DANAOS CORP, 6-K filed on 8/2/2022
Report of Foreign Issuer
v3.22.2
Document and Entity Information
 6 Months Ended
Jun. 30, 2022
Entity Registrant Name DANAOS CORPORATION
Entity Central Index Key 0001369241
Document Type 6-K
Document Period End Date Jun. 30, 2022
Amendment Flag false
Current Fiscal Year End Date --12-31
Document Fiscal Year Focus 2022
Document Fiscal Period Focus Q2
v3.22.2
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($)
$ in Thousands
Jun. 30, 2022
Dec. 31, 2021
CURRENT ASSETS    
Cash and cash equivalents $ 319,573 $ 129,410
Restricted cash 13,000 346
Accounts receivable, net 5,540 7,118
Inventories 14,442 12,579
Prepaid expenses 3,211 2,032
Due from related parties 32,118 21,875
Other current assets 313,909 459,132
Total current assets 701,793 632,492
NON-CURRENT ASSETS    
Fixed assets at cost, net of accumulated depreciation of $1,119,847 (2021: $1,055,792) 2,800,286 2,861,651
Right-of-use assets, net of accumulated amortization of $6,142 (2021: $3,085) 76,580 79,442
Advances for vessels under construction 81,162  
Deferred charges, net 15,605 11,801
Other non-current assets 62,677 41,739
Total non-current assets 3,036,310 2,994,633
Total assets 3,738,103 3,627,125
CURRENT LIABILITIES    
Accounts payable 18,559 18,925
Accrued liabilities 26,743 20,846
Current portion of long-term debt, net 71,500 95,750
Current portion of long-term leaseback obligation, net 46,285 85,815
Accumulated accrued interest, current portion   6,146
Unearned revenue 154,111 83,180
Other current liabilities 18,878 8,645
Total current liabilities 336,076 319,307
LONG-TERM LIABILITIES    
Long-term debt, net 790,270 1,017,916
Long-term leaseback obligation, net of current portion 58,093 136,513
Accumulated accrued interest, net of current portion   24,155
Unearned revenue, net of current portion 152,564 37,977
Other long-term liabilities 13,622 3,234
Total long-term liabilities 1,014,549 1,219,795
Total liabilities 1,350,625 1,539,102
Commitments and Contingencies
STOCKHOLDERS' EQUITY    
Preferred stock (par value $0.01, 100,000,000 preferred shares authorized and not issued as of June 30, 2022 and December 31, 2021)
Common stock (par value $0.01, 750,000,000 common shares authorized as of June 30, 2022 and December 31, 2021. 25,055,841 and 25,056,009 shares issued as of June 30, 2022 and December 31, 2021; and 20,538,670 and 20,716,738 shares outstanding as of June 30, 2022 and December 31, 2021) 205 207
Additional paid-in capital 759,723 770,676
Accumulated other comprehensive loss (69,659) (71,455)
Retained earnings 1,697,209 1,388,595
Total stockholders' equity 2,387,478 2,088,023
Total liabilities and stockholders' equity $ 3,738,103 $ 3,627,125
v3.22.2
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2022
Dec. 31, 2021
Accumulated depreciation $ 1,119,847 $ 1,055,792
Accumulated amortization $ 6,142 $ 3,085
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 25,055,841 25,056,009
Common stock, shares outstanding 20,538,670 20,716,738
v3.22.2
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
OPERATING REVENUES $ 250,923 $ 146,434 $ 480,824 $ 278,552
OPERATING EXPENSES        
Voyage expenses (9,443) (4,966) (16,632) (9,194)
Vessel operating expenses (40,579) (32,940) (79,743) (64,018)
Depreciation and amortization of right-of-use assets (33,753) (26,099) (67,112) (51,898)
Amortization of deferred drydocking and special survey costs (3,202) (2,545) (5,922) (5,054)
General and administrative expenses (7,136) (7,130) (14,527) (18,025)
Income From Operations 156,810 72,754 296,888 130,363
OTHER INCOME (EXPENSES):        
Interest income 120 9,531 121 11,509
Interest expense (16,079) (18,204) (33,193) (33,315)
Gain/(loss) on investments (168,635) 196,290 (69,096) 444,165
Dividend income 16,208   138,386  
Gain on debt extinguishment 22,939 111,616 22,939 111,616
Equity income on investments   2,162   3,965
Other finance expenses (336) (582) (941) (1,034)
Other income/(expenses), net 362 173 861 4,144
Loss on derivatives (903) (903) (1,796) (1,796)
Total Other Income/(Expenses), net (146,324) 300,083 57,281 539,254
Income before income taxes 10,486 372,837 354,169 669,617
Income taxes (2,262)   (14,480)  
Net Income $ 8,224 $ 372,837 $ 339,689 $ 669,617
EARNINGS PER SHARE        
Basic earnings per share $ 0.40 $ 18.32 $ 16.42 $ 32.95
Diluted earnings per share $ 0.40 $ 18.10 $ 16.40 $ 32.57
Basic weighted average number of common shares (in thousands) 20,689 20,354 20,693 20,323
Diluted weighted average number of common shares (in thousands) 20,708 20,599 20,712 20,557
v3.22.2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Net income for the period $ 8,224 $ 372,837 $ 339,689 $ 669,617
Other comprehensive income:        
Unrealized gain on available for sale securities   130   19,717
Reclassification to interest income   (8,695)   (8,695)
Amortization of deferred realized losses on cash flow hedges 903 903 1,796 1,796
Total Other Comprehensive Income/(Loss) 903 (7,662) 1,796 12,818
Comprehensive Income $ 9,127 $ 365,175 $ 341,485 $ 682,435
v3.22.2
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (unaudited) - USD ($)
shares in Thousands, $ 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        
Increase (Decrease) in Stockholders' Equity          
Net Income       296,780 296,780
Stock compensation $ 2 4,907     4,909
Stock compensation (in shares) 150        
Net movement in other comprehensive income     20,480   20,480
Balance at Mar. 31, 2021 $ 206 760,297 (66,189) 663,432 1,357,746
Balance (in shares) at Mar. 31, 2021 20,599        
Balance at Dec. 31, 2020 $ 204 755,390 (86,669) 366,652 1,035,577
Balance (in shares) at Dec. 31, 2020 20,449        
Increase (Decrease) in Stockholders' Equity          
Net Income         669,617
Net movement in other comprehensive income         12,818
Balance at Jun. 30, 2021 $ 206 760,869 (73,851) 1,025,969 1,713,193
Balance (in shares) at Jun. 30, 2021 20,599        
Balance at Mar. 31, 2021 $ 206 760,297 (66,189) 663,432 1,357,746
Balance (in shares) at Mar. 31, 2021 20,599        
Increase (Decrease) in Stockholders' Equity          
Net Income       372,837 372,837
Issuance of common stock   2     2
Dividends       (10,300) (10,300)
Stock compensation   570     570
Net movement in other comprehensive income     (7,662)   (7,662)
Balance at Jun. 30, 2021 $ 206 760,869 (73,851) 1,025,969 1,713,193
Balance (in shares) at Jun. 30, 2021 20,599        
Balance at Dec. 31, 2021 $ 207 770,676 (71,455) 1,388,595 2,088,023
Balance (in shares) at Dec. 31, 2021 20,717        
Increase (Decrease) in Stockholders' Equity          
Net Income       331,465 331,465
Dividends       (15,537) (15,537)
Stock compensation   124     124
Net movement in other comprehensive income     893   893
Balance at Mar. 31, 2022 $ 207 770,800 (70,562) 1,704,523 2,404,968
Balance (in shares) at Mar. 31, 2022 20,717        
Balance at Dec. 31, 2021 $ 207 770,676 (71,455) 1,388,595 2,088,023
Balance (in shares) at Dec. 31, 2021 20,717        
Increase (Decrease) in Stockholders' Equity          
Net Income         339,689
Net movement in other comprehensive income         1,796
Balance at Jun. 30, 2022 $ 205 759,723 (69,659) 1,697,209 2,387,478
Balance (in shares) at Jun. 30, 2022 20,539        
Balance at Mar. 31, 2022 $ 207 770,800 (70,562) 1,704,523 2,404,968
Balance (in shares) at Mar. 31, 2022 20,717        
Increase (Decrease) in Stockholders' Equity          
Net Income       8,224 8,224
Issuance of common stock   5     5
Repurchase of common stock $ (2) (11,206)     (11,208)
Repurchase of common stock (in shares) (178)        
Dividends       (15,538) (15,538)
Stock compensation   124     124
Net movement in other comprehensive income     903   903
Balance at Jun. 30, 2022 $ 205 $ 759,723 $ (69,659) $ 1,697,209 $ 2,387,478
Balance (in shares) at Jun. 30, 2022 20,539        
v3.22.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash Flows from Operating Activities    
Net income $ 339,689 $ 669,617
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization of right-of-use assets 67,112 51,898
Amortization of deferred drydocking and special survey costs 5,922 5,054
Amortization of assumed time charters (32,364)  
Amortization of finance costs 4,922 6,218
Exit fee accrued on debt   149
Debt discount amortization 1,639 2,590
Loss/ (gain) on investments 69,096 (444,165)
Gain on debt extinguishment (22,939) (111,616)
Equity income on investments   (3,965)
PIK interest   726
Payments for drydocking and special survey costs deferred (9,726) (1,155)
Stock based compensation 248 5,479
Amortization of deferred realized losses on interest rate swaps 1,796 1,796
(Increase)/Decrease in    
Accounts receivable 1,578 444
Inventories (1,863) (180)
Prepaid expenses (1,179) (367)
Due from related parties (10,243) (900)
Other assets, current and non-current (30,145) 3,093
Increase/(Decrease) in    
Accounts payable (1,061) 1,425
Accrued liabilities 5,902 8,921
Unearned revenue, current and long-term 217,882 (2,109)
Other liabilities, current and long-term 14,212 (210)
Net Cash provided by Operating Activities 620,478 192,743
Cash Flows from Investing Activities    
Vessels additions and advances for vessels under construction (84,047) (1,811)
Advances for sale of vessels 13,000  
Investments 85,333 145,877
Net Cash provided by Investing Activities 14,286 144,066
Cash Flows from Financing Activities    
Proceeds from long-term debt 127,725 1,105,311
Payments of long-term debt (383,125) (1,295,025)
Proceeds from sale-leaseback of vessels   135,000
Payments of leaseback obligation (120,687) (21,175)
Dividends paid (31,070) (10,298)
Repurchase of common stock (6,325)  
Payments of accumulated accrued interest (3,373) (7,358)
Finance costs (15,092) (14,509)
Net Cash used in Financing Activities (431,947) (108,054)
Net Increase in cash, cash equivalents and restricted cash 202,817 228,755
Cash, cash equivalents and restricted cash at beginning of period 129,756 65,663
Cash, cash equivalents and restricted cash at end of period $ 332,573 $ 294,418
v3.22.2
Basis of Presentation and General Information
 6 Months Ended
Jun. 30, 2022
Basis of Presentation and General Information

1     Basis of Presentation and General Information

​

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

​

Danaos Corporation (“Danaos” or “Company”), formerly Danaos Holdings Limited, was formed on December 7, 1998 under the laws of Liberia and is presently the sole owner of all outstanding shares of the companies listed below. Danaos Holdings Limited was redomiciled in the Marshall Islands on October 7, 2005. In connection with the redomiciliation, the Company changed its name to Danaos Corporation. On October 14, 2005, the Company filed and the Marshall Islands accepted Amended and Restated Articles of Incorporation. The authorized capital stock of Danaos Corporation is 750,000,000 shares of common stock with a par value of $0.01 and 100,000,000 shares of preferred stock with a par value of $0.01. Refer to Note 11, “Stockholders’ Equity”. The Company’s principal business is the acquisition and operation of vessels. Danaos conducts its operations through the vessel owning companies whose principal activity is the ownership and operation of containerships that are under the exclusive management of a related party of the Company.

