DANAOS CORP, 20-F filed on 3/5/2025
Annual and Transition Report (foreign private issuer)
v3.25.0.1
Document and Entity Information
 12 Months Ended
Dec. 31, 2024
shares
Entity Registrant Name DANAOS CORPORATION
Document Registration Statement false
Document Transition Report false
Document Annual Report true
Document Shell Company Report false
Entity File Number 001-33060
Entity Incorporation, State or Country Code 1T
Entity Address, Address Line One c/o Danaos Shipping Co. Ltd, Athens Branch
Entity Address, Address Line Two 14 Akti Kondyli
Entity Address, City or Town Piraeus
Entity Address, Country GR
Entity Address, Postal Zip Code 185 45
Title of 12(b) Security Common stock, $0.01 par value per share
Trading Symbol DAC
Security Exchange Name NYSE
Entity Central Index Key 0001369241
Document Type 20-F
Document Period End Date Dec. 31, 2024
Amendment Flag false
Current Fiscal Year End Date --12-31
Entity Well-known Seasoned Issuer Yes
Entity Voluntary Filers No
Entity Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Filer Category Large Accelerated Filer
Entity Common Stock, Shares Outstanding 18,987,616
Document Fiscal Year Focus 2024
Document Fiscal Period Focus FY
Entity Emerging Growth Company false
Document Financial Statement Error Correction [Flag] false
Entity Shell Company false
Document Accounting Standard U.S. GAAP
ICFR Auditor Attestation Flag true
Auditor Firm ID 1163
Auditor Name Deloitte Certified Public Accountants S.A.
Auditor Location Athens, Greece
Business Contact [Member]  
Entity Address, Address Line One c/o Danaos Shipping Co. Ltd, Athens Branch
Entity Address, Address Line Two 14 Akti Kondyli
Entity Address, City or Town Piraeus
Entity Address, Country GR
Entity Address, Postal Zip Code 185 45
Contact Personnel Name Evangelos Chatzis
City Area Code +30 210
Local Phone Number 419 6480
Contact Personnel Fax Number 30 210 419 6489
v3.25.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
CURRENT ASSETS    
Cash and cash equivalents $ 453,384 $ 271,809
Accounts receivable, net 25,578 9,931
Inventories 23,881 24,511
Prepaid expenses 1,902 1,915
Due from related parties $ 52,572 $ 51,431
Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration] Related Party [Member] Related Party [Member]
Other current assets $ 113,650 $ 142,173
Total current assets 670,967 501,770
NON-CURRENT ASSETS    
Fixed assets at cost, net of accumulated depreciation of $1,458,978 (2023: $1,311,689) 3,290,309 2,746,541
Advances for vessels under construction 265,838 301,916
Deferred charges, net 58,759 38,012
Investments in affiliates   270
Other non-current assets 57,781 72,627
Total non-current assets 3,672,687 3,159,366
Total assets 4,343,654 3,661,136
CURRENT LIABILITIES    
Accounts payable 29,039 22,820
Accrued liabilities 23,644 20,458
Current portion of long-term debt, net 35,220 21,300
Unearned revenue 49,665 63,823
Other current liabilities 31,386 39,759
Total current liabilities 168,954 168,160
LONG-TERM LIABILITIES    
Long-term debt, net 699,563 382,874
Unearned revenue, net of current portion 22,901 60,134
Other long-term liabilities 27,436 33,651
Total long-term liabilities 749,900 476,659
Total liabilities 918,854 644,819
Commitments and Contingencies
STOCKHOLDERS' EQUITY    
Preferred stock (par value $0.01, 100,000,000 preferred shares authorized and not issued as of December 31, 2022 and December 31, 2021)
Common stock (par value $0.01, 750,000,000 common shares authorized as of December 31, 2024 and December 31, 2023. 25,585,985 and 25,355,962 shares issued; and 18,987,616 and 19,418,696 shares outstanding as of December 31, 2024 and December 31, 2023, respectively) 190 194
Additional paid-in capital 650,864 690,190
Accumulated other comprehensive loss (70,430) (75,979)
Retained earnings 2,844,176 2,401,912
Total stockholders' equity 3,424,800 3,016,317
Total liabilities and stockholders' equity $ 4,343,654 $ 3,661,136
v3.25.0.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Sep. 18, 2009
CONSOLIDATED BALANCE SHEETS          
Accumulated depreciation $ 1,458,978 $ 1,311,689 $ 1,182,402 $ 1,055,792  
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01     $ 0.01
Preferred stock, shares authorized 100,000,000 100,000,000     100,000,000
Common stock, par value (in dollars per share) $ 0.01 $ 0.01 $ 0.01   $ 0.01
Common stock, shares authorized 750,000,000 750,000,000     750,000,000
Common stock, shares issued 25,585,985 25,355,962      
Common stock, shares outstanding 18,987,616 19,418,696      
v3.25.0.1
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CONSOLIDATED STATEMENTS OF INCOME      
OPERATING REVENUES $ 1,014,110 $ 973,583 $ 993,344
OPERATING EXPENSES      
Voyage expenses (64,101) (41,010) (35,145)
Vessel operating expenses (185,724) (162,117) (158,972)
Depreciation and amortization of right-of-use assets (148,344) (129,287) (134,271)
Amortization of deferred drydocking and special survey costs (29,161) (18,663) (12,170)
General and administrative expenses (54,228) (43,484) (36,575)
Net gain on disposal/sale of vessels 8,332 1,639 37,225
Income From Operations 540,884 580,661 653,436
OTHER INCOME (EXPENSES):      
Interest income 12,890 12,133 4,591
Interest expense (26,185) (20,463) (62,141)
Gain/(loss) on investments (25,179) 17,867 (176,386)
Dividend income 9,276 1,056 165,399
Gain/(loss) on debt extinguishment, net 0 (2,254) 4,351
Equity loss on investments (1,629) (3,993)  
Other finance expenses (3,593) (4,274) (1,590)
Other income/(expenses), net 2,241 (812) (6,578)
Loss on derivatives (3,632) (3,622) (3,622)
Total Other Income/(Expenses), net (35,811) (4,362) (75,976)
Income before income taxes 505,073 576,299 577,460
Income taxes     (18,250)
Net Income $ 505,073 $ 576,299 $ 559,210
EARNINGS PER SHARE      
Basic earnings per share of common stock $ 26.15 $ 28.99 $ 27.3
Diluted earnings per share of common stock $ 26.05 $ 28.95 $ 27.28
Basic weighted average number of common shares 19,316,453 19,879,161 20,481,894
Diluted weighted average number of common shares 19,384,879 19,903,655 20,501,021
v3.25.0.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME      
Net income $ 505,073 $ 576,299 $ 559,210
Other comprehensive income:      
Prior service cost of defined benefit plan 867 (6,277) (14,184)
Amortization of prior service cost of defined benefit plan 1,050 885 7,808
Amortization of deferred realized losses on cash flow hedges 3,632 3,622 3,622
Total Other Comprehensive Income/(Loss) 5,549 (1,770) (2,754)
Comprehensive Income $ 510,622 $ 574,529 $ 556,456
v3.25.0.1
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Common Stock
Additional paid-in capital
Accumulated other comprehensive loss
Retained earnings
Total
Balance at Dec. 31, 2021 $ 207 $ 770,676 $ (71,455) $ 1,388,595 $ 2,088,023
Balance (in shares) at Dec. 31, 2021 20,717,000        
Increase (Decrease) in Stockholders' Equity          
Net income       559,210 559,210
Dividends       (61,494) (61,494)
Repurchase of common stock $ (5) (28,548)     $ (28,553)
Repurchase of common stock (in shares) (467,000)       (466,955)
Stock compensation $ 1 5,971     $ 5,972
Stock compensation (in shares) 100,000        
Issuance of common stock   10     10
Net movement in other comprehensive income (loss)     (2,754)   (2,754)
Balance at Dec. 31, 2022 $ 203 748,109 (74,209) 1,886,311 2,560,414
Balance (in shares) at Dec. 31, 2022 20,350,000        
Increase (Decrease) in Stockholders' Equity          
Net income       576,299 576,299
Dividends       (60,698) (60,698)
Repurchase of common stock $ (11) (70,599)     $ (70,610)
Repurchase of common stock (in shares) (1,131,000)       (1,131,040)
Stock compensation $ 2 12,678     $ 12,680
Stock compensation (in shares) 200,000        
Issuance of common stock   2     2
Net movement in other comprehensive income (loss)     (1,770)   (1,770)
Balance at Dec. 31, 2023 $ 194 690,190 (75,979) 2,401,912 3,016,317
Balance (in shares) at Dec. 31, 2023 19,419,000        
Increase (Decrease) in Stockholders' Equity          
Net income       505,073 505,073
Dividends       (62,809) (62,809)
Repurchase of common stock $ (6) (53,884)     $ (53,890)
Repurchase of common stock (in shares) (661,000)       (661,103)
Stock compensation $ 2 14,556     $ 14,558
Stock compensation (in shares) 230,000        
Issuance of common stock   2     2
Net movement in other comprehensive income (loss)     5,549   5,549
Balance at Dec. 31, 2024 $ 190 $ 650,864 $ (70,430) $ 2,844,176 $ 3,424,800
Balance (in shares) at Dec. 31, 2024 18,988,000        
v3.25.0.1
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY                              
Dividends (in US$ per share) $ 0.85 $ 0.8 $ 0.8 $ 0.8 $ 0.8 $ 0.75 $ 0.75 $ 0.75 $ 0.75 $ 0.75 $ 0.75 $ 0.75 $ 3.25 $ 3.05 $ 3
v3.25.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities      
Net income $ 505,073 $ 576,299 $ 559,210
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation and amortization of right-of-use assets 148,344 129,287 134,271
Amortization of deferred drydocking and special survey costs 29,161 18,663 12,170
Amortization of assumed time charters (4,534) (21,222) (56,699)
Amortization of finance costs 2,326 2,201 8,564
Debt discount amortization     2,956
Prior service cost and periodic cost 1,426 1,613 7,846
Loss/(gain) on investments 25,179 (17,867) 176,386
Equity loss on investments 1,629 3,993  
Loss/(gain) on debt extinguishment 0 2,254 (4,351)
Net gain on disposal/sale of vessels (8,332) (1,639) (37,225)
Payments for drydocking and special survey costs deferred (50,568) (31,121) (29,939)
Stock based compensation 14,558 12,680 5,972
Amortization of deferred realized losses on interest rate swaps 3,632 3,622 3,622
(Increase)/Decrease in:      
Accounts receivable (5,403) (4,296) 1,483
Inventories 630 (8,412) (3,520)
Prepaid expenses 13 (603) 720
Due from related parties (1,141) (17,429) (12,127)
Other assets, current and non-current 21,267 7,812 (52,347)
Increase/(Decrease) in:      
Accounts payable 7,060 (390) 5,580
Accrued liabilities 3,186 236 280
Unearned revenue, current and long-term (46,857) (77,534) 158,255
Other liabilities, current and long-term (24,899) (1,855) 53,634
Net cash provided by operating activities 621,750 576,292 934,741
Cash flows from investing activities      
Vessels additions and advances for vessels under construction (659,343) (268,035) (199,135)
Net proceeds and insurance proceeds from disposal/sale of vessels 10,196 3,914 129,069
Proceeds from sale of investments     246,638
Investments in affiliates/marketable securities (1,642) (74,407)  
Net cash provided by/(used in) investing activities (650,789) (338,528) 176,572
Cash flows from financing activities      
Proceeds from long-term debt, net 362,000   182,726
Payments of long-term debt (27,970) (27,500) (892,928)
Payments of leaseback obligation   (72,925) (153,546)
Dividends paid (62,807) (60,696) (61,483)
Payments of accumulated accrued interest     (3,373)
Finance costs (7,277) (1,892) (16,244)
Repurchase of common stock (53,332) (70,610) (28,553)
Net cash provided by/(used in) financing activities 210,614 (233,623) (973,401)
Net increase in cash and cash equivalents 181,575 4,141 137,912
Cash and cash equivalents, beginning of year 271,809 267,668 129,756
Cash and cash equivalents, end of year 453,384 271,809 267,668
Supplemental cash flow information      
Cash paid for interest, net of amounts capitalized $ 21,572 $ 18,076 $ 53,954
v3.25.0.1
Basis of Presentation and General Information
 12 Months Ended
Dec. 31, 2024
Basis of Presentation and General Information  
Basis of Presentation and General Information

1. Basis of Presentation and General Information

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

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

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

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

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

​

1. Basis of Presentation and General Information (Continued)

As of December 31, 2024, Danaos consolidated the vessel owning companies (the “Danaos Subsidiaries”) of container vessels and drybulk vessels listed below.

Container vessels:

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year

​

​

Company

    

Date of Incorporation

    

Vessel Name

    

Built

    

TEU(1)

Megacarrier (No. 1) Corp.

​

September 10, 2007

 

Kota Peony (ex Hyundai Honour)

 

2012

 

13,100

Megacarrier (No. 2) Corp.

​

September 10, 2007

 

Kota Primrose (ex Hyundai Respect)

 

2012

 

13,100

Megacarrier (No. 3) Corp.

​

September 10, 2007

 

Kota Plumbago (ex Hyundai Smart)

 

2012

 

13,100

Megacarrier (No. 4) Corp.

​

September 10, 2007

 

Speed (ex Hyundai Speed)

 

2012

 

13,100

Megacarrier (No. 5) Corp.

​

September 10, 2007

 

Ambition (ex Hyundai Ambition)

 

2012

 

13,100

CellContainer (No. 6) Corp.

​

October 31, 2007

 

Express Berlin

 

2011

 

10,100

CellContainer (No. 7) Corp.

​

October 31, 2007

 

Express Rome

 

2011

 

10,100

CellContainer (No. 8) Corp.

​

October 31, 2007

 

Express Athens

 

2011

 

10,100

Karlita Shipping Co. Ltd.

​

February 27, 2003

 

Pusan C

 

2006

 

9,580

Ramona Marine Co. Ltd.

​

February 27, 2003

 

Le Havre

 

2006

 

9,580

Oceancarrier (No. 2) Corp.

​

October 15, 2020

​

Bremen

​

2009

​

9,012

Oceancarrier (No. 3) Corp.

​

October 15, 2020

​

C Hamburg

​

2009

​

9,012

Blackwell Seaways Inc.

​

January 9, 2020

​

Niledutch Lion

​

2008

​

8,626

Oceancarrier (No. 1) Corp.

​

February 19, 2020

​

Kota Manzanillo

​

2005

​

8,533

Springer Shipping Co.

​

April 29, 2019

​

Belita

​

2006

​

8,533

Teucarrier (No. 5) Corp.

​

September 17, 2007

 

CMA CGM Melisande

 

2012

 

8,530

Teucarrier (No. 1) Corp.

​

January 31, 2007

 

CMA CGM Attila

 

2011

 

8,530

Teucarrier (No. 2) Corp.

​

January 31, 2007

 

CMA CGM Tancredi

 

2011

 

8,530

Teucarrier (No. 3) Corp.

​

January 31, 2007

 

CMA CGM Bianca

 

2011

 

8,530

Teucarrier (No. 4) Corp.

​

January 31, 2007

​

CMA CGM Samson

​

2011

​

8,530

Oceanew Shipping Ltd.

​

January 14, 2002

​

Europe

​

2004

​

8,468

Oceanprize Navigation Ltd.

​

January 21, 2003

​

America

​

2004

​

8,468

Rewarding International Shipping Inc.

​

October 1, 2019

​

Kota Santos

​

2005

​

8,463

Teushipper (No. 1) Corp.

​

March 14, 2022

​

Catherine C (3)

​

2024

​

8,010

Teushipper (No. 2) Corp.

​

March 14, 2022

​

Greenland (3)

​

2024

​

8,010

Teushipper (No. 3) Corp.

​

March 14, 2022

​

Greenville (3)

​

2024

​

8,010

Teushipper (No. 4) Corp.

​

March 14, 2022

​

Greenfield (3)

​

2024

​

8,010

Boxsail (No. 1) Corp.

​

March 4, 2022

​

Interasia Accelerate (3)

​

2024

​

7,165

Boxsail (No. 2) Corp.

​

March 4, 2022

​

Interasia Amplify (3)

​

2024

​

7,165

Boxcarrier (No. 2) Corp.

​

June 27, 2006

​

CMA CGM Musset

​

2010

​

6,500

Boxcarrier (No. 3) Corp.

​

June 27, 2006

​

CMA CGM Nerval

​

2010

​

6,500

Boxcarrier (No. 4) Corp.

​

June 27, 2006

​

CMA CGM Rabelais

​

2010

​

6,500

Boxcarrier (No. 5) Corp.

​

June 27, 2006

​

Racine

​

2010

​

6,500

Boxcarrier (No. 1) Corp.

​

June 27, 2006

​

CMA CGM Moliere

​

2009

​

6,500

Expresscarrier (No. 1) Corp.

​

March 5, 2007

​

YM Mandate

​

2010

​

6,500

Expresscarrier (No. 2) Corp.

​

March 5, 2007

​

YM Maturity

​

2010

​

6,500

Actaea Company Limited

​

October 14, 2014

​

Savannah (ex Zim Savannah)

​

2002

​

6,402

Asteria Shipping Company Limited

​

October 14, 2014

​

Dimitra C

​

2002

​

6,402

Averto Shipping S.A.

​

June 12, 2015

​

Suez Canal

​

2002

​

5,610

Sinoi Marine Ltd.

​

June 12, 2015

​

Kota Lima

​

2002

​

5,544

Oceancarrier (No. 4) Corp.

​

July 6, 2021

​

Wide Alpha

​

2014

​

5,466

Oceancarrier (No. 5) Corp.

​

July 6, 2021

​

Stephanie C

​

2014

​

5,466

Oceancarrier (No. 6) Corp.

​

July 6, 2021

​

Euphrates (ex Maersk Euphrates)

​

2014

​

5,466

Oceancarrier (No. 7) Corp.

​

July 6, 2021

​

Wide Hotel

​

2015

​

5,466

Oceancarrier (No. 8) Corp.

​

July 6, 2021

​

Wide India

​

2015

​

5,466

Oceancarrier (No. 9) Corp.

​

July 6, 2021

​

Wide Juliet

​

2015

​

5,466

Continent Marine Inc.

​

March 22, 2006

 

Monaco (ex Zim Monaco)

 

2009

 

4,253

Medsea Marine Inc.

​

May 8, 2006

 

Dalian

 

2009

 

4,253

Blacksea Marine Inc.

​

May 8, 2006

 

Zim Luanda

 

2009

 

4,253

Bayview Shipping Inc.

​

March 22, 2006

 

Rio Grande

 

2008

 

4,253

Channelview Marine Inc.

​

March 22, 2006

 

Paolo

 

2008

 

4,253

Balticsea Marine Inc.

​

March 22, 2006

 

Kingston

 

2008

 

4,253

Seacarriers Services Inc.

​

June 28, 2005

 

Seattle C

 

2007

 

4,253

Seacarriers Lines Inc.

​

June 28, 2005

 

Vancouver

 

2007

 

4,253

Containers Services Inc.

​

May 30, 2002

 

Tongala

 

2004

 

4,253

Containers Lines Inc.

​

May 30, 2002

 

Derby D

 

2004

 

4,253

Boulevard Shiptrade S.A

​

September 12, 2013

 

Dimitris C

 

2001

 

3,430

CellContainer (No. 4) Corp.

​

March 23, 2007

 

Express Spain

 

2011

 

3,400

CellContainer (No. 5) Corp.

​

March 23, 2007

 

Express Black Sea

 

2011

 

3,400

CellContainer (No. 1) Corp.

​

March 23, 2007

 

Express Argentina

 

2010

 

3,400

CellContainer (No. 2) Corp.

​

March 23, 2007

 

Express Brazil

 

2010

 

3,400

CellContainer (No. 3) Corp.

​

March 23, 2007

 

Express France

 

2010

 

3,400

Wellington Marine Inc.

​

January 27, 2005

 

Singapore

 

2004

​

3,314

Auckland Marine Inc.

​

January 27, 2005

 

Colombo

 

2004

​

3,314

Vilos Navigation Company Ltd.

​

May 30, 2013

​

Zebra

​

2001

 

2,602

Sarond Shipping Inc.

​

January 18, 2013

 

Artotina

 

2001

 

2,524

Speedcarrier (No. 7) Corp.

​

December 6, 2007

 

Highway

 

1998

 

2,200

Speedcarrier (No. 6) Corp.

​

December 6, 2007

 

Progress C

 

1998

 

2,200

Speedcarrier (No. 8) Corp.

​

December 6, 2007

 

Bridge

 

1998

 

2,200

Speedcarrier (No. 1) Corp.

​

June 28, 2007

 

Phoenix D

 

1997

 

2,200

Speedcarrier (No. 2) Corp.

​

June 28, 2007

 

Advance

 

1997

 

2,200

Speedcarrier (No. 3) Corp.

​

June 28, 2007

​

Stride (2)

​

1997

 

2,200

Speedcarrier (No. 5) Corp.

​

June 28, 2007

​

Future

​

1997

 

2,200

Speedcarrier (No. 4) Corp.

​

June 28, 2007

​

Sprinter

​

1997

 

2,200

Container vessels under construction:

​

​

​

​

​

​

​

​

Boxsail (No. 3) Corp.

