Danaos Corporation, the Greek shipping company headed by John Coustas, has joined the ranks of feeder container ship buyers while also planning to expand its fleet of Capesize bulk carriers through additional acquisitions.
According to Danaos’ recently disclosed third-quarter financial report, the company has ordered six 1,800 TEU feeder container ships from an undisclosed shipyard, with deliveries expected between 2027 and 2029. Four of these newbuilds have already secured ten-year charter agreements.
This order underscores the urgent need for Danaos to renew its fleet. The company’s smallest operational container ships are currently 2,200 TEU class vessels, all built before the year 2000 and over 25 years old. Consequently, it is imperative to order new ships to replace its aging fleet.
Prior to the announcement of the latest orders, Danaos’ other new shipbuilding projects this year mainly focused on the medium-sized container ship market. According to incomplete statistics, it includes two 7,165 TEU container ships form Shanhaiguan Shipbuilding Industry Co., Ltd. (SHGSIC), two 7,100 TEU container ships form Dalian Shipbuilding Industry Corporation (DSIC), one 6,014 TEU container ship form China Merchants Industry Qingdao Shipyard and two 9,200 TEU container ships form CSSC Huangpu Wenchong Shipbuilding.
Including six feeder container ships, Danaos currently holds orders for 23 vessels with a total capacity of 153,350 TEU under construction, primarily consisting of medium-sized container ships scheduled for delivery through 2029. Of these 23 newbuildings, 21 have already secured multi-year charter contracts averaging approximately 5.8 years in duration.
Based on all charter agreements secured to date, Danaos currently has total contracted cash operating revenues of US$4.1 billion (including newbuildings). Weighted by total contract hire, the average remaining charter period for its container fleet stands at 4.3 years.
Beyond the container ship market, Danaos also announced during its earnings conference call that it will expand into the Capesize bulk carrier sector. The company has signed a memorandum of agreement to acquire one Capesize bulk carrier scheduled for delivery in the first quarter of 2026. Upon completion, the company will operate a fleet of 11 Capesize bulk carriers with a combined carrying capacity of approximately 1.9 million deadweight tons.
It is worth noting that Danaos reiterated that it has no intention of expanding into other sizes of bulk carriers.
Regarding the acquisition strategy for Capesize bulk carriers, Danaos explained: “We plan to expand our presence in the Capesize bulk carrier sector, focusing on the second-hand market due to the current lack of attractiveness in newbuildings, while we are working to identify high-quality fleet resources.”
According to its official website, Danaos is a modern, independent shipping company specializing in large container ships. Its fleet inventory lists 75 active container ships and 10 Capesize bulk carriers. Container ship capacities range from 2,200 TEU to 13,100 TEU, while all bulk carriers have a deadweight tonnage of 175,500 tons.
The company’s third-quarter revenue for 2025 reached $261 million, up from US$256 million in the same period last year, while net profit increased from US$123 million to US$131 million. Cumulative revenue for January-September 2025 totaled US$776 million (compared to US$756 million in the same period last year), with net profit at US$377 million (compared to US$415 million in the same period last year).