​

In the opinion of management, the accompanying condensed consolidated financial statements (unaudited) of Danaos and subsidiaries contain all adjustments necessary to state fairly, in all material respects, the Company’s condensed consolidated financial position as of June 30, 2022, the condensed consolidated results of operations for the three and six months ended June 30, 2022 and 2021 and the condensed consolidated cash flows for the six months ended June 30, 2022 and 2021. All such adjustments are deemed to be of a normal, recurring nature. These financial statements should be read in conjunction with the consolidated financial statements and related notes included in Danaos’ Annual Report on Form 20-F for the year ended December 31, 2021. The results of operations for the three and six months ended June 30, 2022, are not necessarily indicative of the results to be expected for the full year. The year-end condensed consolidated balance sheet data was derived from annual financial statements. These condensed consolidated financial statements do not include all disclosures required by accounting principles generally accepted in the United States of America.

The accompanying condensed consolidated financial statements (unaudited) 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 transferred to the Company. They are de-consolidated from the date that control ceases. Inter-company transaction balances and unrealized gains on transactions between the companies are eliminated.

​

The condensed consolidated financial statements (unaudited) have been prepared to reflect the consolidation of the companies listed below. The historical balance sheets and results of operations of the companies listed below have been reflected in the condensed consolidated balance sheets and condensed consolidated statements of income, cash flows and stockholders’ equity at and for each period since their respective incorporation dates. The consolidated companies are referred to as “Danaos,” or “the Company.”

1     Basis of Presentation and General Information (Continued)

​

As of June 30, 2022, Danaos included the vessel owning companies (the “Danaos Subsidiaries”) listed below. All vessels are container vessels:

​

​

​

​

​

​

​

​

​

​

Company

    

Date of Incorporation

    

Vessel Name

    

Year Built

    

TEU (1)

Megacarrier (No. 1) Corp.

​

September 10, 2007

​

Hyundai Honour

​

2012

​

13,100

Megacarrier (No. 2) Corp.

​

September 10, 2007

​

Hyundai Respect

​

2012

​

13,100

Megacarrier (No. 3) Corp.

​

September 10, 2007

​

Hyundai Smart

​

2012

​

13,100

Megacarrier (No. 4) Corp.

​

September 10, 2007

​

Hyundai Speed

​

2012

​

13,100

Megacarrier (No. 5) Corp.

​

September 10, 2007

​

Hyundai Ambition

​

2012

​

13,100

CellContainer (No. 6) Corp.

​

October 31, 2007

​

Express Berlin

​

2011

​

10,100

CellContainer (No. 7) Corp.

​

October 31, 2007

​

Express Rome

​

2011

​

10,100

CellContainer (No. 8) Corp.

​

October 31, 2007

​

Express Athens

​

2011

​

10,100

Karlita Shipping Co. Ltd.

​

February 27, 2003

​

Pusan C

​

2006

​

9,580

Ramona Marine Co. Ltd.

​

February 27, 2003

​

Le Havre

​

2006

​

9,580

Oceancarrier (No. 2) Corp.

​

October 15, 2020

​

Bremen

​

2009

​

9,012

Oceancarrier (No. 3) Corp.

​

October 15, 2020

​

C Hamburg

​

2009

​

9,012

Blackwell Seaways Inc.

​

January 9, 2020

​

Niledutch Lion

​

2008

​

8,626

Oceancarrier (No.1) Corp.

​

February 19, 2020

​

Kota Manzanillo (ex Charleston)

​

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

​

Phoebe

​

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

​

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

​

2001

​

6,422

Leo Shipping and Trading S.A.

​

October 29, 2015

​

Leo C

​

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 (ex Wide Bravo)

​

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

​

Zim Sao Paolo

​

2008

​

4,253

Balticsea Marine Inc.

​

March 22, 2006

​

Zim Kingston

​

2008

​

4,253

Seacarriers Services Inc.

​

June 28, 2005

​

Seattle C

​

2007

​

4,253

Seacarriers Lines Inc.

​

June 28, 2005

​

Vancouver

​

2007

​

4,253

Containers Services Inc.

​

May 30, 2002

​

Tongala

​

2004

​

4,253

Containers Lines Inc.

​

May 30, 2002

​

Derby D

​

2004

​

4,253

Boulevard Shiptrade S.A

​

September 12, 2013

​

Dimitris C

​

2001

​

3,430

CellContainer (No. 4) Corp.

​

March 23, 2007

​

Express Spain

​

2011

​

3,400

CellContainer (No. 5) Corp.

​

March 23, 2007

​

Express Black Sea

​

2011

​

3,400

CellContainer (No. 1) Corp.

​

March 23, 2007

​

Express Argentina

​

2010

​

3,400

CellContainer (No. 2) Corp.

​

March 23, 2007

​

Express Brazil

​

2010

​

3,400

CellContainer (No. 3) Corp.

​

March 23, 2007

​

Express France

​

2010

​

3,400

Wellington Marine Inc.

​

January 27, 2005

​

Singapore

​

2004

​

3,314

Auckland Marine Inc.

​

January 27, 2005

​

Colombo

​

2004

​

3,314

Vilos Navigation Company Ltd.

​

May 30, 2013

​

Zebra

​

2001

​

2,602

Trindade Maritime Company

​

April 10, 2013

​

Amalia C

​

1998

​

2,452

Sarond Shipping Inc.

​

January 18, 2013

​

Artotina

​

2001

​

2,524

Speedcarrier (No. 7) Corp.

​

December 6, 2007

​

Highway

​

1998

​

2,200

Speedcarrier (No. 6) Corp.

​

December 6, 2007

​

Progress C

​

1998

​

2,200

Speedcarrier (No. 8) Corp.

​

December 6, 2007

​

Bridge

​

1998

​

2,200

Speedcarrier (No. 1) Corp.

​

June 28, 2007

​

Vladivostok

​

1997

​

2,200

Speedcarrier (No. 2) Corp.

​

June 28, 2007

​

Advance

​

1997

​

2,200

Speedcarrier (No. 3) Corp.

​

June 28, 2007

​

Stride

​

1997

​

2,200

Speedcarrier (No. 5) Corp.

​

June 28, 2007

​

Future

​

1997

​

2,200

Speedcarrier (No. 4) Corp.

​

June 28, 2007

​

Sprinter

​

1997

​

2,200

Vessels under construction

​

​

​

​

​

​

​

​

Boxsail (No. 1) Corp.

​

March 4, 2022

​

Hull No. C7100-7

​

2024

​

7,100

Boxsail (No. 2) Corp.

​

March 4, 2022

​

Hull No. C7100-8

​

2024

​

7,100

Teushipper (No. 1) Corp.

​

March 14, 2022

​

Hull No. HN4009

​

2024

​

8,000

Teushipper (No. 2) Corp.

​

March 14, 2022

​

Hull No. HN4010

​

2024

​

8,000

Teushipper (No. 3) Corp.

​

March 14, 2022

​

Hull No. HN4011

​

2024

​

8,000

Teushipper (No. 4) Corp.

​

March 14, 2022

​

Hull No. HN4012

​

2024

​

8,000

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

1     Basis of Presentation and General Information (Continued)

​

Impact of COVID-19 on the Company’s Business

​

The spread of the COVID-19 virus, which has been declared a pandemic by the World Health Organization, in 2020 has caused substantial disruptions in the global economy and the shipping industry, as well as significant volatility in the financial markets, the severity and duration of which remains uncertain.

​

The impact of the COVID-19 pandemic continues to unfold and may have a negative effect on the Company’s business, financial performance and the results of its operations, including due to decreased demand for global seaborne container trade and containership charter rates, which was mainly experienced in the first half of 2020. The extent of the impact will depend largely on future developments. As a result, many of the Company’s estimates and assumptions required increased judgment and carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available, the Company’s estimates may change in future periods.

​

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

​

As disclosed in the Company’s Annual Report on Form 20-F for the year ended December 31, 2021 filed with the Securities and Exchange Commission on March 3, 2022, the current conflict between Russia and Ukraine, and related sanctions imposed by the U.S., EU and others, could adversely affect the crewing operations of the Company’s Manager, which has crewing offices in St. Petersburg, Odessa and Mariupol, and trade patterns involving ports in the Black Sea or Russia. The extent of the impact will depend largely on future developments.
v3.22.2
Significant Accounting Policies
 6 Months Ended
Jun. 30, 2022
Significant Accounting Policies

2     Significant Accounting Policies

​

For a detailed discussion about the Company’s significant accounting policies, see Note 2 “Significant Accounting Policies” in the Company’s consolidated financial statements included in the Annual Report on Form 20-F for the year ended December 31, 2021 filed with the Securities and Exchange Commission on March 3, 2022. During the six months ended June 30, 2022, there were no significant changes made to the Company’s significant accounting policies.