​

March 4, 2022

​

Hull No. CV5900-07

​

2025

​

6,014

Boxsail (No. 4) Corp.

​

March 4, 2022

​

Hull No. CV5900-08

​

2025

​

6,014

Boxline (No. 1) Corp.

​

June 7, 2023

​

Hull No. YZJ2023-1556

​

2026

​

8,258

Boxline (No. 2) Corp.

​

June 7, 2023

​

Hull No. YZJ2023-1557

​

2026

​

8,258

Boxline (No. 3) Corp.

​

February 2, 2024

​

Hull No. YZJ2024-1612

​

2026

​

8,258

Boxline (No. 4) Corp.

​

February 2, 2024

​

Hull No. YZJ2024-1613

​

2027

​

8,258

Boxline (No. 5) Corp.

​

March 8, 2024

​

Hull No. YZJ2024-1625

​

2027

​

8,258

Boxline (No. 6) Corp.

​

March 8, 2024

​

Hull No. YZJ2024-1626

​

2027

​

8,258

Boxline (No. 7) Corp.

​

May 30, 2024

​

Hull No. YZJ2024-1668

​

2027

​

8,258

Boxsail (No. 5) Corp.

​

June 13, 2024

​

Hull No. C9200-7

​

2027

​

9,200

Boxsail (No. 6) Corp.

​

June 13, 2024

​

Hull No. C9200-8

​

2027

​

9,200

Boxsail (No. 7) Corp.

​

June 27, 2024

​

Hull No. C9200-9

​

2027

​

9,200

Boxsail (No. 8) Corp.

​

June 27, 2024

​

Hull No. C9200-10

​

2028

​

9,200

Boxsail (No. 9) Corp.

​

July 11, 2024

​

Hull No. C9200-11

​

2028

​

9,200

Boxsail (No. 10) Corp.

​

December 19, 2024

​

Hull No. H2596

​

2027

​

9,200

Boxsail (No. 11) Corp.

​

December 19, 2024

​

Hull No. H2597

​

2027

​

9,200

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

1. Basis of Presentation and General Information (Continued)

(2)The Stride was sold for scrap in 2024.
(3)The newbuilding vessels were delivered to the Company in 2024.

Capesize drybulk vessels:

​

​

​

​

​

​

​

​

​

​

​

    

​

    

​

    

Year 

    

​

Company

​

Date of Incorporation

​

Vessel Name

​

Built

​

DWT(4)

Bulk No. 1 Corp.

​

July 14, 2023

 

Integrity (5)

 

2010

 

175,966

Bulk No. 2 Corp.

​

July 14, 2023

 

Achievement (5)

 

2011

 

175,966

Bulk No. 3 Corp.

​

July 14, 2023

 

Ingenuity (5)

 

2011

 

176,022

Bulk No. 4 Corp.

​

July 14, 2023

 

Genius (5)

 

2012

 

175,580

Bulk No. 5 Corp.

​

July 14, 2023

 

Peace (5)

 

2010

 

175,858

Bulk No. 6 Corp.

​

September 15, 2023

 

W Trader (5)

 

2009

 

175,879

Bulk No. 7 Corp.

​

September 25, 2023

​

E Trader (5)

​

2009

​

175,886

Bulk No. 8 Corp.

​

January 31, 2024

​

Danaos (6)

​

2011

​

176,536

Bulk No. 9 Corp.

​

February 2, 2024

​

Gouverneur (6)

​

2010

​

178,043

Bulk No. 10 Corp.

​

February 15, 2024

 

Valentine (6)

 

2011

 

175,125

(4)DWT, dead weight tons, the international standard measure for drybulk vessels capacity.
(5)The vessels were delivered to the Company in 2023.
(6)The vessels were delivered to the Company in 2024.
v3.25.0.1
Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
Significant Accounting Policies  
Significant Accounting Policies

2. Significant Accounting Policies

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

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

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

​

2. Significant Accounting Policies (Continued)

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

Reclassifications in Other Comprehensive Income/(Loss): The Company had the following reclassifications out of Accumulated Other Comprehensive Loss during the years ended December 31, 2024, 2023 and 2022, respectively (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year ended December 31, 

​

    

Location of Reclassification into Income

    

2024

    

2023

    

2022

Amortization of deferred realized losses on cash flow hedges

​

Loss on derivatives

​

$

3,632

​

$

3,622

​

$

3,622

Reclassification of prior service cost of defined benefit plan

​

Other income/(expenses), net

​

​

1,050

​

​

885

​

​

7,808

Total Reclassifications

​

​

​

$

4,682

​

$

4,507

​

$

11,430

​

Foreign Currency Translation: The functional currency of the Company is the U.S. dollar. The Company engages in worldwide commerce with a variety of entities. Although its operations may expose it to certain levels of foreign currency risk, its transactions are predominantly U.S. dollar denominated. Additionally, the Company’s wholly-owned vessel subsidiaries transacted a nominal amount of their operations in Euros; however, all of the subsidiaries’ primary cash flows are U.S. dollar denominated. Transactions in currencies other than the functional currency are translated at the exchange rate in effect at the date of each transaction. Differences in exchange rates during the period between the date a transaction denominated in a foreign currency is consummated and the date on which it is either settled or translated, are recognized in the Consolidated Statements of Income. The foreign currency exchange gains/(losses) recognized in the accompanying Consolidated Statements of Income for each of the years ended December 31, 2024, 2023 and 2022 were $0.3 million loss, $0.5 million loss and $0.2 million loss, respectively, and are presented under “Vessel operating expenses” in the Consolidated Statements of Income.

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

Accounts Receivable, Net: The amount shown as Accounts Receivable, net, at each balance sheet date includes estimated recoveries from charterers for hire from operating leases accounted for in accordance with Topic 842 and freight and demurrage billings, net of a provision for doubtful accounts. Amounts receivable from freight and demurrage billings were not material as of December 31, 2024 and December 31, 2023. Accounts receivable are short term in duration as payments are expected to be received within one year. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts based on the Company’s history of write-offs, level of past due accounts based on the contractual term of the receivables and its relationships with and economic status of its customers. Bad debts are written off in the period in which they are identified. No provision for doubtful accounts receivable was recognized as of December 31, 2024 and December 31, 2023, based on the Company’s credit losses assessment.

​

2. Significant Accounting Policies (Continued)

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

Prepaid Expenses and Inventories: Prepaid expenses consist mainly of insurance expenses, and inventories consist of bunkers, lubricants and provisions remaining on board the vessels at each period end stated at the lower of cost and net realizable value. Net realizable value is the estimated selling price less reasonably predictable costs of disposal. Costs are determined using the first-in, first-out method. Costs of spare parts are expensed as incurred.

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

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

The Company acquired seven vessels in 2023 and three vessels in 2024, all of which were considered to be acquisitions of assets. Following adoption of ASU 2017-01 “Business Combinations (Topic 805)” on January 1, 2018, the Company evaluates if any vessel acquisition in secondhand market constitutes a business or not. When substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the set is not a business. The following assets are considered as a single asset for the purposes of the evaluation (i) a tangible asset that is attached to and cannot be physically removed and used separately from another tangible assets (or an intangible asset representing the right to use a tangible asset); (ii) in place lease intangibles, including favorable and unfavorable intangible assets or liabilities, and the related leased assets. Acquisition costs associated with asset acquisitions are capitalized.

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

2. Significant Accounting Policies (Continued)

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

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

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

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

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

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

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

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

2. Significant Accounting Policies (Continued)

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

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

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

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

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

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

As of December 31, 2024 and 2023, the Company concluded that events and circumstances triggered the existence of potential impairment of some of its container vessels. These indicators included volatility in the charter market and the vessels’ market values, as well as the potential impact the current marketplace may have on its future operations. As a result, the Company performed step one of the impairment assessment for the Company’s vessels with impairment indicators by comparing the undiscounted projected net operating cash flows for each vessel to its carrying value. The Company’s strategy is to charter its container vessels under multi-year, fixed rate period charters that have the initial terms up to 18 years for vessels in its fleet, providing the Company with contracted stable cash flows. The Company used a number of factors and assumptions in its undiscounted projected net operating cash flow analysis including, among others, operating revenues, off-hire revenues, drydocking costs, operating expenses and management fees estimates. Revenue assumptions were based on contracted time charter rates up to the end of life of the current contract of each vessel as well as the estimated time charter equivalent rates for the remaining life of the vessel after the completion of its current contract for non-contracted revenue days. The estimated daily time charter equivalent rate used for the non-contracted revenue days of each vessel is considered a significant assumption. Recognizing that the transportation industry is cyclical and subject to significant volatility based on factors beyond the Company’s control, management believes that the most recent 5 to 15 years historical average time charter rates represent a reasonable benchmark for the estimated time charter equivalent rates for the non-contracted revenue days, as such averages take into account the volatility and cyclicality of the market and the remaining economic useful life of the respective vessel. In addition, the Company used an annual operating expenses escalation factor and estimates of scheduled and unscheduled off-hire revenues based on historical experience. All estimates used and assumptions made were in accordance with the Company’s internal budgets and historical experience of the shipping industry.

2. Significant Accounting Policies (Continued)

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

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

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

Accounting for Revenue and Expenses: The Company derives its revenue from time charters and bareboat charters of its containerships, each of which contains a lease. These charters involve placing the specified vessel at charterers’ use for a specified rental period of time in return for the payment of specified daily hire rates. Most of the charters include options for the charterers to extend their terms. Under a time charter, the daily hire rate includes lease component related to the right of use of the vessel and non-lease components primarily related to the operating expenses of the vessel incurred by the Company such as commissions, vessel operating expenses: crew expenses, lubricants, certain insurance expenses, repair and maintenance, spares, stores etc. and vessel management fees. Under a bareboat charter, the daily hire rate includes only lease component related to the right of use of the vessel. The revenue earned based on time charters is not negotiated in separate components. Revenue from the Company’s time charters and bareboat charters of vessels is accounted for as operating leases on a straight line basis based on the average fixed rentals over the minimum fixed rental period of the time charter and bareboat charter agreements, as service is performed. Charter hire received in advance is recorded under “Unearned revenue” in the Consolidated Balance Sheets until charter services are rendered. The Company elected the practical expedient which allows the Company to treat the lease and non-lease components as a single lease component for the leases where the timing and pattern of transfer for the nonlease component and the associated lease component to the lessees are the same and the lease component, if accounted for separately, would be classified as an operating lease. The combined component is therefore accounted for as an operating lease under ASC 842, as adopted by the Company on January 1, 2019, as the lease component is the predominant component in 2024, 2023 and 2022.

2. Significant Accounting Policies (Continued)

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

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

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

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

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

Repairs and Maintenance: All repair and maintenance expenses are expensed as incurred and are included in vessel operating expenses in the accompanying Consolidated Statements of Income.

2. Significant Accounting Policies (Continued)

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

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

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

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

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

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

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

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

2. Significant Accounting Policies (Continued)

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

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

Earnings Per Share: The Company presents net earnings per share for all years presented based on the weighted average number of outstanding shares of common stock of Danaos Corporation for the reported periods. Diluted earnings per share reflect the potential dilution that would occur if securities or other contracts to issue common stock were exercised. Diluted earnings per common share is computed by dividing the net earnings by the weighted average number of common shares outstanding plus the dilutive effect of restricted shares outstanding during the applicable periods computed using the treasury stock method. The two-class method is used for diluted earnings per share when such is the most dilutive method, considering antidilution sequencing. Unvested shares of restricted stock are included in the calculation of the diluted earnings per share, unless considered antidilutive, based on the weighted average number of shares of restricted stock outstanding during the period.

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

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

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

The aggregate number of shares of common stock for which awards may be granted under the Plan shall not exceed 1,000,000 shares plus the number of unvested shares granted before August 2, 2019. Awards made under the Plan that have been forfeited, cancelled or have expired, will not be treated as having been granted for purposes of the preceding sentence. Unless otherwise set forth in an award agreement, any awards outstanding under the Plan will vest immediately upon a “change of control”, as defined in the Plan. Refer to Note 17, “Stock Based Compensation”.

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

2. Significant Accounting Policies (Continued)

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

As of April 18, 2008, the Board of Directors and the Compensation Committee approved the Company’s ability to provide, from time to time, incentive compensation to the employees of the Manager. Prior approval is required by the Compensation Committee and the Board of Directors. The plan was effective since December 31, 2008. Pursuant to the terms of the plan, employees of the Manager may receive (from time to time) shares of the Company’s common stock as additional compensation for their services offered during the preceding period. The total amount of stock to be granted to employees of the Manager will be at the Company’s Board of Directors’ discretion only and there will be no contractual obligation for any stock to be granted as part of the employees’ compensation package in future periods. Refer to Note 17, “Stock Based Compensation”.

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

New Accounting Pronouncement: In November 2024, the FASB issued ASU 2024-03, “Income Statement – Reporting Comprehensive Income – Expenses Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses”. The standard is intended to require more detailed disclosure about specified categories of expenses (including employee compensation, depreciation and amortization) included in certain expense captions presented on the face of the income statement. This ASU is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either prospectively to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to all prior periods presented in the financial statements. The Company is currently assessing the impact this standard will have on its financial statements.
v3.25.0.1
Investments in Affiliates
 12 Months Ended
Dec. 31, 2024
Investments in Affiliates  
Investments in Affiliates

3. Investments in Affiliates

In March 2023, the Company invested $4.3 million in the common shares of a newly established company Carbon Termination Technologies Corporation (“CTTC”), incorporated in the Republic of the Marshall Islands, which represents the Company’s 49% ownership interest. CTTC currently engages in research and development of decarbonization technologies for the shipping industry. Equity method of accounting is used for this investment. In 2024, the Company provided a $1.6 million loan to CTTC which bears interest at a rate of SOFR+2.0% and has a maturity date of December 31, 2025. The Company’s share of CTTC’s initial expenses amounted to $1.6 million and $4.0 million and are presented under “Equity loss on investments” in the Consolidated Statements of Income for the years ended December 31, 2024 and 2023, respectively.
v3.25.0.1
Fixed assets, net
 12 Months Ended
Dec. 31, 2024
Fixed Assets, net  
Fixed Assets, net

4. Fixed Assets, net

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

​

​

​

​

​

​

​

​

​

​

​

​

Vessel

​

Accumulated 

​

Net Book

​

    

Costs

    

Depreciation

    

Value

As of January 1, 2022

​

$

3,917,443

​

$

(1,055,792)

​

$

2,861,651

Additions

​

 

4,580

​

 

—

​

 

4,580

Transfers from right-of-use assets and to vessel held for sale

​

​

79,179

​

​

(5,896)

​

​

73,283

Disposals

​

​

(97,306)

​

​

10,500

​

​

(86,806)

Depreciation

​

 

—

​

 

(131,214)

​

 

(131,214)

As of December 31, 2022

​

$

3,903,896

​

$

(1,182,402)

​

$

2,721,494

Additions

​

 

154,334

​

 

—

​

 

154,334

Depreciation

​

​

—

​

​

(129,287)

​

​

(129,287)

As of December 31, 2023

​

$

4,058,230

​

$

(1,311,689)

​

$

2,746,541

Additions and transfers from vessels under construction

​

 

694,997

​

 

—

​

 

694,997

Disposals

​

 

(3,940)

​

 

1,055

​

 

(2,885)

Depreciation

​

 

—

​

 

(148,344)

​

 

(148,344)

As of December 31, 2024

​

$

4,749,287

​

$

(1,458,978)

​

$

3,290,309

​

In 2024, the Company took delivery of four 8,000 TEU newbuild container vessels and two 7,100 TEU newbuild container vessels, see Note 5 “Advances for Vessels under Construction”. Each of these six newbuild vessels delivered to the Company commenced a long-term time charter upon delivery. Additionally, in 2024, the Company entered into agreements to acquire 3 Capesize bulk carriers built in 2010 through 2011 that aggregate 529,704 DWT for a total purchase price of $79.8 million. Two of these vessels were delivered to the Company in the second quarter of 2024 and one in July 2024.

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

In 2023, the Company acquired 7 Capesize bulk carriers built in 2009 through 2012 that aggregate to 1,231,157 DWT for a total purchase price of $139.6 million. These vessels were delivered to the Company from September 2023 to December 2023.

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

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

As of December 31, 2024 and 2023, the Company concluded that events and circumstances triggered the existence of potential impairment for some of the Company’s container vessels. These indicators included volatility in the charter market and the vessels’ market values, as well as the potential impact the current marketplace may have on its future operations. As a result, the Company performed step one of the impairment assessment for the Company’s vessels with impairment indicators by comparing the undiscounted projected net operating cash flows for each of these vessels to its carrying values. As of December 31, 2024 and 2023, the Company’s assessment concluded that step two of the impairment analysis was not required for any vessel, as the undiscounted projected net operating cash flows of all vessels exceeded the carrying value of the respective vessels. As of December 31, 2024 and 2023, no impairment loss was identified.

4. Fixed Assets, net (Continued)

The residual value (estimated scrap value at the end of the vessels’ useful lives) of the fleet was estimated at $603.7 million and $540.5 million as of December 31, 2024 and December 31, 2023, respectively. The Company has calculated the residual value of the vessels taking into consideration the 10 year average and the 5 year average of the scrap. The Company has applied uniformly the scrap value of $300 per ton for all vessels. The Company believes that $300 per ton is a reasonable estimate of future scrap prices, taking into consideration the cyclical nature of future demand for scrap steel. Although the Company believes that the assumptions used to determine the scrap rate are reasonable and appropriate, such assumptions are highly subjective, in part, because of the cyclical nature of future demand for scrap steel.

v3.25.0.1
Advances for Vessels under Construction
 12 Months Ended
Dec. 31, 2024
Advances for Vessels under Construction  
Advances for Vessels under Construction

5. Advances for Vessels under Construction

In April 2023, the Company entered into contracts for the construction of two 6,000 TEU container vessels with expected vessels delivery in 2025. In June 2023, the Company entered into contracts for the construction of two 8,200 TEU container vessels with expected vessels delivery in 2026. In February and March 2024, the Company entered into contracts for the construction of four 8,200 TEU container vessels with expected vessels deliveries in 2026 through 2027. In June and July 2024, the Company entered into contracts for the construction of five 9,200 TEU container vessels and one 8,200 TEU container vessel with expected deliveries in 2027 and 2028. In December 2024, the Company entered into contracts for the construction of two 9,200 TEU container vessels with expected deliveries in 2027.

In April 2022, the Company entered into contracts for the construction of four 8,000 TEU container vessels, of which two were delivered to the Company from the shipyard in the second quarter of 2024, one was delivered in the third quarter of 2024 and one was delivered in the fourth quarter of 2024. In March 2022, the Company entered into contracts for the construction of two 7,100 TEU container vessels, of which one was delivered to the Company from the shipyard in the second quarter of 2024 and one in the third quarter of 2024. Each of these six newbuild container vessels delivered to the Company commenced a long-term time charter upon delivery in 2024.

The aggregate purchase price of the 16 vessel construction contracts amounts to $1,507.5 million as of December 31, 2024, out of which $192.2 million and $57.7 million was paid in the years ended December 31, 2024 and 2023, respectively. The remaining contractual commitments under these vessel construction contracts are analyzed as follows as of December 31, 2024 (in thousands):

​

​

​

​

​

Payments due by year ending

    

​

​

December 31, 2025

​

$

185,102

December 31, 2026

​

 

407,440

December 31, 2027

​

 

570,592

December 31, 2028

​

 

94,500

Total contractual commitments

​

$

1,257,634

​

Additionally, a supervision fee of $850 thousand per newbuilding vessel (as amended on November 10, 2023 – refer to Note 11, “Related Parties Transactions”) will be payable to Danaos Shipping Company Limited (the “Manager”) over the construction period. Supervision fees totaling $3.0 million, $3.0 million and nil were charged by the Manager and capitalized to the vessels under construction in the years ended December 31, 2024, 2023 and 2022, respectively. Interest expense amounting to $21.5 million, $17.4 million and $5.0 million was capitalized to the vessels under construction in the years ended December 31, 2024, 2023 and 2022, respectively.
v3.25.0.1
Deferred Charges, net
 12 Months Ended
Dec. 31, 2024
Deferred Charges, net  
Deferred Charges, net

6. Deferred Charges, net

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

​

​

​

​

​

    

Drydocking and

​

​

Special Survey

​

​

Costs

As of January 1, 2022

​

$

11,801

Additions

​

 

29,939

Write-off

​

​

(4,016)

Amortization

​

 

(12,170)

As of December 31, 2022

​

$

25,554

Additions

​

​

31,121

Amortization

​

​

(18,663)

As of December 31, 2023

​

$

38,012

Additions

​

 

50,568

Write-off

​

​

(660)

Amortization

​

 

(29,161)

As of December 31, 2024

​

$

58,759

​

In November 2022, the Company wrote-off $4.0 million of drydocking deferred charges related to the sale of the vessels Catherine C and Leo C. In March 2024, the Company sold for scrap vessel Stride and wrote-off $0.7 million of drydocking deferred charges - see Note 4 “Fixed Assets, net”. These write-offs were reflected under the “Net gain on disposal/sale of vessels” in the Consolidated Statement of Income.

