31, 2023 and December 31, 2022)
Common stock (par value $0.01, 750,000,000 common shares authorized as of December 31, 2023 and December 31, 2022. 25,355,962 and 25,155,928 shares issued; and 19,418,696 and 20,349,702 shares outstanding as of December 31, 2023 and December 31, 2022, respectively)	194	203
Additional paid-in capital	690,190	748,109
Accumulated other comprehensive loss	(75,979)	(74,209)
Retained earnings	2,401,912	1,886,311
Total stockholders' equity	3,016,317	2,560,414
Total liabilities and stockholders' equity	$ 3,661,136	$ 3,400,228

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
CONSOLIDATED BALANCE SHEETS
Accumulated depreciation	$ 1,311,689	$ 1,182,402
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	750,000,000	750,000,000
Common stock, shares issued	25,355,962	25,155,928
Common stock, shares outstanding	19,418,696	20,349,702

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF INCOME
OPERATING REVENUES	$ 973,583	$ 993,344	$ 689,505
OPERATING EXPENSES
Voyage expenses	(41,010)	(35,145)	(24,325)
Vessel operating expenses	(162,117)	(158,972)	(135,872)
Depreciation and amortization of right-of-use assets	(129,287)	(134,271)	(116,917)
Amortization of deferred drydocking and special survey costs	(18,663)	(12,170)	(10,181)
General and administrative expenses	(43,484)	(36,575)	(43,951)
Gain on sale of vessels	1,639	37,225
Income from Operations	580,661	653,436	358,259
OTHER INCOME (EXPENSES):
Interest income	12,133	4,591	12,230
Interest expense	(20,463)	(62,141)	(68,991)
Gain/(loss) on investments	17,867	(176,386)	543,653
Dividend income	1,056	165,399	34,341
Gain/(loss) on debt extinguishment, net	(2,254)	4,351	111,616
Equity income/(loss) on investments	(3,993)		68,028
Other finance expenses	(4,274)	(1,590)	(1,326)
Other income/(expenses), net	(812)	(6,578)	4,543
Loss on derivatives	(3,622)	(3,622)	(3,622)
Total Other Income/(Expenses), net	(4,362)	(75,976)	700,472
Income before income taxes	576,299	577,460	1,058,731
Income taxes		(18,250)	(5,890)
Net Income	$ 576,299	$ 559,210	$ 1,052,841
EARNINGS PER SHARE
Basic earnings per share of common stock	$ 28.99	$ 27.30	$ 51.75
Diluted earnings per share of common stock	$ 28.95	$ 27.28	$ 51.15
Basic weighted average number of common shares	19,879,161	20,481,894	20,345,394
Diluted weighted average number of common shares	19,903,655	20,501,021	20,583,796

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net Income	$ 576,299	$ 559,210	$ 1,052,841
Other comprehensive income/(loss):
Unrealized gain on available for sale securities			20,803
Reclassification to interest income			(9,211)
Prior service cost of defined benefit plan	(6,277)	(14,184)
Reclassification of prior service cost of defined benefit plan	885	7,808
Amortization of deferred realized losses on cash flow hedges	3,622	3,622	3,622
Total Other Comprehensive Income/(Loss)	(1,770)	(2,754)	15,214
Comprehensive Income	$ 574,529	$ 556,456	$ 1,068,055

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional paid-in capital	Accumulated other comprehensive loss	Retained earnings	Total
Balance at Dec. 31, 2020	$ 204	$ 755,390	$ (86,669)	$ 366,652	$ 1,035,577
Balance (in shares) at Dec. 31, 2020	20,449,000
Increase (Decrease) in Stockholders' Equity
Net Income				1,052,841	1,052,841
Dividends				(30,898)	(30,898)
Stock compensation	$ 3	15,275			15,278
Stock compensation (in shares)	268,000
Issuance of common stock		11			11
Net movement in other comprehensive income (loss)			15,214		15,214
Balance at Dec. 31, 2021	$ 207	770,676	(71,455)	1,388,595	2,088,023
Balance (in shares) at Dec. 31, 2021	20,717,000
Increase (Decrease) in Stockholders' Equity
Net Income				559,210	559,210
Dividends				(61,494)	(61,494)
Repurchase of common stock	$ (5)	(28,548)			$ (28,553)
Repurchase of common stock (in shares)	(467,000)				(466,955)
Stock compensation	$ 1	5,971			$ 5,972
Stock compensation (in shares)	100,000
Issuance of common stock		10			10
Net movement in other comprehensive income (loss)			(2,754)		(2,754)
Balance at Dec. 31, 2022	$ 203	748,109	(74,209)	1,886,311	2,560,414
Balance (in shares) at Dec. 31, 2022	20,350,000
Increase (Decrease) in Stockholders' Equity
Net Income				576,299	576,299
Dividends				(60,698)	(60,698)
Repurchase of common stock	$ (11)	(70,599)			$ (70,610)
Repurchase of common stock (in shares)	(1,131,000)				(1,131,040)
Stock compensation	$ 2	12,678			$ 12,680
Stock compensation (in shares)	200,000
Issuance of common stock		2			2
Net movement in other comprehensive income (loss)			(1,770)		(1,770)
Balance at Dec. 31, 2023	$ 194	$ 690,190	$ (75,979)	$ 2,401,912	$ 3,016,317
Balance (in shares) at Dec. 31, 2023	19,419,000

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	1 Months Ended											12 Months Ended
	Nov. 30, 2023	Aug. 31, 2023	May 31, 2023	Feb. 28, 2023	Nov. 30, 2022	Aug. 31, 2022	May 31, 2022	Feb. 28, 2022	Nov. 30, 2021	Aug. 31, 2021	May 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
Dividends (in US$ per share)	$ 0.80	$ 0.75	$ 0.75	$ 0.75	$ 0.75	$ 0.75	$ 0.75	$ 0.75	$ 0.50	$ 0.50	$ 0.50	$ 3.05	$ 3.00	$ 1.50

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities
Net income	$ 576,299	$ 559,210	$ 1,052,841
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization of right-of-use assets	129,287	134,271	116,917
Amortization of deferred drydocking and special survey costs	18,663	12,170	10,181
Amortization of assumed time charters	(21,222)	(56,699)	(27,614)
Amortization of finance costs	2,201	8,564	11,599
Exit fee accrued on debt			149
Debt discount amortization		2,956	4,314
Prior service cost and periodic cost	1,613	7,846
Loss/(gain) on investments	(17,867)	176,386	(543,653)
Equity loss/(income) on investments	3,993		(68,028)
Loss/(gain) on debt extinguishment	2,254	(4,351)	(111,616)
Gain on sale of vessels	(1,639)	(37,225)
PIK interest			726
Payments for drydocking and special survey costs deferred	(31,121)	(29,939)	(4,643)
Stock based compensation	12,680	5,972	15,278
Amortization of deferred realized losses on interest rate swaps	3,622	3,622	3,622
(Increase)/Decrease in:
Accounts receivable	(4,296)	1,483	786
Inventories	(8,412)	(3,520)	(2,068)
Prepaid expenses	(603)	720	(1,096)
Due from related parties	(17,429)	(12,127)	(588)
Other assets, current and non-current	7,812	(52,347)	(41,270)
Increase/(Decrease) in:
Accounts payable	(390)	5,580	4,518
Accrued liabilities	236	280	8,787
Unearned revenue, current and long-term	(77,534)	158,255	(832)
Other liabilities, current and long-term	(1,855)	53,634	(199)
Net cash provided by operating activities	576,292	934,741	428,111
Cash flows from investing activities
Vessels additions and advances for vessels under construction	(268,035)	(199,135)	(355,720)
Proceeds and advances received from sale of vessels	3,914	129,069
Proceeds from sale of investments		246,638	196,350
Investments in affiliates/marketable securities	(74,407)
Acquired cash and cash equivalents			16,222
Net cash provided by/(used in) investing activities	(338,528)	176,572	(143,148)
Cash flows from financing activities
Proceeds from long-term debt, net		182,726	1,105,311
Payments of long-term debt	(27,500)	(892,928)	(1,343,725)
Proceeds from sale-leaseback of vessels			135,000
Payments of leaseback obligation	(72,925)	(153,546)	(53,799)
Dividends paid	(60,696)	(61,483)	(30,887)
Payments of accumulated accrued interest		(3,373)	(10,361)
Finance costs	(1,892)	(16,244)	(22,409)
Repurchase of common stock	(70,610)	(28,553)
Net cash used in financing activities	(233,623)	(973,401)	(220,870)
Net increase in cash, cash equivalents and restricted cash	4,141	137,912	64,093
Cash, cash equivalents and restricted cash, beginning of year	267,668	129,756	65,663
Cash, cash equivalents and restricted cash, end of year	271,809	267,668	129,756
Supplemental cash flow information:
Cash paid for interest, net of amounts capitalized	$ 18,076	$ 53,954	$ 42,836

Basis of Presentation and General Information

12 Months Ended

Dec. 31, 2023

Basis of Presentation and General Information

Basis of Presentation and General Information

1. Basis of Presentation and General Information

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

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

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

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

The consolidated financial statements of the Company have been prepared to reflect the consolidation of the companies listed below. The historical balance sheets and results of operations of the companies listed below have been reflected in the consolidated balance sheets and consolidated statements of income, consolidated statements of comprehensive income, cash flows and stockholders’ equity at and for each period since their respective incorporation or acquisition dates.

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.

1. Basis of Presentation and General Information (Continued)

As of December 31, 2023, Danaos consolidated the vessel owning companies (the “Danaos Subsidiaries”) of container vessels and drybulk vessels listed below.

Container vessels:


			Year
Company	Date of Incorporation	Vessel Name	Built	TEU(1)
Megacarrier (No. 1) Corp.	September 10, 2007	Hyundai Honour	2012	13,100
Megacarrier (No. 2) Corp.	September 10, 2007	Hyundai Respect	2012	13,100
Megacarrier (No. 3) Corp.	September 10, 2007	Hyundai Smart	2012	13,100
Megacarrier (No. 4) Corp.	September 10, 2007	Hyundai Speed	2012	13,100
Megacarrier (No. 5) Corp.	September 10, 2007	Hyundai Ambition	2012	13,100
CellContainer (No. 6) Corp.	October 31, 2007	Express Berlin	2011	10,100
CellContainer (No. 7) Corp.	October 31, 2007	Express Rome	2011	10,100
CellContainer (No. 8) Corp.	October 31, 2007	Express Athens	2011	10,100
Karlita Shipping Co. Ltd.	February 27, 2003	Pusan C	2006	9,580
Ramona Marine Co. Ltd.	February 27, 2003	Le Havre	2006	9,580
Oceancarrier (No. 2) Corp.	October 15, 2020	Bremen	2009	9,012
Oceancarrier (No. 3) Corp.	October 15, 2020	C Hamburg	2009	9,012
Blackwell Seaways Inc.	January 9, 2020	Niledutch Lion	2008	8,626
Oceancarrier (No. 1) Corp.	February 19, 2020	Kota Manzanillo	2005	8,533
Springer Shipping Co.	April 29, 2019	Belita	2006	8,533
Teucarrier (No. 5) Corp.	September 17, 2007	CMA CGM Melisande	2012	8,530
Teucarrier (No. 1) Corp.	January 31, 2007	CMA CGM Attila	2011	8,530
Teucarrier (No. 2) Corp.	January 31, 2007	CMA CGM Tancredi	2011	8,530
Teucarrier (No. 3) Corp.	January 31, 2007	CMA CGM Bianca	2011	8,530
Teucarrier (No. 4) Corp.	January 31, 2007	CMA CGM Samson	2011	8,530
Oceanew Shipping Ltd.	January 14, 2002	Europe	2004	8,468
Oceanprize Navigation Ltd.	January 21, 2003	America	2004	8,468
Rewarding International Shipping Inc.	October 1, 2019	Kota Santos	2005	8,463
Boxcarrier (No. 2) Corp.	June 27, 2006	CMA CGM Musset	2010	6,500
Boxcarrier (No. 3) Corp.	June 27, 2006	CMA CGM Nerval	2010	6,500
Boxcarrier (No. 4) Corp.	June 27, 2006	CMA CGM Rabelais	2010	6,500
Boxcarrier (No. 5) Corp.	June 27, 2006	Racine (ex CMA CGM Racine)	2010	6,500
Boxcarrier (No. 1) Corp.	June 27, 2006	CMA CGM Moliere	2009	6,500
Expresscarrier (No. 1) Corp.	March 5, 2007	YM Mandate	2010	6,500
Expresscarrier (No. 2) Corp.	March 5, 2007	YM Maturity	2010	6,500
Kingsland International Shipping Limited	June 26, 2015	Catherine C (2)	2001	6,422
Leo Shipping and Trading S.A.	October 29, 2015	Leo C (2)	2002	6,422
Actaea Company Limited	October 14, 2014	Zim Savannah	2002	6,402
Asteria Shipping Company Limited	October 14, 2014	Dimitra C	2002	6,402
Averto Shipping S.A.	June 12, 2015	Suez Canal	2002	5,610
Sinoi Marine Ltd.	June 12, 2015	Kota Lima	2002	5,544
Oceancarrier (No. 4) Corp.	July 6, 2021	Wide Alpha	2014	5,466
Oceancarrier (No. 5) Corp.	July 6, 2021	Stephanie C	2014	5,466
Oceancarrier (No. 6) Corp.	July 6, 2021	Maersk Euphrates	2014	5,466
Oceancarrier (No. 7) Corp.	July 6, 2021	Wide Hotel	2015	5,466
Oceancarrier (No. 8) Corp.	July 6, 2021	Wide India	2015	5,466
Oceancarrier (No. 9) Corp.	July 6, 2021	Wide Juliet	2015	5,466
Continent Marine Inc.	March 22, 2006	Zim Monaco	2009	4,253
Medsea Marine Inc.	May 8, 2006	Dalian	2009	4,253
Blacksea Marine Inc.	May 8, 2006	Zim Luanda	2009	4,253
Bayview Shipping Inc.	March 22, 2006	Rio Grande	2008	4,253
Channelview Marine Inc.	March 22, 2006	Merve A (ex Zim Sao Paolo)	2008	4,253
Balticsea Marine Inc.	March 22, 2006	Kingston (ex Zim Kingston)	2008	4,253
Seacarriers Services Inc.	June 28, 2005	Seattle C	2007	4,253
Seacarriers Lines Inc.	June 28, 2005	Vancouver	2007	4,253
Containers Services Inc.	May 30, 2002	Tongala	2004	4,253
Containers Lines Inc.	May 30, 2002	Derby D	2004	4,253
Boulevard Shiptrade S.A	September 12, 2013	Dimitris C	2001	3,430
CellContainer (No. 4) Corp.	March 23, 2007	Express Spain	2011	3,400
CellContainer (No. 5) Corp.	March 23, 2007	Express Black Sea	2011	3,400
CellContainer (No. 1) Corp.	March 23, 2007	Express Argentina	2010	3,400
CellContainer (No. 2) Corp.	March 23, 2007	Express Brazil	2010	3,400
CellContainer (No. 3) Corp.	March 23, 2007	Express France	2010	3,400
Wellington Marine Inc.	January 27, 2005	Singapore	2004	3,314
Auckland Marine Inc.	January 27, 2005	Colombo	2004	3,314
Vilos Navigation Company Ltd.	May 30, 2013	Zebra	2001	2,602
Sarond Shipping Inc.	January 18, 2013	Artotina	2001	2,524
Trindade Maritime Company	April 10, 2013	Amalia C (3)	1998	2,452
Speedcarrier (No. 7) Corp.	December 6, 2007	Highway	1998	2,200
Speedcarrier (No. 6) Corp.	December 6, 2007	Progress C	1998	2,200
Speedcarrier (No. 8) Corp.	December 6, 2007	Bridge	1998	2,200
Speedcarrier (No. 1) Corp.	June 28, 2007	Phoenix D	1997	2,200
Speedcarrier (No. 2) Corp.	June 28, 2007	Advance	1997	2,200
Speedcarrier (No. 3) Corp.	June 28, 2007	Stride	1997	2,200
Speedcarrier (No. 5) Corp.	June 28, 2007	Future	1997	2,200
Speedcarrier (No. 4) Corp.	June 28, 2007	Sprinter	1997	2,200
Container vessels under construction:
Boxsail (No. 1) Corp.	March 4, 2022	Hull No. C7100-7	2024	7,165
Boxsail (No. 2) Corp.	March 4, 2022	Hull No. C7100-8	2024	7,165
Teushipper (No. 1) Corp.	March 14, 2022	Hull No. HN4009	2024	8,010
Teushipper (No. 2) Corp.	March 14, 2022	Hull No. HN4010	2024	8,010
Teushipper (No. 3) Corp.	March 14, 2022	Hull No. HN4011	2024	8,010
Teushipper (No. 4) Corp.	March 14, 2022	Hull No. HN4012	2024	8,010
Boxsail (No. 3) Corp.	March 4, 2022	Hull No. CV5900-07	2024	6,014
Boxsail (No. 4) Corp.	March 4, 2022	Hull No. CV5900-08	2025	6,014
Boxline (No. 1) Corp.	June 7, 2023	Hull No. YZJ2023-1556	2026	8,258
Boxline (No. 2) Corp.	June 7, 2023	Hull No. YZJ2023-1557	2026	8,258

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

(2)	The Company completed the sale of the Catherine C and the Leo C in November 2022.

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

1. Basis of Presentation and General Information (Continued)

Capesize drybulk vessels:


			Year
Company	Date of Incorporation	Vessel Name	Built	DWT(4)
Bulk No. 1 Corp.	July 14, 2023	Integrity (6)	2010	175,996
Bulk No. 2 Corp.	July 14, 2023	Achievement (6)	2011	175,850
Bulk No. 3 Corp.	July 14, 2023	Ingenuity (6)	2011	176,022
Bulk No. 4 Corp.	July 14, 2023	Genius (6)	2012	175,580
Bulk No. 5 Corp.	July 14, 2023	Peace (5)	2010	175,858
Bulk No. 6 Corp.	September 15, 2023	W Trader (6)	2009	175,879
Bulk No. 7 Corp.	September 25, 2023	E Trader (6)	2009	175,886

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

(5)	The vessel was delivered to the Company in September 2023.

(6)	The vessels were delivered to the Company in the fourth quarter of 2023.

Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Significant Accounting Policies

Significant Accounting Policies

2. Significant Accounting Policies

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

The Company also consolidates entities that are determined to be variable interest entities, of which the Company is the primary beneficiary, as defined in the accounting guidance, if it determines that it is the primary beneficiary. A variable interest entity is defined as a legal entity where either (a) equity interest holders as a group lack the characteristics of a controlling financial interest, including decision making ability and an interest in the entity’s residual risks and rewards, or (b) the equity holders have not provided sufficient equity investment to permit the entity to finance its activities without additional subordinated financial support, or (c) the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both and substantially all of the entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. Inter-company transaction balances and unrealized gains/(losses) on transactions between the companies are eliminated.

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

2. Significant Accounting Policies (Continued)

Use of Estimates: The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. On an on-going basis, management evaluates the estimates and judgments, including those related to the selection of useful lives for tangible assets, expected future cash flows from long-lived assets to support impairment tests, provisions necessary for accounts receivables, provisions for legal disputes, contingencies and defined benefit obligation. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates under different assumptions and/or conditions.

Reclassifications in Other Comprehensive Income/(Loss): The Company had the following reclassifications out of Accumulated Other Comprehensive Loss during the years ended December 31, 2023, 2022 and 2021, respectively (in thousands):


		Year ended December 31,
	Location of Reclassification into Income	2023		2022		2021
Amortization of deferred realized losses on cash flow hedges	Loss on derivatives	$	3,622	$	3,622	$	3,622
Reclassification of prior service cost of defined benefit plan	Other income/(expenses), net		885		7,808		—
Reclassification to interest income	Interest income		—		—		(9,211)
Total Reclassifications		$	4,507	$	11,430	$	(5,589)

Foreign Currency Translation: The functional currency of the Company is the U.S. dollar. The Company engages in worldwide commerce with a variety of entities. Although its operations may expose it to certain levels of foreign currency risk, its transactions are predominantly U.S. dollar denominated. Additionally, the Company’s wholly-owned vessel subsidiaries transacted a nominal amount of their operations in Euros; however, all of the subsidiaries’ primary cash flows are U.S. dollar denominated. Transactions in currencies other than the functional currency are translated at the exchange rate in effect at the date of each transaction. Differences in exchange rates during the period between the date a transaction denominated in a foreign currency is consummated and the date on which it is either settled or translated, are recognized in the Consolidated Statements of Income. The foreign currency exchange gains/(losses) recognized in the accompanying Consolidated Statements of Income for each of the years ended December 31, 2023, 2022 and 2021 were $0.5 million loss, $0.2 million loss and $0.2 million loss, respectively, and are presented under “Vessel operating expenses” in the Consolidated Statements of Income.

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

Restricted Cash: Cash restricted accounts include retention accounts and any cash that is legally restricted as to withdrawal or usage. The Company was required to maintain cash on a retention account as collateral for the then upcoming scheduled debt repayments related to the now repaid Eurobank $30 mil. Facility. On the rollover settlement date, both principal and interest were paid from the retention account. Refer to Note 4, “Cash, Cash Equivalents and Restricted Cash”.

Accounts Receivable, Net: The amount shown as Accounts Receivable, net, at each balance sheet date includes estimated recoveries from charterers for hire from operating leases accounted for in accordance with Topic 842 and freight and demurrage billings, net of a provision for doubtful accounts. Amounts receivable from freight and demurrage billings were not material as of December 31, 2023. Accounts receivable are short term in duration as payments are expected to be received within one year. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts based on the Company’s history of write-offs, level of past due accounts based on the contractual term of the receivables and its relationships with and economic status of its customers. Bad debts are written off in the period in which they are identified. No provision for doubtful accounts receivable was recognized as of December 31, 2023 and December 31, 2022, based on the Company’s credit losses assessment.

2. Significant Accounting Policies (Continued)

Insurance Claims: Insurance claims represent the claimable expenses, net of deductibles, which are expected to be recovered from insurance companies. Any costs to complete the claims are included in accrued liabilities. The Company accounts for the cost of possible additional call amounts under its insurance arrangements in accordance with the accounting guidance for contingencies based on the Company’s historical experience and the shipping industry practices. Insurance claims are included in the consolidated balance sheet line item “Other current assets”.

Prepaid Expenses and Inventories: Prepaid expenses consist mainly of insurance expenses, and inventories consist of bunkers, lubricants and provisions remaining on board the vessels at each period end, which are valued at cost as determined using the first-in, first-out method. Costs of spare parts are expensed as incurred.

Deferred Financing Costs: Loan arrangement fees incurred for obtaining new loans, for loans that have been accounted for as modified and the fees paid to third parties for loans that have been accounted for as extinguished, where there is a replacement debt and the lender remains the same, are deferred and amortized over the loans’ respective repayment periods using the effective interest rate method and are presented in the consolidated balance sheets as a direct deduction from the carrying amount of debt liability or under “Other non-current assets” if no related debt liability is drawn down at a period-end. Unamortized deferred financing costs for extinguished facilities are written-off. Loan arrangement fees related to the facilities accounted for under troubled debt restructuring with future undiscounted cash flows greater than the net carrying value of the original debt are capitalized and amortized over the loan respective repayment period using the effective interest rate method. Additionally, amortization of deferred finance costs is included in interest expenses in the Consolidated Statements of Income.

Fixed Assets: Fixed assets consist of vessels. Vessels are stated at cost, less accumulated depreciation. The cost of vessels consists of the contract purchase price and any material expenses incurred upon acquisition (improvements and delivery expenses). Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels. Otherwise, these expenditures are charged to expense as incurred. Interest costs while under construction are included in vessels’ cost.

The Company acquired six vessels in the secondhand market and five vessels from Gemini Shipholdings Corporation (“Gemini”) in 2021 and seven vessels in 2023, all of which were considered to be acquisitions of assets. Following adoption of ASU 2017-01 “Business Combinations (Topic 805)” on January 1, 2018, the Company evaluates if any vessel acquisition in secondhand market constitutes a business or not. When substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the set is not a business. The following assets are considered as a single asset for the purposes of the evaluation (i) a tangible asset that is attached to and cannot be physically removed and used separately from another tangible assets (or an intangible asset representing the right to use a tangible asset); (ii) in place lease intangibles, including favorable and unfavorable intangible assets or liabilities, and the related leased assets. Acquisition costs associated with asset acquisitions are capitalized.

