Document and Entity Information |
6 Months Ended |
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Entity Registrant Name | DANAOS CORPORATION |
Entity Central Index Key | 0001369241 |
Document Type | 6-K |
Document Period End Date | Jun. 30, 2021 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | Q2 |
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
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Accumulated depreciation | $ 993,858 | $ 941,960 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 750,000,000 | 750,000,000 |
Common stock, shares issued | 24,938,211 | 24,788,598 |
Common stock, shares outstanding | 20,598,940 | 20,449,327 |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
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OPERATING REVENUES | $ 146,434 | $ 116,824 | $ 278,552 | $ 223,020 |
OPERATING EXPENSES | ||||
Voyage expenses | (4,966) | (3,289) | (9,194) | (7,335) |
Vessel operating expenses | (32,940) | (28,568) | (64,018) | (54,570) |
Depreciation | (26,099) | (25,258) | (51,898) | (49,839) |
Amortization of deferred drydocking and special survey costs | (2,545) | (2,941) | (5,054) | (5,251) |
General and administrative expenses | (7,130) | (6,013) | (18,025) | (11,853) |
Income From Operations | 72,754 | 50,755 | 130,363 | 94,172 |
OTHER INCOME (EXPENSES): | ||||
Interest income | 9,531 | 1,588 | 11,509 | 3,302 |
Interest expense | (18,204) | (13,645) | (33,315) | (29,958) |
Gain on investments | 196,290 | 444,165 | ||
Gain on debt extinguishment | 111,616 | 111,616 | ||
Other finance expenses | (582) | (1,038) | (1,034) | (1,660) |
Equity income on investments | 2,162 | 1,720 | 3,965 | 3,265 |
Other income, net | 173 | 19 | 4,144 | 270 |
Loss on derivatives | (903) | (903) | (1,796) | (1,806) |
Total Other Income/(Expenses), net | 300,083 | (12,259) | 539,254 | (26,587) |
Net Income | $ 372,837 | $ 38,496 | $ 669,617 | $ 67,585 |
EARNINGS PER SHARE | ||||
Basic earnings per share | $ 18.32 | $ 1.57 | $ 32.95 | $ 2.75 |
Diluted earnings per share | $ 18.10 | $ 1.55 | $ 32.57 | $ 2.73 |
Basic weighted average number of common shares (in thousands) | 20,354 | 24,573 | 20,323 | 24,573 |
Diluted weighted average number of common shares (in thousands) | 20,599 | 24,789 | 20,557 | 24,789 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
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Net income for the period | $ 372,837 | $ 38,496 | $ 669,617 | $ 67,585 |
Other comprehensive income/(loss): | ||||
Unrealized gain/(loss) on available for sale securities | 130 | 6,467 | 19,717 | (1,865) |
Reclassification to interest income | (8,695) | (8,695) | ||
Amortization of deferred realized losses on cash flow hedges | 903 | 903 | 1,796 | 1,806 |
Total Other Comprehensive Income/(Loss) | (7,662) | 7,370 | 12,818 | (59) |
Comprehensive Income | $ 365,175 | $ 45,866 | $ 682,435 | $ 67,526 |
Basis of Presentation and General Information |
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Basis of Presentation and General Information | 1 Basis of Presentation and General Information The accompanying condensed consolidated financial statements (unaudited) have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The reporting and functional currency of the Company is the United States Dollar. Danaos Corporation (“Danaos” or “Company”), formerly Danaos Holdings Limited, was formed on December 7, 1998 under the laws of Liberia and is presently the sole owner of all outstanding shares of the companies listed below. Danaos Holdings Limited was redomiciled in the Marshall Islands on October 7, 2005. In connection with the redomiciliation, the Company changed its name to Danaos Corporation. On October 14, 2005, the Company filed and the Marshall Islands accepted Amended and Restated Articles of Incorporation. The authorized capital stock of Danaos Corporation is 750,000,000 shares of common stock with a par value of $0.01 and 100,000,000 shares of preferred stock with a par value of $0.01. Refer to Note 11, “Stockholders’ Equity”. The Company’s principal business is the acquisition and operation of vessels. Danaos conducts its operations through the vessel owning companies whose principal activity is the ownership and operation of containerships that are under the exclusive management of a related party of the Company. In the opinion of management, the accompanying condensed consolidated financial statements (unaudited) of Danaos and subsidiaries contain all adjustments necessary to state fairly, in all material respects, the Company’s condensed consolidated financial position as of June 30, 2021, the condensed consolidated results of operations for the three and six months ended June 30, 2021 and 2020 and the condensed consolidated cash flows for the six months ended June 30, 2021 and 2020. All such adjustments are deemed to be of a normal, recurring nature. These financial statements should be read in conjunction with the consolidated financial statements and related notes included in Danaos’ Annual Report on Form 20-F for the year ended December 31, 2020. The results of operations for the three and six months ended June 30, 2021, are not necessarily indicative of the results to be expected for the full year. The year-end condensed consolidated balance sheet data was derived from annual financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. The accompanying condensed consolidated financial statements (unaudited) represent the consolidation of the accounts of the Company and its wholly owned subsidiaries. The subsidiaries are fully consolidated from the date on which control is transferred to the Company. They are de-consolidated from the date that control ceases. Inter-company transaction balances and unrealized gains on transactions between the companies are eliminated. The Company also consolidates entities that are determined to be variable interest entities, of which the Company is the primary beneficiary, as defined in the authoritative guidance under U.S. GAAP. 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. The condensed consolidated financial statements (unaudited) have been prepared to reflect the consolidation of the companies listed below. The historical balance sheets and results of operations of the companies listed below have been reflected in the condensed consolidated balance sheets and condensed consolidated statements of income, cash flows and stockholders’ equity at and for each period since their respective incorporation dates. The consolidated companies are referred to as “Danaos,” or “the Company.” 1 Basis of Presentation and General Information (Continued) As of June 30, 2021, Danaos included the vessel owning companies (the “Danaos Subsidiaries”) listed below. All vessels are container vessels:
1 Basis of Presentation and General Information (Continued) Impact of COVID-19 on the Company's Business The spread of the COVID-19 virus, which has been declared a pandemic by the World Health Organization, in 2020 has caused substantial disruptions in the global economy and the shipping industry, as well as significant volatility in the financial markets, the severity and duration of which remains uncertain. The impact of the COVID-19 pandemic continues to unfold and may continue to have negative effect on the Company’s business, financial performance and the results of its operations, including due to decreased demand for global seaborne container trade and containership charter rates, mainly experienced in the first half of 2020. The extent of the impact will depend largely on future developments. As a result, many of the Company’s estimates and assumptions required increased judgment and carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available, the Company’s estimates may change in future periods. The Company has evaluated the impact of current economic situation on the recoverability of the carrying amount of its vessels. The Company did not identify any impairment triggers related to its vessels in the six months ended June 30, 2021. |
Significant Accounting Policies |
6 Months Ended |
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Jun. 30, 2021 | |
Significant Accounting Policies | 2 Significant Accounting Policies For a detailed discussion about the Company’s significant accounting policies, see Note 2 “Significant Accounting Policies” in the Company’s consolidated financial statements included in the Annual Report on Form 20-F for the year ended December 31, 2020 filed with the Securities and Exchange Commission on March 4, 2021. During the six months ended June 30, 2021, there were no other significant changes made to the Company’s significant accounting policies.
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Fixed assets, net |
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Fixed assets, net | 3 Fixed assets, net The residual value (estimated scrap value at the end of the vessels’ useful lives) of the fleet was estimated at $428.2 million as of June 30, 2021 and as of December 31, 2020. The Company has calculated the residual value of the vessels taking into consideration the 10 year average and the 5 year average of the scrap prices. The Company has applied uniformly the scrap value of $300 per ton for all vessels. The Company believes that $300 per ton is a reasonable estimate of future scrap prices, taking into consideration the cyclicality of the nature of future demand for scrap steel. Although the Company believes that the assumptions used to determine the scrap rate are reasonable and appropriate, such assumptions are highly subjective, in part, because of the cyclical nature of future demand for scrap steel. On May 12, 2020, the Company refinanced the existing leaseback obligation related to the vessels Hyundai Honour and Hyundai Respect with a new sale and leaseback arrangement amounting to $139.1 million with a four years term, at the end of which the Company will reacquire these vessels for an aggregate amount of $36.0 million or earlier, at the Company’s option, for a purchase price set forth in the agreement. This arrangement did not qualify for a sale of the vessels and the net proceeds were recognized as a financial leaseback liability. The carrying value of these vessels amount to $265.6 million as of June 30, 2021. On April 12, 2021, the Company entered into a sale and leaseback arrangement for the vessels CMA CGM Melisande, CMA CGM Attila, CMA CGM Tancredi, CMA CGM Bianca and CMA CGM Samson amounting to gross proceeds of $135.0 million with a five year term, at the end of which the Company will reacquire these vessels for an aggregate amount of $31.0 million or earlier, at the Company's option, for a purchase price set forth in the agreement. This new arrangement did not qualify for a sale of the vessels and the net proceeds were recognized as a financial leaseback liability. The carrying value of these vessels amount to $436.5 million as of June 30, 2021. 3 Fixed assets, net (Continued) The Company should be in compliance with the same financial covenants as required by the Citibank/Natwest $815 million senior secured facility – see Note 8 “Long-Term Debt, net”. The scheduled aggregate leaseback instalments subsequent to June 30, 2021 are as follows (in thousands):
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Deferred Charges, net |
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Deferred Charges, net | 4 Deferred Charges, net Deferred charges, net consisted of the following (in thousands):
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 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. |
Investments in affiliates |
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Investments in affiliates | 5 Investments in affiliates In August 2015, an affiliated company Gemini Shipholdings Corporation (“Gemini”) was formed by the Company and Virage International Ltd. (“Virage”), a company controlled by the Company’s largest shareholder. Gemini acquired a 100% interest in entities with capital leases for the Suez Canal and Genoa and that own the container vessels Catherine C and Leo C. In August 2019, an affiliated company of Gemini acquired an 8,533 TEU container vessel built in 2006 renamed to Belita. Gemini financed these acquisitions with the assumption of capital lease obligations of $35.4 million, $30.0 million of borrowings under secured loan facilities and an aggregate of $47.4 million from equity contributions from the Company and Virage, which subscribed in cash for 49% and 51%, respectively, of Gemini’s issued and outstanding share capital. As of June 30, 2021, Gemini consolidated its wholly owned subsidiaries listed below:
The Company has determined that Gemini is a variable interest entity of which the Company is not the primary beneficiary, and as such, this affiliated company is accounted for under the equity method and recorded under “Equity income/(loss) on investments” in the condensed consolidated statements of income. The Company does not guarantee the debt of Gemini and its subsidiaries and has the right to purchase all of the beneficial interest in Gemini that it does not own for fair market value at any time after December 31, 2018, to the extent permitted under its credit facilities. The net assets of Gemini total $39.3 million and $31.2 million as of June 30, 2021 and December 31, 2020, respectively. The Company’s exposure is limited to its share of the net assets of Gemini proportionate to its 49% equity interest in Gemini as of June 30, 2021. On July 1, 2021, the Company exercised its option to acquire the remaining equity interest in Gemini. See Note 15 "Subsequent Events". A condensed summary of the financial information for equity accounted investments 49% owned by the Company shown on a 100% basis are as follows (in thousands):
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Other Non-current Assets |
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Other Non-current Assets | 6 Other Non-current Assets Other non-current assets consisted of the following (in thousands):
Equity participation in ZIM and interest bearing unsecured ZIM notes with original maturity in 2023, which consisted of $8.8 million Series 1 Notes and $41.1 million of Series 2 Notes, were obtained after the charter restructuring agreements with ZIM in July 2014. Interest bearing senior unsecured HMM notes consisted of $32.8 million Loan Notes 1 with original maturity in July 2024 and $6.2 million Loan Notes 2 maturing in December 2022, which were obtained after the charter restructuring agreements with HMM in July 2016. See Note 7 “Other Non-current Assets” to the consolidated financial statements in the Annual Report on Form 20-F for the year ended December 31, 2020 for further details. The Company received $2.4 million of mandatory repayment of ZIM Series 1 Notes from excess cash of ZIM in March 2021 and $47.2 million of mandatory repayment of ZIM Series 1 and Series 2 Notes and accrued interest of $6.4 million in June 2021. Additionally, the Company received $19.9 million of mandatory repayment of HMM Loan Notes 1 and accrued interest of $3.0 million in May 2021. On January 27, 2021, ZIM completed its initial public offering and listing on the New York Stock Exchange of its ordinary shares. Following this offering the Company owned 10,186,950 ordinary shares of ZIM. These shares were recorded at a book value of $75 thousands as of December 31, 2020. In June 2021, the Company sold 2,000,000 of ordinary shares of ZIM resulting in net proceeds of $76.4 million. The remaining shareholding interest of 8,186,950 ordinary shares, which are subject to a lockup agreement with the underwriters of the June 2021 stock sale until September 2021, has been fair valued at $367.8 million as of June 30, 2021, based on the closing price of ZIM ordinary shares on the NYSE on that date. For the six months ended June 30, 2021, the Company recognized $444.2 million of gain on these shares, of which $367.8 million is unrealized gain related to the ZIM ordinary shares still held on June 30, 2021 and is reflected under “Gain on investments” in the condensed consolidated statement of income. Remaining HMM unsecured debt securities are not publicly traded, are infrequently traded over the counter by certain brokers and have no readily determinable market value or credit ratings. The unrealized loss in the prior years was primarily caused by challenging business environment faced by container shipping industry, which affected profitability and liquidity of HMM. The financial results and financial position of HMM have significantly improved in the recent months. The Company collects rentals on the Company’s vessels leased to HMM and the mandatory repayments of the notes on a regular basis, in accordance with the contractual agreements. The contractual terms of HMM debt securities do not permit HMM to settle the debt securities at a price less than the amortized cost basis on the investments. The Company currently does not expect HMM to settle the remaining debt securities at a price less than the amortized cost basis of the investments. The Company does not intend to sell HMM debt securities and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis. 6 Other Non-current Assets (Continued) The following tables summarizes the unrealized positions for available-for-sale debt securities as of June 30, 2021 and December 31, 2020 (in thousands):
The unrealized gain/(loss), which were recognized in other comprehensive income/(loss), are analyzed as follows as of June 30, 2021 (in thousands):
Other assets mainly include non-current assets related to straight-lining of the Company’s revenue amounting to $15.5 million and $20.0 million as of June 30, 2021 and December 31, 2020, respectively. |
Accrued Liabilities |
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Accrued Liabilities | 7 Accrued Liabilities Accrued liabilities consisted of the following (in thousands):
Accrued expenses mainly consisted of accruals related to the operation of the Company’s fleet as of June 30, 2021 and December 31, 2020. |
Long-Term Debt, net |
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Long-Term Debt, net | 8 Long-Term Debt, net Long-term debt, net consisted of the following (in thousands):