​

​
v3.22.2
Cash, Cash Equivalents and Restricted Cash
 6 Months Ended
Jun. 30, 2022
Cash, Cash Equivalents and Restricted Cash  
Cash, Cash Equivalents and Restricted Cash

3     Cash, Cash Equivalents and Restricted Cash

​

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

​

​

​

​

​

​

​

​

​

​

​

​

    

As of

    

As of

    

As of

​

​

June 30, 2022

​

December 31, 2021

​

December 31, 2020

Cash and cash equivalents

​

$

319,573

​

$

129,410

​

$

65,663

Restricted cash

​

 

13,000

​

 

346

​

 

—

Total

​

$

332,573

​

$

129,756

​

$

65,663

​

The Company received an advance payment for sale of the vessels of $13.0 million, which is held in an escrow account as of June 30, 2022. Additionally, the Company was required to maintain cash in a retention account as collateral for 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.
v3.22.2
Fixed Assets, net & Right-of-use Assets
 6 Months Ended
Jun. 30, 2022
Fixed Assets, net & Right-of-use Assets

4     Fixed Assets, net & Right-of-use Assets

​

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 for an aggregate purchase price of $372.7 million, out of which $49.2 million was advanced before June 30, 2022, an amount of $96.7 million is expected to be paid in 2022 and $226.8 million is expected to be paid at vessels delivery in 2024. On March 11, 2022, the Company entered into contracts for the construction of two 7,100 TEU container vessels for an aggregate purchase price of $156.0 million, out of which $31.2 million was advanced in April 2022, $31.2 million is expected to be paid in 2023 and $93.6 million at vessels delivery expected in 2024. Additionally, a supervision fee of $725 thousand per newbuilding vessel will be payable to Danaos Shipping Company Limited.

​

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, out of which $13.0 million was advanced by the buyer and is held in an escrow account as of June 30, 2022. The vessels are expected to be delivered to the buyer in November 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 $32.4 million in the six months ended June 30, 2022 and is presented under “Operating revenues” in the condensed consolidated statement of income. The aggregate future amortization of the assumed time charters as of June 30, 2022 is as follows (in thousands):

​

​

​

​

​

Amortization by 12-months period ended:

    

​

    

June 30, 2023

​

$

36,724

June 30, 2024

​

 

13,366

Total

​

 

50,090

Less: Current portion

​

 

(36,724)

Total non-current portion

​

$

13,366

​

The amount of $36.7 million is presented under current “Unearned revenue” and $13.4 million under “Unearned revenue, net of current portion” in the condensed consolidated balance sheet as of June 30, 2022.

​

The residual value (estimated scrap value at the end of the vessels’ useful lives) of the fleet was estimated at $504.1 million as of June 30, 2022 and as of December 31, 2021. The Company has calculated the residual value of the vessels taking into consideration the 10 year average and the 5 year average of the scrap prices. The Company has applied uniformly the scrap value of $300 per ton for all vessels. The Company believes that $300 per ton is a reasonable estimate of future scrap prices, taking into consideration the cyclicality of the nature of future demand for scrap steel. Although the Company believes that the assumptions used to determine the scrap rate are reasonable and appropriate, such assumptions are highly subjective, in part, because of the cyclical nature of future demand for scrap steel.

​

On May 12, 2020, the Company refinanced the existing leaseback obligation related to the vessels Hyundai Honour and Hyundai Respect with a new sale and leaseback arrangement amounting to $139.1 million with a four years term, at the end of which the Company will reacquire these vessels for an aggregate amount of $36.0 million or earlier, at the Company’s option, for a purchase price set forth in the agreement. This arrangement did not qualify for a sale of the vessels and the net proceeds were recognized as a financial leaseback liability.

​

On April 12, 2021, the Company entered into a sale and leaseback arrangement 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 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.

​

4     Fixed Assets, net & Right-of-use Assets (Continued)

On July 1, 2021, the Company acquired finance lease liability related to Gemini’s vessels Suez Canal and Kota Lima, which expired in July 2022.

Under these lease arrangements, the Company is required to be in compliance with the same financial covenants as required by the Citibank/Natwest $815 million senior secured facility – see Note 8 “Long-Term Debt, net”.

​

The carrying value of the four vessels subject to leasing obligations amounted to $330.6 million as of June 30, 2022.

​

The scheduled aggregate leasing instalments subsequent to June 30, 2022 are as follows (in thousands):

​

​

​

​

​

Instalments due by 12-months period ended:

    

​

​

June 30, 2023

​

$

50,532

Until May 2024

​

 

61,833

Total leasing instalments

​

 

112,365

Less: Imputed interest

​

 

(6,582)

Total leasing obligation

​

 

105,783

Less: Deferred finance costs, net

​

​

(1,405)

Less: Current leasing obligation

​

 

(46,285)

Leasing obligation, net of current portion

​

$

58,093

​
v3.22.2
Deferred Charges, Net
 6 Months Ended
Jun. 30, 2022
Deferred Charges, Net

5     Deferred Charges, net

​

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

​

​

​

​

​

​

​

Drydocking and

​

    

Special Survey Costs

As of January 1, 2021

​

$

17,339

Additions

​

 

4,643

Amortization

​

 

(10,181)

As of December 31, 2021

​

​

11,801

Additions

​

 

9,726

Amortization

​

 

(5,922)

As of June 30, 2022

​

$

15,605

​

The Company follows the deferral method of accounting for drydocking and special survey costs in accordance with accounting for planned major maintenance activities, whereby actual costs incurred are deferred and amortized on a straight-line basis over the period until the next scheduled survey, which is two and a half years. If special survey or drydocking is performed prior to the scheduled date, the remaining unamortized balances are immediately written off. Furthermore, when a vessel is drydocked for more than one reporting period, the respective costs are identified and recorded in the period in which they were incurred and not at the conclusion of the drydocking.
v3.22.2
Other Current and Non-current Assets
 6 Months Ended
Jun. 30, 2022
Other Current and Non-current Assets

6     Other Current and Non-current Assets

​

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

​

​

​

​

​

​

​

​

​

​

As of

​

As of

​

    

June 30, 2022

    

December 31, 2021

Equity participation ZIM

​

$

268,595

​

$

423,024

Straight-lining of revenue

​

​

23,398

​

​

18,997

Claims receivable

​

​

15,239

​

​

8,919

Other assets

​

​

6,677

​

​

8,192

Total current assets

​

$

313,909

​

$

459,132

Other non-current assets

​

​

62,677

​

​

41,739

Total non-current assets

​

$

62,677

​

$

41,739

​

The Company’s shareholding interest in ZIM of 7,186,950 ordinary shares was fair valued at $423.0 million and presented under “Other current assets” in the condensed consolidated balance sheet as of December 31, 2021, based on the closing price of ZIM ordinary shares on the NYSE on that date. In April 2022, the Company sold 1,500,000 ordinary shares of ZIM resulting in net proceeds of $85.3 million. The remaining shareholding interest of 5,686,950 ordinary shares was fair valued at $268.6 million as of June 30, 2022. For the six months ended June 30, 2022 and June 30, 2021, the Company recognized $69.1 million loss and $444.2 million of gain on these shares, respectively. These gains/losses are reflected under “Gain/(loss) on investments” in the condensed consolidated statement of income. The unrealized gain related to the ZIM ordinary shares still held on June 30, 2022 amounts to $268.6 million. Additionally, the Company recognized dividend income on these shares amounting to $138.4 million in the six months ended June 30, 2022 gross of withholding taxes compared to none in the six months ended June 30, 2021. Withholding taxes amounting to $14.5 million were recognized on dividend income under “Income taxes” in the condensed consolidated statement of income in the six months ended June 30, 2022.

​

Other non-current assets mainly include non-current assets related to straight-lining of the Company’s revenue amounting to $60.9 million and $39.9 million as of June 30, 2022 and December 31, 2021, respectively.
v3.22.2
Accrued Liabilities
 6 Months Ended
Jun. 30, 2022
Accrued Liabilities

7     Accrued Liabilities

​

Accrued liabilities consisted of the following (in thousands):

​

​

​

​

​

​

​

​

​

    

As of

    

As of

​

​

June 30, 2022

​

December 31, 2021

Accrued payroll

​

$

6,804

​

$

1,001

Accrued interest

​

​

11,026

​

 

11,873

Accrued dry-docking expenses

​

​

435

​

​

280

Accrued expenses

​

​

8,478

​

 

7,692

Total

​

$

26,743

​

$

20,846

​

Accrued expenses mainly consisted of accruals related to the operation of the Company’s fleet as of June 30, 2022 and December 31, 2021.
v3.22.2
Long-Term Debt, net
 6 Months Ended
Jun. 30, 2022
Long-Term Debt, net

8     Long-Term Debt, net

​

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

​

​

​

​

​

​

​

​

​

​

Balance as of

​

Balance as of

Credit Facility

    

June 30, 2022

    

December 31, 2021

Citibank/Natwest $815 mil. Facility

​

$

463,500

​

$

774,250

BNP Paribas/Credit Agricole $130 mil. Facility

​

​

130,000

​

​

—

Senior unsecured notes

​

​

300,000

​

​

300,000

Macquarie Bank $58 mil. Facility

​

​

—

​

​

45,600

SinoPac $13.3 mil. Facility

​

​

—

​

​

10,800

Eurobank $30.0 mil. Facility

​

​

—

​

​

21,375

Fair value of debt adjustment

​

​

(8,351)

​

​

(9,990)

Total long-term debt

​

$

885,149

​

$

1,142,035

Less: Deferred finance costs, net

​

​

(23,379)

​

​

(28,369)

Less: Current portion

​

​

(71,500)

​

​

(95,750)

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

​

$

790,270

​

$

1,017,916

​

On May 12, 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. Additionally, the Company early repaid (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 the three months ended June 30, 2022. These debt extinguishments resulted in a total net gain on debt extinguishment of $22.9 million in the six months ended June 30, 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 of $13.6 million (including interest on leaseback obligations), out of which $0.7 million was capitalized in the six months ended June 30, 2022 compared to $14.3 million of interest expense incurred (including interest on leaseback obligations) and none capitalized in the six months ended June 30, 2021.

​

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 daily non-cumulative compounded RFR rate plus a margin of 2.16% as adjusted by the sustainability margin adjustment.

​

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. 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 new effective interest method.

​

As of June 30, 2022, there was no remaining borrowing availability under the Company’s credit facilities. The Company was in compliance with the financial covenants contained in the credit facilities agreements as of June 30, 2022 and December 31, 2021.