The Company chartered in certain vessels under a long-term sale and leaseback arrangement. The proceeds received by the Company from the buyer-lessor were recognized as a financial leaseback obligation as this arrangement did not qualify for a sale of these vessels. The Company had substantive repurchase obligation of these vessels at the end of the leaseback period or earlier, at the Company’s option, and retains the control over these vessels. Each leaseback payment is allocated between the liability and interest expense to achieve a constant interest rate on the leaseback obligation outstanding. The interest element of the leaseback payment is charged under “Interest expense” in the accompanying Consolidated Statements of Income over the leaseback period.

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

2. Significant Accounting Policies (Continued)

Depreciation: The cost of the Company’s vessels is depreciated on a straight-line basis over the vessels’ remaining economic useful lives after considering the estimated residual value (refer to Note 5, “Fixed Assets, net & Advances for Vessels under Construction”). The residual value of the vessel is equal to the product of its lightweight tonnage and estimated scrap rate at $300 per ton. Management has estimated the useful life of the Company’s containerships to be 30 years and drybulk vessels to be 25 years from the year built.

Right-of-Use Assets and Finance Lease Obligations: ASC 842 classifies leases from the standpoint of the lessee as finance leases or operating leases. The determination of whether an arrangement contains a finance lease is based on the substance of the arrangement and is based in accordance with the criteria set such as transfer of ownership, purchase options, lease duration and present value of lease payments.

Finance leases are accounted for as the acquisition of a right-of-use asset and the incurrence of a finance lease obligation by the lessee. On the lease commencement date, a lessee is required to measure and record a lease liability equal to the present value of the remaining lease payments, discounted using the rate implicit in the lease or if the rate implicit in the lease is not readily determined, at the lessee’s incremental borrowing rate. Subsequently, the lease liability is increased by the interest on the lease liability, determined using effective interest rate that produces a constant periodic discount rate on the remaining balance of the liability, and decreased by the lease payments during the period.

A lessee initially measures the right-of-use asset at cost, which consists of: the amount of the initial measurement of the lease liability, any lease payments made to the lessor at or before the commencement date, minus any lease incentives received and any initial direct cost incurred by the lessee. Subsequently, the right-of-use asset is measured at cost plus payment for leasehold improvement less any accumulated amortization and impairment charges. Amortization expense is calculated and recognized on a straight-line basis over the shorter of the useful life of the asset or the lease term, after considering the estimated residual value of the vessel. The residual value of the vessel is equal to the product of its lightweight tonnage and estimated scrap rate at $300 per ton. Amortization of right-of-use assets is included under “Depreciation and amortization of right-of-use assets” in the Consolidated Statements of Income. However, if the lease transfers ownership of the underlying asset to the lessee or the lessee is reasonably certain to exercise an option to purchase the underlying assets, the lessee shall amortize the right-of-use of asset to the end of the useful life of the underlying asset.

Management has estimated the useful life of the Company’s containerships to be 30 years from the year built.

Vessels held for sale: Vessels are classified as “Vessels held for sale” when all of the following criteria are met: management has committed to a plan to sell the vessel; the vessel is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of vessels; an active program to locate a buyer and other actions required to complete the plan to sell the vessel have been initiated; the sale of the vessel is probable and transfer of the vessel is expected to qualify for recognition as a completed sale within one year; the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value and actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Vessels classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. These vessels are not depreciated once they meet the criteria to be held for sale.

Advances for Vessels under Construction: Advances for vessels under construction include installment payments, interest costs, financing costs, supervision costs and other pre-delivery costs incurred during the construction period.

Accounting for Special Survey and Drydocking Costs: The Company follows the accounting guidance for planned major maintenance activities. Drydocking and special survey costs, which are reported in the balance sheet within “Deferred charges, net”, include planned major maintenance and overhaul activities for ongoing certification including the inspection, refurbishment and replacement of steel, engine components, electrical, pipes and valves, and other parts of the vessel. The Company follows the deferral method of accounting for special survey and drydocking costs, whereby actual costs incurred are deferred and amortized on a straight-line basis over the period until the next scheduled survey and drydocking, which is two and a half years. If a special survey or drydocking is performed prior to the scheduled date, the remaining unamortized balances are immediately written off.

2. Significant Accounting Policies (Continued)

The amortization periods reflect the estimated useful economic life of the deferred charge, which is the period between each special survey and drydocking.

Costs incurred during the drydocking period relating to routine repairs and maintenance are expensed. The unamortized portion of special survey and drydocking costs for vessels sold is included as part of the carrying amount of the vessel in determining the gain/(loss) on sale of the vessel.

Pension and Retirement Benefit Obligations-Crew: The crew on board the companies’ vessels serve in such capacity under short-term contracts (usually up to seven months) and accordingly, the vessel-owning companies are not liable for any pension or post-retirement benefits.

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

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

As of December 31, 2023 and 2022, the Company concluded that events and circumstances triggered the existence of potential impairment of some of its container vessels. These indicators included volatility in the charter market and the vessels’ market values, as well as the potential impact the current marketplace may have on its future operations. As a result, the Company performed step one of the impairment assessment for some of the Company’s vessels by comparing the undiscounted projected net operating cash flows for each vessel to its carrying value. The Company’s strategy is to charter its container vessels under multi-year, fixed rate period charters that have the initial terms ranging from less than 1 to 18 years for vessels in its fleet, providing the Company with contracted stable cash flows. The Company used a number of factors and assumptions in its undiscounted projected net operating cash flow analysis including, among others, operating revenues, off-hire revenues, drydocking costs, operating expenses and management fees estimates. Revenue assumptions were based on contracted time charter rates up to the end of life of the current contract of each vessel as well as the estimated time charter equivalent rates for the remaining life of the vessel after the completion of its current contract for non-contracted revenue days. The estimated daily time charter equivalent rate used for the non-contracted revenue days of each vessel is considered a significant assumption. Recognizing that the transportation industry is cyclical and subject to significant volatility based on factors beyond the Company’s control, management believes that the most recent 5 to 15 years historical average time charter rates represent a reasonable benchmark for the estimated time charter equivalent rates for the non-contracted revenue days, as such averages take into account the volatility and cyclicality of the market. In addition, the Company used an annual operating expenses escalation factor and estimates of scheduled and unscheduled off-hire revenues based on historical experience. All estimates used and assumptions made were in accordance with the Company’s internal budgets and historical experience of the shipping industry.

Business Combinations: The Company allocates the purchase price of acquisitions to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values at the acquisition date. The excess of the acquisition price over those estimated fair values is recorded as goodwill. Changes to the acquisition date provisional fair values prior to the end of the measurement period are recorded as adjustments to the associated goodwill. Acquisition related expenses and restructuring costs, if any, are expensed as incurred.

2. Significant Accounting Policies (Continued)

Investments in Debt Securities: Available for sale securities are carried at fair value with net unrealized gain/(loss) included in accumulated other comprehensive income/(loss), subject to impairment. An unrealized loss exists when the current fair value of an individual security is less than its amortized cost basis. Interest income, including amortization of premiums and accretion of discounts are recognized in the interest income in the Consolidated Statements of Income. Upon sale, realized gain/(loss) is recognized in the Consolidated Statement of Income based on specific identification method. The Company adopted ASU 2016-13 “Financial Instruments – Credit Losses (Topic 326)” on January 1, 2020. Management evaluates securities for impairment on a quarterly basis. An investment is considered impaired if the fair value of the investment is less than its amortized cost. Consideration is given to: i) if the Company intends to sell the security (that is, it has decided to sell the security); ii) it is more likely than not that the Company will be required to sell the security before the recovery of its entire amortized cost basis; or iii) a credit loss exists. If it is determined that the Company intends to sell the security or it is more likely than not that the Company will be required to sell the securities before the recovery of its entire amortized cost basis, the impairment loss, difference between the fair value and amortized cost basis of the securities, will be recorded in the accompanying Consolidated Statements of Income.

The fair value of debt securities is estimated based on a weighted combination of (1) a yield-to-maturity analysis based on a quoted (non-binding) price from a third party broker, (2) a yield-to-maturity analysis of a similar bond(s) in an active market, (3) the available market data for yield-to-maturity for the corporate bonds, if available and (4) if applicable, redemption information announced by the issuer of the security. The weightings and the yield-to-maturities used in the calculation of fair value of the debt securities are assumptions that require significant management judgment.

When the securities are impaired at the reporting date, and the Company does not meet the guidance for intending to sell or more likely than not being required to sell the securities before the amortized cost basis is recovered, the Company determines whether the impairment is related to credit or non-credit factors. To determine the amount of impairment related to credit, the Company compares the present value of the cash flows expected to be collected on the securities with the amortized cost basis of the securities. If the present value of cash flows expected to be collected is less than the securities’ amortized cost basis, the difference is recorded as an allowance for credit losses in the accompanying Consolidated Statements of Income. Any remaining difference between the securities’ fair value and amortized cost basis is considered to be non-credit related impairment and is recorded in the accompanying Consolidated Statements of Other Comprehensive Income.

Investments in Equity Securities: Following the adoption of ASU 2016-01 “Recognition and measurement of Financial Assets and Financial Liabilities” on January 1, 2018, the Company measured the investment in ZIM Integrated Shipping Services Ltd. (“ZIM”) equity securities at cost, less impairment, adjusted for subsequent observable price changes. ZIM equity securities did not have readily determinable fair value until January 27, 2021 when ZIM completed its initial public offering and listing on the New York Stock Exchange of its ordinary shares. Since then, ZIM equity securities and other marketable securities are valued based on the closing price of these securities on the New York Stock Exchange at each balance sheet date and unrealized gain/(loss) is recognized in each relevant period. Realized gain/(loss) is recognized on sale of the shares as a difference between the net sale proceeds and original cost less impairment. Realized and unrealized gain/(loss) are reflected under “Gain/(loss) on investments” in the Consolidated Statements of Income. Dividends received on these shares are reflected under “Dividend income” and taxes withheld on dividend income are reflected under “Income taxes” in the Consolidated Statements of Income.

Management evaluates the equity security measured at cost for other than temporary impairment on a quarterly basis. An investment is considered impaired if the fair value of the investment is less than its cost. Consideration is given to significant deterioration in the earnings performance, credit rating, asset quality, or business prospects of the investee, significant adverse change in the regulatory, economic, or technological environment of the investee, significant adverse change in the general market condition of either the geographic area or the industry in which the investee operates, as well as factors that raise significant concerns about the investee’s ability to continue as a going concern, such as negative cash flows from operations, working capital deficiencies, or noncompliance with statutory capital requirements or debt covenants.

2. Significant Accounting Policies (Continued)

Accounting for Revenue and Expenses: The Company derives its revenue from time charters and bareboat charters of its containerships, each of which contains a lease. These charters involve placing the specified vessel at charterers’ use for a specified rental period of time in return for the payment of specified daily hire rates. Most of the charters include options for the charterers to extend their terms. Under a time charter, the daily hire rate includes lease component related to the right of use of the vessel and non-lease components primarily related to the operating expenses of the vessel incurred by the Company such as commissions, vessel operating expenses: crew expenses, lubricants, certain insurance expenses, repair and maintenance, spares, stores etc. and vessel management fees. Under a bareboat charter, the daily hire rate includes only lease component related to the right of use of the vessel. The revenue earned based on time charters is not negotiated in separate components. Revenue from the Company’s time charters and bareboat charters of vessels is accounted for as operating leases on a straight line basis based on the average fixed rentals over the minimum fixed rental period of the time charter and bareboat charter agreements, as service is performed. Charter hire received in advance is recorded under “Unearned revenue” in the Consolidated Balance Sheets until charter services are rendered. The Company elected the practical expedient which allows the Company to treat the lease and non-lease components as a single lease component for the leases where the timing and pattern of transfer for the nonlease component and the associated lease component to the lessees are the same and the lease component, if accounted for separately, would be classified as an operating lease. The combined component is therefore accounted for as an operating lease under ASC 842, as adopted by the Company on January 1, 2019, as the lease component is the predominant component in 2023, 2022 and 2021.

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

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

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

2. Significant Accounting Policies (Continued)

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

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

Repairs and Maintenance: All repair and maintenance expenses are charged against income when incurred and are included in vessel operating expenses in the accompanying Consolidated Statements of Income.

Troubled Debt Restructuring and Accumulated Accrued Interest: Prior to the finalization of the Company’s 2018 refinancing, the Company concluded that it was experiencing financial difficulty and that certain of the lenders granted a concession (as part of the Refinancing). The Company was experiencing financial difficulty primarily as a result of the projected cash flows not being sufficient to service the balloon payment due as of December 31, 2018 without restructuring and the Company was not able to obtain funding from sources other than existing creditors at an effective interest rate equal to the current market interest rate for similar debt. As a result, the accounting guidance for troubled debt restructuring (“TDR”) was applied at the Closing Date. The TDR accounting guidance required the Company to record the value of the new debt to its restructured undiscounted cash flows over the life of the loan, including cash flows associated with the remaining scheduled interest and principal payments not to exceed the carrying amount of the original debt. In cases in which the recorded value of the debt instrument exceeds the sum of undiscounted future cash flows to be received under the restructured debt instrument, the recorded value is reduced to the sum of undiscounted future cash flows, and a gain is recorded. As a result of the TDR accounting, the interest expense related to the future periods on certain facilities was recognized under the accumulated accrued interest line in the Balance Sheet. Interest payments relating to the future interest recognized in accumulated accrued interest, are recognized as a reduction to the accumulated accrued interest payable when these are paid. As a result, these interest payments are not recorded as interest expense. Following the refinancing of the related loan facilities and to the extent these facilities are extinguished and should no future cash interest payments be required, the accumulated accrued interest related to these loan facilities is recognized under the gain on debt extinguishment in the Consolidated Statements of Income.

When interest rates change, actual cash flows will differ from the cash flows measured on the Refinancing closing date. The accounting treatment for changes in cash flows due to changes in interest rates depends on whether there is an increase or a decrease from the spot interest rate used in the initial TDR accounting (“threshold interest rate”). Fluctuations in the effective interest rate after the Refinancing from changes in the interest rate or other cause are accounted for as changes in estimates in the periods in which these changes occur. Upon an increase in the interest rates from the threshold interest rate used to calculate accumulated accrued interest payable, the Company recognizes additional interest expenses in the period the expense is incurred. The additional interest expense is calculated by multiplying the difference between the current interest rate and the threshold interest rate with the current carrying value of the debt. A gain due to decrease in interest rates (‘interest windfall’) will not be recognized until the debt facilities have been settled and there are no future interest payments. In case there are subsequent increases in interest rates above the threshold interest rate after a previous decrease in interest rates, the carrying amount of the accumulated accrued interest will be reduced by the interest payments in excess of the threshold interest rate until the prior interest windfall due to decrease in the interest rates is recaptured on a cumulative basis.

The Paid-in-kind interest (“PIK interest”) related to each period will increase the carrying value of the loan facility and correspondingly decrease the carrying value of the accumulated accrued interest. PIK interest in excess of the amount recognized in the accumulated accrued interest is expensed in the period the expense is incurred.

Going Concern: The management of the Company assesses the Company’s ability to continue as a going concern at each period end. The assessment evaluates whether there are conditions that give rise to substantial doubt to continue as a going concern within one year from the consolidated financial statements issuance date.

2. Significant Accounting Policies (Continued)

If a substantial doubt to continue as a going concern is identified and after considering management’s plans this substantial doubt is alleviated the Company discloses the following: (i) principal conditions or events that raised substantial doubt about the Company’s ability to continue as a going concern (before consideration of management’s plans), (ii) management’s evaluation of the significance of those conditions or events in relation to the Company’s ability to meet its obligations, (iii) management’s plans that alleviated substantial doubt about the Company’s ability to continue as a going concern.

If a substantial doubt to continue as a going concern is identified and after considering management’s plans this substantial doubt is not alleviated the Company discloses the following: (i) a statement indicating that there is substantial doubt about the Company’s ability to continue as a going concern, (ii) principal conditions or events that raised substantial doubt about the Company’s ability to continue as a going concern, (iii) management’s evaluation of the significance of those conditions or events in relation to the Company’s ability to meet its obligations, and (iv) management’s plans that are intended to mitigate the conditions or events that raised substantial doubt about the Company’s ability to continue as a going concern.

The Company updates the going concern disclosure in subsequent periods until the period in which substantial doubt no longer exists disclosing how the relevant conditions or events that raised substantial doubt were resolved.

Segment Reporting: Until the acquisition of the drybulk vessels in 2023, the Company reported financial information and evaluated its operations by total charter revenues. Although revenue can be identified for different types of charters, management does not identify expenses, profitability or other financial information for different charters. As a result, management, including the chief operating decision maker, reviewed operating results solely by revenue per day and operating results of the fleet, and thus the Company had determined that it had only one operating and reportable segment. Following the acquisition of the drybulk vessels in 2023, the Company determined that currently it operates under two reportable segments: (i) a container vessels segment, as a provider of worldwide marine transportation services by chartering its container vessels under time charter and bareboat charter agreements and (ii) a drybulk vessels segment, as a provider of drybulk commodities transportation services by chartering its drybulk vessels primarily under voyage charter agreements. The accounting policies applied to the reportable segments are the same as those used in the preparation of the Company’s consolidated financial statements.

Derivative Instruments: The Company entered into interest rate swap contracts to create economic hedges for its interest rate risks. The Company recorded these financial instruments at their fair value. When such derivatives do not qualify for hedge accounting, changes in their fair value are recorded in the Consolidated Statement of Income. When the derivatives do qualify for hedge accounting, depending upon the nature of the hedge, changes in the fair value of derivatives are either offset against the fair value of assets, liabilities or firm commitments through income, or recognized in other comprehensive income (effective portion) and are reclassified to earnings when the hedged transaction is reflected in earnings. The ineffective portion of a derivative’s change in fair value is immediately recognized in income.

At the inception of the transaction, the Company documents the relationship between hedging instruments and hedged items, as well as its risk management objective and the strategy for undertaking various hedging transactions. The Company also documents its assessment, both at the hedge inception and on an ongoing basis, of whether the derivative financial instruments that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items.

On July 1, 2012, the Company elected to prospectively de-designate fair value and cash flow interest rate swaps for which it was following hedge accounting treatment due to the compliance burden associated with this accounting policy. As a result, all changes in the fair value of the Company’s cash flow interest rate swap agreements were recorded in earnings under “Loss on derivatives” from the de-designation date forward.

The Company evaluated whether it is probable that the previously hedged forecasted interest payments are probable to not occur in the originally specified time period. The Company has concluded that the previously hedged forecasted interest payments are probable of occurring. Therefore, unrealized gains or losses in accumulated other comprehensive loss associated with the previously designated cash flow interest rate swaps will remain frozen in accumulated other comprehensive loss and recognized in earnings when the interest payments will be recognized. If such interest payments were to be identified as being probable of not occurring, the accumulated other comprehensive loss balance pertaining to these amounts would be reversed through earnings immediately.

2. Significant Accounting Policies (Continued)

The Company does not use financial instruments for trading or other speculative purposes.

Earnings Per Share: The Company has presented net earnings per share for all years presented based on the weighted average number of outstanding shares of common stock of Danaos Corporation at the reported periods. Diluted earnings per share reflect the potential dilution that would occur if securities or other contracts to issue common stock were exercised. Unvested shares of restricted stock are included in the calculation of the diluted earnings per share, unless considered antidilutive, based on the weighted average number of shares of restricted stock outstanding during the period.

Treasury Stock: The Company recognizes treasury stock based on the price paid to repurchase its shares, including direct costs to acquire treasury stock. Treasury stock is recorded as a reduction from common stock at its par value and the price paid in excess of par value and direct costs, if any, as a reduction from additional paid-in capital. Treasury stock is excluded from average common shares outstanding for basic and diluted earnings per share.

Income taxes: Income taxes comprise of taxes withheld on dividend income earned on the Company’s investments.

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

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. 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. Unless otherwise set forth in an award agreement, any awards outstanding under the Plan will vest immediately upon a “change of control”, as defined in the Plan. Refer to Note 17, “Stock Based Compensation”.

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

As of April 18, 2008, the Company established the Directors Share Payment Plan (“Directors Plan”). The purpose of the Directors 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. Each member of the Board of Directors of the Company may participate in the Directors Plan. Pursuant to the terms of the Directors Plan, Directors may elect to receive in Common Stock all or a portion of their compensation. On the last business day of each quarter, the rights of common stock are credited to each Director’s Share Payment Account. Following December 31st of each year, the Company will deliver to each Director the number of shares represented by the rights credited to their Share Payment Account during the preceding calendar year. Refer to Note 17, “Stock Based Compensation”.

2. Significant Accounting Policies (Continued)

As of April 18, 2008, the Board of Directors and the Compensation Committee approved the Company’s ability to provide, from time to time, incentive compensation to the employees of the Manager, in the form of free shares of the Company’s common stock under the Plan. Prior approval is required by the Compensation Committee and the Board of Directors. The plan was effective since 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. Refer to Note 17, “Stock Based Compensation”.

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

Investments in Affiliates

12 Months Ended

Dec. 31, 2023

Investments in Affiliates

Investments in Affiliates

3. Investments in Affiliates

a. Carbon Termination Technologies Corporation

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 $4.0 million and is presented under “Equity income/(loss) on investments” in the Consolidated Statements of Income.

b. Gemini Shipholdings Corporation

Prior to July 1, 2021 the Company owned 49% of Gemini Shipholdings Corporation’s (“Gemini”) issued and outstanding share capital and accounted for its financial results under the equity method of accounting. On July 1, 2021, the Company exercised its option to acquire the remaining 51% equity interest in Gemini from Virage International Ltd. for $86.7 million, which was fully paid by November 1, 2021. Substantially all of the fair value of the gross assets acquired is concentrated in adjusted vessels value, and the Company therefore accounted for the acquisition of the five vessels of Gemini as an asset acquisition. The Company’s previously held equity interest in Gemini was remeasured to its fair value on July 1, 2021, the date the controlling interest was acquired and the resulting gain of $64.1 million was recognized in “Equity income on investments” in the Consolidated Statements of Income.

As of July 1, 2021, the Company fully consolidated the following vessel owning subsidiaries of Gemini:


Company	Vessel Name	Year Built	TEU
Averto Shipping S.A.	Suez Canal	2002	5,610
Sinoi Marine Ltd.	Kota Lima (ex Genoa)	2002	5,544
Kingsland International Shipping Limited	Catherine C	2001	6,422
Leo Shipping and Trading S.A.	Leo C	2002	6,422
Springer Shipping Co.	Belita	2006	8,533

3. Investments in Affiliates (Continued)

The following table summarized the consideration exchanged and the fair value of assets acquired and liabilities assumed on July 1, 2021 (in thousands):


Purchase price:
Purchase price (51%)	$	86,700
Fair value of previously held interest (49%)		83,300
Total purchase price	$	170,000
Fair value of assets and liabilities acquired:
Vessels		154,500
Right-of-use assets		82,500
Cash, cash equivalents and restricted cash		14,388
Current assets		2,534
Assumed time charter liabilities		(36,001)
Long-term debt (including current portion)		(23,125)
Obligations under finance lease		(21,880)
Current liabilities		(2,916)
Fair value of net assets acquired	$	170,000

A condensed summary of the income statement of Gemini presented on a 100% basis is as follows for the periods that the entity was accounted for under the equity method of accounting (in thousands):


	Six months ended
	June 30, 2021
Net operating revenues	$	17,984
Net income	$	8,091

The aggregate fair value of the assumed time charter liabilities was estimated at $36.0 million as determined at the acquisition date and is amortized under the straight line method over their estimated remaining charter duration. The weighted average remaining charter duration is 1.4 years at inception. The amortization of these assumed time charters amounted to $0.4 million, $20.3 million and $15.3 million for the years ended December 31, 2023, 2022 and the period ended December 31, 2021, respectively, and is presented under “Operating revenues” in the Consolidated Statements of Income. The aggregate future amortization of the assumed time charters amounting to $0.4 million is presented under current “Unearned revenue” as of December 31, 2022.

In July 2022, the Company fully repaid the finance lease liability assumed in July 2021, related to the Gemini’s vessels Suez Canal and Kota Lima (ex Genoa), and took full ownership of these vessels.

Cash, Cash Equivalents and Restricted Cash

12 Months Ended

Dec. 31, 2023

Cash, Cash Equivalents and Restricted Cash

Cash, Cash Equivalents and Restricted Cash

4. Cash, Cash Equivalents and Restricted Cash

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


	As of		As of		As of
	December 31, 2023		December 31, 2022		December 31, 2021
Cash and cash equivalents	$	271,809	$	267,668	$	129,410
Restricted cash		—		—		346
Total	$	271,809	$	267,668	$	129,756

The Company was required to maintain cash on a retention account as collateral for the then upcoming scheduled debt payments related to the now repaid Eurobank $30 mil. Facility, which was recorded in restricted cash under current assets as of December 31, 2021.