The Company follows the deferral method of accounting for drydocking and special survey costs in accordance with accounting for planned major maintenance activities, whereby actual costs incurred are deferred and amortized on a straight-line basis over the period until the next scheduled survey, which is two and a half years. If special survey or drydocking is performed prior to the scheduled date, the remaining unamortized balances are immediately written off. Furthermore, when a vessel is drydocked 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.
v3.25.0.1
Other Current and Non-current Assets
 12 Months Ended
Dec. 31, 2024
Other Current and Non-current Assets  
Other Current and Non-current Assets

7. Other Current and Non-current Assets

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

​

​

​

​

​

​

​

​

    

2024

    

2023

Marketable securities

​

$

60,850

​

$

86,029

Straight-lining of revenue

​

​

22,170

​

​

36,495

Claims receivable

​

​

14,387

​

​

12,026

Other current assets

​

​

16,243

​

​

7,623

Total other current assets

​

$

113,650

​

$

142,173

​

​

​

​

​

​

​

Straight-lining of revenue

​

$

47,423

​

$

63,382

Other non-current assets

​

 

10,358

​

 

9,245

Total other non-current assets

​

$

57,781

​

$

72,627

​

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

a. Star Bulk Carriers Corp. (Ticker: SBLK)

In June 2023, the Company acquired marketable securities of Eagle Bulk Shipping Inc., which was an owner of bulk carriers listed on the New York Stock Exchange (Ticker: EGLE), consisting of 1,552,865 shares of common stock for $68.2 million (out of which $24.4 million from Virage International Ltd., a related company). EGLE owned and operated a fleet of bulk carriers. As of December 31, 2023, these marketable securities were fair valued at $86.0 million and the Company recognized a $17.9 million gain on these marketable securities reflected under “Gain/(loss) on investments” in the Consolidated Statement of Income. Additionally, the Company recognized dividend income on these shares amounting to $1.0 million in the period ended December 31, 2023. On December 11, 2023, Star Bulk Carriers Corp. (Ticker: SBLK), a NASDAQ-listed owner and operator of drybulk vessels, and EGLE announced that both companies had entered into a definitive agreement to combine in an all-stock merger, which was completed on April 9, 2024. Under the terms of the agreement, EGLE shareholders received 2.6211 shares of SBLK common stock in exchange for each share of EGLE common stock owned. As a result, the Company owns 4,070,214 shares of SBLK common stock, which were fair valued at $60.9 million as of December 31, 2024. The Company recognized a $25.2 million loss on marketable securities reflected under “Gain/(loss) on investments” in the Consolidated Statement of Income and a dividend income on these securities amounting to $9.3 million in the year ended December 31, 2024.

b. ZIM Integrated Shipping Services Ltd (Ticker: ZIM)

In the year ended December 31, 2022, the Company sold all its remaining shareholding interest in ZIM’s ordinary shares for net proceeds of $246.6 million and recognized a $176.4 million loss on these shares, which was reflected under “Gain/(loss) on investments” in the Consolidated Statements of Income. Additionally, the Company recognized a dividend income on these shares amounting to $165.4 million in the year ended December 31, 2022, which was recognized under “Dividend income” in the Consolidated Statements of Income. Taxes withheld on this dividend income amounted to $18.3 million in the year ended December 31, 2022 and were reflected under “Income taxes” in the Consolidated Statements of Income.
v3.25.0.1
Accrued Liabilities
 12 Months Ended
Dec. 31, 2024
Accrued Liabilities  
Accrued Liabilities

8. Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):

​

​

​

​

​

​

​

​

    

2024

    

2023

Accrued interest

​

$

10,599

​

$

8,312

Accrued dry-docking expenses

​

​

5,334

​

​

3,276

Accrued expenses

​

 

7,711

​

 

8,870

Total

​

$

23,644

​

$

20,458

​

Accrued expenses mainly consisted of accruals related to the operation of the Company’s fleet and other expenses as of December 31, 2024 and December 31, 2023.
v3.25.0.1
Lease Arrangements
 12 Months Ended
Dec. 31, 2024
Lease Arrangements  
Lease Arrangements

9. Lease Arrangements

Charters-out

As of December 31, 2024, the Company generated operating revenues from its 73 container vessels on time charters or bareboat charter agreements, with remaining terms ranging from less than one year to 2029. Additionally, as of December 31, 2024, the Company contracted multi-year time charter agreements for 14 out of 16 of its container vessels under construction until 2033. Under the terms of the charter party agreements, most charterers have options to extend the duration of contracts ranging from less than one year to three years after the expiration of the contract. The Company determines fair value of its vessels at the lease commencement date and at the end of lease term for lease classification with the assistance from valuations obtained by third party independent shipbrokers. The Company manages its risk associated with the residual value of its vessels after the expiration of the charter party agreements by seeking multi-year charter arrangements for its vessels.

In May 2022, the Company received $238.9 million of charter hire prepayment related to charter contracts for 15 of the Company’s vessels, representing partial prepayment of charter hire payable up to January 2027. This charter hire prepayment is recognized in revenue through the remaining period of each charter party agreement, in addition to the contracted future minimum payments reflected in the below table. As of December 31, 2024, the outstanding balances of the current and non - current portion of unearned revenue in relation to this prepayment amounted to $37.2 million and $22.9 million, respectively. As of December 31, 2023, the outstanding balances of the current and non - current portion of unearned revenue in relation to this prepayment amounted to $44.2 million and $60.1 million, respectively.

​

The future minimum payments, expected to be received on non-cancellable time charters and bareboat charters classified as operating leases consisted of the following as of December 31, 2024 (in thousands):

​

​

​

​

​

2025

    

$

896,022

2026

​

 

759,140

2027

​

 

514,827

2028

​

 

327,359

2029

​

 

263,492

2030 and thereafter

​

 

577,428

Total future rentals

​

$

3,338,268

​

Rentals from time charters are not generally received when a vessel is off-hire, including time required for normal periodic maintenance of the vessel. In arriving at the future minimum rentals, an estimated time off-hire to perform periodic maintenance on each vessel has been deducted, although there is no assurance that such estimate will be reflective of the actual off-hire in the future.
v3.25.0.1
Long-Term Debt, net
 12 Months Ended
Dec. 31, 2024
Long-Term Debt, net  
Long-Term Debt, net

10. Long-Term Debt, net

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

​

​

​

​

​

​

​

​

​

Balance as of

​

Balance as of

Credit Facility

    

December 31, 2024

    

December 31, 2023

BNP Paribas/Credit Agricole $130 mil. Facility

​

$

86,200

​

$

100,000

Alpha Bank $55.25 mil. Facility

​

​

40,250

​

​

47,750

Syndicated $450.0 mil. Facility

​

​

355,330

​

​

—

Citibank $382.5 mil. Revolving Credit Facility

​

​

—

​

​

—

Senior unsecured notes

​

​

262,766

​

​

262,766

Total long-term debt

​

$

744,546

​

$

410,516

Less: Deferred finance costs, net

​

​

(9,763)

​

​

(6,342)

Less: Current portion

​

​

(35,220)

​

​

(21,300)

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

​

$

699,563

​

$

382,874

​

​

10. Long-Term Debt, net (Continued)

In March 2024, the Company entered into a syndicated loan facility agreement of up to $450 million (the “Syndicated $450.0 mil. Facility”), which is secured by 8 of the Company’s container vessels under construction and newbuilds. The Company drew down $362.0 million related to 6 of these vessels delivered to the Company as of December 31, 2024. This facility is repayable in quarterly instalments up to December 2030. The facility bears interest at SOFR plus a margin of 1.85%.

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

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

In December 2022, the Company early extinguished the remaining $437.75 million of the Citibank/Natwest $815 mil. Facility and replaced it with Citibank of up to $382.5 mil. Revolving Credit Facility, out of which nil was drawn down as of December 31, 2024 and 2023, and with Alpha Bank $55.25 mil. Facility, which was drawn down in full and outstanding as of December 31, 2024 and 2023. Citibank $382.5 mil. Revolving Credit Facility is reducing and repayable over 5 years in 20 quarterly reductions of $11.25 million each together with a final reduction of $157.5 million at maturity in December 2027. This facility bears interest at SOFR plus a margin of 2.0% and commitment fee of 0.8% on any undrawn amount and is secured by sixteen of the Company’s vessels. Alpha Bank $55.25 mil. Facility is repayable over 5 years with 20 consecutive quarterly instalments of $1.875 million each, together with a balloon payment of $17.75 million at maturity in December 2027. This facility bears interest at SOFR plus a margin of 2.3% and is secured by two of the Company’s vessels.

In May 2023, the Company early repaid in full the outstanding leaseback obligation to Oriental Fleet related to the vessels Hyundai Honour and Hyundai Respect.

The above debt extinguishments resulted in a total net loss on debt extinguishment of $2.3 million in the year ended December 31, 2023, net gain on debt extinguishment of $4.4 million in the year ended December 31, 2022, compared to no such gain in the year ended December 31, 2024. The Company incurred interest expense amounting to $45.3 million, out of which $21.5 million was capitalized in the year ended December 31, 2024, $35.7 million (including interest on leaseback obligations), out of which $17.4 million was capitalized in the year ended December 31, 2023 and $55.7 million of interest expense incurred (including interest on leaseback obligations), out of which $5.0 million was capitalized in the year ended December 31, 2022. Total interest paid, net of amounts capitalized (including interest on leaseback obligations) during the years ended December 31, 2024, 2023 and 2022 amounted to $21.6 million, $18.1 million and $54.0 million, respectively. The weighted average interest rate on long-term borrowings (including leaseback obligations) for the years ended December 31, 2024, 2023 and 2022 was 7.7%, 7.8% and 5.3%, respectively. As of December 31, 2024, there was a $292.5 million remaining borrowing availability under the Company’s Citibank $382.5 mil. Revolving Credit Facility and $88.0 million under our Syndicated $450.0 million Facility.

Alpha Bank $55.25 mil. Facility, Citibank $382.5 mil. Revolving Credit Facility and Syndicated $450.0 million Facility contain a requirement to maintain minimum fair market value of collateral vessels to loan value coverage of 120% and the BNP Paribas/Credit Agricole $130 mil. Facility of 125%. Additionally, these facilities require to maintain the following financial covenants:

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

10. Long-Term Debt, net (Continued)

Each of the credit facilities are collateralized by first preferred mortgages over the vessels financed, general assignment of all hire freights, income and earnings, the assignment of their insurance policies, as well as any proceeds from the sale of mortgaged vessels, stock pledges and benefits from corporate guarantees (as noted below, the Company’s senior unsecured notes are not collateralized). The Company was in compliance with the financial covenants contained in the credit facilities agreements as of December 31, 2024 and December 31, 2023. Thirty of the Company’s vessels having a net carrying value of $2,035.5 million as of December 31, 2024, were subject to first preferred mortgages as collateral to the Company’s credit facilities.

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, 2025 and March 1, 2026 the Company may elect to redeem all or any portion of the notes, respectively, at a price equal to 102.125% and 100%, respectively, of the principal amount being redeemed. In December 2022, the Company repurchased $37.2 million aggregate principal amount of its unsecured senior notes in a privately negotiated transaction. Interest payments on the notes are payable semi-annually commencing on September 1, 2021. $9.0 million of bond issuance costs were deferred over the life of the bond and recognized through the effective interest method. The senior unsecured notes are not secured by mortgages on any vessels or any other collateral.

Principal Payments

The scheduled debt maturities of long-term debt subsequent to December 31, 2024 are as follows (in thousands):

​

​

​

​

​

​

Principal

Payments due by year ending

    

repayments

December 31, 2025

​

​

35,220

December 31, 2026

​

​

35,220

December 31, 2027

​

​

116,370

December 31, 2028

​

​

282,886

December 31, 2029

​

​

274,850

Total long-term debt

​

$

744,546

​
v3.25.0.1
Related Party Transactions
 12 Months Ended
Dec. 31, 2024
Related Party Transactions  
Related Party Transactions

11. Related Party Transactions

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

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

​

11. Related Party Transactions (Continued)

On November 10, 2023, the Company entered into an amended and restated management agreement with the Manager, extending the term from December 31, 2024 to December 31, 2025. Under this agreement, the Company pays to the Manager the following fees: (i) an annual management fee of $2.0 million, which commenced in 2024, and 100,000 shares of the Company’s common stock, payable annually, which commenced in the fourth quarter of 2023; since January 1, 2024 the Company pays to the Manager also (ii) a daily vessel management fee of $475 for vessels on bareboat charter, for each calendar day the Company owns each vessel, (iii) a daily vessel management fee of $950 for vessels on time charter or voyage charter, for each calendar day the Company owns each vessel, (iv) a fee of 1.25% on all freight, charter hire, ballast bonus and demurrage for each vessel, (v) a fee of 1.0% based on the contract price of any vessel bought or sold by it on our behalf, including newbuilding contracts, and (vi) a flat fee of $850 thousand per newbuilding vessel, which is capitalized to the newbuilding cost, for the on premises supervision of any newbuilding contracts by selected engineers and others of its staff.

Management fees in 2024 amounted to approximately $29.1 million (2023: $21.5 million, 2022: $21.9 million), which are presented under “General and administrative expenses” in the Consolidated Statements of Income. Commissions to the Manager in 2024 amounted to approximately $12.4 million (2023: $11.7 million, 2022: $14.6 million), which are presented under “Voyage expenses” in the Consolidated Statements of Income. Commission on the contract price of the vessels sold in 2024, 2023 and 2022 amounted to nil, $25.6 thousand and $650.0 thousand, respectively, presented under “Net gain on disposal/sale of vessels”. Commissions on the contract price of the newly acquired vessels totaling $6.0 million, $0.7 million and nil were capitalized to the cost of newly acquired vessels in 2024, 2023 and 2022, respectively. Additionally, supervision fees for vessels under construction totaling $3.0 million, $3.0 million and nil were charged by the Manager and capitalized to vessels under construction in 2024, 2023 and 2022, respectively.

The Company pays advances on account of the vessels’ operating expenses. These prepaid amounts are presented in the Consolidated Balance Sheets under “Due from related parties” totaling $52.6 million and $51.4 million as of December 31, 2024 and 2023, respectively.

The Company employs its executive officers. The executive officers received an aggregate of $2.5 million (€2.3 million), $2.2 million (€2.0 million) and $2.1 million (€2.0 million) for the years ended December 31, 2024, 2023 and 2022, respectively. Prior service costs related to a defined benefit plan of $14.2 million were recognized in the other comprehensive income in the year ended December 31, 2022. Advances related to this plan amounting to $7.8 million were exercised in the period ended December 31, 2022 (refer to Note 19 “Executive Retirement Plan”), out of which $6.8 million remained unpaid and were presented under “Other current liabilities” as of December 31, 2022. These advances were paid in 2023 and nil is outstanding as of December 31, 2024 and 2023. The Company recognized non-cash share-based compensation expense in respect of awards to executive officers of $8.2 million, $6.3 million and $5.4 million in the years ended December 31, 2024, 2023, and 2022, respectively.

Dr. John Coustas, the Chief Executive Officer of the Company, is a member of the Board of Directors of The Swedish Club, the primary provider of insurance for the Company, including a substantial portion of its hull & machinery, war risk and protection and indemnity insurance. During the years ended December 31, 2024, 2023 and 2022 the Company paid premiums to The Swedish Club of $9.3 million, $8.7 million and $6.6 million, respectively, which are presented under “Vessel operating expenses” in the Consolidated Statements of Income. As of December 31, 2024 and 2023, the Company had payable balance to The Swedish Club amounting to $0.4 million and nil, respectively.

See Note 3 “Investments in Affiliates” for the loan provided to the Company’s affiliate CTTC.
v3.25.0.1
Taxes
 12 Months Ended
Dec. 31, 2024
Taxes.  
Taxes

12. Taxes

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

All of the Company’s ship-operating subsidiaries satisfy these initial criteria. In addition, these companies must be more than 50% owned by individuals who are residents, as defined, in the countries of incorporation or another foreign country that grants an equivalent exemption to U.S. corporations. These companies satisfied the more than 50% beneficial ownership requirement for 2024. In addition, should the beneficial ownership requirement not be met, the management of the Company believes that by virtue of a special rule applicable to situations where the ship operating companies are beneficially owned by a publicly traded company like the Company, the more than 50% beneficial ownership requirement can also be satisfied based on the trading volume, the Company’s shareholder composition and the anticipated widely-held ownership of the Company’s shares, but no assurance can be given that this will be the case or remain so in the future, since continued compliance with this rule is subject to factors outside of the Company’s control. Income taxes comprised nil, nil and $18.3 million taxes withheld on dividend income earned on the Company’s investments in the years ended December 31, 2024, 2023 and 2022, respectively.
v3.25.0.1
Financial Instruments
 12 Months Ended
Dec. 31, 2024
Financial Instruments  
Financial Instruments

13. Financial Instruments

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

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

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

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

13. Financial Instruments (Continued)

Interest Rate Swaps: The Company currently has no outstanding interest rate swaps agreements. However, in the past years, the Company entered into interest rate swap agreements with its lenders in order to manage its floating rate exposure. Certain variable-rate interests on specific borrowings were associated with vessels under construction and were capitalized as a cost of the specific vessels. In accordance with the accounting guidance on derivatives and hedging, the amounts related to realized gains or losses on cash flow hedges that have been entered into and qualified for hedge accounting, in order to hedge the variability of that interest, were recognized in accumulated other comprehensive loss and are reclassified into earnings over the depreciable life of the constructed asset, since that depreciable life coincides with the amortization period for the capitalized interest cost on the debt. An amount of $3.6 million was reclassified into earnings for each of the years ended December 31, 2024, 2023 and 2022, respectively, representing amortization over the depreciable life of the vessels. An amount of $3.6 million is expected to be reclassified into earnings within the next 12 months.

Fair Value of Financial Instruments

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As of December 31, 2024

​

As of December 31, 2023

​

    

Book Value

    

Fair Value

    

Book Value

    

Fair Value

​

​

(in thousands of $)

Cash and cash equivalents

​

$

453,384

​

$

453,384

​

$

271,809

​

$

271,809

Marketable securities

​

$

60,850

​

$

60,850

​

$

86,029

​

$

86,029

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

​

$

481,780

​

$

481,780

​

$

147,750

​

$

147,750

Unsecured long-term debt (1)

​

$

262,766

​

$

259,834

​

$

262,766

​

$

241,969

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements

​

​

as of December 31, 2024

​

    

Total

    

(Level I)

    

(Level II)

    

(Level III)

​

​

​

(in thousands of $)

Marketable securities

​

$

60,850

​

$

60,850

​

$

—

​

$

—

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Fair Value Measurements

​

​

as of December 31, 2024

​

    

Total

    

(Level I)

    

(Level II)

    

(Level III)

​

​

(in thousands of $)

Cash and cash equivalents

​

$

453,384

​

$

453,384

​

$

—

​

$

—

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

​

$

481,780

​

$

—

​

$

481,780

​

$

—

Unsecured long-term debt (1)

​

$

259,834

​

$

259,834

​

$

—

​

$

—

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements

​

​

as of December 31, 2023

​

    

Total

    

(Level I)

    

(Level II)

    

(Level III)

​

​

​

(in thousands of $)

Marketable securities

​

$

86,029

​

$

86,029

​

$

—

​

$

—

​

13. Financial Instruments (Continued)

The estimated fair value of the financial instruments that are not measured at fair value on a recurring basis, categorized based upon the fair value hierarchy, are as follows as of December 31, 2023 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements

​

​

as of December 31, 2023

​

    

Total

    

(Level I)

    

(Level II)

    

(Level III)

​

​

(in thousands of $)

Cash and cash equivalents

​

$

271,809

​

$

271,809

​

$

—

​

$

—

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

​

$

147,750

​

$

—

​

$

147,750

​

$

—

Unsecured long-term debt (1)

​

$

241,969

​

$

241,969

​

$

—

​

$

—

(1)Secured and unsecured long-term debt, including current portion is presented gross of deferred finance costs of $9.8 million and $6.3 million as of December 31, 2024 and December 31, 2023, respectively. The fair value of the Company’s secured debt is estimated based on currently available debt with similar contract terms, interest rate and remaining maturities.
v3.25.0.1
Operating Revenue
 12 Months Ended
Dec. 31, 2024
Operating Revenue  
Operating Revenue

14. Operating Revenue

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

​

​

​

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

Time charters and bareboat charters

​

$

967,095

​

$

963,192

​

$

993,344

Voyage charters

​

 

47,015

​

 

10,391

​

 

—

Total Revenue

​

$

1,014,110

​

$

973,583

​

$

993,344

​

As of December 31, 2024 and 2023, the Company had accounts receivable from voyage charter agreements amounting to $0.4 million and $1.0 million, respectively. The charter hire received in advance from voyage charter agreements, which will be recognized in earnings in the year ending December 31, 2025 as the performance obligations will be satisfied in that period, amounted to $1.7 million as of December 31, 2024. This compares to $2.0 million as of December 31, 2023. These amounts were presented under current “Unearned revenue”.

The Company assumed time charter liabilities related to its acquisition of vessels in the second half of 2021. The amortization of these assumed time charters amounted to $4.5 million, $21.2 million and $56.7 million for the years ended December 31, 2024, 2023 and 2022, respectively, and is presented under “Operating revenues” in the Consolidated Statements of Income. The remaining unamortized amount was nil as of December 31, 2024 and $4.5 million as of December 31, 2023 and was presented under current “Unearned revenue” in the Consolidated Balance Sheet.

