Danaos Corporation Reports Third Quarter and Nine Months Results for the Period Ended September 30, 2025

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 Company measures segment performance based on net income. Items included in the applicable segment's net income are directly allocated to the extent that the items are directly or indirectly attributable to the segments. With regards to the items that are allocated by indirect calculations, their allocation is commensurate to the utilization of key resources. The Other column includes components that are not allocated to any of the Company's reportable segments and includes investments in an affiliate accounted for using the equity method of accounting and investments in marketable securities.

Highlights for the Third Quarter and Nine Months Ended September 30, 2025 and up to date of this release:

• In September 2025, we added two 7,165 TEU newbuilding containership vessels to our orderbook with expected delivery in 2027. We have arranged 5 year charters for both of these vessels and have added approximately $140 million to our contracted revenue backlog.
• In November 2025, we added six 1,800 TEU newbuilding containerships to our orderbook with expected deliveries from 2027 through 2029. We have arranged 10 year charters for four out of these six vessels and have added approximately $236 million to our contracted revenue backlog.
• In November 2025 we took delivery of one 6,014 TEU containership as per schedule, that is added to prior deliveries under our newbuilding container vessels program of six newbuilding containerships in 2024 and one in January 2025.
• Our orderbook currently consists of 23 newbuilding containership vessels with an aggregate capacity of 153,350 TEU with expected deliveries of three vessels in 2026, thirteen vessels in 2027, six vessels in 2028 and one vessel in 2029. All vessels in our orderbook are designed with the latest eco characteristics and will be built in accordance with the latest requirements of the International Maritime Organization (IMO) in relation to Tier III emission standards and Energy Efficiency Design Index (EEDI) Phase III.
• On October 17, 2025, we entered into a Memorandum Agreement to purchase a Capesize dry bulk vessel, which is expected to be delivered to us towards the end of the first quarter of 2026.
• We have secured multi-year charter arrangements for 21 out of 23 vessels in our newbuilding orderbook, with an average charter duration of approximately 5.8 years, weighted by aggregate contracted charter hire .
• Since the date of our previous earnings release, we have added approximately $745 million to our contracted revenue backlog through a combination of the prior mentioned six new charters for our recently ordered containership newbuilding vessels and charter extensions for 12 of our existing container vessels.
• As a result, total contracted cash operating revenues, based on concluded charter contracts through the date of this release, currently stand at $4.1 billion, including newbuildings. The remaining average contracted charter duration for our containership fleet is 4.3 years, weighted by aggregate contracted charter hire.
• Contracted operating days charter coverage for our container vessel fleet is currently 100.0% for 2025, 95% for 2026 and 71% for 2027. This includes newbuildings based on their scheduled delivery dates.
• As of the date of this release, Danaos has repurchased a total of 3,022,527 shares of its common stock in the open market for $213.6 million under its $300.0 million authorized share repurchase program, that was originally introduced in June 2022 and was upsized twice in $100.0 million increments, in November 2023 and in April 2025.
• On October 16, 2025, we consummated the pricing of the offering of $500.0 million of 6.875% senior unsecured notes due in 2032. Danaos intends to use the net proceeds from the offering to (i) early redeem in full the $262.8 million outstanding principal amount of our 8.5% Senior Notes due 2028 on or about March 1, 2026, (ii) repay in full the outstanding principal amount under its BNP Paribas/Credit Agricole $130.0 million Secured Credit Facility on December 1, 2025, (iii) repay in full the outstanding principal amount under its Alpha Bank $55.25 million Secured Credit Facility on December 1, 2025, (iv) to pay costs, fees and expenses related to the refinancing, including commissions, placement, financial advisory fees and other transaction costs and professional fees, and (v) for general corporate purposes.
• Danaos has declared a dividend of $0.90 per share of common stock for the third quarter of 2025. The dividend is payable on December 11, 2025, to stockholders of record as of December 2, 2025.

Danaos' CEO Dr. John Coustas commented:

As we enter the final months of the year, operating conditions remain broadly unchanged. The war in Ukraine continues with no end in sight, and while the conflict in the Middle East is in the process of resolution, transit through the Red Sea has not yet resumed and liners are waiting for more permanent signs of stability to restart the transit.