Fixed Assets, net & Advances for Vessels under Construction

12 Months Ended

Dec. 31, 2023

Fixed Assets, net & Advances for Vessels under Construction

Fixed Assets, net & Advances for Vessels under Construction

5. Fixed Assets, net & Advances for Vessels under Construction

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


	Vessel		Accumulated		Net Book
	Costs		Depreciation		Value
As of January 1, 2021	$	3,421,897	$	(941,960)	$	2,479,937
Additions		495,546		—		495,546
Depreciation		—		(113,832)		(113,832)
As of December 31, 2021	$	3,917,443	$	(1,055,792)	$	2,861,651
Additions		4,580		—		4,580
Transfers from right-of-use assets and to vessel held for sale		79,179		(5,896)		73,283
Disposals		(97,306)		10,500		(86,806)
Depreciation		—		(131,214)		(131,214)
As of December 31, 2022	$	3,903,896	$	(1,182,402)	$	2,721,494
Additions		154,334		—		154,334
Depreciation		—		(129,287)		(129,287)
As of December 31, 2023	$	4,058,230	$	(1,311,689)	$	2,746,541

In July 2023, the Company reached an agreement to acquire 5 Capesize bulk carriers built in 2010 through 2012 that aggregate to 879,306 DWT for a total of $103.0 million. One of these vessels was delivered to the Company in September, three vessels in October 2023 and the remaining one in November 2023. Additionally, in September 2023, the Company entered into agreements to acquire 2 Capesize bulk carriers built in 2009 that aggregate to 351,765 DWT for a total of $36.6 million. These 2 vessels were delivered to the Company in November and December 2023. The estimated useful life of Capesize bulk carriers is 25 years from the year built.

On April 1, 2022, the Company entered into contracts, as amended on April 21, 2022, for the construction of four 8,000 TEU container vessels with expected vessels delivery in 2024. On March 11, 2022, the Company entered into contracts for the construction of two 7,100 TEU container vessels with expected vessels delivery in 2024. On April 28, 2023, the Company entered into contracts for the construction of two 6,000 TEU container vessels with expected vessels delivery in 2024 and 2025. On June 20, 2023, the Company entered into contracts for the construction of two 8,200 TEU container vessels with expected vessels delivery in 2026. The aggregate purchase price of the vessel construction contracts amounts to $834.9 million, out of which $88.9 million and $184.9 million was paid in the years ended December 31, 2023 and 2022, respectively.

The remaining contractual commitments under 10 vessel construction contracts are analyzed as follows as of December 31, 2023 (in thousands):


Payments due by period ended
December 31, 2024	$	365,631
December 31, 2025		82,428
December 31, 2026		113,040
Total contractual commitments	$	561,099

Additionally, a supervision fee of $850 thousand per newbuilding vessel (as amended on November 10, 2023 – refer to Note 11, “Related Parties Transactions”) will be payable to Danaos Shipping Company Limited (the “Manager”) over the construction period. Supervision fees totaling $3.0 million were charged by the Manager and capitalized to the vessels under construction in the year ended December 31, 2023 and none in the previous two years. Interest expense amounting to $17.4 million and $5.0 million was capitalized to the vessels under construction in the years ended December 31, 2023 and 2022, respectively.

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

On January 17, 2022, the Company entered into agreements to sell its vessels Catherine C and Leo C for an aggregate gross consideration of $130.0 million, resulting in a gain of $37.2 million in November 2022, when these vessels were delivered to their buyers. On December 23, 2022, the Company entered into an agreement to sell the vessel Amalia C for an aggregate gross consideration of $5.1 million, resulting in a gain of $1.6 million in January 2023, when it was delivered to its buyer. These gains are separately presented under “Gain on sale of vessels” in the Consolidated Statements of Income. All three vessels were sold for opportune prices. The vessel Amalia C was presented as held for sale under “Other current assets” and a $1.0 million advance payment received for sale of the vessel was presented under “Other current liabilities” as of December 31, 2022.

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 $21.2 million, $56.7 million and $27.6 million for the years ended December 31, 2023 and 2022 and the period ended December 31, 2021, respectively, and is presented under “Operating revenues” in the Consolidated Statements of Income. The remaining unamortized amount of $4.5 million is presented under current “Unearned revenue” in the Consolidated Balance Sheet as of December 31, 2023 and is expected to be amortized into “Operating revenues” by April 2024.

As of December 31, 2023 and 2022, the Company concluded that events and circumstances triggered the existence of potential impairment for some of the Company’s container vessels. These indicators included volatility in the charter market and the vessels’ market values, as well as the potential impact the current marketplace may have on its future operations. As a result, the Company performed step one of the impairment assessment for some of the Company’s vessels by comparing the undiscounted projected net operating cash flows for each of these vessels to its carrying values. As of December 31, 2023 and 2022, the Company’s assessment concluded that step two of the impairment analysis was not required for any vessel, as the undiscounted projected net operating cash flows of all vessels exceeded the carrying value of the respective vessels. As of December 31, 2023 and 2022, no impairment loss was identified.

The residual value (estimated scrap value at the end of the vessels’ useful lives) of the fleet was estimated at $540.5 million and $487.3 million as of December 31, 2023 and December 31, 2022, respectively. The Company has calculated the residual value of the vessels taking into consideration the 10 year average and the 5 year average of the scrap. The Company has applied uniformly the scrap value of $300 per ton for all vessels. The Company believes that $300 per ton is a reasonable estimate of future scrap prices, taking into consideration the cyclical nature of future demand for scrap steel. Although the Company believes that the assumptions used to determine the scrap rate are reasonable and appropriate, such assumptions are highly subjective, in part, because of the cyclical nature of future demand for scrap steel.

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

On April 12, 2021, the Company entered into a sale and leaseback arrangement with Oriental Fleet for the vessels CMA CGM Melisande, CMA CGM Attila, CMA CGM Tancredi, CMA CGM Bianca and CMA CGM Samson amounting to gross proceeds of $135.0 million with a five year term, at the end of which the Company will reacquire these vessels for an aggregate amount of $31.0 million or earlier, at the Company’s option, for a purchase price set forth in the agreement. This new arrangement did not qualify for a sale of the vessels and the net proceeds were recognized as a financial leaseback liability. This leaseback liability was early repaid in full on May 12, 2022.

Deferred Charges, net

12 Months Ended

Dec. 31, 2023

Deferred Charges, net

Deferred Charges, net

6. Deferred Charges, net

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


	Drydocking and
	Special Survey
	Costs
As of January 1, 2021	$	17,339
Additions		4,643
Amortization		(10,181)
As of December 31, 2021	$	11,801
Additions		29,939
Write-off		(4,016)
Amortization		(12,170)
As of December 31, 2022	$	25,554
Additions		31,121
Amortization		(18,663)
As of December 31, 2023	$	38,012

In November 2022, the Company wrote-off $4.0 million of drydocking deferred charges related to the sale of the vessels Catherine C and Leo C - see Note 5 “Fixed Assets, net & Advances for Vessels under Construction”. This write-off was reflected under the “Gain on sale of vessels” in the Consolidated Statement of Income.

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

Other Current and Non-current Assets

12 Months Ended

Dec. 31, 2023

Other Current and Non-current Assets

Other Current and Non-current Assets

7. Other Current and Non-current Assets

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


	2023		2022
Straight-lining of revenue	$	36,495	$	22,007
Marketable securities	$	86,029		—
Claims receivable		12,026		15,169
Vessel held for sale		—		3,297
Other current assets		7,623		7,332
Total current assets	$	142,173	$	47,805

Straight-lining of revenue	$	63,382	$	83,873
Other non-current assets		9,245		6,050
Total non-current assets	$	72,627	$	89,923

7. Other Current and Non-current Assets (Continued)

a. Eagle Bulk Shipping Inc.

In June 2023, the Company acquired marketable securities of Eagle Bulk Shipping Inc., which is 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 currently owns and operates a fleet of 52 Ultramax and Supramax bulk carriers that aggregate to approximately 3.2 million DWT. 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/(loss) on investments” in the Consolidated Statement of Income. Additionally, the Company recognized dividend income on these shares amounting to $1.0 million in the period ended December 31, 2023. On December 11, 2023, Star Bulk Carriers Corp. (Ticker: SBLK) and EGLE announced that both companies have entered into a definitive agreement to combine in an all-stock merger. Under the terms of the agreement, EGLE shareholders will receive 2.6211 shares of SBLK common stock for each share of Eagle common stock owned. This transaction is expected to close in the first half of 2024, subject to approval by EGLE shareholders, receipt of applicable regulatory approvals and satisfaction of other customary closing conditions.

b. ZIM

The Company classified its equity participation in ZIM, received after the charter restructuring agreements with ZIM in 2014, at cost as the Company did not have the ability to exercise significant influence. In 2016, the Company tested for impairment of its equity participation in ZIM based on the existence of triggering events that indicated the interest in equity may have been impaired and recorded an impairment loss of $28.7 million, thus reducing its book value to nil. In March 2020, the Company increased its equity participation in ZIM to approximately 10.2% by acquisition of additional shares for $75 thousand.

On January 27, 2021, ZIM completed its initial public offering and listing on the New York Stock Exchange (“NYSE”) of its ordinary shares. Following this offering the Company owned 10,186,950 ordinary shares of ZIM. In 2021, the Company sold 3,000,000 of ordinary shares of ZIM resulting in net proceeds of $120.7 million. The fair value of the remaining 7,186,950 ordinary shares of ZIM amounting to $423.0 million, representing 6.1% of ZIM’s outstanding ordinary shares, was presented under “Other current assets” in the Consolidated Balance Sheet as of December 31, 2021, based on the closing price of ZIM ordinary shares on the NYSE on that date. In 2022, the Company sold all the remaining shareholding interest of 7,186,950 ZIM’s ordinary shares for net proceeds of $246.6 million. For the years ended December 31, 2022 and 2021, the Company recognized $176.4 million loss and $543.7 million gain on these shares, respectively. These gains/losses were reflected under “Gain/(loss) on investments” in the Consolidated Statements of Income. Additionally, the Company recognized dividend income on these shares amounting to $165.4 million and $34.3 million in the years ended December 31, 2022 and 2021, respectively, which was recognized under “Dividend income” in the Consolidated Statements of Income. Taxes withheld on dividend income amounted to $18.3 million and $5.9 million in the years ended December 31, 2022 and 2021, respectively, and are reflected under “Income taxes” in the Consolidated Statements of Income.

The Company received $2.4 million of mandatory repayment of ZIM Series 1 Notes from excess cash of ZIM in March 2021 and $47.2 million of mandatory repayment of all remaining ZIM Series 1 and Series 2 Notes and accrued interest of $6.4 million in June 2021. The Company recognized $6.6 million in relation to total interest income and fair value unwinding of ZIM notes in the Consolidated Statements of Income under “Interest income” for the year ended December 31, 2021.

Furthermore, in July 2014, an amount of $39.1 million, which represents the additional compensation received from ZIM, was recorded as unearned revenue representing compensation to the Company for the future reductions in the daily charter rates payable by ZIM under its time charters, which expired in 2020 or 2021, for six of the Company’s vessels. This amount was recognized in the Consolidated Statements of Income under “Operating revenues” over the remaining life of the respective time charters. For the year ended December 31, 2021, the Company recorded an amount of $1.1 million of unearned revenue amortization in “Operating revenues”.

7. Other Current and Non-current Assets (Continued)

c. Hyundai Merchant Marine (“HMM”)

In July 2016, after the charter restructuring agreements with HMM, the Company obtained interest bearing senior unsecured HMM notes consisting of $32.8 million Loan Notes 1 with original maturity in July 2024 and $6.2 million Loan Notes 2 with original maturity in December 2022 and 4.6 million HMM shares. On September 1, 2016, the Company sold all HMM shares and the net proceeds were used to repay outstanding debt obligations. The Company received $19.9 million of mandatory repayment of HMM Loan Notes 1 and related accrued interest of $3.0 million in May 2021 and $6.1 million of mandatory repayment of HMM Loan Notes 2 and related accrued interest of $1.1 million in December 2021. Furthermore, for the year ended December 31, 2021, the Company recognized $5.0 million in relation to total interest income and fair value unwinding of HMM notes under “Interest income” in the Consolidated Statements of Income.

On July 18, 2016, the Company recognized unearned revenue of $75.6 million representing compensation to the Company for the future reductions in the daily charter rates payable by HMM under the time charter agreements. The amortization of unearned revenue is recognized in the Consolidated Statement of Income under “Operating revenues” over the remaining life of the respective charters. In each of the years ended December 31, 2023, 2022 and 2021, the Company recorded an amount of $8.2 million of unearned revenue amortization. As of December 31, 2023, the outstanding current portion of unearned revenue in relation to HMM amounted to $2.5 million. As of December 31, 2022, the outstanding balances of the current and non-current portion of unearned revenue in relation to HMM amounted to $8.2 million and $2.5 million, respectively.

d. Available for sale category

As described above, in 2021, ZIM and HMM redeemed all notes previously classified as available for sale. The following tables summarizes the gains/losses on available-for-sale debt securities for the year ended December 31, 2021 (in thousands):


	Gain/(loss)
	on available for
	sale securities
Balance as of January 1, 2021	$	(11,591)
Gain on available for sale securities		20,803
Reclassification to interest income		(9,212)
Balance as of December 31, 2021		—

Accrued Liabilities

12 Months Ended

Dec. 31, 2023

Accrued Liabilities

Accrued Liabilities

8. Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	2023		2022
Accrued interest		8,312		8,267
Accrued dry-docking expenses		3,276		2,332
Accrued expenses		8,870		10,763
Total	$	20,458	$	21,362

Accrued expenses mainly consisted of accruals related to the operation of the Company’s fleet and other expenses as of December 31, 2023 and December 31, 2022.

Lease Arrangements

12 Months Ended

Dec. 31, 2023

Lease Arrangements

Lease Arrangements

9. Lease Arrangements

Charters-out

As of December 31, 2023, the Company generated operating revenues from its 68 container vessels on time charters or bareboat charter agreements, with remaining terms ranging from less than one year to June 2028. Additionally, the Company contracted 3-year time charter agreements for six of its ten container vessels under construction as of December 31, 2023. 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 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. As of December 31, 2022, the outstanding balances of the current and non - current portion of unearned revenue in relation to this prepayment amounted to $66.3 million and $104.3 million, respectively.

The future minimum payments, expected to be received on non-cancellable time charters and bareboat charters classified as operating leases consisted of the following as of December 31, 2023 (in thousands):


2024		847,482
2025		663,127
2026		473,973
2027		277,600
2028		35,354
Total future rentals	$	2,297,536

The above future minimum payments for 2024 and 2025 include $9.6 million and $0.2 million, respectively, related to the vessel Stride, which has been off - hire and not earning revenue since January 8, 2024. 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.

Long-Term Debt, net

12 Months Ended

Dec. 31, 2023

Long-Term Debt, net

Long-Term Debt, net

10. Long-Term Debt, net

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


	Balance as of		Balance as of
Credit Facility	December 31, 2023		December 31, 2022
BNP Paribas/Credit Agricole $130 mil. Facility	$	100,000	$	120,000
Alpha Bank $55.25 mil. Facility		47,750		55,250
Citibank $382.5 mil. Revolving Credit Facility		—		—
Senior unsecured notes		262,766		262,766
Total long-term debt	$	410,516	$	438,016
Less: Deferred finance costs, net		(6,342)		(8,076)
Less: Current portion		(21,300)		(27,500)
Total long-term debt net of current portion and deferred finance cost	$	382,874	$	402,440

10. Long-Term Debt, net (Continued)

In May 2022, the Company early extinguished $270.0 million of the outstanding Natwest loan principal of the Citibank/Natwest $815 mil. Facility, which reduced the future quarterly instalments of the remaining Citibank facility to $12.9 million and the balloon payment at maturity was reduced to $309.0 million. Additionally, the reference to LIBOR was replaced with daily non-cumulative compounded secured overnight financing rate administered and published by the Federal Reserve Bank of New York (“SOFR”) plus credit spread adjustment. In the second quarter of 2022, the Company also early extinguished (i) $43.0 million loan outstanding with Macquarie Bank (ii) $20.6 million loan outstanding with Eurobank and (iii) $9.8 million loan outstanding with SinoPac.

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 was drawn down as of December 31, 2023 and 2022, and with Alpha Bank $55.25 mil. Facility, which was drawn down in full and outstanding as of December 31, 2023 and 2022. 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 above debt extinguishments and the extinguishment of the Oriental Fleet leaseback arrangements (see Note 5 “Fixed Assets, net & Advances for Vessels under Construction”) resulted in a total net loss on debt extinguishment of $2.3 million in the year ended December 31, 2023, net gain on debt extinguishment of $4.4 million in the year ended December 31, 2022 compared to total net gain on debt extinguishment of $111.6 million related to the debt refinancing on April 12, 2021. The Company incurred interest expense amounting to $35.7 million (including interest on leaseback obligations), out of which $17.4 million was capitalized in the year ended December 31, 2023 compared to $55.7 million of interest expense incurred (including interest on leaseback obligations), out of which $5.0 million was capitalized in the year ended December 31, 2022 and $53.1 million of interest expense incurred (including interest on leaseback obligations) and none capitalized in the year ended December 31, 2021. Total interest paid, net of amounts capitalized (including interest on leaseback obligations) during the years ended December 31, 2023, 2022 and 2021 was $18.1 million, $54.0 million and $42.8 million, respectively. The weighted average interest rate on long-term borrowings (including leaseback obligations) for the years ended December 31, 2023, 2022 and 2021 was 7.8 %, 5.3% and 4.4%, respectively. As of December 31, 2023, there was a $337.5 million remaining borrowing availability under the Company’s Citibank $382.5 mil. Revolving Credit Facility.

Alpha Bank $55.25 mil. Facility and Citibank $382.5 mil. Revolving Credit Facility contain a requirement to maintain minimum fair market value of collateral vessels to loan value coverage of 120% and the BNP Paribas/Credit Agricole $130 mil. Facility of 125%. Additionally, these facilities require to maintain the following financial covenants:

(i)

minimum liquidity of $30.0 million;

(ii)

maximum consolidated debt (less cash and cash equivalents) to consolidated EBITDA ratio of 6.5x; and

(iii)

minimum consolidated EBITDA to net interest expense ratio of 2.5x.

Each of the credit facilities except for Senior unsecured notes are collateralized by first preferred mortgages over the vessels financed, general assignment of all hire freights, income and earnings, the assignment of their insurance policies, as well as any proceeds from the sale of mortgaged vessels, stock pledges and benefits from corporate guarantees. The Company was in compliance with the financial covenants contained in the credit facilities agreements as of December 31, 2023 and December 31, 2022. Twenty-four of the Company’s vessels having a net carrying value of $1,522.1 million as of December 31, 2023, were subject to first preferred mortgages as collateral to the Company’s credit facilities other than Senior unsecured notes.

10. Long-Term Debt, net (Continued)

On February 11, 2021, the Company issued in a private placement, $300.0 million aggregate principal amount of senior unsecured notes, which bear interest at a fixed rate of 8.50% per annum and mature on March 1, 2028. At any time on or after March 1, 2024, March 1, 2025 and March 1, 2026 the Company may elect to redeem all or any portion of the notes, respectively, at a price equal to 104.25%, 102.125% and 100%, respectively, of the principal amount being redeemed. Prior to March 1, 2024 the Company may redeem up to 35% of the aggregate principal of the notes from equity offering proceeds at a price equal to 108.50% within 90 days after the equity offering closing. In December 2022, the Company repurchased $37.2 million aggregate principal amount of its unsecured senior notes in a privately negotiated transaction. Interest payments on the notes are payable semi-annually commencing on September 1, 2021. $9.0 million of bond issuance costs were deferred over the life of the bond and recognized through the effective interest method.

Principal Payments

The scheduled debt maturities of long-term debt subsequent to December 31, 2023 are as follows (in thousands):


	Principal
Payments due by period ended	repayments
December 31, 2024		21,300
December 31, 2025		15,100
December 31, 2026		15,100
December 31, 2027		96,250
March 1, 2028		262,766
Total long-term debt	$	410,516

2021 Refinancing

On April 12, 2021, the Company consummated the refinancing of the existing 2018 credit facilities. The Company utilized the proceeds from the new $815 million facility with Citibank/NatWest, the proceeds from the new $135 million sale and leaseback agreement with Oriental Fleet and the net proceeds amounting to $294.4 million from the $300 million Senior Notes, to refinance the existing 2018 credit facilities. The Citibank/Natwest $815 million senior secured credit facility with four-year term was repayable in sixteen quarterly instalments of $20.4 million starting from July 12, 2021 together with a balloon payment of $489.0 million at maturity. The credit facility bore interest at LIBOR plus a margin of 2.50%.

The Company fully repaid Sinosure Cexim – Citibank – ABN Amro facility on March 18, 2021. The vessels CMA CGM Tancredi, CMA CGM Samson and CMA CGM Bianca previously mortgaged by this facility, together with CMA CGM Melisande and CMA CGM Attila, were refinanced through a $135 million sale and leaseback arrangement with Oriental Fleet on April 12, 2021.

Additionally, on July 1, 2021, the Company assumed outstanding principal of a Eurobank facility from Gemini related to the vessels Belita, Leo C and Catherine C. The assumed balance of $23.1 million was payable in thirteen consecutive quarterly instalments and a balloon payment of $13.5 million payable through August 2024 - see also Note 3 “Investments in Affiliates”.

The outstanding loan balances, exit fees and deferred financing fees related to the lenders (other than Citibank and Natwest (Royal Bank of Scotland)) under the Company’s existing 2018 credit facilities were fully repaid and accounted for under the extinguishment accounting.

10. Long-Term Debt, net (Continued)

The present value of the cash flows for the Citibank and Natwest (Royal Bank of Scotland) facilities were not substantially different from the present value of the remaining cash flows under the terms of the original instruments prior to the debt refinancing for each of the lenders, and, as such, the Company accounted for the debt refinancing as a modification. Legal and other fees related to the refinancing of $2.3 million were recorded in the income statement under the gain on debt extinguishment and $15.6 million of loan arrangement fees were deferred over the life of the facility and recognized through the new effective interest method. Additional fees related to Citibank and Natwest (Royal Bank of Scotland) amounting to $12.0 million at the date of the refinancing, replaced the existing accrued exit fees due under the existing 2018 credit facilities and were payable in eight quarterly instalments. There is no remaining outstanding amount as of December 31, 2022, as these additional fees were paid together with the early extinguishment of these facilities in 2022.

Accumulated accrued interest related to the prior HSH Nordbank AG - Aegean Baltic Bank - Piraeus Bank $382.5 mil. Facility amounting to $75.3 million as of April 12, 2021 and which was fully refinanced, will no longer require any future cash interest payments and therefore, was recognized in the income statement under the gain on debt extinguishment. Accumulated accrued interest related to the Royal Bank of Scotland $475.5 mil. Facility, which was refinanced by the Natwest part of the Citibank/Natwest facility was partially extinguished and accounted for under modification accounting resulting in a gain of $35.6 million related to the accumulated accrued interest that will not require any future cash interest payments. The remaining amount of $33.3 million as of April 12, 2021 continued to be recognized in the income statement until May 2022 when all the remaining outstanding Natwest loan principal of the Citibank/Natwest $815 mil. Facility was early extinguished and then remaining amount of the accumulated accrued interest of $26.9 million was recognized in the gain on debt extinguishment. The 2021 Refinancing resulted in a total net gain on debt extinguishment of $111.6 million separately recognized in the Consolidated Statement of Income in the year ended December 31, 2021.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Related Party Transactions

12 Months Ended

Dec. 31, 2023

Related Party Transactions

Related Party Transactions

11. Related Party Transactions

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

On August 10, 2018, the term of the Company’s management agreement with the Manager was extended until December 31, 2024. Pursuant to the management agreement, the management fees are as follows for the years presented in the Consolidated Statements of Income: i) a daily management fee of $850, ii) a daily vessel management fee of $425 for vessels on bareboat charter and iii) a daily vessel management fee of $850 for vessels on time charter. Additionally, a fee of 1.25% on gross freight, charter hire, ballast bonus and demurrage with respect to each vessel in the fleet, a fee of 0.5% based on the contract price of any vessel bought and sold by the Manager on the Company’s behalf and a supervision fee of $725 thousand per vessel under construction are due to the Manager over the construction period starting from steel cutting.