In July 2016, the Company recognized unearned revenue of $75.6 million representing compensation to the Company for the future reductions in the daily charter rates payable by HMM under the time charter agreements. The amortization of unearned revenue was recognized in the Consolidated Statement of Income under “Operating revenues” over the remaining life of the respective charters. In each of the years ended December 31, 2024, 2023 and 2022, the Company recognized $2.6 million, $8.2 million and $8.2 million of unearned revenue amortization. As of December 31, 2023, the outstanding current portion of unearned revenue in relation to HMM amounted to $2.6 million and as of December 31, 2024, the outstanding amount was nil.

14. Operating Revenue (Continued)

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

​

​

​

​

​

​

​

​

​

Charterer

    

2024

    

2023

    

2022

​

CMA CGM

 

20

%  

23

%  

26

%

MSC

​

13

%  

11

%  

13

%

HMM Korea

 

—

​

12

%  

12

%

​

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

​

​

​

​

​

​

​

​

​

​

Continent

    

2024

    

2023

    

2022

Australia—Asia

​

$

532,800

​

$

519,759

​

$

482,769

Europe

​

 

481,310

​

 

453,824

​

 

507,293

America

​

​

—

​

​

—

​

​

3,282

Total Revenue

​

$

1,014,110

​

$

973,583

​

$

993,344

​
v3.25.0.1
Segments
 12 Months Ended
Dec. 31, 2024
Segments  
Segments

15. Segments

​

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

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

In November 2023, the Financial Accounting Standard Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires a public entity to disclose significant segment expenses and other segment items by reportable segment on an annual basis and expands the extent of interim segment disclosures. The guidance is applied retrospectively to all periods presented in the financial statements, unless it is impracticable to do so. The ASU does not change how a public entity identifies its operating segments, aggregates them, or quantitative thresholds to determine its reportable segments. The Company adopted the new standard effective January 1, 2024. The adoption of this ASU affected only the Company’s disclosures, with no impact to its financial condition and results of operations.

15. Segments (Continued)

The following table summarizes the Company’s selected financial information for the year ended December 31, 2024, by segment (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

    

Container

    

Drybulk

    

​

​

​

​

vessels 

​

vessels

​

​

​

​

​

segment

​

segment

​

Total

Operating revenues

​

$

937,077

​

$

77,033

​

$

1,014,110

Voyage expenses

​

​

(32,481)

​

​

(31,620)

​

​

(64,101)

Vessel operating expenses

 

​

(162,192)

​

​

(23,532)

​

​

(185,724)

Depreciation

 

​

(137,823)

​

​

(10,521)

​

​

(148,344)

Amortization of deferred drydocking and special survey costs

 

​

(27,167)

​

​

(1,994)

​

​

(29,161)

Net gain on disposal/sale of vessels

 

​

8,332

​

​

—

​

​

8,332

Interest income

 

​

12,843

​

​

—

​

​

12,843

Interest expenses

 

​

(26,185)

​

​

—

​

​

(26,185)

Other segment items(1)

​

​

(54,275)

​

​

(4,937)

​

​

(59,212)

​

​

​

​

​

​

​

​

​

​

Net income per segment

​

$

518,129

​

$

4,429

​

$

522,558

Loss on investments, dividend income and equity loss on investments, net of interest income

​

​

​

​

​

​

​

​

(17,485)

Net income

​

​

​

​

​

​

​

$

505,073

​

​

​

​

​

​

​

​

​

​

​

​

    

Container

    

Drybulk

    

​

​

​

​

vessels

​

vessels

​

​

​

​

​

segment

​

segment

​

Total

Total assets per segment

​

$

4,006,268

​

$

276,207

​

$

4,282,475

Marketable securities

​

  

​

​

​

​

​

​

60,850

Receivable from affiliates

 

​

​

 

​

​

 

​

329

Total assets

​

​

​

 

​

​

 

$

4,343,654

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

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

Container

​

Drybulk

​

​

​

​

​

vessels

​

vessels

​

​

​

​

    

segment

    

segment

    

Total

Operating revenues

​

$

963,192

​

$

10,391

​

$

973,583

Voyage expenses

​

 

(33,913)

​

 

(7,097)

​

 

(41,010)

Vessel operating expenses

​

 

(159,084)

​

 

(3,033)

​

 

(162,117)

Depreciation

​

 

(128,097)

​

 

(1,190)

​

 

(129,287)

Amortization of deferred drydocking and special survey costs

​

 

(18,663)

​

 

—

​

 

(18,663)

Net gain on disposal/sale of vessels

​

 

1,639

​

 

—

​

 

1,639

Interest income

​

 

12,096

​

 

37

​

 

12,133

Interest expenses

​

 

(20,463)

​

 

—

​

 

(20,463)

Other segment items(1)

​

 

(53,428)

​

 

(1,018)

​

 

(54,446)

​

​

​

​

​

​

​

​

​

​

Net income/(loss) per segment

​

$

563,279

​

$

(1,910)

​

$

561,369

Gain on investments, dividend income and equity loss on investments

​

​

​

​

​

​

​

​

14,930

Net Income

​

​

​

​

​

​

​

$

576,299

​

15. Segments (Continued)

​

​

​

​

​

​

​

​

​

​

​

​

​

Container

​

Drybulk

​

​

​

​

​

vessels

​

vessels

​

​

​

​

    

segment

    

segment

    

Total

Total assets per segment

​

$

3,404,298

​

$

170,539

​

$

3,574,837

Marketable securities

​

​

​

​

​

​

​

​

86,029

Investments in affiliates

​

​

​

​

​

​

​

​

270

Total assets

​

​

​

​

​

​

​

$

3,661,136

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

For the year ended December 31, 2022, net income from Container vessels segment was $588,447 thousand, which excludes gain/(loss) on investments, dividend income, net of withholding taxes and equity income on investments of ($29,237) thousand.
v3.25.0.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies  
Commitments and Contingencies

16. Commitments and Contingencies

On September 1, 2016, Hanjin Shipping, a charterer of eight of the Company’s vessels, referred to the Seoul Central District Court, which issued an order to commence the rehabilitation proceedings of Hanjin Shipping. Hanjin Shipping has cancelled all eight charter party agreements with the Company. On February 17, 2017, the Seoul Central District Court (Bankruptcy Division), declared the bankruptcy of Hanjin Shipping, converting the rehabilitation proceeding to a bankruptcy proceeding. The Seoul Central District Court (Bankruptcy Division) appointed a bankruptcy trustee to dispose of Hanjin Shipping’s remaining assets and distribute the proceeds from the sale of such assets to Hanjin Shipping’s creditors according to their priorities. The Company ceased recognizing revenue from Hanjin Shipping effective from July 1, 2016 onwards. The Company has a total unsecured claim submitted to the Seoul Central District Court for unpaid charter hire, charges, expenses and loss of profit against Hanjin Shipping totaling $597.9 million, which is not recognized in the accompanying Consolidated Balance Sheets as of December 31, 2024 and 2023. In December 2024 and January 2021 the Company received $2.1 million and $3.9 million from the bankruptcy trustee of Hanjin Shipping as a partial payment of a common benefit claim plus interest, respectively, which were presented under “Other income/(expenses), net” in the Company’s Consolidated Statements of Income. In January 2025, the bankruptcy proceedings related to Hanjin Shipping were closed and no other amounts are expected to be recovered.

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

The Company has outstanding commitments under vessel construction contracts and as of December 31, 2024, see Note 5 “Advances for Vessels under Construction”.
v3.25.0.1
Stock Based Compensation
 12 Months Ended
Dec. 31, 2024
Stock Based Compensation  
Stock Based Compensation

17. Stock Based Compensation

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

In March 2021, the Company granted 40,000 shares to certain employees of the Manager, out of which 10,000 fully vested on the grant date, 1,050 were forfeited and 9,650 restricted shares vested on December 31, 2021. Additional 224 restricted shares were forfeited in the year ended December 31, 2022 and the remaining 19,076 restricted shares vested on December 31, 2022. In December 2022, the Company granted 100,000 fully vested shares to executive officers and in November 2023, the Company granted 100,000 fully vested shares to executive officers.

In November 2024, the Company granted 100,000 fully vested shares to executive officers. In December 2024, the Company granted 30,000 shares of restricted stock to certain employees of the Manager, out of which 2,000 shares are scheduled to vest in December 2025, 4,000 shares in December 2026, 8,000 shares in December 2027 and the remaining 16,000 shares in December 2028. The vesting of these shares is subject to satisfaction of the vesting terms, under the Company’s 2006 Equity Compensation Plan, as amended. The 30,000 restricted shares were issued and outstanding as of December 31, 2024, with aggregate compensation expense of $2.3 million related thereto expected to be recognized as the shares vest over a 4 year period. No restricted shares were outstanding as of December 31, 2023.

In November 2023, the Company granted 100,000 shares to the Manager for each of the years 2023, 2024 and 2025 under the amended and restated management agreement with the Manager, refer to Note 11 “Related Party Transactions”. In each of November 2024 and November 2023, 100,000 shares were issued to the Manager and another 100,000 shares are expected to vest in November 2025. The fair value of shares granted was calculated based on the closing trading price of the Company’s shares at the grant date.

Stock based compensation expenses of $14.6 million, $12.7 million and $6.0 million were recognized under “General and administrative expenses” in the Company’s Consolidated Statements of Income in the years ended December 31, 2024, 2023 and 2022, respectively. The average price of issued shares was $80.80, $63.40 and $54.40 per share in the years ended December 31, 2024, 2023 and 2022, respectively. An amount of $6.3 million is expected to be recognized as stock based compensation expenses to the Manager in 2025, respectively. As of December 31, 2024, the weighted-average remaining term of the Manager’s stock awards is 1 year.

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. In the years ended December 31, 2024, 2023 and 2022, none of the directors elected to receive shares as compensation.
v3.25.0.1
Stockholders' Equity
 12 Months Ended
Dec. 31, 2024
Stockholders' Equity  
Stockholders' Equity

18. Stockholders’ Equity

In the year ended December 31, 2024, the Company declared and paid a dividend of $0.80 per share of common stock in each of March, June, August and $0.85 per share in November amounting to $62.8 million. In the year ended December 31, 2023, the Company declared and paid a dividend of $0.75 per share of common stock in each of February, May and August and $0.80 per share of common stock in November amounting to $60.7 million. In the year ended December 31, 2022, the Company declared and paid a dividend of $0.75 per share of common stock in each of February, May, August and November amounting to $61.5 million. The Company issued 23, 34 and 143 shares of common stock at par value of $0.01 pursuant to its dividends reinvestment plan in the years ended December 31, 2024, 2023 and 2022, respectively, at an average price of $80.62, $60.63 and $69.59 per share, respectively.

In the years ended December 31, 2024 and 2023, and the period ended December 31, 2022, the Company repurchased 661,103, 1,131,040 and 466,955 shares of the Company’s common stock in the open market for $53.9 million, $70.6 million and $28.6 million, respectively, under the Company’s share repurchase program of up to $100 million announced in June 2022, which was increased by $100 million for a total aggregate amount of $200 million on November 10, 2023.

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

As of December 31, 2024, 25,585,985 shares were issued and 18,987,616 shares were outstanding; and 25,355,962 shares were issued and 19,418,696 shares were outstanding as of December 31, 2023. As of December 31, 2024 and December 31, 2023, 6,598,369 and 5,937,266 shares were held as Treasury shares, respectively. Under the Articles of Incorporation as amended on September 18, 2009, the Company’s authorized capital stock consists of 750,000,000 shares of common stock with a par value of $0.01 and 100,000,000 shares of preferred stock with a par value of $0.01.
v3.25.0.1
Executive Retirement Plan
 12 Months Ended
Dec. 31, 2024
Executive Retirement Plan  
Executive Retirement Plan

19. Executive Retirement Plan

Effective from December 14, 2022, the Company maintains a defined benefit retirement plan for its executive officers. The actuarial determination of the projected benefit obligation was determined by calculating the present value of the projected benefit at retirement based on service completed at the valuation date, which incorporates management’s best estimate of the discount rate of 3.0% (2023: 3.2%), salary escalation of up to 4.5% per annum (2023: 4.75)%,as well as assumed retirement ages of the executive officers between 65 to 74 years old. Prior service cost arising from the retrospective recognition of past service of $14.2 million was recognized in the Other Comprehensive Income, out of which advances amounting to $7.8 million were exercised in the period ended December 31, 2022. In 2023, one additional executive officer was added to the plan and another one was appointed to a new position. Prior service cost arising from the retrospective recognition of past service and due to experience amounting to $5.2 million and losses due to assumptions change amounting to $1.1 million were recognized in the Other Comprehensive Income in 2023. Gain due to assumptions change amounting to $0.9 million was recognized in the Other Comprehensive Income in 2024. Defined benefit obligation of $12.9 million and $13.3 million is presented under “Other long-term liabilities” as of December 31, 2024 and December 31, 2023,respectively. The accumulated benefit obligation amounted to $8.1 million and $7.7 million as of December 31, 2024 and December 31, 2023, respectively.

Net curtailment gain of nil and $0.2 million was recognized under “Other income/(expense), net” in the years ended December 31, 2024 and 2023, respectively. Prior service cost of this defined benefit obligation amounting to $1.1 million, $0.7 million and $7.8 million were reclassified to “Other income/(expense), net” in the years ended December 31, 2024, 2023 and 2022, respectively and $1.1 million of amortization of prior service cost and net loss is expected to be reclassified in the year ending December 31, 2025. Additionally, projected periodic benefit cost amounting to $0.7 million and $0.6 million was recognized in “General and administrative expenses” in the years ended December 31, 2024 and 2023 and $0.7 million is expected to be recognized in the year ending December 31, 2025. The assumptions used are the best estimates chosen from a range of possible actuarial assumptions, which may not necessarily be borne out in practice. The average remaining working lifetime of the active participants of the defined benefit obligation is 9.4 years as of December 31, 2024. The benefits of $6.6 million are expected to be paid in 2030 based on the assumptions used by the actuaries to measure the benefit obligations as of December 31, 2024.

​
v3.25.0.1
Earnings per Share
 12 Months Ended
Dec. 31, 2024
Earnings per Share  
Earnings per Share

20. Earnings per Share

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

​

​

​

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

Numerator:

​

​

​

​

​

​

​

​

​

Net income (in thousands)

​

$

505,073

​

$

576,299

​

$

559,210

​

​

​

​

​

​

​

​

​

​

Denominator (number of shares in thousands):

​

​

​

​

​

​

​

​

​

Basic weighted average common shares outstanding

​

​

19,316

​

​

19,879

​

​

20,482

Effect of dilutive securities:

​

 

​

​

 

​

​

 

​

Dilutive effect of non-vested shares

​

​

69

​

​

25

​

​

19

Diluted weighted average common shares outstanding

​

​

19,385

​

​

19,904

​

​

20,501

​

​

​

​

​

​

​

​

​

​

Basic earnings per share (in US dollars)

​

$

26.15

​

$

28.99

​

$

27.30

Diluted earnings per share (in US dollars)

​

$

26.05

​

$

28.95

​

$

27.28

​

Basic and diluted earnings per share amount related to a gain on troubled debt write-off amounting to $29.4 million recorded in the year ended December 31, 2022 is $1.43 and $1.43 per share, respectively (see Note 10).
v3.25.0.1
Subsequent Events
 12 Months Ended
Dec. 31, 2024
Subsequent Events  
Subsequent Events

21. Subsequent Events

Subsequent to December 31, 2024, the Company repurchased 318,306 shares of its common stock in the open market for $25.6 million under its share repurchase program.

In February 2025, the Company as borrower, and certain of our subsidiaries, as guarantors, entered into a Syndicated $850 mil. Facility in order to finance a portion of the purchase price of 14 newbuilding container vessels.

In February 2025, the Company declared a dividend of $0.85 per share of common stock, which is payable on March 5, 2025, to holders of record on February 24, 2025.

In January 2025, the Company drew down $44.0 million on Syndicated $450.0 million facility related to a delivery of the Hull No. CV5900-07 named Phoebe.

On February 3, 2025, we entered into (1) an amended and restated management agreement with Danaos Shipping, removing the provision of certain commercial services to us by Danaos Shipping and the related fees payable by us, and (2) a brokerage services agreement with Danaos Chartering Services Inc. (“Danaos Chartering”) for the provision of such commercial services for the same fees previously payable to Danaos Shipping which were eliminated in the amended and restated management agreement. Danaos Chartering is a newly-formed affiliate of Danaos Shipping, and is also ultimately owned by DIL, the Company’s largest stockholder.
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net Income (Loss) $ 505,073 $ 576,299 $ 559,210
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]

Risk Management and Strategy

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

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

We maintain a Cybersecurity Incident Response Plan, or CIRP designed to guide our response to incidents, including measures to mitigate and contain potential cybersecurity incidents that could affect our systems, networks, or data. The CIRP identifies specific individuals responsible for developing, maintaining, and following incident-response procedures (including escalation processes). We also engage external third-party consultants to perform annual penetration testing and periodic vulnerability assessments, and we conduct annual assessments of our cybersecurity program for alignment with the NIST Cybersecurity Framework and the International Maritime Organization’s (IMO) guidelines, among others.

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

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

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

Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]

Governance

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

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

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

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

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

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

As part of our Board of Directors’ ERM process, the Board has ultimate responsibility for overseeing cybersecurity risk management. The Audit Committee, which receives updates on cybersecurity at least quarterly (and more frequently if circumstances warrant), has day-to-day oversight of our cybersecurity program. Pursuant to its charter, the Audit Committee reviews our cybersecurity and other information technology risks, controls, and procedures, including our plans for cybersecurity risk mitigation and incident response. The Compliance Officer, alongside the Chief Operating Officer, provides periodic reports to the Audit Committee on cybersecurity and other IT risks. In the event of a cybersecurity incident that presents a critical risk to the Company, the Chief Operating Officer (and/or the Compliance Officer) would promptly report such incident to our Board of Directors, consistent with our escalation process.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
Significant Accounting Policies  
Principles of Consolidation

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

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

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

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

Reclassifications in Other Comprehensive Income/(Loss): The Company had the following reclassifications out of Accumulated Other Comprehensive Loss during the years ended December 31, 2024, 2023 and 2022, respectively (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year ended December 31, 

​

    

Location of Reclassification into Income

    

2024

    

2023

    

2022

Amortization of deferred realized losses on cash flow hedges

​

Loss on derivatives

​

$

3,632

​

$

3,622

​

$

3,622

Reclassification of prior service cost of defined benefit plan

​

Other income/(expenses), net

​

​

1,050

​

​

885

​

​

7,808

Total Reclassifications

​

​

​

$

4,682

​

$

4,507

​

$

11,430
Foreign Currency Translation

Foreign Currency Translation: The functional currency of the Company is the U.S. dollar. The Company engages in worldwide commerce with a variety of entities. Although its operations may expose it to certain levels of foreign currency risk, its transactions are predominantly U.S. dollar denominated. Additionally, the Company’s wholly-owned vessel subsidiaries transacted a nominal amount of their operations in Euros; however, all of the subsidiaries’ primary cash flows are U.S. dollar denominated. Transactions in currencies other than the functional currency are translated at the exchange rate in effect at the date of each transaction. Differences in exchange rates during the period between the date a transaction denominated in a foreign currency is consummated and the date on which it is either settled or translated, are recognized in the Consolidated Statements of Income. The foreign currency exchange gains/(losses) recognized in the accompanying Consolidated Statements of Income for each of the years ended December 31, 2024, 2023 and 2022 were $0.3 million loss, $0.5 million loss and $0.2 million loss, respectively, and are presented under “Vessel operating expenses” in the Consolidated Statements of Income.
Cash and Cash Equivalents

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

Accounts Receivable, Net: The amount shown as Accounts Receivable, net, at each balance sheet date includes estimated recoveries from charterers for hire from operating leases accounted for in accordance with Topic 842 and freight and demurrage billings, net of a provision for doubtful accounts. Amounts receivable from freight and demurrage billings were not material as of December 31, 2024 and December 31, 2023. Accounts receivable are short term in duration as payments are expected to be received within one year. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts based on the Company’s history of write-offs, level of past due accounts based on the contractual term of the receivables and its relationships with and economic status of its customers. Bad debts are written off in the period in which they are identified. No provision for doubtful accounts receivable was recognized as of December 31, 2024 and December 31, 2023, based on the Company’s credit losses assessment.
Insurance Claims

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

Prepaid Expenses and Inventories: Prepaid expenses consist mainly of insurance expenses, and inventories consist of bunkers, lubricants and provisions remaining on board the vessels at each period end stated at the lower of cost and net realizable value. Net realizable value is the estimated selling price less reasonably predictable costs of disposal. Costs are determined using the first-in, first-out method. Costs of spare parts are expensed as incurred.
Deferred Financing Costs

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

Fixed Assets

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

The Company acquired seven vessels in 2023 and three vessels in 2024, all of which were considered to be acquisitions of assets. Following adoption of ASU 2017-01 “Business Combinations (Topic 805)” on January 1, 2018, the Company evaluates if any vessel acquisition in secondhand market constitutes a business or not. When substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the set is not a business. The following assets are considered as a single asset for the purposes of the evaluation (i) a tangible asset that is attached to and cannot be physically removed and used separately from another tangible assets (or an intangible asset representing the right to use a tangible asset); (ii) in place lease intangibles, including favorable and unfavorable intangible assets or liabilities, and the related leased assets. Acquisition costs associated with asset acquisitions are capitalized.