​

8     Long-Term Debt, net (Continued)

As of June 30, 2022, each of the secured credit facilities is collateralized by first preferred mortgages over the vessels financed, general assignment of all hire freights, income and earnings, the assignment of their insurance policies, as well as any proceeds from the sale of mortgaged vessels, stock pledges and benefits from corporate guarantees. As of June 30, 2022, fifty-four of the Company’s vessels having a net carrying value of $1,852.2 million, were subject to first preferred mortgages as collateral to the Company’s secured credit facilities.

​

The scheduled debt maturities of long-term debt subsequent to June 30, 2022 are as follows (in thousands):

​

​

​

​

​

​

​

Principal

Payments due by period ended

    

repayments

June 30, 2023

​

​

71,500

June 30, 2024

​

​

71,500

June 30, 2025

​

​

368,100

June 30, 2026

​

​

7,600

June 30, 2027

​

​

74,800

Thereafter

​

​

300,000

Total long-term debt

​

$

893,500

​

The Citibank/Natwest $815 million and BNP Paribas/Credit Agricole $130 million senior secured credit facilities contain a requirement to maintain minimum fair market value of collateral vessels to loan value coverage of 120% and 125%, respectively, and financial covenants requiring to maintain the following:

​

(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.
v3.22.2
Financial Instruments
 6 Months Ended
Jun. 30, 2022
Financial Instruments

9     Financial Instruments

​

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

​

Interest Rate Risk: Interest rate risk arises on bank borrowings. The Company monitors the interest rate on borrowings closely to ensure that the borrowings are maintained at favorable rates.

​

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

9     Financial Instruments (Continued)

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 the equity participation in ZIM is measured based on the closing price of ZIM ordinary shares on the NYSE.

​

a. Interest Rate Swap Hedges

​

The Company currently has no outstanding interest rate swaps agreements. However, in the past years, the Company entered into interest rate swap agreements with its lenders in order to manage its floating rate exposure. Certain variable-rate interests on specific borrowings were associated with vessels under construction and were capitalized as a cost of the specific vessels. In accordance with the accounting guidance on derivatives and hedging, the amounts related to realized gains or losses on cash flow hedges that have been entered into and qualified for hedge accounting, in order to hedge the variability of that interest, were recognized in accumulated other comprehensive loss and are reclassified into earnings over the depreciable life of the constructed asset, since that depreciable life coincides with the amortization period for the capitalized interest cost on the debt. An amount of $1.8 million was reclassified into earnings for the six months ended June 30, 2022 and 2021, representing its amortization over the depreciable life of the vessels. An amount of $3.6 million is expected to be reclassified into earnings within the next 12 months.

​

b. Fair Value of Financial Instruments

​

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

​

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

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

Level III: Inputs that are unobservable. The Company did not use any Level 3 inputs as of June 30, 2022 and December 31, 2021.

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As of June 30, 2022

​

As of December 31, 2021

​

    

Book Value

    

Fair Value

    

Book Value

    

Fair Value

​

​

(in thousands of $)

Cash and cash equivalents

​

$

319,573

​

$

319,573

​

$

129,410

​

$

129,410

Restricted cash(2)

​

$

13,000

​

$

13,000

​

$

346

​

$

346

Equity participation ZIM

​

$

268,595

​

$

268,595

​

$

423,024

​

$

423,024

Secured long-term debt, including current portion

​

$

585,149

​

$

585,149

​

$

842,035

​

$

842,035

Unsecured long-term debt

​

$

300,000

​

$

297,885

​

$

300,000

​

$

300,000

​

9     Financial Instruments (Continued)

The estimated fair value of the financial instruments that are measured at fair value on a recurring basis, categorized based upon the fair value hierarchy, are as follows as of June 30, 2022:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements as of June 30, 2022

​

    

Total

    

(Level I)

    

(Level II)

    

(Level III)

​

​

(in thousands of $)

Equity participation ZIM

​

$

268,595

​

$

268,595

​

$

—

​

$

—

​

The estimated fair value of the financial instruments that are not measured at fair value on a recurring basis, categorized based upon the fair value hierarchy, are as follows as of June 30, 2022:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements as of June 30, 2022

​

    

Total

    

(Level I)

    

 (Level II)

    

(Level III)

​

​

​

(in thousands of $)

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

​

$

585,149

​

$

—

​

$

585,149

​

$

—

Unsecured long-term debt(1)

​

$

297,885

​

$

297,885

​

$

—

​

$

—

​

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, 2021:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements as of December 31, 2021

​

    

Total

    

(Level I)

    

(Level II)

    

(Level III)

​

​

(in thousands of $)

Equity participation ZIM

​

$

423,024

​

$

423,024

​

$

—

​

$

—

​

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, 2021:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements as of December 31, 2021

​

    

Total

    

(Level I)

    

(Level II)

    

(Level III)

​

​

(in thousands of $)

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

​

$

842,035

​

$

—

​

$

842,035

​

$

—

Unsecured long-term debt(1)

​

​

300,000

​

$

—

​

$

300,000

​

$

—

(1)Secured and unsecured long-term debt, including current portion is presented gross of deferred finance costs of $23.4 million and $28.4 million as of June 30, 2022 and December 31, 2021, 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 and does not include amounts related to the accumulated accrued interest.
(2)The Company received an advance payment for sale of the vessels of $13.0 million, which is held in an escrow account as of June 30, 2022. Additionally, the Company was required to maintain cash of $0.3 million in a retention account as collateral for the upcoming scheduled debt payments related to the Eurobank $30 mil. Facility, which was recorded in restricted cash under current assets as of December 31, 2021.
v3.22.2
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2022
Commitments and Contingencies

10    Commitments and Contingencies

​

There are no material legal proceedings to which the Company is a party or to which any of its properties are the subject, or other contingencies that the Company is aware of, other than routine litigation incidental to the Company’s business. 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/(expenses), net in the condensed consolidated statements of income in the six months ended June 30, 2021.

​

The Company has outstanding commitments under vessel construction contracts and buyback obligations related to the sale and leaseback arrangements as of June 30, 2022, see the Note 4 “Fixed Assets, net & Right-of-use Assets”.

​
v3.22.2
Stockholders' Equity
 6 Months Ended
Jun. 30, 2022
Stockholders' Equity

11    Stockholders’ Equity

​

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

​

In June 2022, the Company announced a share repurchase program of up to $100 million of the Company’s common stock. The Company repurchased 177,900 shares of the Company’s common stock in the open market for $11.2 million in June 2022, out of which 77,600 shares valued at $4.9 million remain unsettled as of June 30, 2022. Additionally, the Company repurchased 231,300 shares in the open market for $13.9 million in July 2022. 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.

​

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

11    Stockholders’ Equity (Continued)

​

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 in 2021 and 9,650 restricted shares vested on December 31, 2021. Additional 224 restricted shares forfeited in the six months period ended June 30, 2022 and the remaining 19,076 restricted shares are scheduled to vest on December 31, 2022. These restricted shares are subject to satisfaction of the vesting terms, under the Company’s 2006 Equity Compensation Plan, as amended. Additionally, 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. The fair value of shares granted was calculated based on the closing trading price of the Company’s shares at the date of the issuance. Stock based compensation expenses of $0.2 million and $5.5 million were recognized under “General and administrative expenses” in the condensed consolidated statements of income in the six months period ended June 30, 2022 and 2021, respectively. 19,076 shares and 19,300 shares of restricted stock were issued and outstanding as of June 30, 2022 and December 31, 2021, respectively.

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

​

The Company has also established the Directors Share Payment Plan under its 2006 equity compensation plan. The purpose of the plan is to provide a means of payment of all or a portion of compensation payable to directors of the Company in the form of Company’s Common Stock. The plan was effective as of April 18, 2008. Each member of the Board of Directors of the Company may participate in the plan. Pursuant to the terms of the plan, directors may elect to receive in Common Stock all or a portion of their compensation. Following December 31 of each year, the Company delivers to each Director the number of shares represented by the rights credited to their Share Payment Account during the preceding calendar year. During the six months ended June 30, 2022 and June 30, 2021, none of the directors elected to receive their compensation in Company shares.

​
v3.22.2
Lease Arrangements
 6 Months Ended
Jun. 30, 2022
Lease Arrangements

12    Lease Arrangements

​

Charters-out

​

As of June 30, 2022, the Company generated operating revenues from its 71 vessels on time charters or bareboat charter agreements, with remaining terms ranging from less than one year to June 2028. Under the terms of the charter party agreements, most charterers have options to extend the duration of contracts ranging from less than one year to five 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.

​

​

12    Lease Arrangements (Continued)

​

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. The future minimum payments, expected to be received on non-cancellable time charters and bareboat charters classified as operating leases consisted of the following as of June 30, 2022 (in thousands):

​

​

​

​

​

Remainder of 2022

    

$

442,720

2023

 

​

697,369

2024

 

​

523,363

2025

 

​

286,004

2026

​

​

183,272

2027 and thereafter

 

​

179,561

Total future rentals

​

$

2,312,289

​

Rentals from time charters are not generally received when a vessel is off-hire, including time required for normal periodic maintenance of the vessel. In arriving at the future minimum rentals, an estimated time off-hire to perform periodic maintenance on each vessel has been deducted, although there is no assurance that such estimate will be reflective of the actual off-hire in the future.
v3.22.2
Earnings per Share
 6 Months Ended
Jun. 30, 2022
Earnings per Share

13    Earnings per Share

​

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

​

​

​

​

​

​

​

​

​

​

Three months ended

​

    

June 30, 2022

    

June 30, 2021

​

​

(in thousands)

Numerator:

​

​

​

​

​

​

Net income

​

$

8,224

​

$

372,837

​

​

​

​

​

​

​

Denominator (number of shares in thousands):

​

​

​

​

​

​

Basic weighted average common shares outstanding

​

 

20,689

​

 

20,354

Effect of dilutive securities:

​

 

​

​

 

​

Dilutive effect of non-vested shares

​

 

19

​

 

245

Diluted weighted average common shares outstanding

​

 

20,708

​

 

20,599

​

​

​

​

​

​

​

​

​

​

Six months ended

​

    

June 30, 2022

    

June 30, 2021

​

​

(in thousands)

Numerator:

​

​

​

​

​

​

Net income

​

$

339,689

​

$

669,617

​

​

​

​

​

​

​

Denominator (number of shares in thousands):

​

 

​

​

 

​

Basic weighted average common shares outstanding

​

​

20,693

​

​

20,323

Effect of dilutive securities:

​

​

​

​

​

​

Dilutive effect of non-vested shares

​

​

19

​

​

234

Diluted weighted average common shares outstanding

​

​

20,712

​

​

20,557

​
v3.22.2
Related Party Transactions
 6 Months Ended
Jun. 30, 2022
Related Party Transactions

14    Related Party Transactions

​

Management fees to Danaos Shipping Company Limited (“the Manager”) amounted to $10.9 million and $9.2 million in the six months ended June 30, 2022 and 2021, respectively, and are presented under “General and administrative expenses” in the condensed consolidated statements of income.