Management fees in 2023 amounted to approximately $21.5 million (2022: $21.9 million, 2021: $19.9 million), which are presented under “General and administrative expenses” in the Consolidated Statements of Income. Commissions to the Manager in 2023 amounted to approximately $11.7 million (2022: $14.6 million, 2021: $10.4 million), which are presented under “Voyage expenses” in the Consolidated Statements of Income. Commission of 0.5% on the contract price of the vessels sold in 2023 and 2022 amounted to $25.6 thousand and $650.0 thousand, respectively, presented under “Gain on sale of vessels”. Commissions on the contract price of the newly acquired vessels totaling $0.7 million, nil and $1.3 million were capitalized to the cost of newly acquired vessels in the years ended December 31, 2023, 2022 and 2021, respectively. Additionally, supervision fees for vessels under construction totaling $3.0 million and nil were charged by the Manager and capitalized to vessels under construction in the years ended December 31, 2023 and 2022, respectively.

11. Related Party Transactions (Continued)

On November 10, 2023, the Company entered into an amended and restated management agreement with the Manager, extending the term from December 31, 2024 to December 31, 2025. Under this agreement, the Company will pay to the Manager the following fees: (i) an annual management fee of $2.0 million, commencing in 2024, and 100,000 shares of the Company’s common stock, payable annually commencing in the fourth quarter of 2023, (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, commencing on January 1, 2024, (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, commencing in 2024, (v) a fee of 1.0% based on the contract price of any vessel bought or sold by it on our 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.

The Company pays advances on account of the vessels’ operating expenses. These prepaid amounts are presented in the Consolidated Balance Sheets under “Due from related parties” totaling $51.4 million and $34.0 million as of December 31, 2023 and 2022, respectively. On July 1, 2021, the Company exercised its option to acquire the remaining 51% equity interest in Gemini from Virage International Ltd., a company controlled by the Company’s largest shareholder, for $86.7 million, which was fully paid by November 1, 2021 (refer to Note 3 “Investments in Affiliates”).

The Company employs its executive officers. The executive officers received an aggregate of $2.2 million (€2.0 million), $2.1 million (€2.0 million) and $2.1 million (€1.8 million) for the years ended December 31, 2023, 2022 and 2021, respectively. Prior service costs related to a defined benefit plan of $14.2 million were recognized in the other comprehensive income in the year ended December 31, 2022. Advances related to this plan amounting to $7.8 million were exercised in the period ended December 31, 2022 (refer to Note 19 “Executive Retirement Plan”), out of which $6.8 million remain unpaid and are presented under “Other current liabilities” as of December 31, 2022. These advances were paid in 2023 and nil is outstanding as of December 31, 2023. Additionally, an amount of nil and $0.1 million was due to executive officers and is presented under “Accounts payable” in the Consolidated Balance Sheets as of December 31, 2023 and December 31, 2022, respectively. The Company recognized non-cash share-based compensation expense in respect of awards to executive officers of $6.3 million, $5.4 million and $11.8 million in the years ended December 31, 2023, 2022, and 2021, respectively.

Dr. John Coustas, the Chief Executive Officer of the Company, is a member of the Board of Directors of The Swedish Club, the primary provider of insurance for the Company, including a substantial portion of its hull & machinery, war risk and protection and indemnity insurance. During the years ended December 31, 2023, 2022 and 2021 the Company paid premiums to The Swedish Club of $8.7 million, $6.6 million and $5.2 million, respectively, which are presented under “Vessel operating expenses” in the Consolidated Statements of Income. As of December 31, 2023 and 2022, the Company had payable balance to The Swedish Club amounting to nil and $1.0 million, respectively.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Taxes

12 Months Ended

Dec. 31, 2023

Taxes.

Taxes

12. Taxes

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

All of the Company’s ship-operating subsidiaries satisfy these initial criteria. In addition, these companies must be more than 50% owned by individuals who are residents, as defined, in the countries of incorporation or another foreign country that grants an equivalent exemption to U.S. corporations. These companies satisfied the more than 50% beneficial ownership requirement for 2023. In addition, should the beneficial ownership requirement not be met, the management of the Company believes that by virtue of a special rule applicable to situations where the ship operating companies are beneficially owned by a publicly traded company like the Company, the more than 50% beneficial ownership requirement can also be satisfied based on the trading volume, the Company’s shareholder composition and the anticipated widely-held ownership of the Company’s shares, but no assurance can be given that this will be the case or remain so in the future, since continued compliance with this rule is subject to factors outside of the Company’s control. Income taxes comprised nil, $18.3 million and $5.9 million taxes withheld on dividend income earned on the Company’s investments in the years ended December 31, 2023, 2022 and 2021, respectively.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Section 50
-Paragraph 21
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-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Subparagraph (b)
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Financial Instruments

12 Months Ended

Dec. 31, 2023

Financial Instruments

Financial Instruments

13. Financial Instruments

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

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

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

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

13. Financial Instruments (Continued)

Interest Rate Swaps: The Company currently has no outstanding interest rate swaps agreements. However, in the past years, the Company entered into interest rate swap agreements with its lenders in order to manage its floating rate exposure. Certain variable-rate interests on specific borrowings were associated with vessels under construction and were capitalized as a cost of the specific vessels. In accordance with the accounting guidance on derivatives and hedging, the amounts related to realized gains or losses on cash flow hedges that have been entered into and qualified for hedge accounting, in order to hedge the variability of that interest, were recognized in accumulated other comprehensive loss and are reclassified into earnings over the depreciable life of the constructed asset, since that depreciable life coincides with the amortization period for the capitalized interest cost on the debt. An amount of $3.6 million was reclassified into earnings for each of the years ended December 31, 2023, 2022 and 2021, respectively, representing amortization over the depreciable life of the vessels. An amount of $3.6 million is expected to be reclassified into earnings within the next 12 months.

Fair Value of Financial Instruments

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


	As of December 31, 2023				As of December 31, 2022
	Book Value		Fair Value		Book Value		Fair Value

	(in thousands of $)
Cash and cash equivalents	$	271,809	$	271,809	$	267,668	$	267,668
Marketable securities	$	86,029	$	86,029		—		—
Secured long-term debt, including current portion (1)	$	147,750	$	147,750	$	175,250	$	175,250
Unsecured long-term debt (1)	$	262,766	$	241,969	$	262,766	$	255,868

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


	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 (in thousands):


	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	$	—	$	—

13. Financial Instruments (Continued)

The estimated fair value of the financial instruments that are not measured at fair value on a recurring basis, categorized based upon the fair value hierarchy, are as follows as of December 31, 2022 (in thousands):


	Fair Value Measurements
	as of December 31, 2022
	Total		(Level I)		(Level II)		(Level III)

	(in thousands of $)
Cash and cash equivalents	$	267,668	$	267,668	$	—	$	—
Secured long-term debt, including current portion (1)	$	175,250	$	—	$	175,250	$	—
Unsecured long-term debt (1)	$	255,868	$	255,868	$	—	$	—

(1)

Secured and unsecured long-term debt, including current portion is presented gross of deferred finance costs of $6.3 million and $8.1 million as of December 31, 2023 and December 31, 2022, respectively. The fair value of the Company’s secured debt is estimated based on currently available debt with similar contract terms, interest rate and remaining maturities.

Operating Revenue

12 Months Ended

Dec. 31, 2023

Operating Revenue

Operating Revenue

14. Operating Revenue

Operating revenue from time charters and bareboat charters and voyage charters for the years ended December 31, were as follows:


	2023		2022		2021
Time charters and bareboat charters	$	963,192	$	993,344	$	689,505
Voyage charters		10,391		—		—
Total Revenue	$	973,583	$	993,344	$	689,505

As of December 31, 2023 and 2022, the Company had accounts receivable from voyage charter agreements amounting to $1.0 million and nil, respectively. The charter hire received in advance from voyage charter agreements amounting to $2.0 million is presented under current “Unearned revenue” as of December 31, 2023.

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


Charterer	2023		2022		2021
CMA CGM	23	%	26	%	30	%
HMM Korea	12	%	12	%	17	%
MSC	11	%	13	%	—

Operating revenue by geographic location of the customers for the years ended December 31, was as follows (in thousands):


Continent	2023		2022		2021
Australia—Asia	$	519,759	$	482,769	$	323,172
Europe		453,824		507,293		338,124
America		—		3,282		28,209
Total Revenue	$	973,583	$	993,344	$	689,505

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Segments

12 Months Ended

Dec. 31, 2023

Segments

Segments

15. Segments

Until the acquisition of the drybulk vessels in 2023, the Company reported financial information and evaluated its operations by total charter revenues. In 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.

15. Segments (Continued)

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. The Other segment includes components that are not allocated to any of the Company’s reportable segments and includes investments in an affiliate accounted for using the equity method accounting and investments in marketable securities.

The following table summarizes the Company’s selected financial information for the year ended December 31, 2023, by segment (in thousands):


	Container vessels		Drybulk vessels
	segment		segment		Other		Total
Operating revenues	$	963,192	$	10,391		—	$	973,583
Voyage expenses		(33,913)		(7,097)		—		(41,010)
Vessel operating expenses		(159,084)		(3,033)		—		(162,117)
Depreciation		(128,097)		(1,190)		—		(129,287)
Amortization of deferred drydocking and special survey costs		(18,663)		—		—		(18,663)
Gain on sale of vessel		1,639		—		—		1,639
Interest income		12,096		37		—		12,133
Interest expenses		(20,463)		—		—		(20,463)
Equity loss on investment		—		—		(3,993)		(3,993)
Net Income/(loss)	$	563,279	$	(1,910)	$	14,930	$	576,299


	Container vessels		Drybulk vessels
	segment		segment		Other		Total
Total assets	$	3,404,298	$	170,539	$	86,299	$	3,661,136

For the years ended December 31, 2022 and 2021, net income from Container vessels segment was $588,447 thousand and $412,709 thousand, respectively, which excludes gain/(loss) on investments, dividend income, net of withholding taxes and equity income on investments of ($29,237) thousand and $640,132 thousand, respectively.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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-Section 50
-Paragraph 21
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Subparagraph (b)
-Publisher FASB
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies

Commitments and Contingencies

16. Commitments and Contingencies

On September 1, 2016, Hanjin Shipping, a charterer of eight of the Company’s vessels, referred to the Seoul Central District Court, which issued an order to commence the rehabilitation proceedings of Hanjin Shipping. Hanjin Shipping has cancelled all eight charter party agreements with the Company. On February 17, 2017, the Seoul Central District Court (Bankruptcy Division), declared the bankruptcy of Hanjin Shipping, converting the rehabilitation proceeding to a bankruptcy proceeding. The Seoul Central District Court (Bankruptcy Division) appointed a bankruptcy trustee to dispose of Hanjin Shipping’s remaining assets and distribute the proceeds from the sale of such assets to Hanjin Shipping’s creditors according to their priorities. The Company ceased recognizing revenue from Hanjin Shipping effective from July 1, 2016 onwards. The Company has a total unsecured claim submitted to the Seoul Central District Court for unpaid charter hire, charges, expenses and loss of profit against Hanjin Shipping totaling $597.9 million, which is not recognized in the accompanying Consolidated Balance Sheet as of December 31, 2023 and 2022. On January 20, 2021, the Company received $3.9 million from Hanjin Shipping as a partial payment of a common benefit claim plus interest. This payment is presented under “Other income/(expense), net” in the Company’s Consolidated Statements of Income.

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

The Company has outstanding commitments under vessel construction contracts and as of December 31, 2023, see Note 5 “Fixed Assets, net & Advances for Vessels under Construction”.

Stock Based Compensation

12 Months Ended

Dec. 31, 2023

Stock Based Compensation

Stock Based Compensation

17. Stock Based Compensation

As of April 18, 2008, the Board of Directors and the Compensation Committee approved incentive compensation of the Manager’s employees with the Company’s shares from time to time, after specific for each such time, decision by the compensation committee and the Board of Directors in order to provide a means of compensation in the form of free shares to certain employees of the Manager of the Company’s common stock. The plan was effective as of December 31, 2008. Pursuant to the terms of the plan, employees of the Manager may receive (from time to time) shares of the Company’s common stock as additional compensation for their services offered during the preceding period. The total amount of stock to be granted to employees of the Manager will be at the Company’s Board of Directors’ discretion only and there will be no contractual obligation for any stock to be granted as part of the employees’ compensation package in future periods.

On September 14, 2018, the Company granted 298,774 shares of restricted stock to executive officers of the Company, out of which 149,386 restricted shares vested on December 31, 2019 and 149,388 restricted shares vested on December 31, 2021. On May 10, 2019, the Company granted 137,944 shares of restricted stock to certain employees of the Manager (including 35,714 shares to executive officers), out of which 4,168 shares were forfeited in 2019 and 66,888 restricted shares vested on December 31, 2019. In 2020 and 2021, 714 and 1,685 of these shares were forfeited, respectively, and 64,489 restricted shares vested on December 31, 2021. On February 12, 2021, the Company granted 110,000 fully vested shares to executive officers and Board of Directors members. On March 16, 2021, the Company granted 40,000 shares to certain employees of the Manager, out of which 10,000 fully vested on the grant date, 1,050 were forfeited and 9,650 restricted shares vested on December 31, 2021. Additional 224 restricted shares were forfeited in the year ended December 31, 2022 and the remaining 19,076 restricted shares vested on December 31, 2022.

On December 10, 2021, the Company granted 110,000 fully vested shares to executive officers and Board of Directors members and on December 21, 2021, the Company granted 10,000 fully vested shares to certain employees of the Manager. On December 14, 2022, the Company granted 100,000 fully vested shares to executive officers. No restricted shares were issued and outstanding as of December 31, 2023 and December 31, 2022. On November 10, 2023, the Company granted 100,000 fully vested shares to executive officers and 100,000 fully vested shares to the Manager, refer to Note 11 “Related Party Transactions”. The fair value of shares granted was calculated based on the closing trading price of the Company’s shares at the grant date. Stock based compensation expenses of $12.7 million, $6.0 million and $15.3 million were recognized under “General and administrative expenses” in the Company’s Consolidated Statements of Income in the years ended December 31, 2023, 2022 and 2021, respectively. The average price of issued shares was $63.40, $54.40 and $66.00 per share in the years ended December 31, 2023, 2022 and 2021, respectively. An amount of $6.3 million is expected to be recognized as stock based compensation expenses to the Manager in 2024 and 2025, respectively. As of December 31, 2023, the weighted - average remaining term of the Manager’s stock awards is 1.67 years.

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

The Company has also established the Directors Share Payment Plan under its 2006 equity compensation plan. The purpose of the plan is to provide a means of payment of all or a portion of compensation payable to directors of the Company in the form of Company’s common stock. The plan was effective as of April 18, 2008. Each member of the Board of Directors of the Company may participate in the plan. Pursuant to the terms of the plan, Directors may elect to receive in common stock all or a portion of their compensation. Following December 31 of each year, the Company delivers to each Director the number of shares represented by the rights credited to their Share Payment Account during the preceding calendar year. During 2023, 2022 and 2021, none of the directors elected to receive shares as compensation.

Stockholders' Equity

12 Months Ended

Dec. 31, 2023

Stockholders' Equity

Stockholders' Equity

18. Stockholders’ Equity

In the year ended December 31, 2023, the Company declared and paid a dividend of $0.75 per share of common stock in each of February, May and August and $0.80 per share of common stock in November amounting to $60.7 million. In the year ended December 31, 2022, the Company declared and paid a dividend of $0.75 per share of common stock in each of February, May, August and November amounting to $61.5 million. In the year ended December 31, 2021, the Company declared a dividend of $0.50 per share of common stock in each of May, August and November amounting to $30.9 million. The Company issued 34, 143 and 146 shares of common stock at par value of $0.01 pursuant to its dividends reinvestment plan in the years ended December 31, 2023, 2022 and 2021, respectively, at an average price of $60.63, $69.59 and $72.19 per share, respectively.

In the year ended December 31, 2023 and the period ended December 31, 2022, the Company repurchased 1,131,040 and 466,955 shares of the Company’s common stock in the open market for $70.6 million and $28.6 million, respectively, under the Company’s share repurchase program of up to $100 million announced in June 2022. 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. In October 2020, the Company repurchased 4,339,271 shares of the Company’s common stock for an aggregate purchase price of $31.1 million in privately negotiated transactions, including 2,517,013 shares from the Royal Bank of Scotland and 1,822,258 shares from Sphinx Investment Corp.

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

As of December 31, 2023, 25,355,962 shares were issued and 19,418,696 shares were outstanding; and 25,155,928 shares were issued and 20,349,702 shares were outstanding as of December 31, 2022. As of December 31, 2023 and December 31, 2022, 5,937,266 and 4,806,226 shares were held as Treasury shares, respectively. Under the Articles of Incorporation as amended on September 18, 2009, the Company’s authorized capital stock consists of 750,000,000 shares of common stock with a par value of $0.01 and 100,000,000 shares of preferred stock with a par value of $0.01.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Executive Retirement Plan

12 Months Ended

Dec. 31, 2023

Executive Retirement Plan

Executive Retirement Plan

19. Executive Retirement Plan

Effective from December 14, 2022, the Company maintains a defined benefit retirement plan for its executive officers. The actuarial determination of the projected benefit obligation was determined by calculating the present value of the projected benefit at retirement based on service completed at the valuation date, which incorporates management’s best estimate of the discount rate of 3.2% (2022: 3.8)%, salary escalation of up to 4.75% per annum (2022: 4.5)%,as well as assumed retirement ages of the executive officers between 65 to 74 years old. Prior service cost arising from the retrospective recognition of past service of $14.2 million was recognized in the Other Comprehensive Income, out of which advances amounting to $7.8 million were exercised in the period ended December 31, 2022. In 2023, one additional executive officer was added to the plan and another one was appointed to a new position. Prior service cost arising from the retrospective recognition of past service and due to experience amounting to $5.2 million and losses due to assumptions change amounting to $1.1 million were recognized in the Other Comprehensive Income in 2023. Defined benefit obligation of $13.3 million and $6.4 million is presented under “Other long-term liabilities” as of December 31, 2023 and December 31, 2022,respectively. The accumulated benefit obligation amounted to $7.7 million and $3.0 million as of December 31, 2023 and December 31, 2022, respectively.

Net curtailment gain of $0.2 million was recognized under “Other income/(expense), net” in the year ended December 31, 2023. Prior service cost of this defined benefit obligation amounting to $0.7 million and $7.8 million were reclassified to “Other income/(expense), net” in the years ended December 31, 2023 and 2022, respectively and $1.1 million of amortization of prior service cost and net loss is expected to be reclassified in the year ending December 31, 2024. Additionally, projected periodic benefit cost amounting to $0.6 million was recognized in “General and administrative expenses” in the year ended December 31, 2023 and $0.8 million is expected to be recognized in the year ending December 31, 2024. The assumptions used are the best estimates chosen from a range of possible actuarial assumptions, which may not necessarily be borne out in practice. The average remaining working lifetime of the active participants of the defined benefit obligation is 10.2 years as of December 31, 2023. The benefits of $6.7 million are expected to be paid in 2030 based on the assumptions used by the actuaries to measure the benefit obligations as of December 31, 2023.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Earnings per Share

12 Months Ended

Dec. 31, 2023

Earnings per Share

Earnings per Share

20. Earnings per Share

The following table sets forth the computation of basic and diluted earnings per share for the years ended December 31 (in thousands):


	2023		2022		2021
Numerator:
Net income	$	576,299	$	559,210	$	1,052,841
Denominator (number of shares in thousands):
Basic weighted average common shares outstanding		19,879		20,482		20,345
Effect of dilutive securities:
Dilutive effect of non-vested shares		25		19		239
Diluted weighted average common shares outstanding		19,904		20,501		20,584

Basic and diluted earnings per share amount related to a gain on troubled debt write-off amounting to $29.4 million and $111.6 million recorded in the year ended December 31, 2022 and 2021, respectively, is $1.43 and $1.43 per share, respectively, in the year ended December 31, 2022; and $5.49 and $5.42 per share, respectively, in the year ended December 31, 2021 (see Note 10).

Subsequent Events

12 Months Ended

Dec. 31, 2023

Subsequent Events

Subsequent Events

21. Subsequent Events

In February 2024, the Company entered into contracts for the construction of two 8,258 TEU container vessels with the latest eco design characteristics for an aggregate purchase price of $188.4 million. These container vessels are expected to be delivered to the Company in 2026 and 2027, respectively.

In February 2024, the Company entered into agreements to acquire three Capesize bulk carriers built in 2010 through 2011, respectively for an aggregate purchase price of $79.9 million. These vessels are expected to be delivered to the Company between April and July 2024.

In February 2024, the Company declared a dividend of $0.80 per share of common stock amounting to $15.5 million, which is payable on March 14, 2024, to holders of record on February 28, 2024.

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Significant Accounting Policies

Principles of Consolidation

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

The Company also consolidates entities that are determined to be variable interest entities, of which the Company is the primary beneficiary, as defined in the accounting guidance, if it determines that it is the primary beneficiary. A variable interest entity is defined as a legal entity where either (a) equity interest holders as a group lack the characteristics of a controlling financial interest, including decision making ability and an interest in the entity’s residual risks and rewards, or (b) the equity holders have not provided sufficient equity investment to permit the entity to finance its activities without additional subordinated financial support, or (c) the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both and substantially all of the entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. Inter-company transaction balances and unrealized gains/(losses) on transactions between the companies are eliminated.

Investments in affiliates

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

Use of Estimates

Use of Estimates: The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. On an on-going basis, management evaluates the estimates and judgments, including those related to the selection of useful lives for tangible assets, expected future cash flows from long-lived assets to support impairment tests, provisions necessary for accounts receivables, provisions for legal disputes, contingencies and defined benefit obligation. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates under different assumptions and/or conditions.

Reclassifications in Other Comprehensive Income/(Loss)

Reclassifications in Other Comprehensive Income/(Loss): The Company had the following reclassifications out of Accumulated Other Comprehensive Loss during the years ended December 31, 2023, 2022 and 2021, respectively (in thousands):


		Year ended December 31,
	Location of Reclassification into Income	2023		2022		2021
Amortization of deferred realized losses on cash flow hedges	Loss on derivatives	$	3,622	$	3,622	$	3,622
Reclassification of prior service cost of defined benefit plan	Other income/(expenses), net		885		7,808		—
Reclassification to interest income	Interest income		—		—		(9,211)
Total Reclassifications		$	4,507	$	11,430	$	(5,589)

Foreign Currency Translation

Foreign Currency Translation: The functional currency of the Company is the U.S. dollar. The Company engages in worldwide commerce with a variety of entities. Although its operations may expose it to certain levels of foreign currency risk, its transactions are predominantly U.S. dollar denominated. Additionally, the Company’s wholly-owned vessel subsidiaries transacted a nominal amount of their operations in Euros; however, all of the subsidiaries’ primary cash flows are U.S. dollar denominated. Transactions in currencies other than the functional currency are translated at the exchange rate in effect at the date of each transaction. Differences in exchange rates during the period between the date a transaction denominated in a foreign currency is consummated and the date on which it is either settled or translated, are recognized in the Consolidated Statements of Income. The foreign currency exchange gains/(losses) recognized in the accompanying Consolidated Statements of Income for each of the years ended December 31, 2023, 2022 and 2021 were $0.5 million loss, $0.2 million loss and $0.2 million loss, respectively, and are presented under “Vessel operating expenses” in the Consolidated Statements of Income.

Cash and Cash Equivalents

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

Restricted Cash

Restricted Cash: Cash restricted accounts include retention accounts and any cash that is legally restricted as to withdrawal or usage. The Company was required to maintain cash on a retention account as collateral for the then upcoming scheduled debt repayments related to the now repaid Eurobank $30 mil. Facility. On the rollover settlement date, both principal and interest were paid from the retention account. Refer to Note 4, “Cash, Cash Equivalents and Restricted Cash”.

Accounts Receivable, Net

Accounts Receivable, Net: The amount shown as Accounts Receivable, net, at each balance sheet date includes estimated recoveries from charterers for hire from operating leases accounted for in accordance with Topic 842 and freight and demurrage billings, net of a provision for doubtful accounts. Amounts receivable from freight and demurrage billings were not material as of December 31, 2023. Accounts receivable are short term in duration as payments are expected to be received within one year. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts based on the Company’s history of write-offs, level of past due accounts based on the contractual term of the receivables and its relationships with and economic status of its customers. Bad debts are written off in the period in which they are identified. No provision for doubtful accounts receivable was recognized as of December 31, 2023 and December 31, 2022, based on the Company’s credit losses assessment.

Insurance Claims

Insurance Claims: Insurance claims represent the claimable expenses, net of deductibles, which are expected to be recovered from insurance companies. Any costs to complete the claims are included in accrued liabilities. The Company accounts for the cost of possible additional call amounts under its insurance arrangements in accordance with the accounting guidance for contingencies based on the Company’s historical experience and the shipping industry practices. Insurance claims are included in the consolidated balance sheet line item “Other current assets”.