The recent de-escalation in trade and tariff tensions between the United States and China enabled trade to resume unhindered, while the redirection of Chinese exports to the EU and other countries kept trading and container traffic at an all times high during the third quarter of the year. The charter market remains robust, and the idle fleet remains at all-time low. Demand for mid-size and larger vessels continues unabated, and we have secured new charters for vessels opening as far out as the beginning of 2028. Shipyard slots for 2028 deliveries are becoming scarce and newbuilding prices continue to rise. We have selectively extended our newbuilding program at below market prices and we have already secured multi-year employment for these new orders. Following the IMO's one-year postponement of its Net-Zero Framework, we expect conventional fuels to remain prevalent in the medium term, even as the long-term decarbonization trajectory is unchanged.

In relation to our newbuilding program, we recently added six 1,800 TEU vessels to our orderbook with scheduled deliveries between 2027 and 2029 and have secured 10 year charters for four of these vessels with a contribution to our contracted revenue backlog of approximately $236 million.

On the financing front, we recently completed a $500 million unsecured seven year bond offering with a 6.875% coupon. This is one of the most competitively priced deals ever achieved in the shipping industry for an unsecured bond with such tenor and is a testament of our superior credit quality. We intend to use the proceeds to redeem our 2028 $300 million bond as well as prepay in full some smaller secured bank credit facilities. We have already arranged secured debt financing for the majority of our newbuilding program and our fortress balance sheet that has been solidified with the recent bond issuance considerably enhances our capacity to pursue accretive investment opportunities that can propel the growth of Danaos into the next level.

Our solid performance has enabled us to continue to deliver strong, profitable performance, enhance our contract backlog and fund investments to reduce the age of our fleet and further cement Danaos' leadership position in the container charter market. We also continue to opportunistically invest in the dry bulk Capesize market segment, where we expect outsized returns due to supply constraints and ton-mile demand increase.

Finally, I am pleased to announce that we are increasing our quarterly dividend to 90 cents per share, consistent with our policy of yearly increases, while also striving to continue to build long term value for the benefit of our shareholders.

Three months ended September 30, 2025 compared to the three months ended September 30, 2024

During the three months ended September 30, 2025, Danaos had an average of 74 container vessels and 10 Capesize drybulk vessels compared to 71.1 container vessels and 9.9 Capesize drybulk vessels during the three months ended September 30, 2024. Our container vessels utilization for the three months ended September 30, 2025 was 98.1% compared to 97.7% in the three months ended September 30, 2024. Our drybulk vessels utilization for the three months ended September 30, 2025 was 100.0% compared to 85.2% in the three months ended September 30, 2024.

Our adjusted net income amounted to $124.1 million, or $6.75 per diluted share, for the three months ended September 30, 2025 compared to $126.8 million, or $6.50 per diluted share, for the three months ended September 30, 2024. We have adjusted our net income in the three months ended September 30, 2025 for a $8.4 million gain from the change in fair value of investments, a $1.1 million loss on debt extinguishment and a $0.8 million non-cash finance fees amortization.

Adjusted net income of our container vessels segment amounted to $120.6 million for the three months ended September 30, 2025 compared to $125.1 million for the three months ended September 30, 2024. We adjusted net income of container vessels segment in the three months ended September 30, 2025 for a $1.1 million loss on debt extinguishment and a $0.8 million non-cash finance fees amortization.

Adjusted net income of our drybulk vessels segment amounted to $3.4 million for the three months ended September 30, 2025 compared to $0.1 million for the three months ended September 30, 2024.

The $2.7 million decrease in our adjusted net income for the three months ended September 30, 2025 compared to the three months ended September 30, 2024 is primarily attributable to (i) $6.1 million increase in total operating expenses, (ii) $2.5 million decrease in dividends received, offset by (iii) $1.0 million decrease in equity loss on investments, (iv) $0.4 million decrease in net finance expenses and (v) $4.5 million increase in operating revenues.

Please refer to the Adjusted Net Income reconciliation tables, which appear later in this earnings release.