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

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

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

Right-of-Use Assets and Finance Lease Obligations

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

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

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

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

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

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

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

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

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

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

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

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

As of December 31, 2024 and 2023, the Company concluded that events and circumstances triggered the existence of potential impairment of some of its container vessels. These indicators included volatility in the charter market and the vessels’ market values, as well as the potential impact the current marketplace may have on its future operations. As a result, the Company performed step one of the impairment assessment for the Company’s vessels with impairment indicators by comparing the undiscounted projected net operating cash flows for each vessel to its carrying value. The Company’s strategy is to charter its container vessels under multi-year, fixed rate period charters that have the initial terms up to 18 years for vessels in its fleet, providing the Company with contracted stable cash flows. The Company used a number of factors and assumptions in its undiscounted projected net operating cash flow analysis including, among others, operating revenues, off-hire revenues, drydocking costs, operating expenses and management fees estimates. Revenue assumptions were based on contracted time charter rates up to the end of life of the current contract of each vessel as well as the estimated time charter equivalent rates for the remaining life of the vessel after the completion of its current contract for non-contracted revenue days. The estimated daily time charter equivalent rate used for the non-contracted revenue days of each vessel is considered a significant assumption. Recognizing that the transportation industry is cyclical and subject to significant volatility based on factors beyond the Company’s control, management believes that the most recent 5 to 15 years historical average time charter rates represent a reasonable benchmark for the estimated time charter equivalent rates for the non-contracted revenue days, as such averages take into account the volatility and cyclicality of the market and the remaining economic useful life of the respective vessel. In addition, the Company used an annual operating expenses escalation factor and estimates of scheduled and unscheduled off-hire revenues based on historical experience. All estimates used and assumptions made were in accordance with the Company’s internal budgets and historical experience of the shipping industry.
Business Combinations

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

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

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

Accounting for Revenue and Expenses: The Company derives its revenue from time charters and bareboat charters of its containerships, each of which contains a lease. These charters involve placing the specified vessel at charterers’ use for a specified rental period of time in return for the payment of specified daily hire rates. Most of the charters include options for the charterers to extend their terms. Under a time charter, the daily hire rate includes lease component related to the right of use of the vessel and non-lease components primarily related to the operating expenses of the vessel incurred by the Company such as commissions, vessel operating expenses: crew expenses, lubricants, certain insurance expenses, repair and maintenance, spares, stores etc. and vessel management fees. Under a bareboat charter, the daily hire rate includes only lease component related to the right of use of the vessel. The revenue earned based on time charters is not negotiated in separate components. Revenue from the Company’s time charters and bareboat charters of vessels is accounted for as operating leases on a straight line basis based on the average fixed rentals over the minimum fixed rental period of the time charter and bareboat charter agreements, as service is performed. Charter hire received in advance is recorded under “Unearned revenue” in the Consolidated Balance Sheets until charter services are rendered. The Company elected the practical expedient which allows the Company to treat the lease and non-lease components as a single lease component for the leases where the timing and pattern of transfer for the nonlease component and the associated lease component to the lessees are the same and the lease component, if accounted for separately, would be classified as an operating lease. The combined component is therefore accounted for as an operating lease under ASC 842, as adopted by the Company on January 1, 2019, as the lease component is the predominant component in 2024, 2023 and 2022.

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

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

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

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

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

Repairs and Maintenance: All repair and maintenance expenses are expensed as incurred and are included in vessel operating expenses in the accompanying Consolidated Statements of Income.
Going Concern

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

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

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

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

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

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

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

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

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

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

Earnings Per Share: The Company presents net earnings per share for all years presented based on the weighted average number of outstanding shares of common stock of Danaos Corporation for the reported periods. Diluted earnings per share reflect the potential dilution that would occur if securities or other contracts to issue common stock were exercised. Diluted earnings per common share is computed by dividing the net earnings by the weighted average number of common shares outstanding plus the dilutive effect of restricted shares outstanding during the applicable periods computed using the treasury stock method. The two-class method is used for diluted earnings per share when such is the most dilutive method, considering antidilution sequencing. Unvested shares of restricted stock are included in the calculation of the diluted earnings per share, unless considered antidilutive, based on the weighted average number of shares of restricted stock outstanding during the period.
Treasury Stock

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

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

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

The aggregate number of shares of common stock for which awards may be granted under the Plan shall not exceed 1,000,000 shares plus the number of unvested shares granted before August 2, 2019. Awards made under the Plan that have been forfeited, cancelled or have expired, will not be treated as having been granted for purposes of the preceding sentence. Unless otherwise set forth in an award agreement, any awards outstanding under the Plan will vest immediately upon a “change of control”, as defined in the Plan. Refer to Note 17, “Stock Based Compensation”.

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

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

As of April 18, 2008, the Board of Directors and the Compensation Committee approved the Company’s ability to provide, from time to time, incentive compensation to the employees of the Manager. Prior approval is required by the Compensation Committee and the Board of Directors. The plan was effective since December 31, 2008. Pursuant to the terms of the plan, employees of the Manager may receive (from time to time) shares of the Company’s common stock as additional compensation for their services offered during the preceding period. The total amount of stock to be granted to employees of the Manager will be at the Company’s Board of Directors’ discretion only and there will be no contractual obligation for any stock to be granted as part of the employees’ compensation package in future periods. Refer to Note 17, “Stock Based Compensation”.

Executive Retirement Plan

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

Recent Accounting Pronouncements

New Accounting Pronouncement: In November 2024, the FASB issued ASU 2024-03, “Income Statement – Reporting Comprehensive Income – Expenses Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses”. The standard is intended to require more detailed disclosure about specified categories of expenses (including employee compensation, depreciation and amortization) included in certain expense captions presented on the face of the income statement. This ASU is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either prospectively to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to all prior periods presented in the financial statements. The Company is currently assessing the impact this standard will have on its financial statements.
v3.25.0.1
Basis of Presentation and General Information (Tables)
 12 Months Ended
Dec. 31, 2024
Basis of Presentation and General Information  
Schedule of the vessel owning companies (the "Danaos Subsidiaries")

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year

​

​

Company

    

Date of Incorporation

    

Vessel Name

    

Built

    

TEU(1)

Megacarrier (No. 1) Corp.

​

September 10, 2007

 

Kota Peony (ex Hyundai Honour)

 

2012

 

13,100

Megacarrier (No. 2) Corp.

​

September 10, 2007

 

Kota Primrose (ex Hyundai Respect)

 

2012

 

13,100

Megacarrier (No. 3) Corp.

​

September 10, 2007

 

Kota Plumbago (ex Hyundai Smart)

 

2012

 

13,100

Megacarrier (No. 4) Corp.

​

September 10, 2007

 

Speed (ex Hyundai Speed)

 

2012

 

13,100

Megacarrier (No. 5) Corp.

​

September 10, 2007

 

Ambition (ex Hyundai Ambition)

 

2012

 

13,100

CellContainer (No. 6) Corp.

​

October 31, 2007

 

Express Berlin

 

2011

 

10,100

CellContainer (No. 7) Corp.

​

October 31, 2007

 

Express Rome

 

2011

 

10,100

CellContainer (No. 8) Corp.

​

October 31, 2007

 

Express Athens

 

2011

 

10,100

Karlita Shipping Co. Ltd.

​

February 27, 2003

 

Pusan C

 

2006

 

9,580

Ramona Marine Co. Ltd.

​

February 27, 2003

 

Le Havre

 

2006

 

9,580

Oceancarrier (No. 2) Corp.

​

October 15, 2020

​

Bremen

​

2009

​

9,012

Oceancarrier (No. 3) Corp.

​

October 15, 2020

​

C Hamburg

​

2009

​

9,012

Blackwell Seaways Inc.

​

January 9, 2020

​

Niledutch Lion

​

2008

​

8,626

Oceancarrier (No. 1) Corp.

​

February 19, 2020

​

Kota Manzanillo

​

2005

​

8,533

Springer Shipping Co.

​

April 29, 2019

​

Belita

​

2006

​

8,533

Teucarrier (No. 5) Corp.

​

September 17, 2007

 

CMA CGM Melisande

 

2012

 

8,530

Teucarrier (No. 1) Corp.

​

January 31, 2007

 

CMA CGM Attila

 

2011

 

8,530

Teucarrier (No. 2) Corp.

​

January 31, 2007

 

CMA CGM Tancredi

 

2011

 

8,530

Teucarrier (No. 3) Corp.

​

January 31, 2007

 

CMA CGM Bianca

 

2011

 

8,530

Teucarrier (No. 4) Corp.

​

January 31, 2007

​

CMA CGM Samson

​

2011

​

8,530

Oceanew Shipping Ltd.

​

January 14, 2002

​

Europe

​

2004

​

8,468

Oceanprize Navigation Ltd.

​

January 21, 2003

​

America

​

2004

​

8,468

Rewarding International Shipping Inc.

​

October 1, 2019

​

Kota Santos

​

2005

​

8,463

Teushipper (No. 1) Corp.

​

March 14, 2022

​

Catherine C (3)

​

2024

​

8,010

Teushipper (No. 2) Corp.

​

March 14, 2022

​

Greenland (3)

​

2024

​

8,010

Teushipper (No. 3) Corp.

​

March 14, 2022

​

Greenville (3)

​

2024

​

8,010

Teushipper (No. 4) Corp.

​

March 14, 2022

​

Greenfield (3)

​

2024

​

8,010

Boxsail (No. 1) Corp.

​

March 4, 2022

​

Interasia Accelerate (3)

​

2024

​

7,165

Boxsail (No. 2) Corp.

​

March 4, 2022

​

Interasia Amplify (3)

​

2024

​

7,165

Boxcarrier (No. 2) Corp.

​

June 27, 2006

​

CMA CGM Musset

​

2010

​

6,500

Boxcarrier (No. 3) Corp.

​

June 27, 2006

​

CMA CGM Nerval

​

2010

​

6,500

Boxcarrier (No. 4) Corp.

​

June 27, 2006

​

CMA CGM Rabelais

​

2010

​

6,500

Boxcarrier (No. 5) Corp.

​

June 27, 2006

​

Racine

​

2010

​

6,500

Boxcarrier (No. 1) Corp.

​

June 27, 2006

​

CMA CGM Moliere

​

2009

​

6,500

Expresscarrier (No. 1) Corp.

​

March 5, 2007

​

YM Mandate

​

2010

​

6,500

Expresscarrier (No. 2) Corp.

​

March 5, 2007

​

YM Maturity

​

2010

​

6,500

Actaea Company Limited

​

October 14, 2014

​

Savannah (ex Zim Savannah)

​

2002

​

6,402

Asteria Shipping Company Limited

​

October 14, 2014

​

Dimitra C

​

2002

​

6,402

Averto Shipping S.A.

​

June 12, 2015

​

Suez Canal

​

2002

​

5,610

Sinoi Marine Ltd.

​

June 12, 2015

​

Kota Lima

​

2002

​

5,544

Oceancarrier (No. 4) Corp.

​

July 6, 2021

​

Wide Alpha

​

2014

​

5,466

Oceancarrier (No. 5) Corp.

​

July 6, 2021

​

Stephanie C

​

2014

​

5,466

Oceancarrier (No. 6) Corp.

​

July 6, 2021

​

Euphrates (ex Maersk Euphrates)

​

2014

​

5,466

Oceancarrier (No. 7) Corp.

​

July 6, 2021

​

Wide Hotel

​

2015

​

5,466

Oceancarrier (No. 8) Corp.

​

July 6, 2021

​

Wide India

​

2015

​

5,466

Oceancarrier (No. 9) Corp.

​

July 6, 2021

​

Wide Juliet

​

2015

​

5,466

Continent Marine Inc.

​

March 22, 2006

 

Monaco (ex Zim Monaco)

 

2009

 

4,253

Medsea Marine Inc.

​

May 8, 2006

 

Dalian

 

2009

 

4,253

Blacksea Marine Inc.

​

May 8, 2006

 

Zim Luanda

 

2009

 

4,253

Bayview Shipping Inc.

​

March 22, 2006

 

Rio Grande

 

2008

 

4,253

Channelview Marine Inc.

​

March 22, 2006

 

Paolo

 

2008

 

4,253

Balticsea Marine Inc.

​

March 22, 2006

 

Kingston

 

2008

 

4,253

Seacarriers Services Inc.

​

June 28, 2005

 

Seattle C

 

2007

 

4,253

Seacarriers Lines Inc.

​

June 28, 2005

 

Vancouver

 

2007

 

4,253

Containers Services Inc.

​

May 30, 2002

 

Tongala

 

2004

 

4,253

Containers Lines Inc.

​

May 30, 2002

 

Derby D

 

2004

 

4,253

Boulevard Shiptrade S.A

​

September 12, 2013

 

Dimitris C

 

2001

 

3,430

CellContainer (No. 4) Corp.

​

March 23, 2007

 

Express Spain

 

2011

 

3,400

CellContainer (No. 5) Corp.

​

March 23, 2007

 

Express Black Sea

 

2011

 

3,400

CellContainer (No. 1) Corp.

​

March 23, 2007

 

Express Argentina

 

2010

 

3,400

CellContainer (No. 2) Corp.

​

March 23, 2007

 

Express Brazil

 

2010

 

3,400

CellContainer (No. 3) Corp.

​

March 23, 2007

 

Express France

 

2010

 

3,400

Wellington Marine Inc.

​

January 27, 2005

 

Singapore

 

2004

​

3,314

Auckland Marine Inc.

​

January 27, 2005

 

Colombo

 

2004

​

3,314

Vilos Navigation Company Ltd.

​

May 30, 2013

​

Zebra

​

2001

 

2,602

Sarond Shipping Inc.

​

January 18, 2013

 

Artotina

 

2001

 

2,524

Speedcarrier (No. 7) Corp.

​

December 6, 2007

 

Highway

 

1998

 

2,200

Speedcarrier (No. 6) Corp.

​

December 6, 2007

 

Progress C

 

1998

 

2,200

Speedcarrier (No. 8) Corp.

​

December 6, 2007

 

Bridge

 

1998

 

2,200

Speedcarrier (No. 1) Corp.

​

June 28, 2007

 

Phoenix D

 

1997

 

2,200

Speedcarrier (No. 2) Corp.

​

June 28, 2007

 

Advance

 

1997

 

2,200

Speedcarrier (No. 3) Corp.

​

June 28, 2007

​

Stride (2)

​

1997

 

2,200

Speedcarrier (No. 5) Corp.

​

June 28, 2007

​

Future

​

1997

 

2,200

Speedcarrier (No. 4) Corp.

​

June 28, 2007

​

Sprinter

​

1997

 

2,200

Container vessels under construction:

​

​

​

​

​

​

​

​

Boxsail (No. 3) Corp.

​

March 4, 2022

​

Hull No. CV5900-07

​

2025

​

6,014

Boxsail (No. 4) Corp.

​

March 4, 2022

​

Hull No. CV5900-08

​

2025

​

6,014

Boxline (No. 1) Corp.

​

June 7, 2023

​

Hull No. YZJ2023-1556

​

2026

​

8,258

Boxline (No. 2) Corp.

​

June 7, 2023

​

Hull No. YZJ2023-1557

​

2026

​

8,258

Boxline (No. 3) Corp.

​

February 2, 2024

​

Hull No. YZJ2024-1612

​

2026

​

8,258

Boxline (No. 4) Corp.

​

February 2, 2024

​

Hull No. YZJ2024-1613

​

2027

​

8,258

Boxline (No. 5) Corp.

​

March 8, 2024

​

Hull No. YZJ2024-1625

​

2027

​

8,258

Boxline (No. 6) Corp.

​

March 8, 2024

​

Hull No. YZJ2024-1626

​

2027

​

8,258

Boxline (No. 7) Corp.

​

May 30, 2024

​

Hull No. YZJ2024-1668

​

2027

​

8,258

Boxsail (No. 5) Corp.

​

June 13, 2024

​

Hull No. C9200-7

​

2027

​

9,200

Boxsail (No. 6) Corp.

​

June 13, 2024

​

Hull No. C9200-8

​

2027

​

9,200

Boxsail (No. 7) Corp.

​

June 27, 2024

​

Hull No. C9200-9

​

2027

​

9,200

Boxsail (No. 8) Corp.

​

June 27, 2024

​

Hull No. C9200-10

​

2028

​

9,200

Boxsail (No. 9) Corp.

​

July 11, 2024

​

Hull No. C9200-11

​

2028

​

9,200

Boxsail (No. 10) Corp.

​

December 19, 2024

​

Hull No. H2596

​

2027

​

9,200

Boxsail (No. 11) Corp.

​

December 19, 2024

​

Hull No. H2597

​

2027

​

9,200

(1)Twenty-foot equivalent unit, the international standard measure for containers and containership capacity.
(2)The Stride was sold for scrap in 2024.
(3)The newbuilding vessels were delivered to the Company in 2024.
Schedule of Dry Bulk Vessels

​

​

​

​

​

​

​

​

​

​

​

    

​

    

​

    

Year 

    

​

Company

​

Date of Incorporation

​

Vessel Name

​

Built

​

DWT(4)

Bulk No. 1 Corp.

​

July 14, 2023

 

Integrity (5)

 

2010

 

175,966

Bulk No. 2 Corp.

​

July 14, 2023

 

Achievement (5)

 

2011

 

175,966

Bulk No. 3 Corp.

​

July 14, 2023

 

Ingenuity (5)

 

2011

 

176,022

Bulk No. 4 Corp.

​

July 14, 2023

 

Genius (5)

 

2012

 

175,580

Bulk No. 5 Corp.

​

July 14, 2023

 

Peace (5)

 

2010

 

175,858

Bulk No. 6 Corp.

​

September 15, 2023

 

W Trader (5)

 

2009

 

175,879

Bulk No. 7 Corp.

​

September 25, 2023

​

E Trader (5)

​

2009

​

175,886

Bulk No. 8 Corp.

​

January 31, 2024

​

Danaos (6)

​

2011

​

176,536

Bulk No. 9 Corp.

​

February 2, 2024

​

Gouverneur (6)

​

2010

​

178,043

Bulk No. 10 Corp.