On April 12, 2021, the Company consummated the refinancing of the 2018 Credit Facilities. The Company utilized the proceeds from the new $815 million facility with Citibank/NatWest, the proceeds from the new $135 million sale and leaseback agreement with Oriental Fleet and the net proceeds from the $300 million Senior Notes, to refinance the existing facilities. The Citibank/Natwest $815 million senior secured credit facility with four-year term is repayable in sixteen quarterly instalments of $20.4 million starting from July 12, 2021 together with a balloon payment of $489.0 million at maturity. The credit facility bears interest at LIBOR plus a margin of 2.50%. The Company fully repaid Sinosure Cexim – Citibank – ABN Amro facility on March 18, 2021. The vessels CMA CGM Tancredi, CMA CGM Samson and CMA CGM Bianca previously mortgaged by this facility, together with CMA CGM Melisande and CMA CGM Attila, were refinanced through a new $135 million sale and leaseback arrangement with Oriental Fleet International Company Limited on April 12, 2021. Refer to Note 3 “Fixed Assets, net”. On February 11, 2021, the Company issued in a private placement, $300.0 million aggregate principal amount of senior unsecured notes, which bear interest at a fixed rate of 8.50% per annum and mature on March 1, 2028. At any time on or after March 1, 2024, March 1, 2025 and March 1, 2026 the Company may elect to redeem all or any portion of the notes, respectively, at a price equal to 104.25%, 102.125% and 100%, respectively, of the principal amount being redeemed. Prior to March 1, 2024 the Company may redeem up to 35% of the aggregate principal of the notes from equity offering proceeds at a price equal to 108.50% within 90 days after the equity offering closing. Interest payments on the notes are payable semi-annually commencing on September 1, 2021. $9.0 million of bond issuance costs were deferred over the life of the bond and recognized through the new effective interest method. 8 Long-Term Debt, net (Continued) Net proceeds from the senior unsecured notes amounting to $294.4 million were placed in an escrow account in February 2021 and on April 12, 2021 were used, together with the net proceeds from the $815 million credit facility and the $135 new sale and leaseback arrangement to refinance the Company’s 2018 Credit Facilities. As of June 30, 2021, there was no remaining borrowing availability under the Company’s credit facilities. The Company was in compliance with the financial covenants contained in the credit facilities agreements as of June 30, 2021 and December 31, 2020. As of June 30, 2021, each of the secured credit facilities is collateralized by first preferred mortgages over the vessels financed, general assignment of all hire freights, income and earnings, the assignment of their insurance policies, as well as any proceeds from the sale of mortgaged vessels, stock pledges and benefits from corporate guarantees. As of June 30, 2021, fifty-three of the Company’s vessels, excluding the Hyundai Honour, Hyundai Respect, CMA CGM Melisande, CMA CGM Attila, CMA CGM Tancredi, CMA CGM Bianca and CMA CGM Samson having a net carrying value of $1,727.6 million, were subject to first preferred mortgages as collateral to the Company’s secured credit facilities. The scheduled debt maturities of long-term debt subsequent to June 30, 2021 are as follows (in thousands):
The Citibank/Natwest $815 million senior secured credit facility contains a requirement to maintain minimum fair market value of collateral vessels to loan value coverage of 120% and financial covenants requiring to maintain the following:
The Macquarie Bank credit facilities’ financial covenants were amended requiring to maintain the same financial covenants as the Citibank/Natwest $815 million senior secured credit facility. Accounting for the 2021 Refinancing The outstanding loan balances, exit fees and deferred financing fees related to the lenders (other than Citibank and Natwest (Royal Bank of Scotland)) under the Company’s 2018 Credit Facilities were fully repaid and accounted for under the extinguishment accounting. 8 Long-Term Debt, net (Continued) The present value of the cash flows for the Citibank and Natwest (Royal Bank of Scotland) facilities were not substantially different from the present value of the remaining cash flows under the terms of the original instruments prior to the debt refinancing for each of the lenders, and, as such, the Company accounted for the debt refinancing as a modification. Legal and other fees related to the refinancing of $2.3 million were recorded in the income statement under the gain on debt extinguishment and $15.6 million of loan arrangement fees were deferred over the life of the facility and recognized through the new effective interest method. Additional fees related to Citibank and Natwest (Royal Bank of Scotland) amounting to $12.0 million at the date of the refinancing, replaced the existing accrued exit fees due under the 2018 Credit Facilities and are payable in eight quarterly instalments. An amount of $6.0 million is presented under “Other current liabilities” and $6.0 million under “Other long-term liabilities” as of June 30, 2021. Accumulated accrued interest related to the prior HSH Nordbank AG - Aegean Baltic Bank - Piraeus Bank $382.5 mil. Facility amounting to $75.3 million as of April 12, 2021 and which was fully refinanced, will no longer require any future cash interest payments and therefore, was recognized in the income statement under the on debt extinguishment. Accumulated accrued interest related to the Royal Bank of Scotland $475.5 mil. Facility, which was refinanced by the Natwest part of the Citibank/Natwest facility was partially extinguished and accounted for under modification accounting resulting in a gain of $35.6 million related to the accumulated accrued interest that will not require any future cash interest payments. The remaining amount of $33.3 million as of April 12, 2021 will continue to be recognized in the income statement over the remaining life of the original loan as the future interest is paid. The 2021 Refinancing resulted in a total net gain on debt extinguishment of $111.6 million recognized in the income statement in the period ended June 30, 2021. |