On a non-adjusted basis, our net income amounted to $130.6 million, or $7.11 earnings per diluted share, for the three months ended September 30, 2025 compared to net income of $123.0 million, or $6.30 earnings per diluted share, for the three months ended September 30, 2024. Our net income for the three months ended September 30, 2025 includes $8.4 million gain on marketable securities (gross of dividend income) compared to $2.8 million loss on marketable securities (gross of dividend income) in the three months ended September 30, 2024. On a non-adjusted basis, the net income of our container vessels segment amounted to $118.7 million for the three months ended September 30, 2025 compared to $124.1 million for the three months ended September 30, 2024. On a non-adjusted basis, the net income of our drybulk vessels segment amounted to $3.4 million net income for the three months ended September 30, 2025 compared to $0.1 million income for the three months ended September 30, 2024.

Operating Revenues
Operating revenues increased by 1.8%, or by $4.5 million, to $260.7 million in the three months ended September 30, 2025 from $256.2 million in the three months ended September 30, 2024.

Operating revenues of our container vessels segment increased by 1.5%, or $3.5 million, to $239.1 million in the three months ended September 30, 2025 from $235.6 million in the three months ended September 30, 2024, analyzed as follows:

• $11.2 million increase in revenues as a result of newbuilding containership vessel additions;
• $0.8 million increase in revenues as a result of higher fleet utilization between the two periods;
• $4.3 million decrease in revenues as a result of lower charter rates between the two periods; and
• $4.2 million decrease in revenues due to lower non-cash revenue recognition in accordance with US GAAP.

Operating revenues of our drybulk vessels segment increased by 4.9%, or by $1.0 million, to $21.6 million in the three months ended September 30, 2025, compared to $20.6 million of revenues in the three months ended September 30, 2024, as a result of improved charter rates and higher dry bulk vessel utilization between the two periods.

Vessel Operating Expenses
Vessel operating expenses increased by $2.4 million to $52.3 million in the three months ended September 30, 2025 from $49.9 million in the three months ended September 30, 2024, primarily as a result of the increase in the average number of vessels in our fleet due to container vessel newbuilding deliveries and dry bulk vessels acquisitions and the increase in average daily operating cost of our vessels to $6,927 per vessel per day for the three months ended September 30, 2025 compared to $6,860 per vessel per day for the three months ended September 30, 2024. Management believes that our daily operating costs remain among the most competitive in the industry.

Depreciation & Amortization
Depreciation & Amortization includes Depreciation and Amortization of Deferred Drydocking and Special Survey Costs.

Depreciation
Depreciation expense increased by $2.5 million, to $41.2 million in the three months ended September 30, 2025 from $38.7 million in the three months ended September 30, 2024 due to the increase in the average number of vessels in our fleet.

Amortization of Deferred Drydocking and Special Survey Costs
Amortization of deferred drydocking and special survey costs increased by $3.3 million to $10.8 million in the three months ended September 30, 2025 from $7.5 million in the three months ended September 30, 2024, reflecting a larger number of vessels drydocked for which vessels drydocking amortization costs were recognized during the three months ended September 30, 2025 compared to the three months ended September 30, 2024.

General and Administrative Expenses
General and administrative expenses increased by $1.6 million, to $12.6 million in the three months ended September 30, 2025 from $11.0 million in the three months ended September 30, 2024. The increase was mainly attributable to $0.3 million higher management fees due to the increase in the average number of vessels in our fleet and a $1.3 million increase in corporate general and administrative expenses.

Other Operating Expenses
Other Operating Expenses include Voyage Expenses.

Voyage Expenses
Voyage expenses decreased by $3.1 million to $13.9 million in the three months ended September 30, 2025 from $17.0 million in the three months ended September 30, 2024, driven by a $3.0 million decrease in other voyage expenses, mainly attributed to a different mix of time charter and voyage charter contracts under which our dry bulk vessels were deployed between the two periods.

More analytically, voyage expenses of our dry bulk vessels segment decreased by $4.5 million, to $4.7 million in the three months ended September 30, 2025 compared to $9.2 million voyage expenses in the three months ended September 30, 2024. For the three months ended September 30, 2025, voyage expenses of our dry bulk vessels comprised of $1.4 million in commissions and $3.3 million in other voyage expenses, mainly comprised of bunkers cost and port expenses, compared to $1.2 million in commissions and $8.0 million in other voyage expenses for the three months ended September 30, 2024, reflecting an increase in time charter employment of our dry bulk vessels during the three months ended September 30, 2025 compared to the three months ended September 30, 2024.