Prepaid Expenses and Inventories

Prepaid Expenses and Inventories: Prepaid expenses consist mainly of insurance expenses, and inventories consist of bunkers, lubricants and provisions remaining on board the vessels at each period end, which are valued at cost as determined using the first-in, first-out method. Costs of spare parts are expensed as incurred.

Deferred Financing Costs

Deferred Financing Costs: Loan arrangement fees incurred for obtaining new loans, for loans that have been accounted for as modified and the fees paid to third parties for loans that have been accounted for as extinguished, where there is a replacement debt and the lender remains the same, are deferred and amortized over the loans’ respective repayment periods using the effective interest rate method and are presented in the consolidated balance sheets as a direct deduction from the carrying amount of debt liability or under “Other non-current assets” if no related debt liability is drawn down at a period-end. Unamortized deferred financing costs for extinguished facilities are written-off. Loan arrangement fees related to the facilities accounted for under troubled debt restructuring with future undiscounted cash flows greater than the net carrying value of the original debt are capitalized and amortized over the loan respective repayment period using the effective interest rate method. Additionally, amortization of deferred finance costs is included in interest expenses in the Consolidated Statements of Income.

Fixed Assets

Fixed Assets: Fixed assets consist of vessels. Vessels are stated at cost, less accumulated depreciation. The cost of vessels consists of the contract purchase price and any material expenses incurred upon acquisition (improvements and delivery expenses). Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels. Otherwise, these expenditures are charged to expense as incurred. Interest costs while under construction are included in vessels’ cost.

The Company acquired six vessels in the secondhand market and five vessels from Gemini Shipholdings Corporation (“Gemini”) in 2021 and seven vessels in 2023, all of which were considered to be acquisitions of assets. Following adoption of ASU 2017-01 “Business Combinations (Topic 805)” on January 1, 2018, the Company evaluates if any vessel acquisition in secondhand market constitutes a business or not. When substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the set is not a business. The following assets are considered as a single asset for the purposes of the evaluation (i) a tangible asset that is attached to and cannot be physically removed and used separately from another tangible assets (or an intangible asset representing the right to use a tangible asset); (ii) in place lease intangibles, including favorable and unfavorable intangible assets or liabilities, and the related leased assets. Acquisition costs associated with asset acquisitions are capitalized.

The Company chartered in certain vessels under a long-term sale and leaseback arrangement. The proceeds received by the Company from the buyer-lessor were recognized as a financial leaseback obligation as this arrangement did not qualify for a sale of these vessels. The Company had substantive repurchase obligation of these vessels at the end of the leaseback period or earlier, at the Company’s option, and retains the control over these vessels. Each leaseback payment is allocated between the liability and interest expense to achieve a constant interest rate on the leaseback obligation outstanding. The interest element of the leaseback payment is charged under “Interest expense” in the accompanying Consolidated Statements of Income over the leaseback period.

Time Charters Assumed on Acquisition of Vessels

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

Depreciation

Depreciation: The cost of the Company’s vessels is depreciated on a straight-line basis over the vessels’ remaining economic useful lives after considering the estimated residual value (refer to Note 5, “Fixed Assets, net & Advances for Vessels under Construction”). The residual value of the vessel is equal to the product of its lightweight tonnage and estimated scrap rate at $300 per ton. Management has estimated the useful life of the Company’s containerships to be 30 years and drybulk vessels to be 25 years from the year built.

Right-of-Use Assets and Finance Lease Obligations

Right-of-Use Assets and Finance Lease Obligations: ASC 842 classifies leases from the standpoint of the lessee as finance leases or operating leases. The determination of whether an arrangement contains a finance lease is based on the substance of the arrangement and is based in accordance with the criteria set such as transfer of ownership, purchase options, lease duration and present value of lease payments.

Finance leases are accounted for as the acquisition of a right-of-use asset and the incurrence of a finance lease obligation by the lessee. On the lease commencement date, a lessee is required to measure and record a lease liability equal to the present value of the remaining lease payments, discounted using the rate implicit in the lease or if the rate implicit in the lease is not readily determined, at the lessee’s incremental borrowing rate. Subsequently, the lease liability is increased by the interest on the lease liability, determined using effective interest rate that produces a constant periodic discount rate on the remaining balance of the liability, and decreased by the lease payments during the period.

A lessee initially measures the right-of-use asset at cost, which consists of: the amount of the initial measurement of the lease liability, any lease payments made to the lessor at or before the commencement date, minus any lease incentives received and any initial direct cost incurred by the lessee. Subsequently, the right-of-use asset is measured at cost plus payment for leasehold improvement less any accumulated amortization and impairment charges. Amortization expense is calculated and recognized on a straight-line basis over the shorter of the useful life of the asset or the lease term, after considering the estimated residual value of the vessel. The residual value of the vessel is equal to the product of its lightweight tonnage and estimated scrap rate at $300 per ton. Amortization of right-of-use assets is included under “Depreciation and amortization of right-of-use assets” in the Consolidated Statements of Income. However, if the lease transfers ownership of the underlying asset to the lessee or the lessee is reasonably certain to exercise an option to purchase the underlying assets, the lessee shall amortize the right-of-use of asset to the end of the useful life of the underlying asset.

Management has estimated the useful life of the Company’s containerships to be 30 years from the year built.

Vessels held for sale

Vessels held for sale: Vessels are classified as “Vessels held for sale” when all of the following criteria are met: management has committed to a plan to sell the vessel; the vessel is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of vessels; an active program to locate a buyer and other actions required to complete the plan to sell the vessel have been initiated; the sale of the vessel is probable and transfer of the vessel is expected to qualify for recognition as a completed sale within one year; the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value and actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Vessels classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. These vessels are not depreciated once they meet the criteria to be held for sale.

Advances for Vessels under Construction: Advances for vessels under construction include installment payments, interest costs, financing costs, supervision costs and other pre-delivery costs incurred during the construction period.

Accounting for Special Survey and Drydocking Costs

Accounting for Special Survey and Drydocking Costs: The Company follows the accounting guidance for planned major maintenance activities. Drydocking and special survey costs, which are reported in the balance sheet within “Deferred charges, net”, include planned major maintenance and overhaul activities for ongoing certification including the inspection, refurbishment and replacement of steel, engine components, electrical, pipes and valves, and other parts of the vessel. The Company follows the deferral method of accounting for special survey and drydocking costs, whereby actual costs incurred are deferred and amortized on a straight-line basis over the period until the next scheduled survey and drydocking, which is two and a half years. If a special survey or drydocking is performed prior to the scheduled date, the remaining unamortized balances are immediately written off.

2. Significant Accounting Policies (Continued)

The amortization periods reflect the estimated useful economic life of the deferred charge, which is the period between each special survey and drydocking.

Costs incurred during the drydocking period relating to routine repairs and maintenance are expensed. The unamortized portion of special survey and drydocking costs for vessels sold is included as part of the carrying amount of the vessel in determining the gain/(loss) on sale of the vessel.

Pension and Retirement Benefit Obligations-Crew

Pension and Retirement Benefit Obligations-Crew: The crew on board the companies’ vessels serve in such capacity under short-term contracts (usually up to seven months) and accordingly, the vessel-owning companies are not liable for any pension or post-retirement benefits.

Dividends

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

Impairment of Long-lived Assets

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

As of December 31, 2023 and 2022, the Company concluded that events and circumstances triggered the existence of potential impairment of some of its container vessels. These indicators included volatility in the charter market and the vessels’ market values, as well as the potential impact the current marketplace may have on its future operations. As a result, the Company performed step one of the impairment assessment for some of the Company’s vessels by comparing the undiscounted projected net operating cash flows for each vessel to its carrying value. The Company’s strategy is to charter its container vessels under multi-year, fixed rate period charters that have the initial terms ranging from less than 1 to 18 years for vessels in its fleet, providing the Company with contracted stable cash flows. The Company used a number of factors and assumptions in its undiscounted projected net operating cash flow analysis including, among others, operating revenues, off-hire revenues, drydocking costs, operating expenses and management fees estimates. Revenue assumptions were based on contracted time charter rates up to the end of life of the current contract of each vessel as well as the estimated time charter equivalent rates for the remaining life of the vessel after the completion of its current contract for non-contracted revenue days. The estimated daily time charter equivalent rate used for the non-contracted revenue days of each vessel is considered a significant assumption. Recognizing that the transportation industry is cyclical and subject to significant volatility based on factors beyond the Company’s control, management believes that the most recent 5 to 15 years historical average time charter rates represent a reasonable benchmark for the estimated time charter equivalent rates for the non-contracted revenue days, as such averages take into account the volatility and cyclicality of the market. In addition, the Company used an annual operating expenses escalation factor and estimates of scheduled and unscheduled off-hire revenues based on historical experience. All estimates used and assumptions made were in accordance with the Company’s internal budgets and historical experience of the shipping industry.

Business Combinations

Business Combinations: The Company allocates the purchase price of acquisitions to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values at the acquisition date. The excess of the acquisition price over those estimated fair values is recorded as goodwill. Changes to the acquisition date provisional fair values prior to the end of the measurement period are recorded as adjustments to the associated goodwill. Acquisition related expenses and restructuring costs, if any, are expensed as incurred.

Investments in Debt Securities

Investments in Debt Securities: Available for sale securities are carried at fair value with net unrealized gain/(loss) included in accumulated other comprehensive income/(loss), subject to impairment. An unrealized loss exists when the current fair value of an individual security is less than its amortized cost basis. Interest income, including amortization of premiums and accretion of discounts are recognized in the interest income in the Consolidated Statements of Income. Upon sale, realized gain/(loss) is recognized in the Consolidated Statement of Income based on specific identification method. The Company adopted ASU 2016-13 “Financial Instruments – Credit Losses (Topic 326)” on January 1, 2020. Management evaluates securities for impairment on a quarterly basis. An investment is considered impaired if the fair value of the investment is less than its amortized cost. Consideration is given to: i) if the Company intends to sell the security (that is, it has decided to sell the security); ii) it is more likely than not that the Company will be required to sell the security before the recovery of its entire amortized cost basis; or iii) a credit loss exists. If it is determined that the Company intends to sell the security or it is more likely than not that the Company will be required to sell the securities before the recovery of its entire amortized cost basis, the impairment loss, difference between the fair value and amortized cost basis of the securities, will be recorded in the accompanying Consolidated Statements of Income.

The fair value of debt securities is estimated based on a weighted combination of (1) a yield-to-maturity analysis based on a quoted (non-binding) price from a third party broker, (2) a yield-to-maturity analysis of a similar bond(s) in an active market, (3) the available market data for yield-to-maturity for the corporate bonds, if available and (4) if applicable, redemption information announced by the issuer of the security. The weightings and the yield-to-maturities used in the calculation of fair value of the debt securities are assumptions that require significant management judgment.

When the securities are impaired at the reporting date, and the Company does not meet the guidance for intending to sell or more likely than not being required to sell the securities before the amortized cost basis is recovered, the Company determines whether the impairment is related to credit or non-credit factors. To determine the amount of impairment related to credit, the Company compares the present value of the cash flows expected to be collected on the securities with the amortized cost basis of the securities. If the present value of cash flows expected to be collected is less than the securities’ amortized cost basis, the difference is recorded as an allowance for credit losses in the accompanying Consolidated Statements of Income. Any remaining difference between the securities’ fair value and amortized cost basis is considered to be non-credit related impairment and is recorded in the accompanying Consolidated Statements of Other Comprehensive Income.

Investments in Equity Securities

Investments in Equity Securities: Following the adoption of ASU 2016-01 “Recognition and measurement of Financial Assets and Financial Liabilities” on January 1, 2018, the Company measured the investment in ZIM Integrated Shipping Services Ltd. (“ZIM”) equity securities at cost, less impairment, adjusted for subsequent observable price changes. ZIM equity securities did not have readily determinable fair value until January 27, 2021 when ZIM completed its initial public offering and listing on the New York Stock Exchange of its ordinary shares. Since then, ZIM equity securities and other marketable securities are valued based on the closing price of these securities on the New York Stock Exchange at each balance sheet date and unrealized gain/(loss) is recognized in each relevant period. Realized gain/(loss) is recognized on sale of the shares as a difference between the net sale proceeds and original cost less impairment. Realized and unrealized gain/(loss) are reflected under “Gain/(loss) on investments” in the Consolidated Statements of Income. Dividends received on these shares are reflected under “Dividend income” and taxes withheld on dividend income are reflected under “Income taxes” in the Consolidated Statements of Income.

Management evaluates the equity security measured at cost for other than temporary impairment on a quarterly basis. An investment is considered impaired if the fair value of the investment is less than its cost. Consideration is given to significant deterioration in the earnings performance, credit rating, asset quality, or business prospects of the investee, significant adverse change in the regulatory, economic, or technological environment of the investee, significant adverse change in the general market condition of either the geographic area or the industry in which the investee operates, as well as factors that raise significant concerns about the investee’s ability to continue as a going concern, such as negative cash flows from operations, working capital deficiencies, or noncompliance with statutory capital requirements or debt covenants.

Accounting for Revenue and Expenses

Accounting for Revenue and Expenses: The Company derives its revenue from time charters and bareboat charters of its containerships, each of which contains a lease. These charters involve placing the specified vessel at charterers’ use for a specified rental period of time in return for the payment of specified daily hire rates. Most of the charters include options for the charterers to extend their terms. Under a time charter, the daily hire rate includes lease component related to the right of use of the vessel and non-lease components primarily related to the operating expenses of the vessel incurred by the Company such as commissions, vessel operating expenses: crew expenses, lubricants, certain insurance expenses, repair and maintenance, spares, stores etc. and vessel management fees. Under a bareboat charter, the daily hire rate includes only lease component related to the right of use of the vessel. The revenue earned based on time charters is not negotiated in separate components. Revenue from the Company’s time charters and bareboat charters of vessels is accounted for as operating leases on a straight line basis based on the average fixed rentals over the minimum fixed rental period of the time charter and bareboat charter agreements, as service is performed. Charter hire received in advance is recorded under “Unearned revenue” in the Consolidated Balance Sheets until charter services are rendered. The Company elected the practical expedient which allows the Company to treat the lease and non-lease components as a single lease component for the leases where the timing and pattern of transfer for the nonlease component and the associated lease component to the lessees are the same and the lease component, if accounted for separately, would be classified as an operating lease. The combined component is therefore accounted for as an operating lease under ASC 842, as adopted by the Company on January 1, 2019, as the lease component is the predominant component in 2023, 2022 and 2021.

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

Voyage Expenses

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

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

Vessel Operating Expenses

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

General and administrative expenses

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

Repairs and Maintenance

Repairs and Maintenance: All repair and maintenance expenses are charged against income when incurred and are included in vessel operating expenses in the accompanying Consolidated Statements of Income.

Troubled Debt Restructuring and Accumulated Accrued Interest

Troubled Debt Restructuring and Accumulated Accrued Interest: Prior to the finalization of the Company’s 2018 refinancing, the Company concluded that it was experiencing financial difficulty and that certain of the lenders granted a concession (as part of the Refinancing). The Company was experiencing financial difficulty primarily as a result of the projected cash flows not being sufficient to service the balloon payment due as of December 31, 2018 without restructuring and the Company was not able to obtain funding from sources other than existing creditors at an effective interest rate equal to the current market interest rate for similar debt. As a result, the accounting guidance for troubled debt restructuring (“TDR”) was applied at the Closing Date. The TDR accounting guidance required the Company to record the value of the new debt to its restructured undiscounted cash flows over the life of the loan, including cash flows associated with the remaining scheduled interest and principal payments not to exceed the carrying amount of the original debt. In cases in which the recorded value of the debt instrument exceeds the sum of undiscounted future cash flows to be received under the restructured debt instrument, the recorded value is reduced to the sum of undiscounted future cash flows, and a gain is recorded. As a result of the TDR accounting, the interest expense related to the future periods on certain facilities was recognized under the accumulated accrued interest line in the Balance Sheet. Interest payments relating to the future interest recognized in accumulated accrued interest, are recognized as a reduction to the accumulated accrued interest payable when these are paid. As a result, these interest payments are not recorded as interest expense. Following the refinancing of the related loan facilities and to the extent these facilities are extinguished and should no future cash interest payments be required, the accumulated accrued interest related to these loan facilities is recognized under the gain on debt extinguishment in the Consolidated Statements of Income.

When interest rates change, actual cash flows will differ from the cash flows measured on the Refinancing closing date. The accounting treatment for changes in cash flows due to changes in interest rates depends on whether there is an increase or a decrease from the spot interest rate used in the initial TDR accounting (“threshold interest rate”). Fluctuations in the effective interest rate after the Refinancing from changes in the interest rate or other cause are accounted for as changes in estimates in the periods in which these changes occur. Upon an increase in the interest rates from the threshold interest rate used to calculate accumulated accrued interest payable, the Company recognizes additional interest expenses in the period the expense is incurred. The additional interest expense is calculated by multiplying the difference between the current interest rate and the threshold interest rate with the current carrying value of the debt. A gain due to decrease in interest rates (‘interest windfall’) will not be recognized until the debt facilities have been settled and there are no future interest payments. In case there are subsequent increases in interest rates above the threshold interest rate after a previous decrease in interest rates, the carrying amount of the accumulated accrued interest will be reduced by the interest payments in excess of the threshold interest rate until the prior interest windfall due to decrease in the interest rates is recaptured on a cumulative basis.

The Paid-in-kind interest (“PIK interest”) related to each period will increase the carrying value of the loan facility and correspondingly decrease the carrying value of the accumulated accrued interest. PIK interest in excess of the amount recognized in the accumulated accrued interest is expensed in the period the expense is incurred.

Going Concern

Going Concern: The management of the Company assesses the Company’s ability to continue as a going concern at each period end. The assessment evaluates whether there are conditions that give rise to substantial doubt to continue as a going concern within one year from the consolidated financial statements issuance date.

2. Significant Accounting Policies (Continued)

If a substantial doubt to continue as a going concern is identified and after considering management’s plans this substantial doubt is alleviated the Company discloses the following: (i) principal conditions or events that raised substantial doubt about the Company’s ability to continue as a going concern (before consideration of management’s plans), (ii) management’s evaluation of the significance of those conditions or events in relation to the Company’s ability to meet its obligations, (iii) management’s plans that alleviated substantial doubt about the Company’s ability to continue as a going concern.

If a substantial doubt to continue as a going concern is identified and after considering management’s plans this substantial doubt is not alleviated the Company discloses the following: (i) a statement indicating that there is substantial doubt about the Company’s ability to continue as a going concern, (ii) principal conditions or events that raised substantial doubt about the Company’s ability to continue as a going concern, (iii) management’s evaluation of the significance of those conditions or events in relation to the Company’s ability to meet its obligations, and (iv) management’s plans that are intended to mitigate the conditions or events that raised substantial doubt about the Company’s ability to continue as a going concern.

The Company updates the going concern disclosure in subsequent periods until the period in which substantial doubt no longer exists disclosing how the relevant conditions or events that raised substantial doubt were resolved.

Segment Reporting

Segment Reporting: Until the acquisition of the drybulk vessels in 2023, the Company reported financial information and evaluated its operations by total charter revenues. Although revenue can be identified for different types of charters, management does not identify expenses, profitability or other financial information for different charters. As a result, management, including the chief operating decision maker, reviewed operating results solely by revenue per day and operating results of the fleet, and thus the Company had determined that it had only one operating and reportable segment. Following the acquisition of the drybulk vessels in 2023, the Company determined that currently it operates under two reportable segments: (i) a container vessels segment, as a provider of worldwide marine transportation services by chartering its container vessels under time charter and bareboat charter agreements and (ii) a drybulk vessels segment, as a provider of drybulk commodities transportation services by chartering its drybulk vessels primarily under voyage charter agreements. The accounting policies applied to the reportable segments are the same as those used in the preparation of the Company’s consolidated financial statements.

Derivative Instruments

Derivative Instruments: The Company entered into interest rate swap contracts to create economic hedges for its interest rate risks. The Company recorded these financial instruments at their fair value. When such derivatives do not qualify for hedge accounting, changes in their fair value are recorded in the Consolidated Statement of Income. When the derivatives do qualify for hedge accounting, depending upon the nature of the hedge, changes in the fair value of derivatives are either offset against the fair value of assets, liabilities or firm commitments through income, or recognized in other comprehensive income (effective portion) and are reclassified to earnings when the hedged transaction is reflected in earnings. The ineffective portion of a derivative’s change in fair value is immediately recognized in income.

At the inception of the transaction, the Company documents the relationship between hedging instruments and hedged items, as well as its risk management objective and the strategy for undertaking various hedging transactions. The Company also documents its assessment, both at the hedge inception and on an ongoing basis, of whether the derivative financial instruments that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items.

On July 1, 2012, the Company elected to prospectively de-designate fair value and cash flow interest rate swaps for which it was following hedge accounting treatment due to the compliance burden associated with this accounting policy. As a result, all changes in the fair value of the Company’s cash flow interest rate swap agreements were recorded in earnings under “Loss on derivatives” from the de-designation date forward.

The Company evaluated whether it is probable that the previously hedged forecasted interest payments are probable to not occur in the originally specified time period. The Company has concluded that the previously hedged forecasted interest payments are probable of occurring. Therefore, unrealized gains or losses in accumulated other comprehensive loss associated with the previously designated cash flow interest rate swaps will remain frozen in accumulated other comprehensive loss and recognized in earnings when the interest payments will be recognized. If such interest payments were to be identified as being probable of not occurring, the accumulated other comprehensive loss balance pertaining to these amounts would be reversed through earnings immediately.

2. Significant Accounting Policies (Continued)

The Company does not use financial instruments for trading or other speculative purposes.

Earnings Per Share

Earnings Per Share: The Company has presented net earnings per share for all years presented based on the weighted average number of outstanding shares of common stock of Danaos Corporation at the reported periods. Diluted earnings per share reflect the potential dilution that would occur if securities or other contracts to issue common stock were exercised. Unvested shares of restricted stock are included in the calculation of the diluted earnings per share, unless considered antidilutive, based on the weighted average number of shares of restricted stock outstanding during the period.

Treasury Stock

Treasury Stock: The Company recognizes treasury stock based on the price paid to repurchase its shares, including direct costs to acquire treasury stock. Treasury stock is recorded as a reduction from common stock at its par value and the price paid in excess of par value and direct costs, if any, as a reduction from additional paid-in capital. Treasury stock is excluded from average common shares outstanding for basic and diluted earnings per share.

Income taxes

Income taxes: Income taxes comprise of taxes withheld on dividend income earned on the Company’s investments.

Equity Compensation Plan

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

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. 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. Unless otherwise set forth in an award agreement, any awards outstanding under the Plan will vest immediately upon a “change of control”, as defined in the Plan. Refer to Note 17, “Stock Based Compensation”.

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

As of April 18, 2008, the Company established the Directors Share Payment Plan (“Directors Plan”). The purpose of the Directors 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. Each member of the Board of Directors of the Company may participate in the Directors Plan. Pursuant to the terms of the Directors Plan, Directors may elect to receive in Common Stock all or a portion of their compensation. On the last business day of each quarter, the rights of common stock are credited to each Director’s Share Payment Account. Following December 31st of each year, the Company will deliver to each Director the number of shares represented by the rights credited to their Share Payment Account during the preceding calendar year. Refer to Note 17, “Stock Based Compensation”.

2. Significant Accounting Policies (Continued)

As of April 18, 2008, the Board of Directors and the Compensation Committee approved the Company’s ability to provide, from time to time, incentive compensation to the employees of the Manager, in the form of free shares of the Company’s common stock under the Plan. Prior approval is required by the Compensation Committee and the Board of Directors. The plan was effective since 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. Refer to Note 17, “Stock Based Compensation”.

Executive Retirement Plan

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

Basis of Presentation and General Information (Tables)

12 Months Ended

Dec. 31, 2023

Basis of Presentation and General Information

Schedule of the vessel owning companies (the "Danaos Subsidiaries")

As of December 31, 2023, Danaos consolidated the vessel owning companies (the “Danaos Subsidiaries”) of container vessels and drybulk vessels listed below.