Financial Instruments |
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Financial Instruments | 9 Financial Instruments The principal financial assets of the Company consist of cash and cash equivalents, trade receivables, equity participation in ZIM and other assets. The principal financial liabilities of the Company consist of long-term bank loans. The following is a summary of the Company’s risk management strategies and the effect of these strategies on the Company’s condensed consolidated financial statements. Interest Rate Risk: Interest rate risk arises on bank borrowings. The Company monitors the interest rate on borrowings closely to ensure that the borrowings are maintained at favorable rates. Concentration of Credit Risk: Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and trade accounts receivable. The Company places its temporary cash investments, consisting mostly of deposits, with established financial institutions. The Company performs periodic evaluations of the relative credit standing of those financial institutions that are considered in the Company’s investment strategy. The Company is exposed to credit risk in the event of non-performance by counterparties, however, the Company limits this exposure by diversifying among counterparties with high credit ratings. The Company depends upon a limited number of customers for a large part of its revenues. Credit risk with respect to trade accounts receivable is generally managed by the selection of customers among the major liner companies in the world and their dispersion across many geographic areas. 9 Financial Instruments (Continued) Fair Value: The carrying amounts reflected in the accompanying consolidated balance sheets of financial assets and liabilities (excluding long-term bank loans and certain other non-current assets) approximate their respective fair values due to the short maturity of these instruments. The fair values of long-term floating rate bank loans approximate the recorded values, generally due to their variable interest rates. The fair value of available for sale securities is estimated based on weighted combination of (1) a yield-to-maturity analysis based on a quoted (non-binding) price from a third party broker, (2) a yield-to-maturity analysis of a similar bond(s) in an active market, (3) the available market data for yield-to-maturity for the corporate bonds, if available and (4) if applicable, redemption information announced by the issuer of the security. The fair value of the equity participation in ZIM is measured based on the closing price of ZIM ordinary shares on the NYSE. The Company is exposed to changes in fair value of available for sale securities as there is no hedging strategy. a. Interest Rate Swap Hedges The Company currently has outstanding interest rate swaps agreements. However, in the past years, the Company entered into interest rate swap agreements with its lenders in order to manage its floating rate exposure. Certain variable-rate interests on specific borrowings were associated with vessels under construction and were capitalized as a cost of the specific vessels. In accordance with the accounting guidance on derivatives and hedging, the amounts related to realized gains or losses on cash flow hedges that have been entered into and qualified for hedge accounting, in order to hedge the variability of that interest, were recognized in accumulated other comprehensive loss and are reclassified into earnings over the depreciable life of the constructed asset, since that depreciable life coincides with the amortization period for the capitalized interest cost on the debt. An amount of $1.8 million was reclassified into earnings for the six months ended June 30, 2021 and 2020, representing its amortization over the depreciable life of the vessels. An amount of $3.6 million is expected to be reclassified into earnings within the next 12 months.b. Fair Value of Financial Instruments The Company determines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Inputs used in the valuation techniques to derive fair values are classified based on a three-level hierarchy. Level I: Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation of these items does not entail a significant amount of judgment. Level II: Inputs other than quoted prices included in Level I that are observable for the asset or liability through corroboration with market data at the measurement date. Level III: Inputs that are unobservable. The Company did not use any Level 3 inputs as of June 30, 2021 and December 31, 2020. 9 Financial Instruments (Continued) The estimated fair values of the Company’s financial instruments are as follows:
The estimated fair value of the financial instruments that are measured at fair value on a recurring basis, categorized based upon the fair value hierarchy, are as follows as of June 30, 2021:
The estimated fair value of the financial instruments that are not measured at fair value on a recurring basis, categorized based upon the fair value hierarchy, are as follows as of June 30, 2021:
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, 2020:
9 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, 2020:
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Commitments and Contingencies |
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Commitments and Contingencies | 10 Commitments and Contingencies There are no material legal proceedings to which the Company is a party or to which any of its properties are the subject, or other contingencies that the Company is aware of, other than routine litigation incidental to the Company’s business. Furthermore, the Company does not have any outstanding commitments. On January 20, 2021, the Company received $3.9 million from Hanjin Shipping as a partial payment of a common benefit claim plus interest. See the Note 3 “Fixed Assets, Net” for buyback obligations related to the sale and leaseback arrangements.