​

Commissions to the Manager amounted to $6.3 million and $3.5 million in the six months ended June 30, 2022 and 2021, respectively and are presented under “Voyage expenses” in the condensed consolidated statements of income.

​

The balance “Due from related parties” in the condensed consolidated balance sheets totaling $32.1 million and $21.9 million as of June 30, 2022 and December 31, 2021, respectively, represents advances to the Manager on account of the vessels’ operating and other expenses. An amount of $0.2 million and $0.1 million as of June 30, 2022 and December 31, 2021, respectively, was due to executive officers and is presented under “Accounts payable” in the condensed consolidated balance sheets.
v3.22.2
Subsequent Events
 6 Months Ended
Jun. 30, 2022
Subsequent Events

15    Subsequent Events

​

The Company has declared a dividend of $0.75 per share of common stock payable on August 29, 2022, to holders of record on August 17, 2022.

​
v3.22.2
Basis of Presentation and General Information (Tables)
 6 Months Ended
Jun. 30, 2022
Schedule of the vessel owning companies (the "Danaos Subsidiaries")

As of June 30, 2022, Danaos included the vessel owning companies (the “Danaos Subsidiaries”) listed below. All vessels are container vessels:

​

​

​

​

​

​

​

​

​

​

Company

    

Date of Incorporation

    

Vessel Name

    

Year Built

    

TEU (1)

Megacarrier (No. 1) Corp.

​

September 10, 2007

​

Hyundai Honour

​

2012

​

13,100

Megacarrier (No. 2) Corp.

​

September 10, 2007

​

Hyundai Respect

​

2012

​

13,100

Megacarrier (No. 3) Corp.

​

September 10, 2007

​

Hyundai Smart

​

2012

​

13,100

Megacarrier (No. 4) Corp.

​

September 10, 2007

​

Hyundai Speed

​

2012

​

13,100

Megacarrier (No. 5) Corp.

​

September 10, 2007

​

Hyundai Ambition

​

2012

​

13,100

CellContainer (No. 6) Corp.

​

October 31, 2007

​

Express Berlin

​

2011

​

10,100

CellContainer (No. 7) Corp.

​

October 31, 2007

​

Express Rome

​

2011

​

10,100

CellContainer (No. 8) Corp.

​

October 31, 2007

​

Express Athens

​

2011

​

10,100

Karlita Shipping Co. Ltd.

​

February 27, 2003

​

Pusan C

​

2006

​

9,580

Ramona Marine Co. Ltd.

​

February 27, 2003

​

Le Havre

​

2006

​

9,580

Oceancarrier (No. 2) Corp.

​

October 15, 2020

​

Bremen

​

2009

​

9,012

Oceancarrier (No. 3) Corp.

​

October 15, 2020

​

C Hamburg

​

2009

​

9,012

Blackwell Seaways Inc.

​

January 9, 2020

​

Niledutch Lion

​

2008

​

8,626

Oceancarrier (No.1) Corp.

​

February 19, 2020

​

Kota Manzanillo (ex Charleston)

​

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

​

Phoebe

​

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

​

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

​

2001

​

6,422

Leo Shipping and Trading S.A.

​

October 29, 2015

​

Leo C

​

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 (ex Wide Bravo)

​

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

​

Zim Sao Paolo

​

2008

​

4,253

Balticsea Marine Inc.

​

March 22, 2006

​

Zim Kingston

​

2008

​

4,253

Seacarriers Services Inc.

​

June 28, 2005

​

Seattle C

​

2007

​

4,253

Seacarriers Lines Inc.

​

June 28, 2005

​

Vancouver

​

2007

​

4,253

Containers Services Inc.

​

May 30, 2002

​

Tongala

​

2004

​

4,253

Containers Lines Inc.

​

May 30, 2002

​

Derby D

​

2004

​

4,253

Boulevard Shiptrade S.A

​

September 12, 2013

​

Dimitris C

​

2001

​

3,430

CellContainer (No. 4) Corp.

​

March 23, 2007

​

Express Spain

​

2011

​

3,400

CellContainer (No. 5) Corp.

​

March 23, 2007

​

Express Black Sea

​

2011

​

3,400

CellContainer (No. 1) Corp.

​

March 23, 2007

​

Express Argentina

​

2010

​

3,400

CellContainer (No. 2) Corp.

​

March 23, 2007

​

Express Brazil

​

2010

​

3,400

CellContainer (No. 3) Corp.

​

March 23, 2007

​

Express France

​

2010

​

3,400

Wellington Marine Inc.

​

January 27, 2005

​

Singapore

​

2004

​

3,314

Auckland Marine Inc.

​

January 27, 2005

​

Colombo

​

2004

​

3,314

Vilos Navigation Company Ltd.

​

May 30, 2013

​

Zebra

​

2001

​

2,602

Trindade Maritime Company

​

April 10, 2013

​

Amalia C

​

1998

​

2,452

Sarond Shipping Inc.

​

January 18, 2013

​

Artotina

​

2001

​

2,524

Speedcarrier (No. 7) Corp.

​

December 6, 2007

​

Highway

​

1998

​

2,200

Speedcarrier (No. 6) Corp.

​

December 6, 2007

​

Progress C

​

1998

​

2,200

Speedcarrier (No. 8) Corp.

​

December 6, 2007

​

Bridge

​

1998

​

2,200

Speedcarrier (No. 1) Corp.

​

June 28, 2007

​

Vladivostok

​

1997

​

2,200

Speedcarrier (No. 2) Corp.

​

June 28, 2007

​

Advance

​

1997

​

2,200

Speedcarrier (No. 3) Corp.

​

June 28, 2007

​

Stride

​

1997

​

2,200

Speedcarrier (No. 5) Corp.

​

June 28, 2007

​

Future

​

1997

​

2,200

Speedcarrier (No. 4) Corp.

​

June 28, 2007

​

Sprinter

​

1997

​

2,200

Vessels under construction

​

​

​

​

​

​

​

​

Boxsail (No. 1) Corp.

​

March 4, 2022

​

Hull No. C7100-7

​

2024

​

7,100

Boxsail (No. 2) Corp.

​

March 4, 2022

​

Hull No. C7100-8

​

2024

​

7,100

Teushipper (No. 1) Corp.

​

March 14, 2022

​

Hull No. HN4009

​

2024

​

8,000

Teushipper (No. 2) Corp.

​

March 14, 2022

​

Hull No. HN4010

​

2024

​

8,000

Teushipper (No. 3) Corp.

​

March 14, 2022

​

Hull No. HN4011

​

2024

​

8,000

Teushipper (No. 4) Corp.

​

March 14, 2022

​

Hull No. HN4012

​

2024

​

8,000

(1)Twenty-feet equivalent unit, the international standard measure for containers and containership capacity.
v3.22.2
Cash, Cash Equivalents and Restricted Cash (Tables)
 6 Months Ended
Jun. 30, 2022
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

​

​

June 30, 2022

​

December 31, 2021

​

December 31, 2020

Cash and cash equivalents

​

$

319,573

​

$

129,410

​

$

65,663

Restricted cash

​

 

13,000

​

 

346

​

 

—

Total

​

$

332,573

​

$

129,756

​

$

65,663
v3.22.2
Fixed Assets, net & Right-of-use Assets (Tables)
 6 Months Ended
Jun. 30, 2022
Fixed Assets, net & Right-of-use Assets  
Schedule of aggregate future amortization of unfavorable charters

​

​

​

​

​

Amortization by 12-months period ended:

    

​

    

June 30, 2023

​

$

36,724

June 30, 2024

​

 

13,366

Total

​

 

50,090

Less: Current portion

​

 

(36,724)

Total non-current portion

​

$

13,366
Schedule of leaseback instalments

​

​

​

​

​

Instalments due by 12-months period ended:

    

​

​

June 30, 2023

​

$

50,532

Until May 2024

​

 

61,833

Total leasing instalments

​

 

112,365

Less: Imputed interest

​

 

(6,582)

Total leasing obligation

​

 

105,783

Less: Deferred finance costs, net

​

​

(1,405)

Less: Current leasing obligation

​

 

(46,285)

Leasing obligation, net of current portion

​

$

58,093
v3.22.2
Deferred Charges, Net (Tables)
 6 Months Ended
Jun. 30, 2022
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

​

 

9,726

Amortization

​

 

(5,922)

As of June 30, 2022

​

$

15,605
v3.22.2
Other Current and Non-current Assets (Tables)
 6 Months Ended
Jun. 30, 2022
Schedule of other current and non current assets

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

​

​

​

​

​

​

​

​

​

​

As of

​

As of

​

    

June 30, 2022

    

December 31, 2021

Equity participation ZIM

​

$

268,595

​

$

423,024

Straight-lining of revenue

​

​

23,398

​

​

18,997

Claims receivable

​

​

15,239

​

​

8,919

Other assets

​

​

6,677

​

​

8,192

Total current assets

​

$

313,909

​

$

459,132

Other non-current assets

​

​

62,677

​

​

41,739

Total non-current assets

​

$

62,677

​

$

41,739
v3.22.2
Accrued Liabilities (Tables)
 6 Months Ended
Jun. 30, 2022
Schedule of accrued liabilities

Accrued liabilities consisted of the following (in thousands):

​

​

​

​

​

​

​

​

​

    

As of

    

As of

​

​

June 30, 2022

​

December 31, 2021

Accrued payroll

​

$

6,804

​

$

1,001

Accrued interest

​

​

11,026

​

 

11,873

Accrued dry-docking expenses

​

​

435

​

​

280

Accrued expenses

​

​

8,478

​

 

7,692

Total

​

$

26,743

​

$

20,846
v3.22.2
Long-Term Debt, net (Tables)
 6 Months Ended
Jun. 30, 2022
Long-Term Debt, net  
Schedule of long-term debt, net