​

February 15, 2024

 

Valentine (6)

 

2011

 

175,125

(4)DWT, dead weight tons, the international standard measure for drybulk vessels capacity.
(5)The vessels were delivered to the Company in 2023.
(6)The vessels were delivered to the Company in 2024.
v3.25.0.1
Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
Significant Accounting Policies  
Schedule of reclassifications out of accumulated other comprehensive loss The Company had the following reclassifications out of Accumulated Other Comprehensive Loss during the years ended December 31, 2024, 2023 and 2022, respectively (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year ended December 31, 

​

    

Location of Reclassification into Income

    

2024

    

2023

    

2022

Amortization of deferred realized losses on cash flow hedges

​

Loss on derivatives

​

$

3,632

​

$

3,622

​

$

3,622

Reclassification of prior service cost of defined benefit plan

​

Other income/(expenses), net

​

​

1,050

​

​

885

​

​

7,808

Total Reclassifications

​

​

​

$

4,682

​

$

4,507

​

$

11,430
v3.25.0.1
Fixed Assets, Net (Tables)
 12 Months Ended
Dec. 31, 2024
Fixed Assets, net  
Schedule of fixed assets, net

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

​

​

​

​

​

​

​

​

​

​

​

​

Vessel

​

Accumulated 

​

Net Book

​

    

Costs

    

Depreciation

    

Value

As of January 1, 2022

​

$

3,917,443

​

$

(1,055,792)

​

$

2,861,651

Additions

​

 

4,580

​

 

—

​

 

4,580

Transfers from right-of-use assets and to vessel held for sale

​

​

79,179

​

​

(5,896)

​

​

73,283

Disposals

​

​

(97,306)

​

​

10,500

​

​

(86,806)

Depreciation

​

 

—

​

 

(131,214)

​

 

(131,214)

As of December 31, 2022

​

$

3,903,896

​

$

(1,182,402)

​

$

2,721,494

Additions

​

 

154,334

​

 

—

​

 

154,334

Depreciation

​

​

—

​

​

(129,287)

​

​

(129,287)

As of December 31, 2023

​

$

4,058,230

​

$

(1,311,689)

​

$

2,746,541

Additions and transfers from vessels under construction

​

 

694,997

​

 

—

​

 

694,997

Disposals

​

 

(3,940)

​

 

1,055

​

 

(2,885)

Depreciation

​

 

—

​

 

(148,344)

​

 

(148,344)

As of December 31, 2024

​

$

4,749,287

​

$

(1,458,978)

​

$

3,290,309
v3.25.0.1
Advances for Vessels under Construction (Tables)
 12 Months Ended
Dec. 31, 2024
Advances for Vessels under Construction  
Schedule of remaining contractual commitments under 14 vessel construction contracts The remaining contractual commitments under these vessel construction contracts are analyzed as follows as of December 31, 2024 (in thousands):

​

​

​

​

​

Payments due by year ending

    

​

​

December 31, 2025

​

$

185,102

December 31, 2026

​

 

407,440

December 31, 2027

​

 

570,592

December 31, 2028

​

 

94,500

Total contractual commitments

​

$

1,257,634
v3.25.0.1
Deferred Charges, net (Tables)
 12 Months Ended
Dec. 31, 2024
Deferred Charges, net  
Schedule of deferred charges, net

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

​

​

​

​

​

    

Drydocking and

​

​

Special Survey

​

​

Costs

As of January 1, 2022

​

$

11,801

Additions

​

 

29,939

Write-off

​

​

(4,016)

Amortization

​

 

(12,170)

As of December 31, 2022

​

$

25,554

Additions

​

​

31,121

Amortization

​

​

(18,663)

As of December 31, 2023

​

$

38,012

Additions

​

 

50,568

Write-off

​

​

(660)

Amortization

​

 

(29,161)

As of December 31, 2024

​

$

58,759
v3.25.0.1
Other Current and Non-current Assets (Tables)
 12 Months Ended
Dec. 31, 2024
Other Current and Non-current Assets  
Schedule of other current and non current assets

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

​

​

​

​

​

​

​

​

    

2024

    

2023

Marketable securities

​

$

60,850

​

$

86,029

Straight-lining of revenue

​

​

22,170

​

​

36,495

Claims receivable

​

​

14,387

​

​

12,026

Other current assets

​

​

16,243

​

​

7,623

Total other current assets

​

$

113,650

​

$

142,173

​

​

​

​

​

​

​

Straight-lining of revenue

​

$

47,423

​

$

63,382

Other non-current assets

​

 

10,358

​

 

9,245

Total other non-current assets

​

$

57,781

​

$

72,627
v3.25.0.1
Accrued Liabilities (Tables)
 12 Months Ended
Dec. 31, 2024
Accrued Liabilities  
Schedule of accrued liabilities

Accrued liabilities consisted of the following (in thousands):

​

​

​

​

​

​

​

​

    

2024

    

2023

Accrued interest

​

$

10,599

​

$

8,312

Accrued dry-docking expenses

​

​

5,334

​

​

3,276

Accrued expenses

​

 

7,711

​

 

8,870

Total

​

$

23,644

​

$

20,458
v3.25.0.1
Lease Arrangements (Tables)
 12 Months Ended
Dec. 31, 2024
Lease Arrangements  
Schedule of future minimum payments, expected to be received on non-cancellable time charters and bareboat charters

The future minimum payments, expected to be received on non-cancellable time charters and bareboat charters classified as operating leases consisted of the following as of December 31, 2024 (in thousands):

​

​

​

​

​

2025

    

$

896,022

2026

​

 

759,140

2027

​

 

514,827

2028

​

 

327,359

2029

​

 

263,492

2030 and thereafter

​

 

577,428

Total future rentals

​

$

3,338,268
v3.25.0.1
Long-Term Debt, net (Tables)
 12 Months Ended
Dec. 31, 2024
Long-Term Debt, net  
Schedule of long-term debt, net

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

​

​

​

​

​

​

​

​

​

Balance as of

​

Balance as of

Credit Facility

    

December 31, 2024

    

December 31, 2023

BNP Paribas/Credit Agricole $130 mil. Facility

​

$

86,200

​

$

100,000

Alpha Bank $55.25 mil. Facility

​

​

40,250

​

​

47,750

Syndicated $450.0 mil. Facility

​

​

355,330

​

​

—

Citibank $382.5 mil. Revolving Credit Facility

​

​

—

​

​

—

Senior unsecured notes

​

​

262,766

​

​

262,766

Total long-term debt

​

$

744,546

​

$

410,516

Less: Deferred finance costs, net

​

​

(9,763)

​

​

(6,342)

Less: Current portion

​

​

(35,220)

​

​

(21,300)

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

​

$

699,563

​

$

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

The scheduled debt maturities of long-term debt subsequent to December 31, 2024 are as follows (in thousands):

​

​

​

​

​

​

Principal

Payments due by year ending

    

repayments

December 31, 2025

​

​

35,220

December 31, 2026

​

​

35,220

December 31, 2027

​

​

116,370

December 31, 2028

​

​

282,886

December 31, 2029

​

​

274,850

Total long-term debt

​

$

744,546

​
v3.25.0.1
Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2024
Financial Instruments  
Schedule of estimated fair values of the financial instruments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As of December 31, 2024

​

As of December 31, 2023

​

    

Book Value

    

Fair Value

    

Book Value

    

Fair Value

​

​

(in thousands of $)

Cash and cash equivalents

​

$

453,384

​

$

453,384

​

$

271,809

​

$

271,809

Marketable securities

​

$

60,850

​

$

60,850

​

$

86,029

​

$

86,029

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

​

$

481,780

​

$

481,780

​

$

147,750

​

$

147,750

Unsecured long-term debt (1)

​

$

262,766

​

$

259,834

​

$

262,766

​

$

241,969
Schedule of estimated fair value of the financial instruments that are measured at fair value on a recurring basis

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements

​

​

as of December 31, 2024

​

    

Total

    

(Level I)

    

(Level II)

    

(Level III)

​

​

​

(in thousands of $)

Marketable securities

​

$

60,850

​

$

60,850

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements

​

​

as of December 31, 2023

​

    

Total

    

(Level I)

    

(Level II)

    

(Level III)

​

​

​

(in thousands of $)

Marketable securities

​

$

86,029

​

$

86,029

​

$

—

​

$

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Fair Value Measurements

​

​

as of December 31, 2024

​

    

Total

    

(Level I)

    

(Level II)

    

(Level III)

​

​

(in thousands of $)

Cash and cash equivalents

​

$

453,384

​

$

453,384

​

$

—

​

$

—

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

​

$

481,780

​

$

—

​

$

481,780

​

$

—

Unsecured long-term debt (1)

​

$

259,834

​

$

259,834

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements

​

​

as of December 31, 2023

​

    

Total

    

(Level I)

    

(Level II)

    

(Level III)

​

​

(in thousands of $)

Cash and cash equivalents

​

$

271,809

​

$

271,809

​

$

—

​

$

—

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

​

$

147,750

​

$

—

​

$

147,750

​

$

—

Unsecured long-term debt (1)

​

$

241,969

​

$

241,969

​

$

—

​

$

—

(1)Secured and unsecured long-term debt, including current portion is presented gross of deferred finance costs of $9.8 million and $6.3 million as of December 31, 2024 and December 31, 2023, respectively. The fair value of the Company’s secured debt is estimated based on currently available debt with similar contract terms, interest rate and remaining maturities.
v3.25.0.1
Operating Revenue (Tables)
 12 Months Ended
Dec. 31, 2024
Operating Revenue  
Schedule of operating revenue from time charters and bareboat charters and voyage charters

​

​

​

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

Time charters and bareboat charters

​

$

967,095

​

$

963,192

​

$

993,344

Voyage charters

​

 

47,015

​

 

10,391

​

 

—

Total Revenue

​

$

1,014,110

​

$

973,583

​

$

993,344
Schedule of operating revenue from significant customers (constituting more than 10% of total revenue)

​

​

​

​

​

​

​

​

​

Charterer

    

2024

    

2023

    

2022

​

CMA CGM

 

20

%  

23

%  

26

%

MSC

​

13

%  

11

%  

13

%

HMM Korea

 

—

​

12

%  

12

%
Schedule of operating revenue by geographic location

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

​

​

​

​

​

​

​

​

​

​

Continent

    

2024

    

2023

    

2022

Australia—Asia

​

$

532,800

​

$

519,759

​

$

482,769

Europe

​

 

481,310

​

 

453,824

​

 

507,293

America

​

​

—

​

​

—

​

​

3,282

Total Revenue

​

$

1,014,110

​

$

973,583

​

$

993,344

​
v3.25.0.1
Segments (Tables)
 12 Months Ended
Dec. 31, 2024
Segments  
Schedule of the company's selected financial information

The following table summarizes the Company’s selected financial information for the year ended December 31, 2024, by segment (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

    

Container

    

Drybulk

    

​

​

​

​

vessels 

​

vessels

​

​

​

​

​

segment

​

segment

​

Total

Operating revenues

​

$

937,077

​

$

77,033

​

$

1,014,110

Voyage expenses

​

​

(32,481)

​

​

(31,620)

​

​

(64,101)

Vessel operating expenses

 

​

(162,192)

​

​

(23,532)

​

​

(185,724)

Depreciation

 

​

(137,823)

​

​

(10,521)

​

​

(148,344)

Amortization of deferred drydocking and special survey costs

 

​

(27,167)

​

​

(1,994)

​

​

(29,161)

Net gain on disposal/sale of vessels

 

​

8,332

​

​

—

​

​

8,332

Interest income

 

​

12,843

​

​

—

​

​

12,843

Interest expenses

 

​

(26,185)

​

​

—

​

​

(26,185)

Other segment items(1)

​

​

(54,275)

​

​

(4,937)

​

​

(59,212)

​

​

​

​

​

​

​

​

​

​

Net income per segment

​

$

518,129

​

$

4,429

​

$

522,558

Loss on investments, dividend income and equity loss on investments, net of interest income

​

​

​

​

​

​

​

​

(17,485)

Net income

​

​

​

​

​

​

​

$

505,073

​

​

​

​

​

​

​

​

​

​

​

​

    

Container

    

Drybulk

    

​

​

​

​

vessels

​

vessels

​

​

​

​

​

segment

​

segment

​

Total

Total assets per segment

​

$

4,006,268

​

$

276,207

​

$

4,282,475

Marketable securities

​

  

​

​

​

​

​

​

60,850

Receivable from affiliates

 

​

​

 

​

​

 

​

329

Total assets

​

​

​

 

​

​

 

$

4,343,654

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

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

Container

​

Drybulk

​

​

​

​

​

vessels

​

vessels

​

​

​

​

    

segment

    

segment

    

Total

Operating revenues

​

$

963,192

​

$

10,391

​

$

973,583

Voyage expenses

​

 

(33,913)

​

 

(7,097)

​

 

(41,010)

Vessel operating expenses

​

 

(159,084)

​

 

(3,033)

​

 

(162,117)

Depreciation

​

 

(128,097)

​

 

(1,190)

​

 

(129,287)

Amortization of deferred drydocking and special survey costs

​

 

(18,663)

​

 

—

​

 

(18,663)

Net gain on disposal/sale of vessels

​

 

1,639

​

 

—

​

 

1,639

Interest income

​

 

12,096

​

 

37

​

 

12,133

Interest expenses

​

 

(20,463)

​

 

—

​

 

(20,463)

Other segment items(1)

​

 

(53,428)

​

 

(1,018)

​

 

(54,446)

​

​

​

​

​

​

​

​

​

​

Net income/(loss) per segment

​

$

563,279

​

$

(1,910)

​

$

561,369

Gain on investments, dividend income and equity loss on investments

​

​

​

​

​

​

​

​

14,930

Net Income

​

​

​

​

​

​

​

$

576,299

​

​

​

​

​

​

​

​

​

​

​

​

​

Container

​

Drybulk

​

​

​

​

​

vessels

​

vessels

​

​

​

​

    

segment

    

segment

    

Total

Total assets per segment

​

$

3,404,298

​

$

170,539

​

$

3,574,837

Marketable securities

​

​

​

​

​

​

​

​

86,029

Investments in affiliates

​

​

​

​

​

​

​

​

270

Total assets

​

​

​

​

​

​

​

$

3,661,136

(1)Other segment items for each reportable segment include general and administrative expenses, other finance expenses, other income/(expenses), net and loss on derivatives.
v3.25.0.1
Earnings per Share (Tables)
 12 Months Ended
Dec. 31, 2024
Earnings per Share  
Schedule of computation of basic and diluted earnings per share

​

​

​

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

Numerator:

​

​

​

​

​

​

​

​

​

Net income (in thousands)

​

$

505,073

​

$

576,299

​

$

559,210

​

​

​

​

​

​

​

​

​

​

Denominator (number of shares in thousands):

​

​

​

​

​

​

​

​

​

Basic weighted average common shares outstanding

​

​

19,316

​

​

19,879

​

​

20,482

Effect of dilutive securities:

​

 

​

​

 

​

​

 

​

Dilutive effect of non-vested shares

​

​

69

​

​

25

​

​

19

Diluted weighted average common shares outstanding

​

​

19,385

​

​

19,904

​

​

20,501

​

​

​

​

​

​

​

​

​

​

Basic earnings per share (in US dollars)

​

$

26.15

​

$

28.99

​

$

27.30

Diluted earnings per share (in US dollars)