Container vessels:


			Year
Company	Date of Incorporation	Vessel Name	Built	TEU(1)
Megacarrier (No. 1) Corp.	September 10, 2007	Hyundai Honour	2012	13,100
Megacarrier (No. 2) Corp.	September 10, 2007	Hyundai Respect	2012	13,100
Megacarrier (No. 3) Corp.	September 10, 2007	Hyundai Smart	2012	13,100
Megacarrier (No. 4) Corp.	September 10, 2007	Hyundai Speed	2012	13,100
Megacarrier (No. 5) Corp.	September 10, 2007	Hyundai Ambition	2012	13,100
CellContainer (No. 6) Corp.	October 31, 2007	Express Berlin	2011	10,100
CellContainer (No. 7) Corp.	October 31, 2007	Express Rome	2011	10,100
CellContainer (No. 8) Corp.	October 31, 2007	Express Athens	2011	10,100
Karlita Shipping Co. Ltd.	February 27, 2003	Pusan C	2006	9,580
Ramona Marine Co. Ltd.	February 27, 2003	Le Havre	2006	9,580
Oceancarrier (No. 2) Corp.	October 15, 2020	Bremen	2009	9,012
Oceancarrier (No. 3) Corp.	October 15, 2020	C Hamburg	2009	9,012
Blackwell Seaways Inc.	January 9, 2020	Niledutch Lion	2008	8,626
Oceancarrier (No. 1) Corp.	February 19, 2020	Kota Manzanillo	2005	8,533
Springer Shipping Co.	April 29, 2019	Belita	2006	8,533
Teucarrier (No. 5) Corp.	September 17, 2007	CMA CGM Melisande	2012	8,530
Teucarrier (No. 1) Corp.	January 31, 2007	CMA CGM Attila	2011	8,530
Teucarrier (No. 2) Corp.	January 31, 2007	CMA CGM Tancredi	2011	8,530
Teucarrier (No. 3) Corp.	January 31, 2007	CMA CGM Bianca	2011	8,530
Teucarrier (No. 4) Corp.	January 31, 2007	CMA CGM Samson	2011	8,530
Oceanew Shipping Ltd.	January 14, 2002	Europe	2004	8,468
Oceanprize Navigation Ltd.	January 21, 2003	America	2004	8,468
Rewarding International Shipping Inc.	October 1, 2019	Kota Santos	2005	8,463
Boxcarrier (No. 2) Corp.	June 27, 2006	CMA CGM Musset	2010	6,500
Boxcarrier (No. 3) Corp.	June 27, 2006	CMA CGM Nerval	2010	6,500
Boxcarrier (No. 4) Corp.	June 27, 2006	CMA CGM Rabelais	2010	6,500
Boxcarrier (No. 5) Corp.	June 27, 2006	Racine (ex CMA CGM Racine)	2010	6,500
Boxcarrier (No. 1) Corp.	June 27, 2006	CMA CGM Moliere	2009	6,500
Expresscarrier (No. 1) Corp.	March 5, 2007	YM Mandate	2010	6,500
Expresscarrier (No. 2) Corp.	March 5, 2007	YM Maturity	2010	6,500
Kingsland International Shipping Limited	June 26, 2015	Catherine C (2)	2001	6,422
Leo Shipping and Trading S.A.	October 29, 2015	Leo C (2)	2002	6,422
Actaea Company Limited	October 14, 2014	Zim Savannah	2002	6,402
Asteria Shipping Company Limited	October 14, 2014	Dimitra C	2002	6,402
Averto Shipping S.A.	June 12, 2015	Suez Canal	2002	5,610
Sinoi Marine Ltd.	June 12, 2015	Kota Lima	2002	5,544
Oceancarrier (No. 4) Corp.	July 6, 2021	Wide Alpha	2014	5,466
Oceancarrier (No. 5) Corp.	July 6, 2021	Stephanie C	2014	5,466
Oceancarrier (No. 6) Corp.	July 6, 2021	Maersk Euphrates	2014	5,466
Oceancarrier (No. 7) Corp.	July 6, 2021	Wide Hotel	2015	5,466
Oceancarrier (No. 8) Corp.	July 6, 2021	Wide India	2015	5,466
Oceancarrier (No. 9) Corp.	July 6, 2021	Wide Juliet	2015	5,466
Continent Marine Inc.	March 22, 2006	Zim Monaco	2009	4,253
Medsea Marine Inc.	May 8, 2006	Dalian	2009	4,253
Blacksea Marine Inc.	May 8, 2006	Zim Luanda	2009	4,253
Bayview Shipping Inc.	March 22, 2006	Rio Grande	2008	4,253
Channelview Marine Inc.	March 22, 2006	Merve A (ex Zim Sao Paolo)	2008	4,253
Balticsea Marine Inc.	March 22, 2006	Kingston (ex Zim Kingston)	2008	4,253
Seacarriers Services Inc.	June 28, 2005	Seattle C	2007	4,253
Seacarriers Lines Inc.	June 28, 2005	Vancouver	2007	4,253
Containers Services Inc.	May 30, 2002	Tongala	2004	4,253
Containers Lines Inc.	May 30, 2002	Derby D	2004	4,253
Boulevard Shiptrade S.A	September 12, 2013	Dimitris C	2001	3,430
CellContainer (No. 4) Corp.	March 23, 2007	Express Spain	2011	3,400
CellContainer (No. 5) Corp.	March 23, 2007	Express Black Sea	2011	3,400
CellContainer (No. 1) Corp.	March 23, 2007	Express Argentina	2010	3,400
CellContainer (No. 2) Corp.	March 23, 2007	Express Brazil	2010	3,400
CellContainer (No. 3) Corp.	March 23, 2007	Express France	2010	3,400
Wellington Marine Inc.	January 27, 2005	Singapore	2004	3,314
Auckland Marine Inc.	January 27, 2005	Colombo	2004	3,314
Vilos Navigation Company Ltd.	May 30, 2013	Zebra	2001	2,602
Sarond Shipping Inc.	January 18, 2013	Artotina	2001	2,524
Trindade Maritime Company	April 10, 2013	Amalia C (3)	1998	2,452
Speedcarrier (No. 7) Corp.	December 6, 2007	Highway	1998	2,200
Speedcarrier (No. 6) Corp.	December 6, 2007	Progress C	1998	2,200
Speedcarrier (No. 8) Corp.	December 6, 2007	Bridge	1998	2,200
Speedcarrier (No. 1) Corp.	June 28, 2007	Phoenix D	1997	2,200
Speedcarrier (No. 2) Corp.	June 28, 2007	Advance	1997	2,200
Speedcarrier (No. 3) Corp.	June 28, 2007	Stride	1997	2,200
Speedcarrier (No. 5) Corp.	June 28, 2007	Future	1997	2,200
Speedcarrier (No. 4) Corp.	June 28, 2007	Sprinter	1997	2,200
Container vessels under construction:
Boxsail (No. 1) Corp.	March 4, 2022	Hull No. C7100-7	2024	7,165
Boxsail (No. 2) Corp.	March 4, 2022	Hull No. C7100-8	2024	7,165
Teushipper (No. 1) Corp.	March 14, 2022	Hull No. HN4009	2024	8,010
Teushipper (No. 2) Corp.	March 14, 2022	Hull No. HN4010	2024	8,010
Teushipper (No. 3) Corp.	March 14, 2022	Hull No. HN4011	2024	8,010
Teushipper (No. 4) Corp.	March 14, 2022	Hull No. HN4012	2024	8,010
Boxsail (No. 3) Corp.	March 4, 2022	Hull No. CV5900-07	2024	6,014
Boxsail (No. 4) Corp.	March 4, 2022	Hull No. CV5900-08	2025	6,014
Boxline (No. 1) Corp.	June 7, 2023	Hull No. YZJ2023-1556	2026	8,258
Boxline (No. 2) Corp.	June 7, 2023	Hull No. YZJ2023-1557	2026	8,258

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

(2)	The Company completed the sale of the Catherine C and the Leo C in November 2022.

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

Schedule of Dry Bulk Vessels


			Year
Company	Date of Incorporation	Vessel Name	Built	DWT(4)
Bulk No. 1 Corp.	July 14, 2023	Integrity (6)	2010	175,996
Bulk No. 2 Corp.	July 14, 2023	Achievement (6)	2011	175,850
Bulk No. 3 Corp.	July 14, 2023	Ingenuity (6)	2011	176,022
Bulk No. 4 Corp.	July 14, 2023	Genius (6)	2012	175,580
Bulk No. 5 Corp.	July 14, 2023	Peace (5)	2010	175,858
Bulk No. 6 Corp.	September 15, 2023	W Trader (6)	2009	175,879
Bulk No. 7 Corp.	September 25, 2023	E Trader (6)	2009	175,886

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

(5)	The vessel was delivered to the Company in September 2023.

(6)	The vessels were delivered to the Company in the fourth quarter of 2023.

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Significant Accounting Policies

Schedule of reclassifications out of accumulated other comprehensive loss

The Company had the following reclassifications out of Accumulated Other Comprehensive Loss during the years ended December 31, 2023, 2022 and 2021, respectively (in thousands):


		Year ended December 31,
	Location of Reclassification into Income	2023		2022		2021
Amortization of deferred realized losses on cash flow hedges	Loss on derivatives	$	3,622	$	3,622	$	3,622
Reclassification of prior service cost of defined benefit plan	Other income/(expenses), net		885		7,808		—
Reclassification to interest income	Interest income		—		—		(9,211)
Total Reclassifications		$	4,507	$	11,430	$	(5,589)

Investments in Affiliates (Table)

12 Months Ended

Dec. 31, 2023

Schedule of Equity Method Investments [Line Items]

Schedule of vessel owning subsidiaries of Gemini

As of July 1, 2021, the Company fully consolidated the following vessel owning subsidiaries of Gemini:


Company	Vessel Name	Year Built	TEU
Averto Shipping S.A.	Suez Canal	2002	5,610
Sinoi Marine Ltd.	Kota Lima (ex Genoa)	2002	5,544
Kingsland International Shipping Limited	Catherine C	2001	6,422
Leo Shipping and Trading S.A.	Leo C	2002	6,422
Springer Shipping Co.	Belita	2006	8,533

Schedule of business acquisition, pro forma information

A condensed summary of the income statement of Gemini presented on a 100% basis is as follows for the periods that the entity was accounted for under the equity method of accounting (in thousands):


	Six months ended
	June 30, 2021
Net operating revenues	$	17,984
Net income	$	8,091

Gemini Shipholdings Corporation

Schedule of Equity Method Investments [Line Items]

Schedule of consideration exchanged and the fair value of assets acquired and liabilities assumed

3. Investments in Affiliates (Continued)

The following table summarized the consideration exchanged and the fair value of assets acquired and liabilities assumed on July 1, 2021 (in thousands):


Purchase price:
Purchase price (51%)	$	86,700
Fair value of previously held interest (49%)		83,300
Total purchase price	$	170,000
Fair value of assets and liabilities acquired:
Vessels		154,500
Right-of-use assets		82,500
Cash, cash equivalents and restricted cash		14,388
Current assets		2,534
Assumed time charter liabilities		(36,001)
Long-term debt (including current portion)		(23,125)
Obligations under finance lease		(21,880)
Current liabilities		(2,916)
Fair value of net assets acquired	$	170,000

Cash, Cash Equivalents and Restricted Cash (Tables)

12 Months Ended

Dec. 31, 2023

Cash, Cash Equivalents and Restricted Cash

Schedule of cash, cash equivalents and restricted cash

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


	As of		As of		As of
	December 31, 2023		December 31, 2022		December 31, 2021
Cash and cash equivalents	$	271,809	$	267,668	$	129,410
Restricted cash		—		—		346
Total	$	271,809	$	267,668	$	129,756

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

12 Months Ended

Dec. 31, 2023

Fixed Assets, net & Advances for Vessels under Construction

Schedule of fixed assets, net

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


	Vessel		Accumulated		Net Book
	Costs		Depreciation		Value
As of January 1, 2021	$	3,421,897	$	(941,960)	$	2,479,937
Additions		495,546		—		495,546
Depreciation		—		(113,832)		(113,832)
As of December 31, 2021	$	3,917,443	$	(1,055,792)	$	2,861,651
Additions		4,580		—		4,580
Transfers from right-of-use assets and to vessel held for sale		79,179		(5,896)		73,283
Disposals		(97,306)		10,500		(86,806)
Depreciation		—		(131,214)		(131,214)
As of December 31, 2022	$	3,903,896	$	(1,182,402)	$	2,721,494
Additions		154,334		—		154,334
Depreciation		—		(129,287)		(129,287)
As of December 31, 2023	$	4,058,230	$	(1,311,689)	$	2,746,541

Schedule of remaining contractual commitments under 10 vessel construction contracts

The remaining contractual commitments under 10 vessel construction contracts are analyzed as follows as of December 31, 2023 (in thousands):


Payments due by period ended
December 31, 2024	$	365,631
December 31, 2025		82,428
December 31, 2026		113,040
Total contractual commitments	$	561,099

Deferred Charges, net (Tables)

12 Months Ended

Dec. 31, 2023

Deferred Charges, net

Schedule of deferred charges, net

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


	Drydocking and
	Special Survey
	Costs
As of January 1, 2021	$	17,339
Additions		4,643
Amortization		(10,181)
As of December 31, 2021	$	11,801
Additions		29,939
Write-off		(4,016)
Amortization		(12,170)
As of December 31, 2022	$	25,554
Additions		31,121
Amortization		(18,663)
As of December 31, 2023	$	38,012

Other Current and Non-current Assets (Tables)

12 Months Ended

Dec. 31, 2023

Other Current and Non-current Assets

Schedule of other current and non current assets

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


	2023		2022
Straight-lining of revenue	$	36,495	$	22,007
Marketable securities	$	86,029		—
Claims receivable		12,026		15,169
Vessel held for sale		—		3,297
Other current assets		7,623		7,332
Total current assets	$	142,173	$	47,805

Straight-lining of revenue	$	63,382	$	83,873
Other non-current assets		9,245		6,050
Total non-current assets	$	72,627	$	89,923

Summary of gains/losses on available-for-sale debt securities


	Gain/(loss)
	on available for
	sale securities
Balance as of January 1, 2021	$	(11,591)
Gain on available for sale securities		20,803
Reclassification to interest income		(9,212)
Balance as of December 31, 2021		—

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

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-Topic 320
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+ Details

Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Accrued Liabilities

Schedule of Accrued liabilities

Accrued liabilities consisted of the following (in thousands):


	2023		2022
Accrued interest		8,312		8,267
Accrued dry-docking expenses		3,276		2,332
Accrued expenses		8,870		10,763
Total	$	20,458	$	21,362

Lease Arrangements (Tables)

12 Months Ended

Dec. 31, 2023

Lease Arrangements

Schedule of future minimum payments, expected to be received on non-cancellable time charters and bareboat charters

The future minimum payments, expected to be received on non-cancellable time charters and bareboat charters classified as operating leases consisted of the following as of December 31, 2023 (in thousands):


2024		847,482
2025		663,127
2026		473,973
2027		277,600
2028		35,354
Total future rentals	$	2,297,536

Long-Term Debt, net (Tables)

12 Months Ended

Dec. 31, 2023

Long-Term Debt, net

Schedule of long-term debt, net

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


	Balance as of		Balance as of
Credit Facility	December 31, 2023		December 31, 2022
BNP Paribas/Credit Agricole $130 mil. Facility	$	100,000	$	120,000
Alpha Bank $55.25 mil. Facility		47,750		55,250
Citibank $382.5 mil. Revolving Credit Facility		—		—
Senior unsecured notes		262,766		262,766
Total long-term debt	$	410,516	$	438,016
Less: Deferred finance costs, net		(6,342)		(8,076)
Less: Current portion		(21,300)		(27,500)
Total long-term debt net of current portion and deferred finance cost	$	382,874	$	402,440

Schedule of debt maturities of long-term debt

The scheduled debt maturities of long-term debt subsequent to December 31, 2023 are as follows (in thousands):


	Principal
Payments due by period ended	repayments
December 31, 2024		21,300
December 31, 2025		15,100
December 31, 2026		15,100
December 31, 2027		96,250
March 1, 2028		262,766
Total long-term debt	$	410,516

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Financial Instruments

Schedule of estimated fair values of the financial instruments


	As of December 31, 2023				As of December 31, 2022
	Book Value		Fair Value		Book Value		Fair Value

	(in thousands of $)
Cash and cash equivalents	$	271,809	$	271,809	$	267,668	$	267,668
Marketable securities	$	86,029	$	86,029		—		—
Secured long-term debt, including current portion (1)	$	147,750	$	147,750	$	175,250	$	175,250
Unsecured long-term debt (1)	$	262,766	$	241,969	$	262,766	$	255,868

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

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


	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 (in thousands):


	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	$	—	$	—

13. Financial Instruments (Continued)

The estimated fair value of the financial instruments that are not measured at fair value on a recurring basis, categorized based upon the fair value hierarchy, are as follows as of December 31, 2022 (in thousands):


	Fair Value Measurements
	as of December 31, 2022
	Total		(Level I)		(Level II)		(Level III)

	(in thousands of $)
Cash and cash equivalents	$	267,668	$	267,668	$	—	$	—
Secured long-term debt, including current portion (1)	$	175,250	$	—	$	175,250	$	—
Unsecured long-term debt (1)	$	255,868	$	255,868	$	—	$	—

(1)

Secured and unsecured long-term debt, including current portion is presented gross of deferred finance costs of $6.3 million and $8.1 million as of December 31, 2023 and December 31, 2022, respectively. The fair value of the Company’s secured debt is estimated based on currently available debt with similar contract terms, interest rate and remaining maturities.

Operating Revenue (Tables)

12 Months Ended

Dec. 31, 2023

Operating Revenue

Schedule of operating revenue from time charters and bareboat charters and voyage charters


	2023		2022		2021
Time charters and bareboat charters	$	963,192	$	993,344	$	689,505
Voyage charters		10,391		—		—
Total Revenue	$	973,583	$	993,344	$	689,505

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


Charterer	2023		2022		2021
CMA CGM	23	%	26	%	30	%
HMM Korea	12	%	12	%	17	%
MSC	11	%	13	%	—

Schedule of operating revenue by geographic location

Operating revenue by geographic location of the customers for the years ended December 31, was as follows (in thousands):


Continent	2023		2022		2021
Australia—Asia	$	519,759	$	482,769	$	323,172
Europe		453,824		507,293		338,124
America		—		3,282		28,209
Total Revenue	$	973,583	$	993,344	$	689,505

Segments (Tables)

12 Months Ended

Dec. 31, 2023

Segments

Summary of the company's selected financial information

The following table summarizes the Company’s selected financial information for the year ended December 31, 2023, by segment (in thousands):


	Container vessels		Drybulk vessels
	segment		segment		Other		Total
Operating revenues	$	963,192	$	10,391		—	$	973,583
Voyage expenses		(33,913)		(7,097)		—		(41,010)
Vessel operating expenses		(159,084)		(3,033)		—		(162,117)
Depreciation		(128,097)		(1,190)		—		(129,287)
Amortization of deferred drydocking and special survey costs		(18,663)		—		—		(18,663)
Gain on sale of vessel		1,639		—		—		1,639
Interest income		12,096		37		—		12,133
Interest expenses		(20,463)		—		—		(20,463)
Equity loss on investment		—		—		(3,993)		(3,993)
Net Income/(loss)	$	563,279	$	(1,910)	$	14,930	$	576,299


	Container vessels		Drybulk vessels
	segment		segment		Other		Total
Total assets	$	3,404,298	$	170,539	$	86,299	$	3,661,136

Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings per Share

Schedule of computation of basic and diluted earnings per share

The following table sets forth the computation of basic and diluted earnings per share for the years ended December 31 (in thousands):


	2023		2022		2021
Numerator:
Net income	$	576,299	$	559,210	$	1,052,841
Denominator (number of shares in thousands):
Basic weighted average common shares outstanding		19,879		20,482		20,345
Effect of dilutive securities:
Dilutive effect of non-vested shares		25		19		239
Diluted weighted average common shares outstanding		19,904		20,501		20,584

Basis of Presentation and General Information (Details)	Dec. 31, 2023 item $ / shares shares	Dec. 31, 2022 $ / shares shares	Dec. 31, 2021 $ / shares	Sep. 18, 2009 $ / shares shares
Property, Plant and Equipment
Common stock, authorized capital stock (in shares) \| shares	750,000,000	750,000,000		750,000,000
Common stock, par value (in dollars per share) \| $ / shares	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Preferred stock, authorized capital stock (in shares) \| shares	100,000,000	100,000,000		100,000,000
Preferred stock, par value (in dollars per share) \| $ / shares	$ 0.01	$ 0.01		$ 0.01
Hyundai Honour
Property, Plant and Equipment
TEU	13,100
Hyundai Respect.
Property, Plant and Equipment
TEU	13,100
Hyundai Smart.
Property, Plant and Equipment
TEU	13,100
Hyundai Speed.
Property, Plant and Equipment
TEU	13,100
Hyundai Ambition.
Property, Plant and Equipment
TEU	13,100
Express Berlin
Property, Plant and Equipment
TEU	10,100
Express Rome
Property, Plant and Equipment
TEU	10,100
Express Athens
Property, Plant and Equipment
TEU	10,100
CSCL Pusan
Property, Plant and Equipment
TEU	9,580
Le Havre
Property, Plant and Equipment
TEU	9,580
CPO Bremen
Property, Plant and Equipment
TEU	9,012
CPO 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
CSCL America
Property, Plant and Equipment
TEU	8,468
Kota Santos
Property, Plant and Equipment
TEU	8,463
CMA CGM Musset
Property, Plant and Equipment
TEU	6,500
CMA CGM Nerval
Property, Plant and Equipment
TEU	6,500
CMA CGM Rabelais
Property, Plant and Equipment
TEU	6,500
Racine (ex CMA CGM Racine)
Property, Plant and Equipment
TEU	6,500
CMA CGM Moliere
Property, Plant and Equipment
TEU	6,500
YM Mandate
Property, Plant and Equipment
TEU	6,500
YM Maturity
Property, Plant and Equipment
TEU	6,500
Catherine C
Property, Plant and Equipment
TEU	6,422
Leo C
Property, Plant and Equipment
TEU	6,422
Performance.
Property, Plant and Equipment
TEU	6,402
Dimitra C
Property, Plant and Equipment
TEU	6,402
Suez Canal
Property, Plant and Equipment
TEU	5,610
Kota Lima
Property, Plant and Equipment
TEU	5,544
Wide Alpha
Property, Plant and Equipment
TEU	5,466
Stephanie C
Property, Plant and Equipment
TEU	5,466
Maersk Euphrates
Property, Plant and Equipment
TEU	5,466
Wide Hotel
Property, Plant and Equipment
TEU	5,466
Wide India
Property, Plant and Equipment
TEU	5,466
Wide Juliet
Property, Plant and Equipment
TEU	5,466
Zim Monaco
Property, Plant and Equipment
TEU	4,253
Zim Dalian
Property, Plant and Equipment
TEU	4,253
Zim Luanda
Property, Plant and Equipment
TEU	4,253
Zim Rio Grande
Property, Plant and Equipment
TEU	4,253
Zim Sao Paolo
Property, Plant and Equipment
TEU	4,253
Zim Kingston.
Property, Plant and Equipment
TEU	4,253
YM Seattle
Property, Plant and Equipment
TEU	4,253
YM Vancouver
Property, Plant and Equipment
TEU	4,253
ANL 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
SNL Colombo
Property, Plant and Equipment
TEU	3,314
Zebra (ex MSC Zebra)
Property, Plant and Equipment
TEU	2,602
Artotina (ex Danae C)
Property, Plant and Equipment
TEU	2,524
Amalia C
Property, Plant and Equipment
TEU	2,452
Highway
Property, Plant and Equipment
TEU	2,200
Hyundai Progress
Property, Plant and Equipment
TEU	2,200
Bridge
Property, Plant and Equipment
TEU	2,200
Phoenix D
Property, Plant and Equipment
TEU	2,200
Advance
Property, Plant and Equipment
TEU	2,200
Stride
Property, Plant and Equipment
TEU	2,200
Future
Property, Plant and Equipment
TEU	2,200
Sprinter
Property, Plant and Equipment
TEU	2,200
Hull No. C7100-7
Property, Plant and Equipment
TEU	7,165
Hull No. C7100-8
Property, Plant and Equipment
TEU	7,165
Hull No. HN4009
Property, Plant and Equipment
TEU	8,010
Hull No. HN4010
Property, Plant and Equipment
TEU	8,010
Hull No. HN4011
Property, Plant and Equipment
TEU	8,010
Hull No. HN4012
Property, Plant and Equipment
TEU	8,010
Hull No. CV5900-07
Property, Plant and Equipment
TEU	6,014
Hull No. CV5900-08
Property, Plant and Equipment
TEU	6,014
Hull No. YZJ2023-1556
Property, Plant and Equipment
TEU	8,258
Hull No. YZJ2023-1557
Property, Plant and Equipment
TEU	8,258

Basis of Presentation and General Information - Capesize drybulk vessels (Details)	Dec. 31, 2023 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