Voyage expenses of our container vessels segment increased by $1.4 million to $9.2 million in the three months ended September 30, 2025, from $7.8 million in the three months ended September 30, 2024.

Interest Expense and Interest Income
Interest expense increased by $0.5 million, to $8.5 million in the three months ended September 30, 2025 from $8.0 million in the three months ended September 30, 2024. The increase in interest expense is a result of:

• $0.9 million increase in interest expense due to an increase in our average indebtedness by $120.7 million between the two periods, partially offset by a decrease in our average debt service cost. Average indebtedness was $767.5 million in the three months ended September 30, 2025, compared to average indebtedness of $646.8 million in the three months ended September 30, 2024, while our average debt service cost decreased by approximately 0.74% as a result of lower SOFR rates between the two periods;
• $0.2 million increase in the amortization of deferred finance costs between the two periods; and
• $0.6 million decrease in interest expense due to an increase in the amount of interest expense capitalized on our vessels under construction that was $6.0 million in the three months ended September 30, 2025, when compared to capitalized interest of $5.4 million in the three months ended September 30, 2024.

As of September 30, 2025, our outstanding debt, gross of deferred finance costs, was $760.9 million, which included $262.8 million principal amount of our existing 8.5% Senior Notes. These balances compare to debt of $689.5 million, which included $262.8 million principal amount of our existing 8.5% Senior Notes as of September 30, 2024. The increase in our outstanding debt is mainly due to loans drawn down to partially finance our container vessel newbuildings.

Interest income increased by $0.7 million to $3.8 million in the three months ended September 30, 2025 compared to $3.1 million in the three months ended September 30, 2024, mainly driven by higher average cash balances between the two periods, partially offset by lower interest rates on cash deposits.

Gain on Investments
The $8.7 million gain on investments in the three months ended September 30, 2025 consisted of the gain from the change in fair value of our shareholding interest in Star Bulk Carriers Corp. ("SBLK") of $8.4 million and dividend income on these shares of $0.3 million. This compares to a $0.04 million gain on investments in the three months ended September 30, 2024, representing a $2.8 million loss from the change in fair value change on our SBLK shareholding interest, which was offset by dividend income on these shares of $2.8 million.

Loss on Debt Extinguishment
The loss on debt extinguishment of $1.1 million in the three months ended September 30, 2025 related to our early extinguishment of debt compared to nil in the three months ended September 30, 2024.

Equity Loss on Investments
Equity loss on investments amounting to $0.2 million and $1.2 million in the three months September 30, 2025 and September 30, 2024, respectively, relates to our share of initial expenses of Carbon Termination Technologies Corporation ("CTTC"), currently engaged in the research and development of decarbonization technologies for the shipping industry.

Other Finance Expenses
Other finance expenses remained stable at $0.9 million in each of the three months ended September 30, 2025 and September 30, 2024, respectively.

Loss on Derivatives
Amortization of deferred realized losses on interest rate swaps remained stable at $0.9 million in each of the three months ended September 30, 2025 and September 30, 2024.

Other Income/(Expenses), Net
Other expenses, net, amounted to an expense of $0.3 million in the three months ended September 30, 2025 compared to an expense of $0.7 million in the three months ended September 30, 2024.

Adjusted EBITDA
Adjusted EBITDA increased by 1.5%, or by $2.7 million, to $181.6 million in the three months ended September 30, 2025 from $178.9 million in the three months ended September 30, 2024. The increase was attributed to (i) $4.5 million increase in operating revenues, (ii) $1.0 million decrease in equity loss on investments, partially offset by (iii) $2.5 million decrease in dividends received, (iv) $0.2 million increase in total operating expenses and (v) $0.1 million increase in net financing expenses. Adjusted EBITDA for the three months ended September 30, 2025 is adjusted for (i) $8.4 million gain from the change in fair value of investments, (ii) $1.1 million of loss on debt extinguishment and (iii) $0.1 million expense of stock based compensation. Tables reconciling Adjusted EBITDA to Net Income can be found at the end of this earnings release.