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Stockholders' Equity |
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Stockholders' Equity | 11 Stockholders’ Equity On May 10, 2021, the Company declared a dividend of $0.50 per share of common stock for the first quarter of 2021, which was paid on June 9, 2021 to stockholders of record as of May 27, 2021. In October 2020, the Company repurchased 4,339,271 shares of the Company’s common stock for an aggregate purchase price of $31.1 million in privately negotiated transactions, including 2,517,013 shares from the Royal Bank of Scotland and 1,822,258 shares from Sphinx Investment Corp. As of April 18, 2008, the Board of Directors and the Compensation Committee approved incentive compensation of the Manager’s employees with its shares from time to time, after specific for each such time, decision by the compensation committee and the Board of Directors in order to provide a means of compensation in the form of free shares to certain employees of the Manager of the Company’s common stock. The plan was effective as of December 31, 2008. Pursuant to the terms of the plan, employees of the Manager may receive (from time to time) shares of the Company’s common stock as additional compensation for their services offered during the preceding period. The total amount of stock to be granted to employees of the Manager will be at the Company’s Board of Directors’ discretion only and there will be no contractual obligation for any stock to be granted as part of the employees’ compensation package in future periods. 11 Stockholders’ Equity (Continued) On September 14, 2018, the Company granted 298,774 shares of restricted stock to executive officers of the Company, out of which 149,386 restricted shares vested on 31, 2019 and 149,388 restricted shares are scheduled to vest on 31, 2021. On May 10, 2019, the Company granted 137,944 shares of restricted stock to certain employees of the Manager (including 35,714 shares to executive officers), out of which 4,168 shares were forfeited in 2019 and 66,888 restricted shares vested on December 31, 2019. On February 12, 2021, the Company granted 110,000 fully shares to executive officers and Board of Directors members and on March 16, 2021, the Company granted 40,000 shares to certain employees of the Manager, out of which 10,000 fully vested on the grant date, 10,000 restricted shares are scheduled to vest on 31, 2021 and the remaining 20,000 restricted shares are scheduled to vest on 31, 2022. In 2020, 714 shares were forfeited, in 2021 414 shares were forfeited and 65,760 restricted shares are scheduled to vest on December 31, 2021. These restricted shares are subject to satisfaction of the vesting terms, under the Company’s 2006 Equity Compensation Plan, as amended. 245,148 shares and 215,562 shares of restricted stock are issued and outstanding as of June 30, 2021 and December 31, 2020, respectively.The aggregate number of shares of common stock for which awards may be granted under the Plan shall not exceed 1,000,000 shares plus the number of unvested shares granted before August 2, 2019. The equity awards may be granted by the Company’s Compensation Committee or Board of Directors under its amended and restated 2006 equity compensation plan. Awards made under the Plan that have been forfeited, cancelled or have expired, will not be treated as having been granted for purposes of the preceding sentence. The Company has also established the Directors Share Payment Plan under its 2006 equity compensation plan. The purpose of the plan is to provide a means of payment of all or a portion of compensation payable to directors of the Company in the form of Company’s Common Stock. The plan was effective as of April 18, 2008. Each member of the Board of Directors of the Company may participate in the plan. Pursuant to the terms of the plan, directors may elect to receive in Common Stock all or a portion of their compensation. Following December 31 of each year, the Company delivers to each Director the number of shares represented by the rights credited to their Share Payment Account during the preceding calendar year. During the six months ended June 30, 2021 and June 30, 2020, none of the directors elected to receive their compensation in Company shares.
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Lease Arrangements |
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Lease Arrangements | 12 Lease Arrangements Charters-out As of June 30, 2021, the Company generated operating revenues from its 60 vessels on time charters or bareboat charter agreements, with remaining terms ranging from less than one year to April 2028. Under the terms of the charter party agreements, most charterers have options to extend the duration of contracts ranging from less than one year to three years after the expiration of the contract. The Company determines fair value of its vessels at the lease commencement date and at the end of lease term for lease classification with the assistance from valuations obtained by third party independent shipbrokers. The Company manages its risk associated with the residual value of its vessels after the expiration of the charter party agreements by seeking multi-year charter arrangements for its vessels. 12 Lease Arrangements (Continued) The future minimum rentals, expected to be earned on non-cancellable time charters and bareboat charters classified as operating leases consisted of the following as of June 30, 2021 (in thousands):
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. |
Earnings per Share |
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Earnings per Share | 13 Earnings per Share The following table sets forth the computation of basic and diluted earnings per share:
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Related Party Transactions |