Significant Accounting Policies - Reclassifications in Other Comprehensive Income Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reclassifications in Other Comprehensive Income/(Loss)
Loss on derivatives	$ (3,622)	$ (3,622)	$ (3,622)
Reclassification out of accumulated other comprehensive income
Reclassifications in Other Comprehensive Income/(Loss)
Loss on derivatives	4,507	11,430	(5,589)
Amortization of deferred realized losses on cash flow hedges \| Reclassification out of accumulated other comprehensive income
Reclassifications in Other Comprehensive Income/(Loss)
Loss on derivatives	3,622	3,622	3,622
Reclassification of prior service cost of defined benefit plan \| Reclassification out of accumulated other comprehensive income
Reclassifications in Other Comprehensive Income/(Loss)
Loss on derivatives	$ 885	$ 7,808
Reclassification to interest income \| Reclassification out of accumulated other comprehensive income
Reclassifications in Other Comprehensive Income/(Loss)
Loss on derivatives			$ (9,211)

Significant Accounting Policies - Foreign Currency Translation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Foreign Currency Translation:
Foreign currency exchange losses	$ 0.5	$ 0.2	$ 0.2

Significant Accounting Policies - Cash (Details) $ in Thousands, € in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2023 EUR (€)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Cash and Cash Equivalents:
Cash and cash equivalents	$ 271,809		$ 267,668	$ 129,410
Restricted Cash:
Debt repayments related to Eurobank	$ 30,000	€ 30

Significant Accounting Policies - Fixed Assets (Details) - item		12 Months Ended
	Jul. 01, 2021	Dec. 31, 2023	Dec. 31, 2021
Secondhand Market
Property, Plant and Equipment
Number of vessels acquired		7	6
Gemini Shipholdings Corporation
Property, Plant and Equipment
Number of vessels acquired	5		5

Significant Accounting Policies - Depreciation (Details)	12 Months Ended
	Dec. 31, 2023 USD ($)
Vessel
Depreciation
Estimated scrap rate	$ 300
Containerships
Depreciation
Estimated useful life from the year built	30 years
Drybulk Vessels
Depreciation
Estimated useful life from the year built	25 years

Significant Accounting Policies - Accounting for Special Survey and Drydocking Costs (Details)	12 Months Ended
	Dec. 31, 2023
Vessel
Accounting for Special Survey and Drydocking Costs
Deferral and amortization period of survey and drydocking costs	2 years 6 months

Significant Accounting Policies - Pension and Retirement Benefit Obligations-Crew (Details)	12 Months Ended
	Dec. 31, 2023
Vessel \| Maximum [Member]
Pension and Retirement Benefit Obligations-Crew:
On board period of crew under the short-term contracts	7 months

Significant Accounting Policies - Impairment of Long-lived Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Minimum [Member]
Impairment of Long-lived Assets:
Average historical period for estimating time charter equivalent rates	5 years
Maximum [Member]
Impairment of Long-lived Assets:
Average historical period for estimating time charter equivalent rates	15 years
Vessel
Impairment of Long-lived Assets:
Term of multi-year fixed rate period charters for vessels in current fleet and contracted vessels	1 year
Impairment loss	$ 0	$ 0
Vessel \| Maximum [Member]
Impairment of Long-lived Assets:
Term of multi-year fixed rate period charters for vessels in current fleet and contracted vessels	18 years

Significant Accounting Policies - Segment Reporting (Details) - segment	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting:
Number of operating segments	2	1	1
Number of reportable segments	2	1	1

Significant Accounting Policies - Equity Compensation Plan (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Aug. 02, 2019
Equity Compensation Plan:
Maximum number of shares that may be granted	1,000,000	1,000,000
Common Stock
Equity Compensation Plan:
Contractual obligation for any stock to be granted	$ 0

Significant Accounting Policies - Troubled Debt Restructuring and Accumulated Accrued Interest (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Significant Accounting Policies
Future cash interest payments	$ 0

Investments in Affiliates (Details) $ in Thousands, € in Millions	1 Months Ended	12 Months Ended
	Mar. 31, 2023 EUR (€)	Dec. 31, 2023 USD ($)	Dec. 31, 2021 USD ($)	Mar. 31, 2023 USD ($)
Schedule of Equity Method Investments [Line Items]
Equity income/(loss) on investments		$ (3,993)	$ 68,028
CTTC
Schedule of Equity Method Investments [Line Items]
Amount invested				$ 4,300
Ownership interest percentage				49.00%
Equity income/(loss) on investments \| €	€ 4.0

Investments in Affiliates - Gemini Shipholdings Corporation (Details) $ in Thousands			12 Months Ended
	Nov. 01, 2021 USD ($)	Jul. 01, 2021 USD ($) item	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) item	Jun. 30, 2021
Schedule of Equity Method Investments [Line Items]
Amortization of assumed time charter			$ 21,200	$ 56,700	$ 27,600
Unearned revenue			$ 63,823	111,149
Gemini Shipholdings Corporation
Schedule of Equity Method Investments [Line Items]
Investment, ownership percentage		49.00%	100.00%
Unearned revenue				400
Gemini Shipholdings Corporation
Schedule of Equity Method Investments [Line Items]
Percentage of voting interest acquired		51.00%				49.00%
Aggregate gross purchase price		$ 86,700
Number of vessels acquired \| item		5			5
Gain on asset acquisition		$ 64,100
Assumed time charter liabilities		$ 36,001
Weighted average remaining charter duration		1 year 4 months 24 days
Amortization of assumed time charter			$ 400	$ 20,300	$ 15,300
Virage International Ltd.
Schedule of Equity Method Investments [Line Items]
Percentage of voting interest acquired		51.00%
Aggregate gross purchase price	$ 86,700

Investments in Affiliates - Vessel owning subsidiaries of Gemini (Details) - item	Dec. 31, 2023	Jul. 01, 2021
Suez Canal
Schedule of Equity Method Investments [Line Items]
TEU	5,610
Kota Lima (ex Genoa)
Schedule of Equity Method Investments [Line Items]
TEU	5,544
Catherine C
Schedule of Equity Method Investments [Line Items]
TEU	6,422
Leo C
Schedule of Equity Method Investments [Line Items]
TEU	6,422
Belita
Schedule of Equity Method Investments [Line Items]
TEU	8,533
Gemini Shipholdings Corporation \| Suez Canal
Schedule of Equity Method Investments [Line Items]
TEU		5,610
Gemini Shipholdings Corporation \| Kota Lima (ex Genoa)
Schedule of Equity Method Investments [Line Items]
TEU		5,544
Gemini Shipholdings Corporation \| Catherine C
Schedule of Equity Method Investments [Line Items]
TEU		6,422
Gemini Shipholdings Corporation \| Leo C
Schedule of Equity Method Investments [Line Items]
TEU		6,422
Gemini Shipholdings Corporation \| Belita
Schedule of Equity Method Investments [Line Items]
TEU		8,533

Investments in Affiliates - Consideration exchanged and the fair value of assets acquired and liabilities assumed (Details) - USD ($) $ in Thousands	Jul. 01, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Fair value of assets and liabilities acquired:
Vessels		$ 2,746,541	$ 2,721,494	$ 2,861,651		$ 2,479,937
Cash and cash equivalents		271,809	267,668	$ 129,410
Current assets		501,770	372,521
Current liabilities		$ (168,160)	$ (228,407)
Gemini Shipholdings Corporation
Schedule of Equity Method Investments [Line Items]
Percentage of purchase price	51.00%
Percentage of voting interest acquired	51.00%				49.00%
Purchase price:
Purchase price (51%)	$ 86,700
Fair value of previously held interest (49%)	83,300
Total purchase price	170,000
Fair value of assets and liabilities acquired:
Vessels	154,500
Right-of-use assets	82,500
Cash and cash equivalents	14,388
Current assets	2,534
Assumed time charter liabilities	(36,001)
Long-term debt	(23,125)
Obligations under finance lease	(21,880)
Current liabilities	(2,916)
Assets, Net, Total	$ 170,000

Investments in Affiliates - Business acquisition, pro forma information (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Operating revenues		$ 973,583	$ 993,344	$ 689,505
Net Income		$ 576,299	$ 559,210	$ 1,052,841
Gemini Shipholdings Corporation
Schedule of Equity Method Investments [Line Items]
Operating revenues	$ 17,984
Net Income	$ 8,091

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
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-Name Accounting Standards Codification
-Section 55
-Paragraph 10
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-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1

+ Details

Cash, Cash Equivalents and Restricted Cash (Details) $ in Thousands, € in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2023 EUR (€)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents	$ 271,809		$ 267,668	$ 129,410
Restricted cash, current				346
Total	271,809		$ 267,668	$ 129,756	$ 65,663
Debt repayments related to Eurobank	$ 30,000	€ 30

Fixed Assets, net & Advances for Vessels under Construction - Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Vessel Costs
Balance at the beginning of the period	$ 3,903,896	$ 3,917,443	$ 3,421,897
Additions	154,334	4,580	495,546
Transfers from right-of-use assets and to vessel held for sale		79,179
Disposals		(97,306)
Depreciation	129,287	131,214	113,832
Balance at the end of the period	4,058,230	3,903,896	3,917,443
Accumulated Depreciation
Balance at the beginning of the period	(1,182,402)	(1,055,792)	(941,960)
Transfers from right-of-use assets and to vessel held for sale		5,896
Disposals		10,500
Depreciation	(129,287)	(131,214)	(113,832)
Balance at the end of the period	(1,311,689)	(1,182,402)	(1,055,792)
Net Book Value
Balance at the beginning of the period	2,721,494	2,861,651	2,479,937
Additions	154,334	4,580	495,546
Transfers from right-of-use assets and to vessel held for sale		(73,283)
Disposals		(86,806)
Depreciation	129,287	(131,214)	113,832
Balance at the end of the period	$ 2,746,541	$ 2,721,494	$ 2,861,651

Fixed Assets, net & Advances for Vessels under Construction - Remaining contractual commitments under vessel construction contracts (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Fixed Assets, net & Advances for Vessels under Construction
December 31, 2024	$ 365,631
December 31, 2025	82,428
December 31, 2026	113,040
Total contractual commitments	$ 561,099

Fixed Assets, net & Advances for Vessels under Construction (Details) $ in Thousands											1 Months Ended		2 Months Ended	12 Months Ended
	Nov. 30, 2023 item	Oct. 31, 2023 item	Sep. 30, 2023 USD ($) item t	Jul. 31, 2023 USD ($) item t	Jun. 20, 2023 item	Apr. 28, 2023 item	Apr. 01, 2022 item	Mar. 11, 2022 item	Apr. 12, 2021 USD ($)	May 12, 2020 USD ($)	Jan. 31, 2023 USD ($)	Nov. 30, 2022 USD ($)	Dec. 31, 2023 USD ($) item	Dec. 31, 2023 USD ($) item $ / T	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 23, 2022 USD ($)	Jan. 17, 2022 USD ($)
Fixed Assets, net & Advances for Vessels under Construction
Number of vessels under construction \| item														10
Interest expense capitalized														$ 17,400	$ 5,000	$ 0
Gain on sale of vessels														1,639	37,225
Amortization of assumed time charter														21,200	56,700	27,600
Less: Current portion													$ 4,500	4,500
Gain/(loss) on debt extinguishment, net									$ 111,600					(2,254)	4,351	$ 111,616
Oriental Fleet
Fixed Assets, net & Advances for Vessels under Construction
Aggregate purchase price									$ 31,000
Sale and leaseback arrangement term (in years)									5 years
Gross proceeds of sale and leaseback									$ 135,000
TEU container vessels
Fixed Assets, net & Advances for Vessels under Construction
Number of TEU container vessels \| item					2	2	4	2
TEU \| item					8,200	6,000	8,000	7,100
Supervision fee per vessel														850
Capesize Bulk Carriers
Fixed Assets, net & Advances for Vessels under Construction
Number of vessels agreed to acquire \| item			2	5
Capesize drybulk vessels \| t			351,765	879,306
Aggregate amount of total			$ 36,600	$ 103,000
Number of vessels delivered \| item	1	3	1										2
Estimated useful life of vessels acquired from year of built				25 years
Vessel
Fixed Assets, net & Advances for Vessels under Construction
Impairment loss														0	0
Residual value of the fleet													$ 540,500	$ 540,500	487,300
Average life of scrap considered to calculate residual value of vessel, one														10 years
Average life of scrap considered to calculate residual value of vessel, two														5 years
Scrap value per ton (in dollars per ton) \| $ / T														300
Hyundai Honour And Hyundai Respect
Fixed Assets, net & Advances for Vessels under Construction
Sale and Lease back arrangement, amount										$ 139,100
Sale and leaseback arrangement term (in years)										4 years
Catherine C and Leo C
Fixed Assets, net & Advances for Vessels under Construction
Aggregate gross consideration																		$ 130,000
Gain on sale of vessels												$ 37,200
Amalia C
Fixed Assets, net & Advances for Vessels under Construction
TEU \| item													2,452	2,452
Aggregate gross consideration																	$ 5,100
Gain on sale of vessels											$ 1,600
Advances payment received for sale of vessels															1,000
Vessesls under Construction
Fixed Assets, net & Advances for Vessels under Construction
Supervision fees total														$ 3,000
Interest expense capitalized														17,400	5,000
Vessesls under Construction \| Manager
Fixed Assets, net & Advances for Vessels under Construction
Supervision fees for vessels capitalized													$ 0	0
Vessesls under Construction \| TEU container vessels
Fixed Assets, net & Advances for Vessels under Construction
Aggregate purchase price													$ 834,900	834,900
Payments for purchase price of construction assets														$ 88,900	$ 184,900

Deferred Charges, net (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
Deferred Charges, net (Details) - USD ($) $ in Thousands	Nov. 30, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Changes in deferred charges, net
Balance at the beginning of the period		$ 25,554
Amortization		(18,663)	$ (12,170)	$ (10,181)
Balance at the end of the period		38,012	25,554
Drydocking and Special Survey Costs
Changes in deferred charges, net
Balance at the beginning of the period		25,554	11,801	17,339
Additions		31,121	29,939	4,643
Write-off			(4,016)
Amortization		(18,663)	(12,170)	(10,181)
Balance at the end of the period		$ 38,012	$ 25,554	$ 11,801
Wrote-off amounts	$ 4,000
Period of amortization for deferred costs		2 years 6 months

Other Current and Non-current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Other Current and Non-current Assets
Straight-lining of revenue	$ 36,495	$ 22,007
Marketable securities	86,029
Claims receivable	12,026	15,169
Vessel held for sale		3,297
Other current assets	7,623	7,332
Total current assets	142,173	47,805
Straight-lining of revenue	63,382	83,873
Other non-current assets	9,245	6,050
Total non-current assets	$ 72,627	$ 89,923

Other Current and Non-current Assets - Eagle Bulk Shipping Inc (Details) $ in Thousands, t in Millions		1 Months Ended	12 Months Ended
	Dec. 11, 2023 shares	Jun. 30, 2023 USD ($) shares	Dec. 31, 2023 USD ($) item t	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Other Current and Non-current Assets
Marketable securities, fair value			$ 86,029
Dividend income			$ 1,056	$ 165,399	$ 34,341
SBLK Common Stock \| EGLE Shareholders
Other Current and Non-current Assets
Shares receivables for each share held \| shares	2.6211
Eagle Bulk Shipping Inc.
Other Current and Non-current Assets
Ordinary shares sold \| shares		1,552,865
Marketable securities acquired		$ 68,200
Number of ultramax and supermax bulk carriers owned and operated \| item			52
Capacity of ultramax and supermax bulk carriers in dead weight tons \| t			3.2
Marketable securities, fair value			$ 86,000
Gain on sale of marketable securities			17,900
Dividend income			$ 1,000
Related party \| Virage
Other Current and Non-current Assets
Marketable securities acquired		$ 24,400

Other Current and Non-current Assets - ZIM (Details) $ in Thousands	1 Months Ended				12 Months Ended
	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Mar. 31, 2020 USD ($)	Jul. 31, 2014 USD ($) item	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2016 USD ($)	Jan. 27, 2021 shares
Other Current and Non-current Assets
Gain/(loss) on investments					$ 17,867	$ (176,386)	$ 543,653
ZIM
Other Current and Non-current Assets
Impairment loss								$ 28,700
Book value								$ 0
Ownership interest percentage			10.20%				6.10%
Acquisition of additional shares			$ 75
Ordinary shares owned \| shares						7,186,950	7,186,950		10,186,950
Ordinary shares sold \| shares							3,000,000
Net proceeds from sale of ordinary shares						$ 246,600	$ 120,700
Fair value of shareholding interest							423,000
Gain/(loss) on investments						(176,400)	543,700
Dividend income						165,400	34,300
Taxes withheld on dividend income						$ 18,300	5,900
ZIM
Other Current and Non-current Assets
Interest income from fair value unwinding							6,600
Deferred revenue recorded				$ 39,100
Number of vessels of which the charter rates payable was reduced \| item				6
Series 1 Notes \| ZIM
Other Current and Non-current Assets
Proceeds received from mandatory repayment of notes		$ 2,400
Series 1 and Series 2 Notes \| ZIM
Other Current and Non-current Assets
Proceeds received from mandatory repayment of notes	$ 47,200
Accrued interest received	$ 6,400
Operating revenue \| ZIM
Other Current and Non-current Assets
Recognized unearned revenue							$ 1,100

Other Current and Non-current Assets - HMM (Details) - USD ($) $ in Thousands, shares in Millions	1 Months Ended		12 Months Ended
	May 31, 2021	Jul. 31, 2016	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jul. 18, 2016
Other Current and Non-current Assets
Current portion of unearned revenue			$ 63,823	$ 111,149
Non-current portion of unearned revenue			60,134	111,564
HMM
Other Current and Non-current Assets
Shares received from charter restructuring		4.6
Accrued interest received	$ 3,000				$ 1,100
Interest income from fair value unwinding					5,000
Unearned revenue						$ 75,600
Current portion of unearned revenue			2,500	8,200
Non-current portion of unearned revenue				2,500
Loan Notes 1 HMM \| HMM
Other Current and Non-current Assets
Principal amount of unsecured notes received		$ 32,800
Proceeds received from mandatory repayment of notes	$ 19,900
Loan Notes 2 HMM \| HMM
Other Current and Non-current Assets
Principal amount of unsecured notes received		$ 6,200
Proceeds received from mandatory repayment of notes					6,100
Operating revenue \| HMM
Other Current and Non-current Assets
Recognized unearned revenue			$ 8,200	$ 8,200	$ 8,200

Other Current and Non-current Assets - Available for sale category (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Unrealized loss on available for sale securities
Beginning balance	$ (11,591)
Gain on available for sale securities	20,803
Reclassification to interest income	$ (9,212)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accrued Liabilities
Accrued interest	$ 8,312	$ 8,267
Accrued dry-docking expenses	3,276	2,332
Accrued expenses	8,870	10,763
Total	$ 20,458	$ 21,362

Lease Arrangements (Details) $ in Thousands	1 Months Ended	12 Months Ended
Lease Arrangements (Details) $ in Thousands	May 31, 2022 USD ($) item	Dec. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($)
Lease Arrangements
Number of vessels , generated revenue results \| item		68
Number of charter vessels \| item	15
Amount of charter hire prepayment received	$ 238,900
Current portion of unearned revenue		$ 63,823	$ 111,149
Non-current portion of unearned revenue		60,134	111,564
Future minimum payments, expected to be received
2024		847,482
2025		663,127
2026		473,973
2027		277,600
2028		35,354
Total future rentals		$ 2,297,536
Time Charter Agreements
Lease Arrangements
Operating lease term of contract		3 years
Number of vessels under construction contracted with charter agreements \| item		6
Lessor, Operating Lease, Existence of Option to Extend [true false]		true
Maximum tern of the option to extend timer charter agreement		3 years
Number of charter vessels \| item		10
Current portion of unearned revenue		$ 44,200	66,300
Non-current portion of unearned revenue		60,100	$ 104,300
Vessel Stride
Future minimum payments, expected to be received
2024		9,600
2025		$ 200

Long-Term Debt, net - Schedule of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	May 31, 2022	Apr. 12, 2021
Long-Term Debt, net
Total long-term debt	$ 410,516	$ 438,016
Less: Deferred finance costs, net	(6,342)	(8,076)
Less: Current portion	(21,300)	(27,500)
Total long-term debt net of current portion and deferred finance cost	382,874	402,440
BNP Paribas/Credit Agricole $130 mil. Facility
Long-Term Debt, net
Long-term debt	100,000	120,000
Credit facility	130,000
Alpha Bank $55.25 mil. Facility
Long-Term Debt, net
Long-term debt	47,750	55,250
Credit facility	55,250	55,250
Citibank $382.5 mil. Revolving Credit Facility
Long-Term Debt, net
Credit facility	382,500	382,500
Senior unsecured notes
Long-Term Debt, net
Long-term debt	$ 262,766	262,766
Citibank/Natwest $815 mil. Facility
Long-Term Debt, net
Credit facility				$ 815,000
Citibank $382.5 mil. Revolving Credit Facility
Long-Term Debt, net
Credit facility		382,500
Citibank/Natwest $815 mil. Facility
Long-Term Debt, net
Credit facility		$ 815,000	$ 815,000

Long-Term Debt, net - Additional Information (Details) $ in Thousands				1 Months Ended			3 Months Ended	12 Months Ended
	Jul. 12, 2021 USD ($)	Apr. 12, 2021 USD ($) installment	Feb. 11, 2021 USD ($)	Dec. 31, 2022 USD ($) item installment	Jun. 30, 2022 USD ($) installment item	May 31, 2022 USD ($)	Jun. 30, 2022 USD ($) installment item	Dec. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($) item installment	Dec. 31, 2021 USD ($)	Jul. 01, 2021 USD ($) installment
Line of Credit Facility [Line Items]
Carrying value of vessels subject to first preferred mortgages as collateral to credit facilities								$ 1,522,100
Deferred bond issuance costs				$ 8,100				$ 6,300	$ 8,100
Number of vessels excluding sale and lease back arrangement \| item								24
Early repaid amount								$ 27,500	892,928	$ 1,343,725
Gain/(loss) on debt extinguishment, net		$ 111,600						(2,254)	4,351	111,616
Incurred interest expense								35,700		53,100
Interest expense capitalized								17,400	5,000	0
Interest expense incurred									55,700
Interest paid								$ 18,100	$ 54,000	$ 42,800
Weighted average interest rate on long-term borrowings (as a percent)				5.30%				7.80%	5.30%	4.40%
Gemini Shipholdings Corporation
Line of Credit Facility [Line Items]
Number of quarterly instalments \| installment											13
Balloon payment at maturity											$ 13,500
Acquired outstanding principal balance											$ 23,100
TEU sister vessels
Line of Credit Facility [Line Items]
TEU \| item					5,466		5,466
Citibank $382.5 mil. Revolving Credit Facility
Line of Credit Facility [Line Items]
Credit facility				$ 382,500					$ 382,500
Citibank/Natwest $815 mil. Facility
Line of Credit Facility [Line Items]
Credit facility				815,000		$ 815,000			815,000
BNP Paribas/Credit Agricole $130 mil. Facility
Line of Credit Facility [Line Items]
Credit facility								$ 130,000
Term of debt					5 years
Balloon payment at maturity					$ 67,200		$ 67,200
Long-term debt				120,000				$ 100,000	120,000
Minimum percentage of fair market value of collateral vessels required to cover loan value								125.00%
Early repaid amount					$ 130,000
BNP Paribas/Credit Agricole $130 mil. Facility \| Eight Quarterly Installment
Line of Credit Facility [Line Items]
Number of quarterly instalments \| installment					8		8
Amount of quarterly instalment					$ 5,000
BNP Paribas/Credit Agricole $130 mil. Facility \| Twelve Quarterly Installments
Line of Credit Facility [Line Items]
Number of quarterly instalments \| installment					12		12
Amount of quarterly instalment					$ 1,900
BNP Paribas/Credit Agricole $130 mil. Facility \| Non-cumulative compounded RFR rate
Line of Credit Facility [Line Items]
Spread on variable rate					2.16%
Alpha Bank $55.25 mil. Facility
Line of Credit Facility [Line Items]
Credit facility				$ 55,250				$ 55,250	$ 55,250
Term of debt				5 years
Number of quarterly instalments \| installment				20					20
Amount of quarterly instalment				$ 1,875
Balloon payment at maturity				17,750					$ 17,750
Outstanding balance				$ 55,250				55,250	$ 55,250
Number of vessels pledged as collateral \| item				2					2
Long-term debt				$ 55,250				47,750	$ 55,250
Alpha Bank $55.25 mil. Facility \| SOFR
Line of Credit Facility [Line Items]
Spread on variable rate				2.30%
Citibank $382.5 mil. Revolving Credit Facility
Line of Credit Facility [Line Items]
Credit facility				$ 382,500				382,500	$ 382,500
Term of debt				5 years
Number of quarterly instalments \| installment				20					20
Amount of quarterly instalment				$ 11,250
Balloon payment at maturity				157,500					$ 157,500
Outstanding balance				$ 0				0	$ 0
Commitment fee payable (as a percent)				0.80%
Number of vessels pledged as collateral \| item				16					16
Remaining borrowing availability								337,500
Citibank $382.5 mil. Revolving Credit Facility \| SOFR
Line of Credit Facility [Line Items]
Spread on variable rate				2.00%
Senior unsecured notes
Line of Credit Facility [Line Items]
Face amount of debt			$ 300,000
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					$ 37,200
Deferred bond issuance costs			$ 9,000
Long-term debt				262,766				$ 262,766	262,766
Senior unsecured notes \| Prior to March 1, 2024
Line of Credit Facility [Line Items]
Percent of equity offering proceeds within 90 days after the equity offering closing			108.50%
Senior unsecured notes \| On or after March 1, 2024
Line of Credit Facility [Line Items]
Percent of principal amount being redeemed			104.25%
Senior unsecured notes \| On or after March 1, 2025
Line of Credit Facility [Line Items]
Percent of principal amount being redeemed			102.125%
Senior unsecured notes \| On or after March 1, 2026
Line of Credit Facility [Line Items]
Percent of principal amount being redeemed			100.00%
Senior unsecured notes \| Maximum [Member]
Line of Credit Facility [Line Items]
Face amount of debt		300,000
Citibank/Natwest $815 mil. Facility
Line of Credit Facility [Line Items]
Credit facility		$ 815,000
Term of debt		4 years
Number of quarterly instalments \| installment		16
Amount of quarterly instalment		$ 20,400				12,900
Balloon payment at maturity	$ 489,000					309,000
Outstanding balance				$ 437,750					$ 437,750
Early repaid amount						270,000
Gain/(loss) on debt extinguishment, net						$ 26,900
Citibank/Natwest $815 mil. Facility \| London Interbank Offered Rate [Member]
Line of Credit Facility [Line Items]
Spread on variable rate	2.50%
Macquarie Bank $58 mil. Facility
Line of Credit Facility [Line Items]
Early repaid amount							$ 43,000
SinoPac $13.3 mil. Facility
Line of Credit Facility [Line Items]
Early repaid amount							9,800
Eurobank $30.0 mil. Facility
Line of Credit Facility [Line Items]
Early repaid amount							$ 20,600
Alpha Bank $55.25 mil. Facility and Citibank $382.5 mil. Revolving Credit Facility
Line of Credit Facility [Line Items]
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 and BNP Paribas/Credit Agricole $130 mil. Facility
Line of Credit Facility [Line Items]
Minimum liquidity								$ 30,000
Maximum leverage ratio								6.5
Minimum interest coverage ratio								2.5