Adjusted EBITDA of container vessels segment decreased by 0.6%, or by $1.1 million, to $172.4 million in the three months ended September 30, 2025 from $173.5 million in the three months ended September 30, 2024.

Adjusted EBITDA of drybulk vessels segment increased by $5.3 million to $9.1 million in the three months ended September 30, 2025 from $3.8 million in the three months ended September 30, 2024.

Nine months ended September 30, 2025 compared to the nine months ended September 30, 2024

During the nine months ended September 30, 2025, Danaos had an average of 73.9 container vessels and 10 drybulk vessels compared to 69.3 container vessels and 8.2 drybulk vessels during the nine months ended September 30, 2024. Our container vessels utilization for the nine months ended September 30, 2025 was 97.9% compared to 97.4% in the nine months ended September 30, 2024. Our drybulk vessels utilization for the nine months ended September 30, 2025 was 97.4% compared to 88.1% in the nine months ended September 30, 2024.

Our adjusted net income amounted to $354.5 million, or $19.14 per diluted share, for the nine months ended September 30, 2025 compared to $399.2 million, or $20.43 per diluted share, for the nine months ended September 30, 2024. We have adjusted our net income in the nine months ended September 30, 2025 for $25.6 million gain from the change in fair value of investments, a $1.1 million loss on debt extinguishment and a $2.3 million non-cash finance fees amortization.

Adjusted net income of our container vessels segment amounted to $357.0 million for the nine months ended September 30, 2025 compared to $391.1 million for the nine months ended September 30, 2024. We adjusted net income of container vessels segment in the nine months ended September 30, 2025 for a $1.1 million loss on debt extinguishment and a $2.3 million non-cash finance fees amortization.

Adjusted net loss of our drybulk vessels segment amounted to $2.9 million loss for the nine months ended September 30, 2025 compared to $2.7 million income for the nine months ended September 30, 2024.

The $44.7 million decrease in adjusted net income for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, is primarily attributable to (i) a $50.5 million increase in total operating expenses, (ii) a $5.8 million decrease in dividends received, (iii) a $9.3 million increase in net finance expenses, offset by (iv) $20.3 million increase in operating revenues and (v) a $0.6 million decrease in equity loss on investments.

Please refer to the Adjusted Net Income reconciliation tables, which appear later in this earnings release.

On a non-adjusted basis, our net income amounted to $376.7 million, or $20.34 earnings per diluted share, for the nine months ended September 30, 2025 compared to net income of $414.6 million, or $21.22 earnings per diluted share, for the nine months ended September 30, 2024. Our net income for the nine months ended September 30, 2025 includes $25.6 million gain on marketable securities (gross of dividend income) compared to $10.4 million gain on marketable securities (gross of dividend income) in the nine months ended September 30, 2024. On a non-adjusted basis, the net income of our container vessels segment amounted to $353.6 million for the nine months ended September 30, 2025 compared to $396.1 million for the nine months ended September 30, 2024. On a non-adjusted basis, the net loss of our drybulk vessels segment amounted to $2.9 million for the nine months ended September 30, 2025 compared to $2.7 million net income for the nine months ended September 30, 2024.

Operating Revenues
Operating revenues increased by 2.7%, or by $20.3 million, to $776.2 million in the nine months ended September 30, 2025 from $755.9 million in the nine months ended September 30, 2024.

Operating revenues of our container vessels segment increased by 2.2%, or by $15.1 million, to $714.7 million in the nine months ended September 30, 2025 from $699.6 million in the nine months ended September 30, 2024, analyzed as follows:

• $54.9 million increase in revenues as a result of newbuilding containership vessel additions;
• $21.9 million decrease in revenues as a result of lower charter rates between the two periods;
• $14.9 million decrease in revenues due to lower non-cash revenue recognition in accordance with US GAAP;
• $2.8 million decrease in revenues as a result of lower fleet utilization between the two periods; and
• $0.2 million decrease in revenues due to the disposal of one containership vessel.

Operating revenues of our drybulk vessels segment increased by 9.2%, or by $5.2 million, to $61.5 million in the nine months ended September 30, 2025, compared to $56.3 million of revenues in the nine months ended September 30, 2024, analyzed as follows:

• $13.0 million increase in revenues as a result of dry bulk vessel acquisitions; and
• $7.8 million net decrease in revenues as a result of lower charter rates partially offset by higher fleet utilization between the two periods.