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

​

​

​

​

​

​

​

​

​

​

Balance as of

​

Balance as of

Credit Facility

    

June 30, 2022

    

December 31, 2021

Citibank/Natwest $815 mil. Facility

​

$

463,500

​

$

774,250

BNP Paribas/Credit Agricole $130 mil. Facility

​

​

130,000

​

​

—

Senior unsecured notes

​

​

300,000

​

​

300,000

Macquarie Bank $58 mil. Facility

​

​

—

​

​

45,600

SinoPac $13.3 mil. Facility

​

​

—

​

​

10,800

Eurobank $30.0 mil. Facility

​

​

—

​

​

21,375

Fair value of debt adjustment

​

​

(8,351)

​

​

(9,990)

Total long-term debt

​

$

885,149

​

$

1,142,035

Less: Deferred finance costs, net

​

​

(23,379)

​

​

(28,369)

Less: Current portion

​

​

(71,500)

​

​

(95,750)

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

​

$

790,270

​

$

1,017,916
Schedule of debt maturities of long-term debt

The scheduled debt maturities of long-term debt subsequent to June 30, 2022 are as follows (in thousands):

​

​

​

​

​

​

​

Principal

Payments due by period ended

    

repayments

June 30, 2023

​

​

71,500

June 30, 2024

​

​

71,500

June 30, 2025

​

​

368,100

June 30, 2026

​

​

7,600

June 30, 2027

​

​

74,800

Thereafter

​

​

300,000

Total long-term debt

​

$

893,500
v3.22.2
Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2022
Financial Instruments  
Schedule of estimated fair values of the financial instruments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As of June 30, 2022

​

As of December 31, 2021

​

    

Book Value

    

Fair Value

    

Book Value

    

Fair Value

​

​

(in thousands of $)

Cash and cash equivalents

​

$

319,573

​

$

319,573

​

$

129,410

​

$

129,410

Restricted cash(2)

​

$

13,000

​

$

13,000

​

$

346

​

$

346

Equity participation ZIM

​

$

268,595

​

$

268,595

​

$

423,024

​

$

423,024

Secured long-term debt, including current portion

​

$

585,149

​

$

585,149

​

$

842,035

​

$

842,035

Unsecured long-term debt

​

$

300,000

​

$

297,885

​

$

300,000

​

$

300,000
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 June 30, 2022:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements as of June 30, 2022

​

    

Total

    

(Level I)

    

(Level II)

    

(Level III)

​

​

(in thousands of $)

Equity participation ZIM

​

$

268,595

​

$

268,595

​

$

—

​

$

—

​

The estimated fair value of the financial instruments that are not measured at fair value on a recurring basis, categorized based upon the fair value hierarchy, are as follows as of June 30, 2022:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements as of June 30, 2022

​

    

Total

    

(Level I)

    

 (Level II)

    

(Level III)

​

​

​

(in thousands of $)

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

​

$

585,149

​

$

—

​

$

585,149

​

$

—

Unsecured long-term debt(1)

​

$

297,885

​

$

297,885

​

$

—

​

$

—

​

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, 2021:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements as of December 31, 2021

​

    

Total

    

(Level I)

    

(Level II)

    

(Level III)

​

​

(in thousands of $)

Equity participation ZIM

​

$

423,024

​

$

423,024

​

$

—

​

$

—

​

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, 2021:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements as of December 31, 2021

​

    

Total

    

(Level I)

    

(Level II)

    

(Level III)

​

​

(in thousands of $)

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

​

$

842,035

​

$

—

​

$

842,035

​

$

—

Unsecured long-term debt(1)

​

​

300,000

​

$

—

​

$

300,000

​

$

—

(1)Secured and unsecured long-term debt, including current portion is presented gross of deferred finance costs of $23.4 million and $28.4 million as of June 30, 2022 and December 31, 2021, 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 and does not include amounts related to the accumulated accrued interest.
(2)The Company received an advance payment for sale of the vessels of $13.0 million, which is held in an escrow account as of June 30, 2022. Additionally, the Company was required to maintain cash of $0.3 million in a retention account as collateral for the upcoming scheduled debt payments related to the Eurobank $30 mil. Facility, which was recorded in restricted cash under current assets as of December 31, 2021.
v3.22.2
Lease Arrangements (Tables)
 6 Months Ended
Jun. 30, 2022
Schedule of future minimum payments, expected to be received on non-cancellable time charters and bareboat charters

​

​

​

​

​

Remainder of 2022

    

$

442,720

2023

 

​

697,369

2024

 

​

523,363

2025

 

​

286,004

2026

​

​

183,272

2027 and thereafter

 

​

179,561

Total future rentals

​

$

2,312,289
v3.22.2
Earnings per Share (Tables)
 6 Months Ended
Jun. 30, 2022
Schedule of computation of basic and diluted earnings per share

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

​

​

​

​

​

​

​

​

​

​

Three months ended

​

    

June 30, 2022

    

June 30, 2021

​

​

(in thousands)

Numerator:

​

​

​

​

​

​

Net income

​

$

8,224

​

$

372,837

​

​

​

​

​

​

​

Denominator (number of shares in thousands):

​

​

​

​

​

​

Basic weighted average common shares outstanding

​

 

20,689

​

 

20,354

Effect of dilutive securities:

​

 

​

​

 

​

Dilutive effect of non-vested shares

​

 

19

​

 

245

Diluted weighted average common shares outstanding

​

 

20,708

​

 

20,599

​

​

​

​

​

​

​

​

​

​

Six months ended

​

    

June 30, 2022

    

June 30, 2021

​

​

(in thousands)

Numerator:

​

​

​

​

​

​

Net income

​

$

339,689

​

$

669,617

​

​

​

​

​

​

​

Denominator (number of shares in thousands):

​

 

​

​

 

​

Basic weighted average common shares outstanding

​

​

20,693

​

​

20,323

Effect of dilutive securities:

​

​

​

​

​

​

Dilutive effect of non-vested shares

​

​

19

​

​

234

Diluted weighted average common shares outstanding

​

​

20,712

​

​

20,557
v3.22.2
Basis of Presentation and General Information (Details)
Jun. 30, 2022
item
$ / shares
shares
Dec. 31, 2021
$ / shares
shares
Property, Plant and Equipment    
Common stock, authorized capital stock (in shares) | shares 750,000,000 750,000,000
Common stock, par value (in dollars per share) | $ / shares $ 0.01 $ 0.01
Preferred stock, authorized capital stock (in shares) | shares 100,000,000 100,000,000
Preferred stock, par value (in dollars per share) | $ / shares $ 0.01 $ 0.01
Hyundai Honour    
Property, Plant and Equipment    
TEU 13,100  
Hyundai Respect    
Property, Plant and Equipment    
TEU 13,100  
Hyundai Smart    
Property, Plant and Equipment    
TEU 13,100  
Hyundai Speed    
Property, Plant and Equipment    
TEU 13,100  
Hyundai Ambition    
Property, Plant and Equipment    
TEU 13,100  
Express Berlin    
Property, Plant and Equipment    
TEU 10,100  
Express Rome    
Property, Plant and Equipment    
TEU 10,100  
Express Athens    
Property, Plant and Equipment    
TEU 10,100  
Suez Canal    
Property, Plant and Equipment    
TEU 5,610  
Pusan C    
Property, Plant and Equipment    
TEU 9,580  
Le Havre    
Property, Plant and Equipment    
TEU 9,580  
Bremen    
Property, Plant and Equipment    
TEU 9,012  
C Hamburg    
Property, Plant and Equipment    
TEU 9,012  
Niledutch Lion    
Property, Plant and Equipment    
TEU 8,626  
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  
Wide Alpha    
Property, Plant and Equipment    
TEU 5,466  
Kota Lima (ex Genoa)    
Property, Plant and Equipment    
TEU 5,544  
Charleston    
Property, Plant and Equipment    
TEU 8,533  
Belita    
Property, Plant and Equipment    
TEU 8,533  
CMA CGM Melisande    
Property, Plant and Equipment    
TEU 8,530  
CMA CGM Attila    
Property, Plant and Equipment    
TEU 8,530  
CMA CGM Tancredi    
Property, Plant and Equipment    
TEU 8,530  
CMA CGM Bianca    
Property, Plant and Equipment    
TEU 8,530  
CMA CGM Samson    
Property, Plant and Equipment    
TEU 8,530  
Europe    
Property, Plant and Equipment    
TEU 8,468  
America    
Property, Plant and Equipment    
TEU 8,468  
Phoebe    
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  
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  
Zim Savannah (ex Performance)    
Property, Plant and Equipment    
TEU 6,402  
Dimitra C    
Property, Plant and Equipment    
TEU 6,402  
Zim Monaco    
Property, Plant and Equipment    
TEU 4,253  
Dalian (ex Zim Dalian)    
Property, Plant and Equipment    
TEU 4,253  
Zim Luanda    
Property, Plant and Equipment    
TEU 4,253  
Rio Grande    
Property, Plant and Equipment    
TEU 4,253  
Zim Sao Paolo    
Property, Plant and Equipment    
TEU 4,253  
Zim Kingston    
Property, Plant and Equipment    
TEU 4,253  
Seattle C    
Property, Plant and Equipment    
TEU 4,253  
Vancouver    
Property, Plant and Equipment    
TEU 4,253  
Tongala (ex 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  
Colombo    
Property, Plant and Equipment    
TEU 3,314  
Zebra    
Property, Plant and Equipment    
TEU 2,602  
Amalia C    
Property, Plant and Equipment    
TEU 2,452  
Artotina (ex Danae C)    
Property, Plant and Equipment    
TEU 2,524  
Highway    
Property, Plant and Equipment    
TEU 2,200  
Progress C    
Property, Plant and Equipment    
TEU 2,200  
Bridge    
Property, Plant and Equipment    
TEU 2,200  
Vladivostok    
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 7,100  
Hull No. C7100-8    
Property, Plant and Equipment    
TEU 7,100  
Hull No. HN4009    
Property, Plant and Equipment    
TEU 8,000  
Hull No. HN4010    
Property, Plant and Equipment    
TEU 8,000  
Hull No. HN4011    
Property, Plant and Equipment    
TEU 8,000  
Hull No. HN4012    
Property, Plant and Equipment    
TEU 8,000  
Catherine C    
Property, Plant and Equipment    
TEU 6,422  
Leo C    
Property, Plant and Equipment    
TEU 6,422  
Wide Bravo    
Property, Plant and Equipment    
TEU 5,466  
v3.22.2
Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jan. 17, 2022
Jun. 30, 2022
Dec. 31, 2021
Jun. 30, 2021
Dec. 31, 2020
Cash, Cash Equivalents and Restricted Cash          
Cash and cash equivalents   $ 319,573 $ 129,410   $ 65,663
Restricted cash   13,000 346    
Total   332,573 $ 129,756 $ 294,418 $ 65,663
Advances for sale of vessels $ 13,000 13,000      
Debt repayments related to Eurobank   $ 30,000      
v3.22.2
Fixed Assets, net & Right-of-use Assets - Schedule of aggregate future amortization of assumed time charters (Details)
$ in Thousands
Jun. 30, 2022
USD ($)
Amortization for the periods ending:  
June 30, 2023 $ 36,724
June 30, 2024 13,366
Total 50,090
Less: Current portion (36,724)
Total non-current portion 13,366
Unearned revenue  
Amortization for the periods ending:  
Less: Current portion 36,700
Unearned revenue, net of current portion  
Amortization for the periods ending:  
Total non-current portion $ 13,400
v3.22.2
Fixed Assets, net & Right-of-use Assets (Details)
 6 Months Ended
Apr. 01, 2022
USD ($)
item
Mar. 11, 2022
USD ($)
item
Jan. 17, 2022
USD ($)
Apr. 12, 2021
USD ($)
May 12, 2020
USD ($)
Jun. 30, 2022
USD ($)
item
$ / T
May 12, 2022
USD ($)
Dec. 31, 2021
USD ($)
Fixed Assets, Net                
Gross consideration of sale of vessels     $ 130,000,000.0          
Advances for sale of vessels     $ 13,000,000.0     $ 13,000,000    
Amortization of assumed time charter           $ 32,400,000    
Number of Container Vessels | item           4    
Carrying value of vessels subject to leasing obligation           $ 330,600,000    
Instalments due by 12-months period ended:                
Less: Current leasing obligation           (46,285,000)   $ (85,815,000)
Leasing obligation, net of current portion           $ 58,093,000   136,513,000
TEU sister vessels                
Fixed Assets, Net                
Overall Container Capacity Number of Twenty Foot Equivalent Units | item           5,466    
TEU container vessels                
Fixed Assets, Net                
Number of TEU Container Vessels | item 4 2            
Overall Container Capacity Number of Twenty Foot Equivalent Units 8,000 7,100            
Aggregate purchase price $ 372,700,000 $ 156,000,000.0            
Payments to Acquire Businesses, Gross 49,200,000 31,200,000            
Amount expected to be paid in 2022 96,700,000 31,200,000            
Amount expected to be paid at vessels delivery in 2024 $ 226,800,000 93,600,000            
Supervision fee per vessel   $ 725,000            
Citibank/Natwest $815 mil. Facility                
Fixed Assets, Net                
Credit facility           $ 815,000,000 $ 815,000,000  
Vessel                
Fixed Assets, Net                
Residual value of the fleet           $ 504,100,000   $ 504,100,000
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    
Instalments due by 12-months period ended:                
June 30, 2023           $ 50,532,000    
Until May 2024           61,833,000    
Total leasing instalments           112,365,000    
Less: Imputed interest           (6,582,000)    
Total leasing obligation           105,783,000    
Less: Deferred finance costs, net           (1,405,000)    
Less: Current leasing obligation           (46,285,000)    
Leasing obligation, net of current portion           $ 58,093,000    
Hyundai Honour And Hyundai Respect                
Fixed Assets, Net                
Sale Leaseback Transaction, Historical Cost         $ 139,100,000      
Sale and leaseback arrangement term (in years)         4 years      
Repurchase price         $ 36,000,000.0      
CMA CGM Melisande, CMA CGM Attila, CMA CGM Tancredi, CMA CGM Bianca and CMA CGM Samson                
Fixed Assets, Net                
Sale Leaseback Transaction, Historical Cost       $ 135,000,000.0        
Sale and leaseback arrangement term (in years)       5 years        
Repurchase price       $ 31,000,000.0        
Wide Alpha                
Fixed Assets, Net                
Overall Container Capacity Number of Twenty Foot Equivalent Units | item           5,466    
Wide Bravo                
Fixed Assets, Net                
Overall Container Capacity Number of Twenty Foot Equivalent Units | item           5,466    
Maersk Euphrates                
Fixed Assets, Net                
Overall Container Capacity Number of Twenty Foot Equivalent Units | item           5,466    
Wide Hotel                
Fixed Assets, Net                
Overall Container Capacity Number of Twenty Foot Equivalent Units | item           5,466    
Wide India                
Fixed Assets, Net                
Overall Container Capacity Number of Twenty Foot Equivalent Units | item           5,466    
Wide Juliet                
Fixed Assets, Net                
Overall Container Capacity Number of Twenty Foot Equivalent Units | item           5,466    
v3.22.2
Deferred Charges, net (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Dec. 31, 2021
Changes in deferred charges, net          
Balance at the beginning of the period     $ 11,801    
Amortization $ (3,202) $ (2,545) (5,922) $ (5,054)  
Balance at the end of the period 15,605   15,605   $ 11,801
Drydocking and Special Survey Costs          
Changes in deferred charges, net          
Balance at the beginning of the period     11,801 $ 17,339 17,339
Additions     9,726   4,643
Amortization     (5,922)   (10,181)
Balance at the end of the period $ 15,605   $ 15,605   $ 11,801
Period of amortization for deferred costs     2 years 6 months    
v3.22.2
Other Current and Non-current Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2022
Dec. 31, 2021
Schedule Of Other Assets [Line Items]    
Equity participation ZIM $ 268,595 $ 423,024
Straight-lining of revenue 23,398 18,997
Claims receivable 15,239 8,919
Other assets 6,677 8,192
Total current assets 313,909 459,132
Other non-current assets 62,677 41,739
Total non-current assets $ 62,677 $ 41,739
v3.22.2
Other Current and Non-current Assets - ZIM (Details) - USD ($)
 1 Months Ended 3 Months Ended 6 Months Ended
Apr. 30, 2022
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Dec. 31, 2021
Schedule Of Other Assets [Line Items]            
Total gain on ZIM ordinary shares   $ (168,635,000) $ 196,290,000 $ (69,096,000) $ 444,165,000  
Non-current portion of unearned revenue   $ 152,564,000   $ 152,564,000   $ 37,977,000
ZIM            
Schedule Of Other Assets [Line Items]            
Ordinary shares owned   5,686,950   5,686,950   7,186,950
Fair value of shareholding interest   $ 268,600,000   $ 268,600,000   $ 423,000,000.0
Ordinary shares sold 1,500,000          
Net proceeds from sale of ordinary shares $ 85,300,000          
Total gain on ZIM ordinary shares       (69,100,000) 444,200,000  
Unrealized gain   268,600,000   268,600,000    
Dividend received       138,400,000 $ 0  
Dividends received net of withholdings of tax       14,500,000    
Non-current portion of unearned revenue   $ 60,900,000   $ 60,900,000   $ 39,900,000
v3.22.2
Accrued Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2022
Dec. 31, 2021
Accrued payroll $ 6,804 $ 1,001
Accrued interest 11,026 11,873
Accrued dry-docking expenses 435 280
Accrued expenses 8,478 7,692
Total $ 26,743 $ 20,846
v3.22.2
Long-Term Debt, net - Schedule of Debt (Details) - USD ($)
$ in Thousands
Jun. 30, 2022
May 12, 2022
Dec. 31, 2021
Feb. 11, 2021
Long-Term Debt, net        
Fair value of debt adjustment $ (8,351)   $ (9,990)  
Total long-term debt 885,149   1,142,035  
Less: Deferred finance costs, net (23,379)   (28,369)  
Less: Current portion (71,500)   (95,750)  
Total long-term debt net of current portion and deferred finance cost 790,270   1,017,916  
Citibank/Natwest $815 mil. Facility        
Long-Term Debt, net        
Long-term debt 463,500   774,250  
Credit facility 815,000 $ 815,000    
BNP Paribas/Credit Agricole $130 mil. Facility        
Long-Term Debt, net        
Long-term debt 130,000      
Credit facility 130,000      
Senior unsecured notes        
Long-Term Debt, net        
Long-term debt 300,000   300,000 $ 300,000
Macquarie Bank $58 mil. Facility        
Long-Term Debt, net        
Long-term debt     45,600  
Credit facility 58,000      
Eurobank $30.0 mil. Facility        
Long-Term Debt, net        
Long-term debt     21,375  
Credit facility 30,000      
SinoPac $13.3 mil. Facility        
Long-Term Debt, net        
Long-term debt     $ 10,800  
Credit facility $ 13,300      
v3.22.2
Long-Term Debt, net - Additional Information (Details)