​

$

26.05

​

$

28.95

​

$

27.28
v3.25.0.1
Basis of Presentation and General Information (Details)
Dec. 31, 2024
item
$ / shares
shares
Dec. 31, 2023
$ / shares
shares
Dec. 31, 2022
$ / shares
Sep. 18, 2009
$ / shares
shares
Property, Plant and Equipment        
Common stock, authorized capital stock (in shares) | shares 750,000,000 750,000,000   750,000,000
Common stock, par value (in dollars per share) | $ / shares $ 0.01 $ 0.01 $ 0.01 $ 0.01
Preferred stock, authorized capital stock (in shares) | shares 100,000,000 100,000,000   100,000,000
Preferred stock, par value (in dollars per share) | $ / shares $ 0.01 $ 0.01   $ 0.01
Hyundai Honour        
Property, Plant and Equipment        
TEU 13,100      
Hyundai Respect.        
Property, Plant and Equipment        
TEU 13,100      
Hyundai Smart.        
Property, Plant and Equipment        
TEU 13,100      
Hyundai Speed.        
Property, Plant and Equipment        
TEU 13,100      
Hyundai Ambition.        
Property, Plant and Equipment        
TEU 13,100      
Express Berlin        
Property, Plant and Equipment        
TEU 10,100      
Express Rome        
Property, Plant and Equipment        
TEU 10,100      
Express Athens        
Property, Plant and Equipment        
TEU 10,100      
Pusan C        
Property, Plant and Equipment        
TEU 9,580      
Le Havre        
Property, Plant and Equipment        
TEU 9,580      
Bremen        
Property, Plant and Equipment        
TEU 9,012      
C Hamburg        
Property, Plant and Equipment        
TEU 9,012      
Niledutch Lion        
Property, Plant and Equipment        
TEU 8,626      
Kota Manzanillo        
Property, Plant and Equipment        
TEU 8,533      
Belita        
Property, Plant and Equipment        
TEU 8,533      
CMA CGM Melisande        
Property, Plant and Equipment        
TEU 8,530      
CMA CGM Attila        
Property, Plant and Equipment        
TEU 8,530      
CMA CGM Tancredi        
Property, Plant and Equipment        
TEU 8,530      
CMA CGM Bianca        
Property, Plant and Equipment        
TEU 8,530      
CMA CGM Samson        
Property, Plant and Equipment        
TEU 8,530      
Europe        
Property, Plant and Equipment        
TEU 8,468      
America        
Property, Plant and Equipment        
TEU 8,468      
Kota Santos        
Property, Plant and Equipment        
TEU 8,463      
Catherine C        
Property, Plant and Equipment        
TEU 8,010      
Greenland        
Property, Plant and Equipment        
TEU 8,010      
Greenville        
Property, Plant and Equipment        
TEU 8,010      
Greenfield        
Property, Plant and Equipment        
TEU 8,010      
Interasia Accelerate        
Property, Plant and Equipment        
TEU 7,165      
Interasia Amplify        
Property, Plant and Equipment        
TEU 7,165      
CMA CGM Musset        
Property, Plant and Equipment        
TEU 6,500      
CMA CGM Nerval        
Property, Plant and Equipment        
TEU 6,500      
CMA CGM Rabelais        
Property, Plant and Equipment        
TEU 6,500      
Racine        
Property, Plant and Equipment        
TEU 6,500      
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      
Savannah        
Property, Plant and Equipment        
TEU 6,402      
Dimitra C        
Property, Plant and Equipment        
TEU 6,402      
Suez Canal        
Property, Plant and Equipment        
TEU 5,610      
Kota Lima        
Property, Plant and Equipment        
TEU 5,544      
Wide Alpha        
Property, Plant and Equipment        
TEU 5,466      
Stephanie C        
Property, Plant and Equipment        
TEU 5,466      
Maersk Euphrates        
Property, Plant and Equipment        
TEU 5,466      
Wide Hotel        
Property, Plant and Equipment        
TEU 5,466      
Wide India        
Property, Plant and Equipment        
TEU 5,466      
Wide Juliet        
Property, Plant and Equipment        
TEU 5,466      
Monaco (ex Zim Monaco)        
Property, Plant and Equipment        
TEU 4,253      
Dalian        
Property, Plant and Equipment        
TEU 4,253      
Zim Luanda        
Property, Plant and Equipment        
TEU 4,253      
Rio Grande        
Property, Plant and Equipment        
TEU 4,253      
Paolo        
Property, Plant and Equipment        
TEU 4,253      
Kingston.        
Property, Plant and Equipment        
TEU 4,253      
Seattle C        
Property, Plant and Equipment        
TEU 4,253      
Vancouver        
Property, Plant and Equipment        
TEU 4,253      
Tongala        
Property, Plant and Equipment        
TEU 4,253      
Derby D        
Property, Plant and Equipment        
TEU 4,253      
Dimitris C        
Property, Plant and Equipment        
TEU 3,430      
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      
Artotina        
Property, Plant and Equipment        
TEU 2,524      
Highway        
Property, Plant and Equipment        
TEU 2,200      
Progress C        
Property, Plant and Equipment        
TEU 2,200      
Bridge        
Property, Plant and Equipment        
TEU 2,200      
Phoenix D        
Property, Plant and Equipment        
TEU 2,200      
Advance        
Property, Plant and Equipment        
TEU 2,200      
Stride        
Property, Plant and Equipment        
TEU 2,200      
Future        
Property, Plant and Equipment        
TEU 2,200      
Sprinter        
Property, Plant and Equipment        
TEU 2,200      
Hull No. CV5900-07        
Property, Plant and Equipment        
TEU 6,014      
Hull No. CV5900-08        
Property, Plant and Equipment        
TEU 6,014      
Hull No. YZJ2023-1556        
Property, Plant and Equipment        
TEU 8,258      
Hull No. YZJ2023-1557        
Property, Plant and Equipment        
TEU 8,258      
Hull No. Yzj 2024-1612        
Property, Plant and Equipment        
TEU 8,258      
Hull No. Yzj 2024-1613        
Property, Plant and Equipment        
TEU 8,258      
Hull No. Yzj 2024-1625        
Property, Plant and Equipment        
TEU 8,258      
Hull No. Yzj 2024-1626        
Property, Plant and Equipment        
TEU 8,258      
Hull No. YZJ2024-1668        
Property, Plant and Equipment        
TEU 8,258      
Hull No. C9200-7        
Property, Plant and Equipment        
TEU 9,200      
Hull No. C9200-8        
Property, Plant and Equipment        
TEU 9,200      
Hull No. C9200-9        
Property, Plant and Equipment        
TEU 9,200      
Hull No. C9200-10        
Property, Plant and Equipment        
TEU 9,200      
Hull No. C9200-11        
Property, Plant and Equipment        
TEU 9,200      
Hull No. H2596        
Property, Plant and Equipment        
TEU 9,200      
Hull No. H2597        
Property, Plant and Equipment        
TEU 9,200      
v3.25.0.1
Basis of Presentation and General Information - Capesize drybulk vessels (Details)
Dec. 31, 2024
t
Integrity  
Property, Plant and Equipment  
Capesize drybulk vessels 175,966
Achievement  
Property, Plant and Equipment  
Capesize drybulk vessels 175,966
Ingenuity  
Property, Plant and Equipment  
Capesize drybulk vessels 176,022
Genius  
Property, Plant and Equipment  
Capesize drybulk vessels 175,580
Peace  
Property, Plant and Equipment  
Capesize drybulk vessels 175,858
W Trader  
Property, Plant and Equipment  
Capesize drybulk vessels 175,879
E Trader  
Property, Plant and Equipment  
Capesize drybulk vessels 175,886
Gouverneur  
Property, Plant and Equipment  
Capesize drybulk vessels 178,043
Valentine  
Property, Plant and Equipment  
Capesize drybulk vessels 175,125
Danaos  
Property, Plant and Equipment  
Capesize drybulk vessels 176,536
v3.25.0.1
Significant Accounting Policies - Reclassifications in Other Comprehensive Income Loss) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Reclassifications in Other Comprehensive Income/(Loss)      
Loss on derivatives $ (3,632) $ (3,622) $ (3,622)
Reclassification out of accumulated other comprehensive income      
Reclassifications in Other Comprehensive Income/(Loss)      
Loss on derivatives 4,682 4,507 11,430
Amortization of deferred realized losses on cash flow hedges | Reclassification out of accumulated other comprehensive income      
Reclassifications in Other Comprehensive Income/(Loss)      
Loss on derivatives 3,632 3,622 3,622
Reclassification of prior service cost of defined benefit plan | Reclassification out of accumulated other comprehensive income      
Reclassifications in Other Comprehensive Income/(Loss)      
Loss on derivatives $ 1,050 $ 885 $ 7,808
v3.25.0.1
Significant Accounting Policies - Foreign Currency Translation (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Foreign Currency Translation:      
Foreign currency exchange losses $ 0.3 $ 0.5 $ 0.2
v3.25.0.1
Significant Accounting Policies - Fixed Assets (Details) - item
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Secondhand Market    
Property, Plant and Equipment    
Number of vessels acquired 3 7
v3.25.0.1
Significant Accounting Policies - Depreciation (Details)
 12 Months Ended
Dec. 31, 2024
USD ($)
Vessel  
Depreciation  
Estimated scrap rate $ 300
Containerships  
Depreciation  
Estimated useful life from the year built 30 years
Drybulk Vessels  
Depreciation  
Estimated useful life from the year built 25 years
v3.25.0.1
Significant Accounting Policies - Accounting for Special Survey and Drydocking Costs (Details)
 12 Months Ended
Dec. 31, 2024
Vessel  
Accounting for Special Survey and Drydocking Costs  
Deferral and amortization period of survey and drydocking costs 2 years 6 months
v3.25.0.1
Significant Accounting Policies - Pension and Retirement Benefit Obligations-Crew (Details)
 12 Months Ended
Dec. 31, 2024
Vessel | Maximum [Member]  
Pension and Retirement Benefit Obligations-Crew:  
On board period of crew under the short-term contracts 7 months
v3.25.0.1
Significant Accounting Policies - Impairment of Long-lived Assets (Details)
 12 Months Ended
Dec. 31, 2024
Minimum [Member]  
Impairment of Long-lived Assets:  
Average historical period for estimating time charter equivalent rates 5 years
Maximum [Member]  
Impairment of Long-lived Assets:  
Average historical period for estimating time charter equivalent rates 15 years
Vessel | Maximum [Member]  
Impairment of Long-lived Assets:  
Term of multi-year fixed rate period charters for vessels in current fleet and contracted vessels 18 years
v3.25.0.1
Significant Accounting Policies - Segment Reporting (Details) - segment
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting:    
Number of operating segments   1
Number of reportable segments 2 1
v3.25.0.1
Significant Accounting Policies - Equity Compensation Plan (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Aug. 02, 2019
Equity Compensation Plan:    
Maximum number of shares that may be granted 1,000,000 1,000,000
Common Stock    
Equity Compensation Plan:    
Contractual obligation for any stock to be granted $ 0  
v3.25.0.1
Investments in Affiliates (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
Schedule of Equity Method Investments [Line Items]      
Equity loss on investments $ (1,629) $ (3,993)  
CTTC      
Schedule of Equity Method Investments [Line Items]      
Amount invested     $ 4,300
Ownership interest percentage     49.00%
Payments for Advance to Affiliate $ 1,600    
Interest rate (as a percent) 2.00%    
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] us-gaap:SecuredOvernightFinancingRateSofrMember    
Equity loss on investments $ 1,600 $ 4,000  
v3.25.0.1
Fixed Assets, net - Rollforward (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Vessel Costs      
Balance at the beginning of the period $ 4,058,230 $ 3,903,896 $ 3,917,443
Additions 694,997 154,334 4,580
Transfers from right-of-use assets and to vessel held for sale     79,179
Disposals (3,940)   (97,306)
Depreciation 148,344 129,287 131,214
Balance at the end of the period 4,749,287 4,058,230 3,903,896
Accumulated Depreciation      
Balance at the beginning of the period (1,311,689) (1,182,402) (1,055,792)
Transfers from right-of-use assets and to vessel held for sale     (5,896)
Disposals 1,055   10,500
Depreciation (148,344) (129,287) (131,214)
Balance at the end of the period (1,458,978) (1,311,689) (1,182,402)
Net Book Value      
Balance at the beginning of the period 2,746,541 2,721,494 2,861,651
Additions 694,997 154,334 4,580
Transfers from right-of-use assets and to vessel held for sale     73,283
Disposals (2,885)   (86,806)
Depreciation 148,344 (129,287) 131,214
Balance at the end of the period $ 3,290,309 $ 2,746,541 $ 2,721,494
v3.25.0.1
Fixed Assets, net (Details)
$ in Thousands
 1 Months Ended 3 Months Ended 12 Months Ended
Jul. 31, 2024
item
Mar. 31, 2024
USD ($)
Jan. 31, 2023
USD ($)
Nov. 30, 2022
USD ($)
Jun. 30, 2024
item
Dec. 31, 2024
USD ($)
item
t
$ / T
Dec. 31, 2023
USD ($)
item
t
Dec. 31, 2022
USD ($)
Dec. 23, 2022
USD ($)
Jan. 17, 2022
USD ($)
Fixed Assets, net & Advances for Vessels under Construction                    
Number of vessels delivered | item           6        
Gain on disposal/sale of vessels           $ 8,332 $ 1,639 $ 37,225    
8,000 TEU Container Vessels                    
Fixed Assets, net & Advances for Vessels under Construction                    
Number of container vessels or carriers acquired | item           4        
TEU of container vessels acquired | item           8,000        
7,100 TEU Container Vessels                    
Fixed Assets, net & Advances for Vessels under Construction                    
Number of container vessels or carriers acquired | item           2        
TEU of container vessels acquired | item           7,100        
Capesize Bulk Carriers                    
Fixed Assets, net & Advances for Vessels under Construction                    
Number of container vessels or carriers acquired | item             7      
Number of vessels delivered | item 1       2          
Number of carriers agreed to acquire | item           3        
DWT of carriers agreed to acquire | t           529,704        
Aggregate amount of purchase price           $ 79,800 $ 139,600      
DWT of acquired carriers | t             1,231,157      
Stride                    
Fixed Assets, net & Advances for Vessels under Construction                    
Insurance proceeds   $ 11,900                
Gain on disposal/sale of vessels   $ 8,300                
TEU | item           2,200        
Vessel                    
Fixed Assets, net & Advances for Vessels under Construction                    
Impairment loss           $ 0 $ 0      
Residual value of the fleet           $ 603,700 $ 540,500      
Average life of scrap considered to calculate residual value of vessel, one           10 years        
Scrap value per ton (in dollars per ton) | $ / T           300        
Average life of scrap considered to calculate residual value of vessel, two           5 years        
Catherine C and Leo C                    
Fixed Assets, net & Advances for Vessels under Construction                    
Gain on disposal/sale of vessels       $ 37,200            
Aggregate gross consideration                   $ 130,000
Amalia C                    
Fixed Assets, net & Advances for Vessels under Construction                    
Gain on disposal/sale of vessels     $ 1,600              
Aggregate gross consideration                 $ 5,100  
v3.25.0.1
Advances for Vessels under Construction (Details)
$ in Thousands
 1 Months Ended 3 Months Ended 12 Months Ended
Jan. 01, 2024
USD ($)
Aug. 10, 2018
USD ($)
Dec. 31, 2024
USD ($)
item
Jul. 31, 2024
item
Jun. 30, 2024
item
Mar. 31, 2024
item
Feb. 29, 2024
item
Jun. 30, 2023
item
Apr. 30, 2023
item
Apr. 30, 2022
item
Mar. 31, 2022
item
Dec. 31, 2024
USD ($)
item
Sep. 30, 2024
item
Jun. 30, 2024
item
Dec. 31, 2024
USD ($)
item
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Fixed Assets, net & Advances for Vessels under Construction                                  
Number of vessels delivered                             6    
Interest expense capitalized | $                             $ 21,500 $ 17,400 $ 5,000
Manager                                  
Fixed Assets, net & Advances for Vessels under Construction                                  
Supervision fee per new building vessel payable | $ $ 850                           850    
Supervision fees for vessels capitalized | $                             3,000 3,000 0
Supervision fee per vessel under construction | $   $ 725                         3,000 3,000 0
Vessesls under Construction                                  
Fixed Assets, net & Advances for Vessels under Construction                                  
Interest expense capitalized | $                             $ 21,500 17,400 $ 5,000
Two 6,000 TEU Vessels                                  
Fixed Assets, net & Advances for Vessels under Construction                                  
Number of vessels contracted for construction                 2                
TEU of vessels contracted for construction                 6,000                
Two 8,200 TEU Vessels                                  
Fixed Assets, net & Advances for Vessels under Construction                                  
Number of vessels contracted for construction               2                  
TEU of vessels contracted for construction               8,200                  
Four 8,200 TEU Vessels                                  
Fixed Assets, net & Advances for Vessels under Construction                                  
Number of vessels contracted for construction           4 4                    
TEU of vessels contracted for construction           8,200 8,200                    
Five 9,200 TEU Vessels                                  
Fixed Assets, net & Advances for Vessels under Construction                                  
Number of vessels contracted for construction       5 5                        
TEU of vessels contracted for construction       9,200 9,200                        
One 8,200 TEU Vessels                                  
Fixed Assets, net & Advances for Vessels under Construction                                  
Number of vessels contracted for construction       1 1                        
TEU of vessels contracted for construction       8,200 8,200                        
Two 9,200 TEU Vessels                                  
Fixed Assets, net & Advances for Vessels under Construction                                  
Number of vessels contracted for construction     2                            
TEU of vessels contracted for construction     9,200                            
Four 8,000 TEU Vessels                                  
Fixed Assets, net & Advances for Vessels under Construction                                  
Number of vessels contracted for construction                   4              
TEU of vessels contracted for construction                   8,000              
Number of vessels delivered                       1 1 2      
Two 7,100 TEU Vessels                                  
Fixed Assets, net & Advances for Vessels under Construction                                  
Number of vessels contracted for construction                     2            
TEU of vessels contracted for construction                     7,100            
Number of vessels delivered                         1 1      
TEU container vessels | Vessesls under Construction                                  
Fixed Assets, net & Advances for Vessels under Construction                                  
Number of vessels contracted for construction                             16    
Aggregate purchase price | $     $ 1,507,500                 $ 1,507,500     $ 1,507,500    
Payments for purchase price of construction assets | $                             $ 192,200 $ 57,700  
v3.25.0.1
Advances for Vessels under Construction - Remaining contractual commitments (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Advances for Vessels under Construction  
December 31, 2025 $ 185,102
December 31, 2026 407,440
December 31, 2027 570,592
December 31, 2028 94,500
Total contractual commitments $ 1,257,634
v3.25.0.1
Deferred Charges, net (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Mar. 31, 2024
Nov. 30, 2022
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Changes in deferred charges, net          
Balance at the beginning of the period     $ 38,012    
Amortization     (29,161) $ (18,663) $ (12,170)
Balance at the end of the period     58,759 38,012  
Drydocking and Special Survey Costs          
Changes in deferred charges, net          
Balance at the beginning of the period     38,012 25,554 11,801
Additions     50,568 31,121 29,939
Write-off     (660)   (4,016)
Amortization     (29,161) (18,663) (12,170)
Balance at the end of the period     $ 58,759 $ 38,012 $ 25,554
Period of amortization for deferred costs     2 years 6 months    
Catherine C | Drydocking and Special Survey Costs          
Changes in deferred charges, net          
Wrote-off amounts   $ 4,000      
Stride | Drydocking and Special Survey Costs          
Changes in deferred charges, net          
Wrote-off amounts $ 700        
v3.25.0.1
Other Current and Non-current Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Other Current and Non-current Assets    
Marketable securities $ 60,850 $ 86,029
Straight-lining of revenue 22,170 36,495
Claims receivable 14,387 12,026
Other current assets 16,243 7,623
Total other current assets 113,650 142,173
Straight-lining of revenue 47,423 63,382
Other non-current assets 10,358 9,245
Total other non-current assets $ 57,781 $ 72,627
v3.25.0.1
Other Current and Non-current Assets - Eagle Bulk Shipping Inc (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Apr. 09, 2024
Jun. 30, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Other Current and Non-current Assets          
Marketable securities, fair value     $ 60,850 $ 86,029  
Gain/(loss) on investments     (25,179) 17,867 $ (176,386)
Dividend income     9,276 1,056 165,399
SBLK Common Stock          
Other Current and Non-current Assets          
Marketable securities, fair value     $ 60,900    
Marketable securities owned     4,070,214    
Gain/(loss) on investments     $ 25,200    
Dividend income     $ 9,300    
Eagle Bulk Shipping Inc. | SBLK Common Stock          
Other Current and Non-current Assets          
Common stock of SBLK received in exchange for each share of EGLE common stock owned 2.6211        
Eagle Bulk Shipping Inc.          
Other Current and Non-current Assets          
Number of shares of marketable securities acquired   1,552,865      
Amount paid to acquire marketable securities   $ 68,200      
Marketable securities, fair value       86,000  
Gain/(loss) on investments       17,900  
Dividend income       $ 1,000  
ZIM          
Other Current and Non-current Assets          
Gain/(loss) on investments         $ 176,400
Related party | Virage | Eagle Bulk Shipping Inc.          
Other Current and Non-current Assets          
Amount paid to acquire marketable securities   $ 24,400      
v3.25.0.1
Other Current and Non-current Assets - ZIM (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Other Current and Non-current Assets      
Gain/(loss) on investments $ (25,179) $ 17,867 $ (176,386)
ZIM      
Other Current and Non-current Assets      
Net proceeds from sale of ordinary shares     246,600
Gain/(loss) on investments     176,400
Dividend income     165,400
Taxes withheld on dividend income     $ 18,300
v3.25.0.1
Accrued Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Accrued Liabilities    
Accrued interest $ 10,599 $ 8,312
Accrued dry-docking expenses 5,334 3,276
Accrued expenses 7,711 8,870
Total $ 23,644 $ 20,458
v3.25.0.1
Lease Arrangements (Details)
$ in Thousands
 1 Months Ended 12 Months Ended
May 31, 2022
USD ($)
item
Dec. 31, 2024
USD ($)
item
Dec. 31, 2023
USD ($)
Lease Arrangements      
Number of vessels , generated revenue results | item   73  
Number of charter vessels | item 15    
Amount of charter hire prepayment received $ 238,900    
Current portion of unearned revenue   $ 49,665 $ 63,823
Non-current portion of unearned revenue   22,901 60,134
Future minimum payments, expected to be received      
2025   896,022  
2026   759,140  
2027   514,827  
2028   327,359  
2029   263,492  
2030 and thereafter   577,428  
Total future rentals   $ 3,338,268  
Time Charter Agreements      
Lease Arrangements      
Number of vessels under construction contracted with charter agreements | item   14  
Lessor, Operating Lease, Existence of Option to Extend [true false]   true  
Maximum term of the option to extend timer charter agreement   3 years  
Number of charter vessels | item   16  
Current portion of unearned revenue   $ 37,200 44,200
Non-current portion of unearned revenue   $ 22,900 $ 60,100
v3.25.0.1
Long-Term Debt, net - Schedule of Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Jun. 30, 2022
May 31, 2022
Long-Term Debt, net            
Total long-term debt $ 744,546   $ 410,516      
Less: Deferred finance costs, net (9,763)   (6,342)      
Less: Current portion (35,220)   (21,300)      
Total long-term debt net of current portion and deferred finance cost 699,563   382,874      
BNP Paribas/Credit Agricole $130 mil. Facility            
Long-Term Debt, net            
Long-term debt 86,200   100,000   $ 130,000  
Credit facility 130,000   130,000      
Alpha Bank $55.25 mil. Facility            
Long-Term Debt, net            
Long-term debt 40,250   47,750      
Credit facility 55,250   55,250 $ 55,250    
Syndicated $450.0 mil. Facility            
Long-Term Debt, net            
Long-term debt 355,330          
Credit facility 450,000 $ 450,000        
Citibank $382.5 mil. Revolving Credit Facility            
Long-Term Debt, net            
Credit facility 382,500   382,500 382,500    
Citibank/Natwest $815 mil. Facility            
Long-Term Debt, net            
Credit facility       $ 815,000   $ 815,000
Senior unsecured notes            
Long-Term Debt, net            
Long-term debt $ 262,766   $ 262,766      
v3.25.0.1
Long-Term Debt, net - Additional Information (Details)
$ in Thousands
 1 Months Ended 3 Months Ended 12 Months Ended
Feb. 11, 2021
USD ($)
Dec. 31, 2022
USD ($)
item
installment
Jun. 30, 2022
USD ($)
item
installment
May 31, 2022
USD ($)
Jun. 30, 2022
USD ($)
item
installment
Dec. 31, 2024
USD ($)
item
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
item
installment
Mar. 31, 2024
USD ($)
item
Long-Term Debt, net                  
Payments of long-term debt           $ 27,970 $ 27,500 $ 892,928  
Gain/(loss) on debt extinguishment, net           0 (2,254) 4,351  
Incurred interest expense           45,300 35,700 55,700  
Interest expense capitalized           21,500 17,400 5,000  
Interest paid           $ 21,600 $ 18,100 $ 54,000  
Weighted average interest rate on long-term borrowings (as a percent)   5.30%       7.70% 7.80% 5.30%  
Remaining borrowing availability           $ 88,000      
Number of vessels excluding sale and lease back arrangement | item           30      
Carrying value of vessels subject to first preferred mortgages as collateral to credit facilities           $ 2,035,500      
Deferred bond issuance costs           9,800 $ 6,300    
Syndicated $450.0 mil. Facility                  
Long-Term Debt, net                  
Credit facility           450,000     $ 450,000
Number of vessels pledged as collateral | item                 8
Amount drawn           $ 362,000      