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Related Party Transactions | 14 Related Party Transactions Management fees to Danaos Shipping Company Limited (“the Manager”) amounted to $9.2 million and $8.6 million in the six months ended June 30, 2021 and 2020, respectively, and are presented under “General and administrative expenses” in the condensed consolidated statements of income. The Company has granted restricted stock to executive officers, Board of Directors members and certain employees of the Manager. Refer to Note 11 “Stockholders' Equity”. Commissions to the Manager amounted to $3.5 million and $2.7 million in the six months ended June 30, 2021 and 2020, respectively and are presented under “Voyage expenses” in the condensed consolidated statements of income. The balance “Due from related parties” in the condensed consolidated balance sheets totaling $21.3 million and $20.4 million as of June 30, 2021 and December 31, 2020, respectively, represents advances to the Manager on account of the vessels’ operating and other expenses. An amount of $0.3 million and $0.2 million as of June 30, 2021 and December 31, 2020, respectively, was due to executive officers and is presented under “Accounts payable” in the condensed consolidated balance sheets. |
Subsequent Events |
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Subsequent Events | 15 Subsequent Events On July 1, 2021, the Company exercised its option to acquire the remaining equity interest in Gemini. The purchase price for the 51% of Gemini is $86.7 million in cash. Substantially all of the fair value of the gross assets acquired is concentrated in adjusted vessels value, the Company will therefore account for the acquisition of the five vessels of Gemini as an asset acquisition. On July 7, 2021, the Company entered into an agreement to acquire six 5,500 TEU vessels for a gross purchase price amounting to $260.0 million. These vessels are expected to be delivered to the Company from August to October 2021. On August 2, 2021, the Company declared a dividend of $0.50 per share of common stock payable on August 30, 2021, to holders of record on August 16, 2021. |
Basis of Presentation and General Information (Tables) |
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Schedule of the vessel owning companies (the "Danaos Subsidiaries") | 1 Basis of Presentation and General Information (Continued) As of June 30, 2021, Danaos included the vessel owning companies (the “Danaos Subsidiaries”) listed below. All vessels are container vessels:
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Fixed assets, net (Tables) |
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Schedule of leaseback instalments | The scheduled aggregate leaseback instalments subsequent to June 30, 2021 are as follows (in thousands):
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Deferred Charges, net (Tables) |
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Schedule of deferred charges, net | Deferred charges, net consisted of the following (in thousands):
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Investments in affiliates (Tables) |
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Schedule of Consolidated wholly owned subsidiaries | As of June 30, 2021, Gemini consolidated its wholly owned subsidiaries listed below:
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Summary of the financial information for equity accounted investments | A condensed summary of the financial information for equity accounted investments 49% owned by the Company shown on a 100% basis are as follows (in thousands):
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Other Non-current Assets (Tables) |
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Schedule of other non-current assets | Other non-current assets consisted of the following (in thousands):
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Schedule of available for sale securities at fair value and unrealized losses | 6 Other Non-current Assets (Continued) The following tables summarizes the unrealized positions for available-for-sale debt securities as of June 30, 2021 and December 31, 2020 (in thousands):
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Schedule of unrealized loss on available for sale securities | The unrealized gain/(loss), which were recognized in other comprehensive income/(loss), are analyzed as follows as of June 30, 2021 (in thousands):
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Accrued Liabilities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of accrued liabilities | Accrued liabilities consisted of the following (in thousands):
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Long-Term Debt, net (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt, net | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of long-term debt, net | Long-term debt, net consisted of the following (in thousands):
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Schedule of debt maturities of long-term debt | The scheduled debt maturities of long-term debt subsequent to June 30, 2021 are as follows (in thousands):
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Financial Instruments (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of estimated fair values of the financial instruments |
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Schedule of estimated fair value of the financial instruments, categorized based upon the fair value hierarchy | The estimated fair value of the financial instruments that are measured at fair value on a recurring basis, categorized based upon the fair value hierarchy, are as follows as of June 30, 2021:
The estimated fair value of the financial instruments that are not measured at fair value on a recurring basis, categorized based upon the fair value hierarchy, are as follows as of June 30, 2021:
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, 2020:
9 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, 2020:
|
Lease Arrangements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||
Schedule of future minimum rentals, expected to be earned on non cancellable time charters | The future minimum rentals, expected to be earned on non-cancellable time charters and bareboat charters classified as operating leases consisted of the following as of June 30, 2021 (in thousands):
|
Earnings per Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of computation of basic and diluted earnings per share | The following table sets forth the computation of basic and diluted earnings per share:
|
Deferred Charges, net (Details) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2021 |
Dec. 31, 2020 |
|
Changes in deferred charges, net | ||
Balance at the beginning of the period | $ 17,339 | |
Balance at the end of the period | 13,440 | $ 17,339 |
Drydocking and Special Survey Costs | ||
Changes in deferred charges, net | ||
Balance at the beginning of the period | 17,339 | 11,455 |