 1 Months Ended 3 Months Ended 6 Months Ended
May 12, 2022
USD ($)
Apr. 12, 2021
USD ($)
Feb. 11, 2021
USD ($)
Jun. 30, 2022
USD ($)
item
Jun. 30, 2022
USD ($)
item
Jun. 30, 2021
USD ($)
Jun. 30, 2022
USD ($)
item
Jun. 30, 2021
USD ($)
Dec. 31, 2021
USD ($)
Line of Credit Facility [Line Items]                  
Deferred bond issuance costs       $ 23,400,000 $ 23,400,000   $ 23,400,000   $ 28,400,000
Remaining borrowing availability       0 0   $ 0    
Number of vessels excluding sale and lease back arrangement | item             54    
Carrying value of vessels       $ 1,852,200,000 1,852,200,000   $ 1,852,200,000    
Early repaid amount             383,125,000 $ 1,295,025,000  
Gain on debt extinguishment   $ 111,600,000     $ 22,939,000 $ 111,616,000 22,939,000 111,616,000  
Incurred interest expense             13,600,000    
Interest expense capitalized             700,000 $ 0  
Interest expense incurred             $ 14,300,000    
TEU sister vessels                  
Line of Credit Facility [Line Items]                  
TEU | item       5,466 5,466   5,466    
Citibank/Natwest $815 mil. Facility                  
Line of Credit Facility [Line Items]                  
Credit facility $ 815,000,000     $ 815,000,000 $ 815,000,000   $ 815,000,000    
Amount of quarterly instalment 12,900,000                
Balloon payment at maturity 309,000,000.0                
Long-term debt       $ 463,500,000 $ 463,500,000   $ 463,500,000   774,250,000
Minimum percentage of fair market value of collateral vessels required to cover loan value       120.00% 120.00%   120.00%    
Minimum liquidity       $ 30,000,000.0 $ 30,000,000.0   $ 30,000,000.0    
Maximum leverage ratio       6.5 6.5   6.5    
Minimum interest coverage ratio       2.5 2.5   2.5    
Early repaid amount 270,000,000.0                
Senior unsecured notes                  
Line of Credit Facility [Line Items]                  
Fixed interest rate (as a percent)     8.50%            
Percent of equity offering proceeds within 90 days after the equity offering closing     108.50%            
Deferred bond issuance costs     $ 9,000,000.0            
Long-term debt     $ 300,000,000.0 $ 300,000,000 $ 300,000,000   $ 300,000,000   300,000,000
Senior unsecured notes | March 1, 2024                  
Line of Credit Facility [Line Items]                  
Percent of principal amount being redeemed     104.25%            
Senior unsecured notes | March 1, 2025                  
Line of Credit Facility [Line Items]                  
Percent of principal amount being redeemed     102.125%            
Senior unsecured notes | March 1, 2026                  
Line of Credit Facility [Line Items]                  
Percent of principal amount being redeemed     100.00%            
Senior unsecured notes | Maximum                  
Line of Credit Facility [Line Items]                  
Redemption price (as percent)     35.00%            
Macquarie Bank $58 mil. Facility                  
Line of Credit Facility [Line Items]                  
Credit facility       58,000,000 58,000,000   58,000,000    
Long-term debt                 45,600,000
Early repaid amount 43,000,000.0                
Eurobank $30.0 mil. Facility                  
Line of Credit Facility [Line Items]                  
Credit facility       30,000,000.0 30,000,000.0   30,000,000.0    
Long-term debt                 21,375,000
Early repaid amount 20,600,000                
SinoPac $13.3 mil. Facility                  
Line of Credit Facility [Line Items]                  
Credit facility       13,300,000 13,300,000   13,300,000    
Long-term debt                 $ 10,800,000
Early repaid amount $ 9,800,000                
BNP Paribas/Credit Agricole $130 mil. Facility                  
Line of Credit Facility [Line Items]                  
Credit facility       130,000,000 130,000,000   130,000,000    
Amount of quarterly instalment       $ 5,000,000.0          
Spread on variable rate       2.16%          
Long-term debt       $ 130,000,000 $ 130,000,000   $ 130,000,000    
Minimum percentage of fair market value of collateral vessels required to cover loan value       125.00% 125.00%   125.00%    
Early repaid amount       $ 130,000,000.0          
BNP Paribas/Credit Agricole $130 mil. Facility | TEU sister vessels                  
Line of Credit Facility [Line Items]                  
Amount of quarterly instalment       1,900,000          
Balloon payment at maturity       $ 67,200,000 $ 67,200,000   $ 67,200,000    
v3.22.2
Long-Term Debt, net - Principal Payments (Details)
$ in Thousands
Jun. 30, 2022
USD ($)
Scheduled maturities of long-term debt  
June 30, 2023 $ 71,500
June 30, 2024 71,500
June 30, 2025 368,100
June 30, 2026 7,600
June 30, 2027 74,800
Thereafter 300,000
Total long-term debt $ 893,500
v3.22.2
Financial Instruments - Interest Rate Swap Hedges (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2022
USD ($)
agreement
Jun. 30, 2021
USD ($)
Financial Instruments    
Number of agreements held | agreement 0  
Interest rate swap contracts    
Financial Instruments    
Unrealized losses reclassified from accumulated other comprehensive loss to earnings $ 1.8 $ 1.8
Unrealized losses expected to be reclassified from accumulated other comprehensive loss to earnings within the next twelve months $ 3.6  
v3.22.2
Financial Instruments - Estimated Fair Values Of Financial Instruments (Details) - USD ($)
$ in Thousands
Jun. 30, 2022
Dec. 31, 2021
Total    
Financial Instruments    
Cash and cash equivalents $ 319,573 $ 129,410
Restricted cash 13,000 346
Equity participation ZIM 268,595 423,024
Secured long-term debt, including current portion 585,149 842,035
Unsecured long-term debt 297,885 300,000
Book Value    
Financial Instruments    
Cash and cash equivalents 319,573 129,410
Restricted cash 13,000 346
Equity participation ZIM 268,595 423,024
Secured long-term debt, including current portion 585,149 842,035
Unsecured long-term debt $ 300,000 $ 300,000
v3.22.2
Financial Instruments - Financial Instruments Measured and Not Measured At Fair Value On Recurring Basis (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jan. 17, 2022
Jun. 30, 2022
Dec. 31, 2021
Financial instruments measured at fair value      
Deferred finance costs, net   $ 23,400 $ 28,400
Advances for sale of vessels $ 13,000 13,000  
Eurobank $30.0 mil. Facility      
Financial instruments measured at fair value      
Cash on a retention account as collateral     300
Face amount of debt     30,000
Total      
Financial instruments measured at fair value      
Secured long-term debt, including current portion   585,149 842,035
Unsecured long-term debt   297,885 300,000
Notes | Non-recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1)      
Financial instruments measured at fair value      
Unsecured long-term debt   297,885  
Notes | Non-recurring basis | Significant Other Observable Inputs (Level 2)      
Financial instruments measured at fair value      
Secured long-term debt, including current portion   585,149 842,035
Unsecured long-term debt     300,000
Notes | Non-recurring basis | Total      
Financial instruments measured at fair value      
Secured long-term debt, including current portion   585,149 842,035
Unsecured long-term debt   297,885 300,000
Notes | ZIM | Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1)      
Financial instruments measured at fair value      
Notes   268,595 423,024
Notes | ZIM | Recurring basis | Total      
Financial instruments measured at fair value      
Notes   $ 268,595 $ 423,024
v3.22.2
Commitments and Contingencies (Details)
$ in Millions
Jan. 20, 2021
USD ($)
Commitments and Contingencies  
Partial payment received from Hanjin Shipping as common benefit claim and interest $ 3.9
v3.22.2
Stockholders' Equity (Details)
$ / shares in Units, $ in Thousands
 1 Months Ended 3 Months Ended 6 Months Ended 12 Months Ended
Dec. 31, 2021
shares
Dec. 21, 2021
shares
Dec. 10, 2021
shares
Mar. 16, 2021
shares
Feb. 12, 2021
shares
Jul. 31, 2022
USD ($)
shares
Jun. 30, 2022
USD ($)
$ / shares
shares
Oct. 31, 2020
USD ($)
shares
Jun. 30, 2022
USD ($)
$ / shares
shares
Jun. 30, 2022
USD ($)
director
$ / shares
shares
Jun. 30, 2021
USD ($)
director
Dec. 31, 2021
shares
Stock Based Compensation                        
Dividend declared per share | $ / shares             $ 0.75   $ 0.75 $ 0.75    
Dividends, common stock in cash | $                   $ 31,100    
Common shares issued                   56    
Shares repurchased           231,300 177,900 4,339,271        
Value of shares repurchased | $           $ 13,900 $ 11,200 $ 31,100 $ 11,208      
Number of shares remain unsettled             77,600          
Value of shares remain unsettled | $             $ 4,900          
Number of directors who elected to receive their compensation in shares | director                   0 0  
Maximum number of shares that may be granted             1,000,000   1,000,000 1,000,000    
General and Administrative Expense                        
Stock Based Compensation                        
Expenses representing fair value of the stock granted recognized in General and Administrative Expenses | $                   $ 200 $ 5,500  
Maximum                        
Stock Based Compensation                        
Shares repurchase program authorized amount | $             $ 100,000   $ 100,000 $ 100,000    
RBS                        
Stock Based Compensation                        
Shares repurchased               2,517,013        
Sphinx Investment Corp                        
Stock Based Compensation                        
Shares repurchased               1,822,258        
Restricted stock                        
Stock Based Compensation                        
Shares granted   10,000 110,000                  
Restricted shares                        
Stock Based Compensation                        
Shares issued and outstanding 19,300           19,076   19,076 19,076   19,300
Executive officers | Restricted stock                        
Stock Based Compensation                        
Shares granted         110,000              
Manager's employees | Restricted shares                        
Stock Based Compensation                        
Forfeiture of shares                   224    
Manager's employees | Vesting on December 31, 2021                        
Stock Based Compensation                        
Shares vested       10,000                
Number of cancelled shares                       1,050
Manager's employees | Vesting on December 31, 2021 | Restricted stock                        
Stock Based Compensation                        
Shares granted       40,000                
Manager's employees | Vesting on December 31, 2022 | Restricted shares                        
Stock Based Compensation                        
Shares vested 9,650                 19,076    
v3.22.2
Lease Arrangements (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2022
USD ($)
item
Lease Arrangements  
Number of vessels , generated revenue results | item 71
Amount of charter hire prepayment received $ 238,900
Number of charter vessels | item 15
Future minimum payments, expected to be received  
Remainder of 2022 $ 442,720
2023 697,369
2024 523,363
2025 286,004
2026 183,272
2027 and thereafter 179,561
Total future rentals $ 2,312,289
v3.22.2
Earnings per Share (Details) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Mar. 31, 2022
Jun. 30, 2021
Mar. 31, 2021
Jun. 30, 2022
Jun. 30, 2021
Numerator:            
Net income for the period $ 8,224 $ 331,465 $ 372,837 $ 296,780 $ 339,689 $ 669,617
Denominator (number of shares in thousands):            
Basic weighted average common shares outstanding 20,689   20,354   20,693 20,323
Effect of dilutive securities:            
Dilutive effect of non-vested shares 19   245   19 234
Diluted weighted average common shares outstanding 20,708   20,599   20,712 20,557
v3.22.2
Related Party Transactions (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Dec. 31, 2021
Related Party Transactions      
Advances on account of the vessels' operating expenses $ 32,118   $ 21,875
Due to executive officers shown under accounts payable 200   100
Manager      
Related Party Transactions      
Management fees incurred shown under General and administrative expenses 10,900 $ 9,200  
Management commissions incurred shown under Voyage expenses 6,300 $ 3,500  
Advances on account of the vessels' operating expenses $ 32,100   $ 21,900
v3.22.2
Subsequent Events (Details)
Aug. 29, 2022
$ / shares
Subsequent event  
Subsequent Event [Line Items]  
Dividend common stock per share declared $ 0.75