Number of vessels delivered | item           6      
Spread on variable rate           1.85%      
Long-term debt           $ 355,330      
BNP Paribas/Credit Agricole $130 mil. Facility                  
Long-Term Debt, net                  
Credit facility           130,000 130,000    
Number of vessels pledged as collateral | item     6   6        
Spread on variable rate     2.16%            
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]     us-gaap:SecuredOvernightFinancingRateSofrMember            
Balloon payment at maturity     $ 67,200   $ 67,200        
Long-term debt     $ 130,000   $ 130,000 $ 86,200 100,000    
Term of debt     5 years            
Minimum percentage of fair market value of collateral vessels required to cover loan value           125.00%      
BNP Paribas/Credit Agricole $130 mil. Facility | Eight Quarterly Installment                  
Long-Term Debt, net                  
Amount of quarterly instalment     $ 5,000            
Number of quarterly instalments | installment     8   8        
BNP Paribas/Credit Agricole $130 mil. Facility | Twelve Quarterly Installments                  
Long-Term Debt, net                  
Amount of quarterly instalment     $ 1,900            
Number of quarterly instalments | installment     12   12        
BNP Paribas/Credit Agricole $130 mil. Facility | TEU sister vessels                  
Long-Term Debt, net                  
TEU | item     5,466   5,466        
Citibank/Natwest $815 mil. Facility                  
Long-Term Debt, net                  
Credit facility   $ 815,000   $ 815,000       $ 815,000  
Payments of long-term debt       270,000          
Amount of quarterly instalment       12,900          
Balloon payment at maturity       $ 309,000          
Credit facility debt extinguished   437,750              
Citibank $382.5 mil. Revolving Credit Facility                  
Long-Term Debt, net                  
Credit facility   $ 382,500       $ 382,500 382,500 $ 382,500  
Number of vessels pledged as collateral | item   16           16  
Amount drawn           0 0    
Spread on variable rate   2.00%              
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]   us-gaap:SecuredOvernightFinancingRateSofrMember              
Amount of quarterly instalment   $ 11,250              
Balloon payment at maturity   $ 157,500           $ 157,500  
Number of quarterly instalments | installment   20           20  
Term of debt   5 years              
Commitment fee payable (as a percent)   0.80%              
Remaining borrowing availability           292,500      
Alpha Bank $55.25 mil. Facility                  
Long-Term Debt, net                  
Credit facility   $ 55,250       55,250 55,250 $ 55,250  
Number of vessels pledged as collateral | item   2           2  
Amount drawn           55,250 55,250    
Spread on variable rate   2.30%              
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]   us-gaap:SecuredOvernightFinancingRateSofrMember              
Amount of quarterly instalment   $ 1,875              
Balloon payment at maturity   $ 17,750           $ 17,750  
Long-term debt           40,250 47,750    
Number of quarterly instalments | installment   20           20  
Term of debt   5 years              
Senior unsecured notes                  
Long-Term Debt, net                  
Long-term debt           $ 262,766 $ 262,766    
Face amount of debt $ 300,000                
Fixed interest rate (as a percent) 8.50%                
Amount repurchased   $ 37,200           $ 37,200  
Deferred bond issuance costs $ 9,000                
Senior unsecured notes | On or after March 1, 2025                  
Long-Term Debt, net                  
Percent of principal amount being redeemed 102.125%                
Senior unsecured notes | On or after March 1, 2026                  
Long-Term Debt, net                  
Percent of principal amount being redeemed 100.00%                
Macquarie Bank $58 mil Facility                  
Long-Term Debt, net                  
Payments of long-term debt         $ 43,000        
SinoPac $13.3 mil. Facility                  
Long-Term Debt, net                  
Payments of long-term debt         9,800        
Eurobank $30.0 mil. Facility                  
Long-Term Debt, net                  
Payments of long-term debt         $ 20,600        
Alpha Bank $55.25 mil. Facility, Citibank $382.5 mil. Revolving Credit Facility and Syndicated $450.0 mil. Facility                  
Long-Term Debt, net                  
Minimum percentage of fair market value of collateral vessels required to cover loan value           120.00%      
Alpha Bank $55.25 mil. Facility, Citibank $382.5 mil. Revolving Credit Facility and BNP Paribas/Credit Agricole $130 mil. Facility                  
Long-Term Debt, net                  
Minimum liquidity           $ 30,000      
Maximum leverage ratio           6.5      
Minimum interest coverage ratio           2.5      
v3.25.0.1
Long-Term Debt, net - Principal Payments (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Scheduled maturities of long-term debt  
December 31, 2025 $ 35,220
December 31, 2026 35,220
December 31, 2027 116,370
December 31, 2028 282,886
December 31, 2029 274,850
Total long-term debt $ 744,546
v3.25.0.1
Related Party Transactions (Details)
€ in Millions
 12 Months Ended
Jan. 01, 2024
USD ($)
Aug. 10, 2018
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2024
EUR (€)
Dec. 31, 2023
USD ($)
Dec. 31, 2023
EUR (€)
Dec. 31, 2022
USD ($)
Dec. 31, 2022
EUR (€)
Nov. 10, 2023
USD ($)
shares
Related Party Transactions                  
Due from related parties     $ 52,572,000   $ 51,431,000        
Prior service cost of defined benefit plan     (867,000)   6,277,000   $ 14,184,000    
Prior service cost exercised             7,800,000    
Due to executive officers     31,386,000   39,759,000        
Recognized non-cash share-based compensation expense     14,558,000   12,680,000   5,972,000    
Other current liabilities                  
Related Party Transactions                  
Unpaid costs under defined benefit plan     0   0   6,800,000    
Related party | The Swedish Club                  
Related Party Transactions                  
Due to executive officers     400,000   0        
Premiums paid     9,300,000   8,700,000   6,600,000    
Manager                  
Related Party Transactions                  
Daily management fees   $ 850              
Daily vessel management fees for vessels on bareboat charter $ 475 425              
Daily vessel management fees for vessels on time charter $ 950 $ 850              
Management fee on gross freight, charter hire, ballast bonus and demurrage (as a percent) 1.25% 1.25%              
Management fee based on the contract price of any vessel bought or sold (as a percent) 1.00% 0.50%              
Supervision fee per vessel under construction   $ 725,000 3,000,000   3,000,000   0    
Annual management fees                 $ 2,000,000
Annual management fees (in shares) | shares                 100,000
Supervision fee per new building vessel payable $ 850,000   850,000            
Amount capitalized     6,000,000   700,000   0    
Supervision fees for vessels capitalized     3,000,000   3,000,000   0    
Due from related parties     52,600,000   51,400,000        
Manager | General and administrative expenses                  
Related Party Transactions                  
Management fees     29,100,000   21,500,000   21,900,000    
Manager | Voyage expenses                  
Related Party Transactions                  
Commissions     12,400,000   11,700,000   14,600,000    
Manager | Gain on sale of vessels                  
Related Party Transactions                  
Commission on sale of vessels     0   25,600   650,000    
Executive officers                  
Related Party Transactions                  
Executive officers compensation     2,500,000 € 2.3 2,200,000 € 2.0 2,100,000 € 2.0  
Recognized non-cash share-based compensation expense     $ 8,200,000   $ 6,300,000   $ 5,400,000    
v3.25.0.1
Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Taxes.      
Income tax withheld on divided income earned on investment $ 0.0 $ 0.0 $ 18.3
v3.25.0.1
Financial Instruments - Interest Rate Swap Hedges (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
agreement
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Financial Instruments      
Number of agreements held | agreement 0    
Interest rate swap contracts      
Financial Instruments      
Unrealized losses reclassified from accumulated other comprehensive loss to earnings $ 3.6 $ 3.6 $ 3.6
Unrealized losses expected to be reclassified from accumulated other comprehensive loss to earnings within the next twelve months $ 3.6    
v3.25.0.1
Financial Instruments - Fair Value (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Financial Instruments    
Marketable securities $ 60,850 $ 86,029
Book Value    
Financial Instruments    
Cash and cash equivalents 453,384 271,809
Marketable securities 60,850 86,029
Fair Value    
Financial Instruments    
Cash and cash equivalents 453,384 271,809
Marketable securities 60,850 86,029
Secured long-term debt, including current portion | Book Value    
Financial Instruments    
Long-term debt 481,780 147,750
Secured long-term debt, including current portion | Fair Value    
Financial Instruments    
Long-term debt 481,780 147,750
Unsecured long-term debt | Book Value    
Financial Instruments    
Long-term debt 262,766 262,766
Unsecured long-term debt | Fair Value    
Financial Instruments    
Long-term debt $ 259,834 $ 241,969
v3.25.0.1
Financial Instruments - Measured On Recurring Basis (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Financial Instruments    
Marketable securities $ 60,850 $ 86,029
Fair Value    
Financial Instruments    
Marketable securities 60,850 86,029
Recurring basis | (Level I)    
Financial Instruments    
Marketable securities 60,850 86,029
Recurring basis | Fair Value    
Financial Instruments    
Marketable securities $ 60,850 $ 86,029
v3.25.0.1
Financial Instruments - Not Measured On Recurring Basis (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Financial Instruments    
Deferred finance costs, net $ 9,800 $ 6,300
Fair Value    
Financial Instruments    
Cash and cash equivalents 453,384 271,809
Fair Value | Secured long-term debt, including current portion    
Financial Instruments    
Long-term debt 481,780 147,750
Fair Value | Unsecured long-term debt    
Financial Instruments    
Long-term debt 259,834 241,969
Non-recurring basis | (Level I)    
Financial Instruments    
Cash and cash equivalents 453,384 271,809
Non-recurring basis | (Level I) | Unsecured long-term debt    
Financial Instruments    
Long-term debt 259,834 241,969
Non-recurring basis | (Level II) | Secured long-term debt, including current portion    
Financial Instruments    
Long-term debt 481,780 147,750
Non-recurring basis | Fair Value    
Financial Instruments    
Cash and cash equivalents 453,384 271,809
Non-recurring basis | Fair Value | Secured long-term debt, including current portion    
Financial Instruments    
Long-term debt 481,780 147,750
Non-recurring basis | Fair Value | Unsecured long-term debt    
Financial Instruments    
Long-term debt $ 259,834 $ 241,969
v3.25.0.1
Operating Revenue - Charters (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Jul. 18, 2016
Operating Revenue        
Operating revenues $ 1,014,110 $ 973,583 $ 993,344  
Current portion of unearned revenue 49,665 63,823    
Amortization of assumed time charters 4,534 21,222 56,699  
Unamortized time charter liabilities 0 4,500    
Time charters and bareboat charters        
Operating Revenue        
Operating revenues 967,095 963,192 993,344  
Voyage charters        
Operating Revenue        
Operating revenues 47,015 10,391    
Accounts receivable 400 1,000    
Current portion of unearned revenue 1,700 2,000    
HMM        
Operating Revenue        
Current portion of unearned revenue 0 2,600    
Unearned revenue       $ 75,600
HMM | Operating revenue        
Operating Revenue        
Recognized unearned revenue $ 2,600 $ 8,200 $ 8,200  
v3.25.0.1
Operating Revenue - Significant customers (Details) - Operating revenue - Significant customers
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CMA CGM      
Operating Revenue      
Percentage of operating revenue 20.00% 23.00% 26.00%
HMM Korea      
Operating Revenue      
Percentage of operating revenue   12.00% 12.00%
MSC      
Operating Revenue      
Percentage of operating revenue 13.00% 11.00% 13.00%
v3.25.0.1
Operating Revenue-Geographic Location (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating Revenue      
Revenues $ 1,014,110 $ 973,583 $ 993,344
Australia-Asia      
Operating Revenue      
Revenues 532,800 519,759 482,769
Europe      
Operating Revenue      
Revenues $ 481,310 $ 453,824 507,293
America      
Operating Revenue      
Revenues     $ 3,282
v3.25.0.1
Segments - (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Statement      
Operating revenues $ 1,014,110 $ 973,583 $ 993,344
Voyage expenses (64,101) (41,010) (35,145)
Vessel operating expenses (185,724) (162,117) (158,972)
Amortization of deferred drydocking and special survey costs (29,161) (18,663) (12,170)
Net gain on disposal/sale of vessels 8,332 1,639 37,225
Interest income 12,890 12,133 4,591
Interest expense (26,185) (20,463) (62,141)
Net Income (Loss) 505,073 576,299 559,210
Statement of Financial Position      
Marketable securities 60,850 86,029  
Investments in affiliates   270  
Total assets 4,343,654 3,661,136  
Operating Segments      
Income Statement      
Operating revenues 1,014,110 973,583  
Voyage expenses (64,101) (41,010)  
Vessel operating expenses (185,724) (162,117)  
Depreciation (148,344) (129,287)  
Amortization of deferred drydocking and special survey costs (29,161) (18,663)  
Net gain on disposal/sale of vessels (8,332) 1,639  
Interest income 12,843 12,133  
Interest expense (26,185) (20,463)  
Other segment items (59,212) (54,446)  
Net income/(loss) per segment 522,558 561,369  
Statement of Financial Position      
Total assets per segment 4,282,475 3,574,837  
Reconciling items      
Income Statement      
Gain on investments, dividend income and equity loss on investments (17,485) 14,930 (29,237)
Statement of Financial Position      
Marketable securities 60,850 86,029  
Receivable from affiliates 329    
Investments in affiliates   270  
Container vessels segment | Operating Segments      
Income Statement      
Operating revenues 937,077 963,192  
Voyage expenses (32,481) (33,913)  
Vessel operating expenses (162,192) (159,084)  
Depreciation (137,823) (128,097)  
Amortization of deferred drydocking and special survey costs (27,167) (18,663)  
Net gain on disposal/sale of vessels (8,332) 1,639  
Interest income 12,843 12,096  
Interest expense (26,185) (20,463)  
Other segment items (54,275) (53,428)  
Net income/(loss) per segment 518,129 563,279  
Net Income (Loss)     $ 588,447
Statement of Financial Position      
Total assets per segment 4,006,268 3,404,298  
Drybulk vessels segment | Operating Segments      
Income Statement      
Operating revenues 77,033 10,391  
Voyage expenses (31,620) (7,097)  
Vessel operating expenses (23,532) (3,033)  
Depreciation (10,521) (1,190)  
Amortization of deferred drydocking and special survey costs (1,994)    
Interest income   37  
Other segment items (4,937) (1,018)  
Net income/(loss) per segment 4,429 (1,910)  
Statement of Financial Position      
Total assets per segment $ 276,207 $ 170,539  
v3.25.0.1
Commitments and Contingencies (Details)
$ in Millions
 1 Months Ended 12 Months Ended
Sep. 01, 2016
item
Dec. 31, 2024
USD ($)
Jan. 31, 2021
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Commitments and Contingencies          
Partial payment received from Hanjin Shipping as common benefit claim and interest | $   $ 2.1 $ 3.9    
Unsecured claim submitted to Seoul Central District Court against Hanjin Shipping | Pending litigation | Hanjin Shipping          
Commitments and Contingencies          
Number of charterer | item 8        
Number of charterer cancelled | item 8        
Collectability of receivables | Unsecured claim submitted to Seoul Central District Court against Hanjin Shipping | Pending litigation          
Commitments and Contingencies          
Total unsecured claim | $       $ 597.9 $ 597.9
v3.25.0.1
Stock Based Compensation (Details)
$ / shares in Units, $ in Thousands
 1 Months Ended 12 Months Ended
Dec. 31, 2022
$ / shares
shares
Dec. 31, 2021
shares
Dec. 31, 2024
USD ($)
$ / shares
shares
Nov. 30, 2024
shares
Nov. 30, 2023
shares
Dec. 31, 2022
$ / shares
shares
Mar. 31, 2021
shares
Dec. 31, 2024
USD ($)
director
$ / shares
shares
Dec. 31, 2023
USD ($)
director
$ / shares
Dec. 31, 2022
USD ($)
director
$ / shares
shares
Aug. 02, 2019
shares
Stock Based Compensation                      
Average price of shares issued | $ / shares $ 69.59   $ 80.62     $ 69.59   $ 80.62 $ 60.63 $ 69.59  
Maximum number of shares that may be granted     1,000,000         1,000,000     1,000,000
Number of directors who elected to receive their compensation in shares | director               0 0 0  
Restricted shares                      
Stock Based Compensation                      
Average price of shares issued | $ / shares $ 54.4   $ 80.8     $ 54.4   $ 80.8 $ 63.4 $ 54.4  
Common Stock                      
Stock Based Compensation                      
Contractual obligation for any stock to be granted | $     $ 0         $ 0      
General and administrative expenses                      
Stock Based Compensation                      
Expenses representing fair value of the stock granted recognized expenses | $               $ 14,600 $ 12,700 $ 6,000  
Executive officers | Common Stock                      
Stock Based Compensation                      
Shares granted       100,000 100,000 100,000          
Employees of the Manager | Restricted shares                      
Stock Based Compensation                      
Shares granted     30,000       40,000        
Shares vested 19,076 9,650         10,000        
Number of forfeited shares   1,050               224  
Shares issued and outstanding     30,000         30,000      
Amount expected to be recognized as expenses in 2025 | $     $ 2,300         $ 2,300      
Vesting period     4 years                
Employees of the Manager | Restricted shares | Vesting in December 2025                      
Stock Based Compensation                      
Shares granted     2,000                
Employees of the Manager | Restricted shares | Vesting in December 2026                      
Stock Based Compensation                      
Shares granted     4,000                
Employees of the Manager | Restricted shares | Vesting in December 2027                      
Stock Based Compensation                      
Shares granted     8,000                
Employees of the Manager | Restricted shares | Vesting in December 2028                      
Stock Based Compensation                      
Shares granted     16,000                
Manager                      
Stock Based Compensation                      
Amount expected to be recognized as expenses in 2025 | $     $ 6,300         $ 6,300      
Weighted - average remaining term               1 year      
Manager | Grant For 2023                      
Stock Based Compensation                      
Shares granted         100,000            
Manager | Grant For 2024                      
Stock Based Compensation                      
Number of expected vested shares         100,000            
Manager | Grant For 2025                      
Stock Based Compensation                      
Number of expected vested shares         100,000            
v3.25.0.1
Stockholders' Equity (Details) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 3 Months Ended 12 Months Ended
Nov. 10, 2023
Nov. 30, 2022
Aug. 31, 2022
May 31, 2022
Feb. 28, 2022
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Sep. 18, 2009
Stockholders' Equity                                          
Dividend paid (In US$ per share)   $ 0.75 $ 0.75 $ 0.75 $ 0.75   $ 0.8 $ 0.8 $ 0.8   $ 0.75 $ 0.75 $ 0.75                
Dividend declared (in US$ per share)           $ 0.85 $ 0.8 $ 0.8 $ 0.8 $ 0.8 $ 0.75 $ 0.75 $ 0.75 $ 0.75 $ 0.75 $ 0.75 $ 0.75 $ 3.25 $ 3.05 $ 3  
Dividends, common stock in cash                                   $ 62,800 $ 60,700 $ 61,500  
Average price of shares issued           $ 80.62       $ 60.63       69.59       $ 80.62 $ 60.63 $ 69.59  
Shares repurchased                                   661,103 1,131,040 466,955  
Value of shares repurchased                                   $ 53,890 $ 70,610 $ 28,553  
Shares repurchase program authorized amount $ 200,000                             $ 100,000          
Stock repurchase program authorized repurchase additional amount $ 100,000                                        
Shares issued           25,585,985       25,355,962               25,585,985 25,355,962    
Shares outstanding           18,987,616       19,418,696               18,987,616 19,418,696    
Treasury shares           6,598,369       5,937,266               6,598,369 5,937,266    
Common stock, authorized capital stock (in shares)           750,000,000       750,000,000               750,000,000 750,000,000   750,000,000
Authorized capital stock, par value of common stock (in dollars per share)           $ 0.01       $ 0.01       $ 0.01       $ 0.01 $ 0.01 $ 0.01 $ 0.01
Preferred stock, authorized capital stock (in shares)           100,000,000       100,000,000               100,000,000 100,000,000   100,000,000
Authorized capital stock, par value of preferred stock (in dollars per share)           $ 0.01       $ 0.01               $ 0.01 $ 0.01   $ 0.01
Stock issued during period, shares, dividend reinvestment plan                                   23 34 143  
v3.25.0.1
Executive Retirement Plan - (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
person
Dec. 31, 2022
USD ($)
Executive Retirement Plan      
Prior service cost arising from the retrospective recognition of past service $ (867) $ 6,277 $ 14,184
Prior service cost exercised     7,800
Projected periodic benefit cost expected to be recognized in 2025 $ 700    
Executive Retirement Plan      
Executive Retirement Plan      
Defined Benefit Plan, Plan Name [Extensible Enumeration] dac:ExecutiveRetirementPlanMember    
Discount rate 3.00% 3.20%  
Prior service cost arising from the retrospective recognition of past service   $ 5,200 14,200
Prior service cost exercised $ 1,100 $ 700 $ 7,800
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income [Extensible Enumeration] Other Nonoperating Income (Expense) Other Nonoperating Income (Expense) Other Nonoperating Income (Expense)
Number of executive officer added to the plan | person   1  
Number of officer appointed to new position | person   1  
Losses due to assumptions change amount $ 900 $ 1,100  
Accumulated benefit obligation 8,100 7,700  
Net curtailment gain 0 $ 200  
Prior service cost expected to be reclassified $ 1,100    
Weighted average duration of the defined benefit obligation 9 years 4 months 24 days    
Expected future benefit Paid in 2030 $ 6,600    
Executive Retirement Plan | General and administrative expenses      
Executive Retirement Plan      
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Curtailment Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Other Nonoperating Income (Expense) Other Nonoperating Income (Expense)  
Projected periodic benefit cost recognized $ 700 $ 600  
Executive Retirement Plan | Minimum      
Executive Retirement Plan      
Retirement age assumption to calculate projected benefit obligation 65 years 65 years  
Executive Retirement Plan | Maximum      
Executive Retirement Plan      
Maximum percentage of salary escalation 4.50% 4.75%  
Retirement age assumption to calculate projected benefit obligation 74 years 74 years  
Executive Retirement Plan | Other long-term liabilities      
Executive Retirement Plan      
Defined benefit obligation $ 12,900 $ 13,300  
v3.25.0.1
Earnings per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Numerator:      
Net income $ 505,073 $ 576,299 $ 559,210
Denominator (number of shares in thousands):      
Basic weighted average common shares outstanding 19,316,453 19,879,161 20,481,894
Effect of dilutive securities:      
Dilutive effect of non-vested shares 69,000 25,000 19,000
Diluted weighted average common shares outstanding 19,384,879 19,903,655 20,501,021
Basic earnings per share (in US dollars) $ 26.15 $ 28.99 $ 27.3
Diluted earnings per share (in US dollars) $ 26.05 $ 28.95 $ 27.28
Gain on troubled debt write-off     $ 29,400
Basic earnings per share amount related to the gain on debt extinguishment (in USD per share)     $ 1.43
Diluted earnings per share amount related to the gain on debt extinguishment (in USD per share)     $ 1.43
v3.25.0.1
Subsequent Events (Details)
$ / shares in Units, $ in Thousands
 1 Months Ended 2 Months Ended 3 Months Ended 12 Months Ended
Jan. 31, 2025
USD ($)
Mar. 06, 2025
USD ($)
shares
Feb. 28, 2025
USD ($)
item
$ / shares
Dec. 31, 2024
USD ($)
$ / shares
Sep. 30, 2024
$ / shares
Jun. 30, 2024
$ / shares
Mar. 31, 2024
USD ($)
$ / shares
Dec. 31, 2023
$ / shares
Sep. 30, 2023
$ / shares
Jun. 30, 2023
$ / shares
Mar. 31, 2023
$ / shares
Dec. 31, 2022
$ / shares
Sep. 30, 2022
$ / shares
Jun. 30, 2022
$ / shares
Mar. 31, 2022
$ / shares
Dec. 31, 2024
USD ($)
$ / shares
shares
Dec. 31, 2023
USD ($)
$ / shares
shares
Dec. 31, 2022
USD ($)
$ / shares
shares
Subsequent Events                                    
Shares repurchased | shares                               661,103 1,131,040 466,955
Value of shares repurchased                               $ 53,890 $ 70,610 $ 28,553
Dividend declared (in US$ per share) | $ / shares       $ 0.85 $ 0.8 $ 0.8 $ 0.8 $ 0.8 $ 0.75 $ 0.75 $ 0.75 $ 0.75 $ 0.75 $ 0.75 $ 0.75 $ 3.25 $ 3.05 $ 3
Syndicated $450.0 mil. Facility                                    
Subsequent Events                                    
Credit facility       $ 450,000     $ 450,000                 $ 450,000    
Subsequent Events                                    
Subsequent Events                                    
Shares repurchased | shares   318,306                                
Value of shares repurchased   $ 25,600                                
Subsequent Events | Syndicated 850.0 million facility                                    
Subsequent Events                                    
Credit facility     $ 850,000                              
Number of vessels under construction | item     14                              
Subsequent Events | Syndicated $450.0 mil. Facility                                    
Subsequent Events                                    
Credit facility $ 450,000                                  
Amount drawn from facility $ 44,000                                  
Subsequent Events | O 2025 Q1 Dividends                                    
Subsequent Events                                    
Date of dividend declared     2025-02                              
Dividend declared (in US$ per share) | $ / shares     $ 0.85                              
Date of dividend payable     Mar. 05, 2025                              
Date of dividend payable recorded     Feb. 24, 2025