Long-Term Debt, net - 2021 Refinancing (Details) $ in Thousands			1 Months Ended	12 Months Ended
	Jul. 12, 2021 USD ($)	Apr. 12, 2021 USD ($) installment	May 31, 2022 USD ($)	Dec. 31, 2023 USD ($) installment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Feb. 11, 2021 USD ($)
Line of Credit Facility [Line Items]
Proceeds from sale and leaseback agreement		$ 135,000
Gain/(loss) on debt extinguishment, net		111,600		$ (2,254)	$ 4,351	$ 111,616
2018 Credit Facilities
Line of Credit Facility [Line Items]
Legal and other fees				2,300
Loan arrangement fees deferred				15,600
Royal Bank of Scotland [Member]
Line of Credit Facility [Line Items]
Deferred gain on debt extinguishment				33,300
Citibank/Natwest $815 mil. Facility
Line of Credit Facility [Line Items]
Credit facility		$ 815,000
Line of credit term		4 years
Number of quarterly instalments \| installment		16
Amount of quarterly instalment		$ 20,400	$ 12,900
Balloon payment at maturity	$ 489,000		309,000
Additional fees amount				$ 12,000
Additional fees number of quarterly payments \| installment				8
Outstanding balance					$ 437,750
Gain/(loss) on debt extinguishment, net			$ 26,900
Citibank/Natwest $815 mil. Facility \| LIBOR
Line of Credit Facility [Line Items]
Spread on variable rate	2.50%
Senior unsecured notes
Line of Credit Facility [Line Items]
Net proceeds		294,400
Face amount of debt							$ 300,000
HSH Nordbank AG-Aegean Baltic Bank-Piraeus Bank
Line of Credit Facility [Line Items]
Credit facility		382,500
HSH Nordbank AG-Aegean Baltic Bank-Piraeus Bank \| HSH Nordbank AG-Aegean Baltic Bank-Piraeus Bank
Line of Credit Facility [Line Items]
Accumulated accrued interest		75,300
Royal Bank of Scotland [Member]
Line of Credit Facility [Line Items]
Accumulated accrued interest		$ 475,500
Gain/(loss) on debt extinguishment, net				$ 35,600

Long-Term Debt, net - Principal Payments (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Scheduled maturities of long-term debt
December 31, 2024	$ 21,300
December 31, 2025	15,100
December 31, 2026	15,100
December 31, 2027	96,250
March 1, 2028	262,766
Total long-term debt	$ 410,516

Related Party Transactions (Details) € in Millions				12 Months Ended
Related Party Transactions (Details) € in Millions	Nov. 10, 2023 USD ($) shares	Jul. 01, 2021 USD ($)	Aug. 10, 2018 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 EUR (€)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 EUR (€)	Dec. 31, 2021 USD ($)	Dec. 31, 2021 EUR (€)	Jun. 30, 2021
Related Party Transactions
Due from related parties				$ 51,431,000		$ 34,002,000
Prior service cost of defined benefit plan				6,277,000		14,184,000
Prior service cost exercised				700,000		7,800,000
Due to executive officers				39,759,000		16,422,000
Recognized non-cash share-based compensation expense				12,680,000		5,972,000		$ 15,278,000
Gemini Shipholdings Corporation
Related Party Transactions
Percentage of voting interest acquired		51.00%								49.00%
Aggregate gross purchase price		$ 86,700,000
Other current liabilities
Related Party Transactions
Unpaid costs under defined benefit plan				0		6,800,000
Related party \| The Swedish Club
Related Party Transactions
Due to executive officers				0		1,000,000.0
Premiums paid				8,700,000		6,600,000		5,200,000
Manager
Related Party Transactions
Daily management fees			$ 850,000
Daily vessel management fees for vessels on bareboat charter	$ 475,000		425,000
Daily vessel management fees for vessels on time charter	$ 950,000		$ 850,000
Management fee on gross freight, charter hire, ballast bonus and demurrage (as a percent)	1.25%		1.25%
Management fee based on the contract price of any vessel bought or sold (as a percent)			0.50%
Supervision fee per vessel under construction			$ 725,000	3,000,000.0		0
Management fees	$ 2,000,000.0
Commission on sale of vessels (Percentage)	1.00%
New shares of common stock issued to manager for services \| shares	100,000
Amount capitalized	$ 850,000			700,000		0		1,300,000
Manager \| General and administrative expenses
Related Party Transactions
Management fees				21,500,000		21,900,000		19,900,000
Manager \| Voyage expenses
Related Party Transactions
Commissions				$ 11,700,000		14,600,000		10,400,000
Manager \| Gain on sale of vessels
Related Party Transactions
Commission on sale of vessels (Percentage)				0.50%
Commission on sale of vessels				$ 25,600		650,000.0
Executive officer
Related Party Transactions
Executive officers compensation				2,200,000	€ 2.0	2,100,000	€ 2.0	2,100,000	€ 1.8
Prior service cost of defined benefit plan				5,200,000
Prior service cost exercised						7,800,000
Recognized non-cash share-based compensation expense				6,300,000		5,400,000		$ 11,800,000
Executive officer \| Accounts payable
Related Party Transactions
Due to executive officers				$ 0		$ 100,000

Taxes (Details) - USD ($) $ in Millions	12 Months Ended
Taxes (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Taxes.
Income tax withheld on divided income earned on investment	$ 0.0	$ 18.3	$ 5.9

Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Financial Instruments
Marketable securities	$ 86,029
Fair Value
Financial Instruments
Cash and cash equivalents	271,809	$ 267,668
Amount invested	86,029
Book Value
Financial Instruments
Cash and cash equivalents	271,809	267,668
Amount invested	86,029
Secured long-term debt, including current portion \| Fair Value
Financial Instruments
Long-term debt	147,750	175,250
Secured long-term debt, including current portion \| Book Value
Financial Instruments
Long-term debt	147,750	175,250
Unsecured long-term debt \| Fair Value
Financial Instruments
Long-term debt	241,969	255,868
Unsecured long-term debt \| Book Value
Financial Instruments
Long-term debt	$ 262,766	$ 262,766

Financial Instruments - Interest Rate Swap Hedges (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) agreement	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Financial Instruments
Number of agreements held \| agreement	0
Interest rate swap contracts
Financial Instruments
Unrealized losses reclassified from accumulated other comprehensive loss to earnings	$ 3.6	$ 3.6	$ 3.6
Unrealized losses expected to be reclassified from accumulated other comprehensive loss to earnings within the next twelve months	$ 3.6

Financial Instruments - Financial Instruments Measured and Not Measured At Fair Value On Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Financial Instruments
Marketable securities	$ 86,029
Deferred finance costs, net	6,300	$ 8,100
Fair Value
Financial Instruments
Cash and cash equivalents	271,809	267,668
Amount invested	86,029
Fair Value \| Secured long-term debt, including current portion
Financial Instruments
Long-term debt	147,750	175,250
Fair Value \| Unsecured long-term debt
Financial Instruments
Long-term debt	241,969	255,868
Recurring basis \| (Level I)
Financial Instruments
Marketable securities	86,029
Recurring basis \| Fair Value
Financial Instruments
Marketable securities	86,029
Non-recurring basis \| (Level I)
Financial Instruments
Cash and cash equivalents	271,809	267,668
Non-recurring basis \| (Level I) \| Unsecured long-term debt
Financial Instruments
Long-term debt	241,969	255,868
Non-recurring basis \| (Level II) \| Secured long-term debt, including current portion
Financial Instruments
Long-term debt	147,750	175,250
Non-recurring basis \| Fair Value
Financial Instruments
Cash and cash equivalents	271,809	267,668
Non-recurring basis \| Fair Value \| Secured long-term debt, including current portion
Financial Instruments
Long-term debt	147,750	175,250
Non-recurring basis \| Fair Value \| Unsecured long-term debt
Financial Instruments
Long-term debt	$ 241,969	$ 255,868

Operating Revenue (Details) - USD ($)	12 Months Ended
Operating Revenue (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Revenue
Revenues	$ 973,583,000	$ 993,344,000	$ 689,505,000
Current portion of unearned revenue	63,823,000	111,149,000
Time charters and bareboat charters
Operating Revenue
Revenues	963,192,000	993,344,000	$ 689,505,000
Voyage charters
Operating Revenue
Revenues	10,391,000
Accounts receivable	1,000,000.0	$ 0
Current portion of unearned revenue	$ 2,000,000.0
Operating revenue \| Significant customers \| CMA CGM
Operating Revenue
Percentage of operating revenue	23.00%	26.00%	30.00%
Operating revenue \| Significant customers \| HMM Korea
Operating Revenue
Percentage of operating revenue	12.00%	12.00%	17.00%
Operating revenue \| Significant customers \| MSC
Operating Revenue
Percentage of operating revenue	11.00%	13.00%

Operating Revenue-Geographic Location (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Revenue
Revenues	$ 973,583	$ 993,344	$ 689,505
Australia-Asia
Operating Revenue
Revenues	519,759	482,769	323,172
Europe
Operating Revenue
Revenues	$ 453,824	507,293	338,124
America
Operating Revenue
Revenues		$ 3,282	$ 28,209

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
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-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 32
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1

+ Details

Segments - Summary of the company's selected financial information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($) segment
Summary of the Company's selected financial information
Reporting segments \| segment	2	1	1
Income Statement
Operating revenues	$ 973,583	$ 993,344	$ 689,505
Voyage expenses	41,010	35,145	24,325
Vessel operating expenses	162,117	158,972	135,872
Amortization of deferred drydocking and special survey costs	(18,663)	(12,170)	(10,181)
Gain on sale of vessels	1,639	37,225
Interest income	12,133	4,591	12,230
Interest expense	20,463	62,141	68,991
Equity loss on investment	17,867	(176,386)	543,653
Net Income/(loss)	576,299	559,210	1,052,841
Statement of Financial Position
Total assets	3,661,136	3,400,228
Operating Segments
Income Statement
Operating revenues	973,583
Voyage expenses	(41,010)
Vessel operating expenses	(162,117)
Depreciation	(129,287)
Amortization of deferred drydocking and special survey costs	(18,663)
Gain on sale of vessels	1,639
Interest income	12,133
Interest expense	(20,463)
Equity loss on investment	(3,993)
Net Income/(loss)	576,299
Statement of Financial Position
Total assets	3,661,136
Container vessels segment
Summary of the Company's selected financial information
Equity income (loss) on investments		(29,237)	640,132
Income Statement
Net Income/(loss)		$ 588,447	$ 412,709
Container vessels segment \| Operating Segments
Income Statement
Operating revenues	963,192
Voyage expenses	(33,913)
Vessel operating expenses	(159,084)
Depreciation	(128,097)
Amortization of deferred drydocking and special survey costs	(18,663)
Gain on sale of vessels	1,639
Interest income	12,096
Interest expense	(20,463)
Net Income/(loss)	563,279
Statement of Financial Position
Total assets	3,404,298
Drybulk vessels segment \| Operating Segments
Income Statement
Operating revenues	10,391
Voyage expenses	(7,097)
Vessel operating expenses	(3,033)
Depreciation	(1,190)
Interest income	37
Net Income/(loss)	(1,910)
Statement of Financial Position
Total assets	170,539
Other \| Operating Segments
Income Statement
Equity loss on investment	(3,993)
Net Income/(loss)	14,930
Statement of Financial Position
Total assets	$ 86,299

Commitments and Contingencies (Details) $ in Millions			12 Months Ended
Commitments and Contingencies (Details) $ in Millions	Jan. 20, 2021 USD ($)	Sep. 01, 2016 item	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Commitments and Contingencies
Partial payment received from Hanjin Shipping as common benefit claim and interest \| $	$ 3.9
Unsecured claim submitted to Seoul Central District Court against Hanjin Shipping \| Pending litigation \| Hanjin Shipping
Commitments and Contingencies
Number of charters \| item		8
Number of charters cancelled \| item		8
Collectability of receivables \| Unsecured claim submitted to Seoul Central District Court against Hanjin Shipping \| Pending litigation
Commitments and Contingencies
Total unsecured claim \| $			$ 597.9	$ 597.9

Stock Based Compensation (Details) $ / shares in Units, $ in Thousands									12 Months Ended
	Nov. 10, 2023 shares	Dec. 14, 2022 shares	Dec. 21, 2021 shares	Dec. 10, 2021 shares	Mar. 16, 2021 shares	Feb. 12, 2021 shares	May 10, 2019 shares	Sep. 14, 2018 shares	Dec. 31, 2023 USD ($) director $ / shares shares	Dec. 31, 2022 USD ($) director $ / shares shares	Dec. 31, 2021 USD ($) director $ / shares shares	Dec. 31, 2020 shares	Dec. 31, 2019 shares	Aug. 02, 2019 shares
Stock Based Compensation
Average price of shares issued \| $ / shares									$ 60.63	$ 69.59	$ 72.19
Maximum number of shares that may be granted									1,000,000					1,000,000
Number of directors who elected to receive their compensation in shares \| director									0	0	0
Restricted Common Stock [Member]
Stock Based Compensation
Average price of shares issued \| $ / shares									$ 63.40	$ 54.40	$ 66.00
Shares issued and outstanding									0	0
Common Stock
Stock Based Compensation
Contractual obligation for any stock to be granted \| $									$ 0
General and administrative expenses
Stock Based Compensation
Expenses representing fair value of the stock granted recognized expenses \| $									$ 12,700	$ 6,000	$ 15,300
Executive officer
Stock Based Compensation
Shares granted	100,000	100,000
Executive officer \| Vesting on december 31, 2021
Stock Based Compensation
Shares vested											149,388
Executive officer \| Restricted Common Stock [Member]
Stock Based Compensation
Shares granted							35,714	298,774
Executive officer \| Restricted Common Stock [Member] \| Vesting on december 31, 2019
Stock Based Compensation
Shares vested													149,386
Employees of the Manager
Stock Based Compensation
Shares granted			10,000
Number of cancelled shares										224
Employees of the Manager \| Vesting on december 31, 2019
Stock Based Compensation
Shares vested													66,888
Employees of the Manager \| Vesting on december 31, 2021
Stock Based Compensation
Shares granted					40,000
Shares vested					10,000
Number of cancelled shares					1,050
Employees of the Manager \| Restricted Common Stock [Member]
Stock Based Compensation
Shares granted							137,944
Shares vested										19,076	9,650
Number of cancelled shares											1,685	714	4,168
Employees of the Manager \| Restricted Common Stock [Member] \| Vesting on december 31, 2021
Stock Based Compensation
Shares vested											64,489
Manager
Stock Based Compensation
Shares granted	100,000
Weighted - average remaining term									1 year 8 months 1 day
Executive officers and Board of Directors members
Stock Based Compensation
Shares granted						110,000
Executive officers and Board of Directors members \| Restricted Common Stock [Member]
Stock Based Compensation
Shares granted				110,000
Manager in 2024
Stock Based Compensation
Amount expected to be recognized as expenses in 2024 and 2025 \| $									$ 6,300

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands					1 Months Ended											12 Months Ended
	Nov. 10, 2023	Dec. 21, 2021	Mar. 16, 2021	May 10, 2019	Nov. 30, 2023	Aug. 31, 2023	May 31, 2023	Feb. 28, 2023	Nov. 30, 2022	Aug. 31, 2022	May 31, 2022	Feb. 28, 2022	Nov. 30, 2021	Aug. 31, 2021	May 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2019	Jun. 30, 2022	Oct. 31, 2020	Sep. 18, 2009
Stockholders' Equity
Dividend declared (in US$ per share)					$ 0.80	$ 0.75	$ 0.75	$ 0.75	$ 0.75	$ 0.75	$ 0.75	$ 0.75	$ 0.50	$ 0.50	$ 0.50	$ 3.05	$ 3.00	$ 1.50
Dividends, common stock in cash																$ 60,700	$ 61,500	$ 30,900
Stock issued during period, shares, dividend reinvestment plan																34	143	146
Authorized capital stock, par value of common stock (in dollars per share)																$ 0.01	$ 0.01	$ 0.01				$ 0.01
Average price of shares issued																$ 60.63	$ 69.59	72.19
Shares repurchase program authorized amount	$ 100,000																			$ 100,000	$ 31,100
Stock repurchase program authorized repurchase additional amount	$ 200,000
Shares repurchased																1,131,040	466,955
Value of shares repurchased																$ 70,610	$ 28,553
Number of shares authorized to be repurchased																					4,339,271
Shares issued																25,355,962	25,155,928
Shares outstanding																19,418,696	20,349,702
Treasury shares																5,937,266	4,806,226
Common stock, authorized capital stock (in shares)																750,000,000	750,000,000					750,000,000
Preferred stock, authorized capital stock (in shares)																100,000,000	100,000,000					100,000,000
Authorized capital stock, par value of preferred stock (in dollars per share)																$ 0.01	$ 0.01					$ 0.01
Restricted shares
Stockholders' Equity
Average price of shares issued																$ 63.40	$ 54.40	$ 66.00
Shares issued and outstanding																0	0
Employees of the Manager
Stockholders' Equity
Shares granted		10,000
Employees of the Manager \| Restricted shares
Stockholders' Equity
Shares granted				137,944
Shares vested																	19,076	9,650
Vesting on december 31, 2019 \| Employees of the Manager
Stockholders' Equity
Shares vested																			66,888
Vesting on december 31, 2021 \| Employees of the Manager
Stockholders' Equity
Shares granted			40,000
Shares vested			10,000
Vesting on december 31, 2021 \| Employees of the Manager \| Restricted shares
Stockholders' Equity
Shares vested																		64,489
RBS
Stockholders' Equity
Number of shares authorized to be repurchased																					2,517,013
Sphinx Investment Corp
Stockholders' Equity
Number of shares authorized to be repurchased																					1,822,258

Executive Retirement Plan - (Details) $ in Thousands		12 Months Ended
Executive Retirement Plan - (Details) $ in Thousands	Dec. 14, 2022	Dec. 31, 2023 USD ($) person	Dec. 31, 2022 USD ($)	Dec. 31, 2024 USD ($)
Executive Retirement Plan
Prior service cost arising from the retrospective recognition of past service		$ 6,277	$ 14,184
Number of executive officer added to the plan \| person		1
Number of officer appointed to new position \| person		1
Prior service cost exercised		$ 700	7,800
Accumulated benefit obligation		$ 7,700	3,000
Executive officer
Executive Retirement Plan
Defined Benefit Plan, Plan Name [Extensible Enumeration]		dac:ExecutiveRetirementPlanMember
Prior service cost arising from the retrospective recognition of past service		$ 5,200
Losses due to assumptions change amount		1,100
Net curtailment gain		$ 200
Prior service cost exercised			$ 7,800
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income [Extensible Enumeration]		Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Prior service cost expected to be reclassified in the year ending December 31, 2023				$ 1,100
Weighted average duration of the defined benefit obligation		10 years 2 months 12 days
Expected future benefit Paid in 2030		$ 6,700
Executive officer \| General and administrative expenses
Executive Retirement Plan
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Curtailment Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]		Other Nonoperating Income (Expense)
Projected periodic benefit cost		$ 600
Minimum \| Executive officer
Executive Retirement Plan
Discount rate	3.20%
Maximum percentage of salary escalation	4.75%
Retirement age assumption to calculate projected benefit obligation	65 years
Maximum \| Executive officer
Executive Retirement Plan
Discount rate	3.80%
Maximum percentage of salary escalation	4.50%
Retirement age assumption to calculate projected benefit obligation	74 years
Subsequent events \| Executive officer
Executive Retirement Plan
Projected periodic benefit cost				$ 800
Other long-term liabilities
Executive Retirement Plan
Defined benefit obligation		$ 13,300	$ 6,400

Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net Income	$ 576,299	$ 559,210	$ 1,052,841
Denominator (number of shares in thousands):
Basic weighted average common shares outstanding	19,879,161	20,481,894	20,345,394
Dilutive effect of non-vested shares	25,000	19,000	239,000
Diluted weighted average common shares outstanding	19,903,655	20,501,021	20,583,796
Gain on troubled debt write-off		$ 29,400	$ 111,600
Basic earnings per share amount related to the gain on debt extinguishment (in USD per share)		$ 1.43	$ 5.49
Diluted earnings per share amount related to the gain on debt extinguishment (in USD per share)		$ 1.43	$ 5.42

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Subsequent Events (Details) $ / shares in Units, $ in Millions					1 Months Ended												12 Months Ended
	Jun. 20, 2023 item	Apr. 28, 2023 item	Apr. 01, 2022 item	Mar. 11, 2022 item	Feb. 29, 2024 USD ($) item $ / shares	Nov. 30, 2023 $ / shares	Aug. 31, 2023 $ / shares	May 31, 2023 $ / shares	Feb. 28, 2023 $ / shares	Nov. 30, 2022 $ / shares	Aug. 31, 2022 $ / shares	May 31, 2022 $ / shares	Feb. 28, 2022 $ / shares	Nov. 30, 2021 $ / shares	Aug. 31, 2021 $ / shares	May 31, 2021 $ / shares	Dec. 31, 2023 $ / shares	Dec. 31, 2022 $ / shares	Dec. 31, 2021 $ / shares	Sep. 30, 2023 item	Jul. 31, 2023 item
Subsequent Events
Dividend declared (in US$ per share) \| $ / shares						$ 0.80	$ 0.75	$ 0.75	$ 0.75	$ 0.75	$ 0.75	$ 0.75	$ 0.75	$ 0.50	$ 0.50	$ 0.50	$ 3.05	$ 3.00	$ 1.50
TEU container vessels
Subsequent Events
Number of TEU container vessels	2	2	4	2
TEU	8,200	6,000	8,000	7,100
Capesize Bulk Carriers
Subsequent Events
Number of vessels agreed to acquire																				2	5
Subsequent Events
Subsequent Events
Dividend declared (in US$ per share) \| $ / shares					$ 0.80
Dividends common stock paid \| $					$ 15.5
Subsequent Events \| TEU container vessels
Subsequent Events
Number of TEU container vessels					2
TEU					8,258
Subsequent Events \| TEU container vessels \| Vessesls under Construction
Subsequent Events
Aggregate gross purchase price \| $					$ 188.4
Subsequent Events \| Capesize Bulk Carriers
Subsequent Events
Aggregate gross purchase price \| $					$ 79.9
Number of vessels agreed to acquire					3