Vessel Operating Expenses
Vessel operating expenses increased by $20.2 million to $160.3 million in the nine months ended September 30, 2025 from $140.1 million in the nine months ended September 30, 2024, primarily as a result of the increase in the average number of vessels in our fleet due to container vessel newbuilding deliveries and dry bulk vessels acquisitions and the increase in average daily operating cost of our vessels to $7,170 per vessel per day for the nine months ended September 30, 2025 compared to $6,775 per vessel per day for the nine months ended September 30, 2024. Management believes that our daily operating costs remain among the most competitive in the industry.

Depreciation & Amortization
Depreciation & Amortization includes Depreciation and Amortization of Deferred Drydocking and Special Survey Costs.

Depreciation
Depreciation expense increased by $13.9 million, to $121.9 million in the nine months ended September 30, 2025 from $108.0 million in the nine months ended September 30, 2024, due to the increase in the average number of vessels in our fleet.

Amortization of Deferred Drydocking and Special Survey Costs
Amortization of deferred drydocking and special survey costs increased by $13.3 million to $33.2 million in the nine months ended September 30, 2025 from $19.9 million in the nine months ended September 30, 2024, reflecting a larger number of vessels drydocked for which vessels drydocking amortization costs were recognized during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024.

General and Administrative Expenses
General and administrative expenses increased by $3.5 million, to $36.0 million in the nine months ended September 30, 2025 from $32.5 million in the nine months ended September 30, 2024. The increase was mainly attributable to $1.9 million higher management fees due to the increase in the average number of vessels in our fleet and a $1.6 million increase in corporate general and administrative expenses.

Other Operating Expenses
Other Operating Expenses include Voyage Expenses.

Voyage Expenses
Voyage expenses decreased by $1.2 million to $48.8 million in the nine months ended September 30, 2025 from $50.0 million in the nine months ended September 30, 2024.

Voyage expenses of container vessels segment increased by $2.5 million to $27.0 million in the nine months ended September 30, 2025 from $24.5 million in the nine months ended September 30, 2024. Total voyage expenses of container vessels comprised $25.3 million commissions and $1.7 million other voyage expenses in the nine months ended September 30, 2025 compared to $24.3 million in commissions and $0.2 million in other voyage expenses in the nine months ended September 30, 2024.

Voyage expenses of our drybulk vessels segment decreased by $3.7 million to $21.8 million in the nine months ended September 30, 2025 compared to $25.5 million voyage expenses in the nine months ended September 30, 2024. For the nine months ended September 30, 2025, voyage expenses of our drybulk vessels comprised of $3.7 million in commissions and $18.1 million in other voyage expenses, mainly comprised of bunkers cost and port expenses, compared to $3.4 million in commissions and $22.1 million in other voyage expenses for the nine months ended September 30, 2024.

Interest Expense and Interest Income
Interest expense increased by $12.1 million, to $28.3 million in the nine months ended September 30, 2025 from $16.2 million in the nine months ended September 30, 2024. The increase in interest expense is a result of:

• $9.7 million increase in interest expense due to an increase in our average indebtedness by $249.3 million between the two periods, partially offset by a decrease in our average debt service cost. Average indebtedness was $773.9 million in the nine months ended September 30, 2025, compared to average indebtedness of $524.6 million in the nine months ended September 30, 2024, while our average debt service cost decreased by approximately 0.87% as a result of lower SOFR rates between the two periods;
• $1.6 million increase in interest expense due to a decrease in the amount of interest expense capitalized on our vessels under construction that was $15.2 million in the nine months ended September 30, 2025, when compared to capitalized interest of $16.8 million in the nine months ended September 30, 2024; and
• $0.8 million increase in the amortization of deferred finance costs between the two periods.

As of September 30, 2025, our outstanding debt, gross of deferred finance costs, was $760.9 million, which included $262.8 million principal amount of our existing 8.5% Senior Notes. These balances compare to debt of $689.5 million, which included $262.8 million principal amount of our existing 8.5% Senior Notes as of September 30, 2024. The increase in our outstanding debt is mainly due to loans drawn down to partially finance our container vessel newbuildings.