Additions | 1,155 | 16,916 |
Amortization | (5,054) | (11,032) |
Balance at the end of the period | $ 13,440 | $ 17,339 |
Period of amortization for deferred costs | 2 years 6 months |
Investments in affiliates - Equity Accounted Investments (Details) - USD ($) $ in Thousands |
1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|---|
Aug. 31, 2019 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
|
Summary of financial information | ||||||
Current assets | $ 348,486 | $ 348,486 | $ 118,448 | |||
Non-current assets | 2,851,644 | 2,851,644 | 2,595,932 | |||
Current liabilities | 228,824 | 228,824 | 239,685 | |||
Long-term liabilities | 1,258,113 | 1,258,113 | $ 1,439,118 | |||
Net operating revenues | 146,434 | $ 116,824 | 278,552 | $ 223,020 | ||
Net income | $ 669,617 | 67,585 | ||||
Gemini | ||||||
Summary of financial information | ||||||
Ownership (as a percent) | 49.00% | 49.00% | 49.00% | |||
Equity Method Investment, Nonconsolidated Investee | Gemini | ||||||
Summary of financial information | ||||||
Current assets | 16,922 | $ 16,922 | $ 11,524 | |||
Non-current assets | 70,091 | 70,091 | 69,149 | |||
Current liabilities | 8,603 | 8,603 | 7,585 | |||
Long-term liabilities | $ 39,151 | 39,151 | $ 41,920 | |||
Net operating revenues | 17,984 | 16,441 | ||||
Net income | $ 8,091 | $ 6,664 |
Other Non-current Assets (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Other Non-current Assets | ||
Other assets | $ 15,518 | $ 20,421 |
Total non-current assets | 389,319 | 83,383 |
ZIM notes | ||
Other Non-current Assets | ||
Available for sale securities | 0 | 43,559 |
HMM notes | ||
Other Non-current Assets | ||
Available for sale securities | 5,961 | 19,328 |
Equity participation | ZIM | ||
Other Non-current Assets | ||
Equity participation ZIM | $ 367,840 | $ 75 |
Accrued Liabilities (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Accrued payroll | $ 965 | $ 1,008 |
Accrued interest | 13,438 | 2,137 |
Accrued dry-docking expenses | 2,177 | |
Accrued expenses | 5,478 | 5,638 |
Total | $ 19,881 | $ 10,960 |
Long-Term Debt, net - Principal Payments (Details) $ in Thousands |
Jun. 30, 2021
USD ($)
|
---|---|
Scheduled maturities of long-term debt | |
June 30, 2022 | $ 93,450 |
June 30, 2023 | 90,000 |
June 30, 2024 | 87,900 |
June 30, 2025 | 586,750 |
June 30, 2026 | 19,500 |
Thereafter | 300,000 |
Total long-term debt | $ 1,177,600 |
Financial Instruments - Interest Rate Swap Hedges (Details) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2021
USD ($)
agreement
|
Jun. 30, 2020
USD ($)
|
|
Financial Instruments | ||
Number of agreements held | agreement | 0 | |
Interest rate swap contracts | ||
Financial Instruments | ||
Unrealized losses reclassified from accumulated other comprehensive loss to earnings | $ 1.8 | $ 1.8 |
Unrealized losses expected to be reclassified from accumulated other comprehensive loss to earnings within the next twelve months | $ 3.6 |
Financial Instruments - Estimated Fair Values Of Financial Instruments (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Total | ||
Financial Instruments | ||
Cash and cash equivalents | $ 294,418 | $ 65,663 |
Equity participation ZIM | 367,840 | |
Long-term debt, including current portion | 1,165,886 | 1,368,100 |
Total | ZIM | Notes | ||
Financial Instruments | ||
Notes | 43,559 | |
Total | HMM | Notes | ||
Financial Instruments | ||
Notes | 5,961 | 19,328 |
Book Value | ||
Financial Instruments | ||
Cash and cash equivalents | 294,418 | 65,663 |
Equity participation ZIM | 367,840 | 75 |
Long-term debt, including current portion | 1,165,886 | 1,368,100 |
Book Value | ZIM | Notes | ||
Financial Instruments | ||
Notes | 43,559 | |
Book Value | HMM | Notes | ||
Financial Instruments | ||
Notes | $ 5,961 | $ 19,328 |
Commitments and Contingencies (Details) $ in Millions |
Jan. 20, 2021
USD ($)
|
---|---|
Commitments and Contingencies | |
Partial payment received from Hanjin Shipping as common benefit claim and interest | $ 3.9 |
Lease Arrangements (Details) $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2021
USD ($)
item
| |
Lease Arrangements | |
Number of vessels , generated revenue results | item | 60 |
Future minimum revenue expected to be earned | |
Remainder of 2021 | $ 303,599 |
2022 | 548,859 |
2023 | 356,293 |
2024 | 161,609 |
2025 | 75,483 |
2026 and thereafter | 50,014 |
Total future rentals | $ 1,495,857 |
Earnings per Share (Details) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2021 |
Mar. 31, 2021 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Numerator: | ||||||
Net Income | $ 372,837 | $ 296,780 | $ 38,496 | $ 29,089 | $ 669,617 | $ 67,585 |
Denominator (number of shares in thousands): | ||||||
Basic weighted average common shares outstanding | 20,354 | 24,573 | 20,323 | 24,573 | ||
Effect of dilutive securities: | ||||||
Share based compensation | 245 | 216 | 234 | 216 | ||
Diluted weighted average common shares outstanding | 20,599 | 24,789 | 20,557 | 24,789 |
Related Party Transactions (Details) - USD ($) $ in Thousands |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
|
Related Party Transactions | |||
Advances on account of the vessels' operating expenses | $ 21,326 | $ 20,426 | |
Due to executive officers shown under accounts payable | 300 | 200 | |
Manager | |||
Related Party Transactions | |||
Management fees incurred shown under General and administrative expenses | 9,200 | $ 8,600 | |
Management commissions incurred shown under Voyage expenses | 3,500 | $ 2,700 | |
Advances on account of the vessels' operating expenses | $ 21,300 | $ 20,400 |
Subsequent Events (Details) $ / shares in Units, $ in Millions |
1 Months Ended | 6 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|
Aug. 02, 2021
$ / shares
|
Jul. 07, 2021
USD ($)
item
|
Jul. 01, 2021
USD ($)
item
|
Aug. 31, 2019 |
Jun. 30, 2021 |
Dec. 31, 2020 |
|
Subsequent event | ||||||
Subsequent Event [Line Items] | ||||||
TEU of each of the six acquired vessels | item | 5,500 | |||||
Gross purchase price of vessels | $ | $ 260.0 | |||||
Dividend common stock per share declared | $ / shares | $ 0.50 | |||||
Gemini | ||||||
Subsequent Event [Line Items] | ||||||
Ownership (as a percent) | 49.00% | 49.00% | 49.00% | |||
Gemini | Subsequent event | ||||||
Subsequent Event [Line Items] | ||||||
Ownership (as a percent) | 51.00% | |||||
Payments to acquire the remaining equity interest | $ | $ 86.7 | |||||
Number of vessels acquired | item | 5 |