Interest income increased by $2.1 million to $11.1 million in the nine months ended September 30, 2025 compared to $9.0 million in the nine months ended September 30, 2024, mainly driven by higher average cash balances between the two periods, partially offset by lower interest rates on cash deposits between the corresponding periods.

Gain on Investments
The $26.6 million gain on investments in the nine months ended September 30, 2025 consisted of the gain from the change in fair value of our shareholding interest in Star Bulk Carriers Corp. ("SBLK") of $25.6 million and dividend income on these shares of $1.0 million. This compares to a $17.2 million gain on investments in the nine months ended September 30, 2024, representing an $10.4 million gain from the change in fair value on our SBLK shareholding interest and dividend income on these shares of $6.8 million.

Loss on Debt Extinguishment
The loss on debt extinguishment of $1.1 million in the nine months ended September 30, 2025 related to our early extinguishment of debt compared to nil in the nine months ended September 30, 2024.

Equity Loss on Investments
Equity loss on investments amounting to $0.8 million and $1.4 million in the nine months September 30, 2025 and September 30, 2024, respectively, relates to our share of initial expenses of CTTC, currently engaged in the research and development of decarbonization technologies for the shipping industry.

Other Finance Expenses
Other finance expenses increased by $0.2 million to $2.9 million in the nine months ended September 30, 2025 compared to $2.7 million in the nine months ended September 30, 2024.

Loss on Derivatives
Amortization of deferred realized losses on interest rate swaps remained stable at $2.7 million in each of the nine months ended September 30, 2025 and September 30, 2024.

Other Income/(Expenses), Net
Other income/expenses, net, amounted to an expense of $1.1 million in the nine months ended September 30, 2025 compared to an expense of $0.6 million in the nine months ended September 30, 2024.

Adjusted EBITDA
Adjusted EBITDA decreased by 0.7%, or by $3.6 million, to $529.3 million in the nine months ended September 30, 2025 from $532.9 million in the nine months ended September 30, 2024. The decrease was attributed to (i) $22.7 million increase in total operating expenses, (ii) $5.8 million decrease in dividends received, (iii) $0.5 million increase in net financing expenses, partially offset by (iv) $24.8 million increase in operating revenues (excluding $4.5 million decrease in amortization of assumed time-charters) and (ii) $0.6 million decrease in equity loss on investments. Adjusted EBITDA for the nine months ended September 30, 2025 is adjusted for (i) $25.6 million gain from the change in fair value of investments, (ii) $1.1 million of loss on debt extinguishment and (iii) $0.4 million expense of stock based compensation.

Adjusted EBITDA of container vessels segment decreased by 0.3%, or by $1.4 million, to $515.4 million in the nine months ended September 30, 2025 from $516.8 million in the nine months ended September 30, 2024.

Adjusted EBITDA of drybulk vessels segment increased by $3.0 million to $13.7 million in the nine months ended September 30, 2025 from $10.7 million in the nine months ended September 30, 2024.

Dividend Payment
Danaos has declared a dividend of $0.90 per share of common stock for the third quarter of 2025, which is payable on December 11, 2025 to stockholders of record as of December 2, 2025.

Recent Developments
On October 1, 2025, we prepaid early the outstanding principal amount of $42.78 million of vessel Phoebe which was under the Syndicated $450.0 mil. Facility.

On October 30, 2025, we received $80 million pursuant to a Japanese operating sale & lease back agreement for vessel Phoebe (the "JOLCO Facility") with a tenor of 8 years.

Conference Call and Webcast
On Tuesday, November 18, 2025 at 9:00 A.M. ET, the Company's management will host a conference call to discuss the results.

Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 833 890 6464 (US Toll Free Dial In), 0 800 279 9489 (UK Toll Free Dial In) or +44 (0) 2075 441 375 (Standard International Dial In). Please indicate to the operator that you wish to join the Danaos Corporation earnings call.

A telephonic replay of the conference call will be available until November 25, 2025 by dialing 1 855 669 9658 (US Toll Free Dial In) or 1-412-317-0088 (Standard International Dial In) and using 3186440# as the access code.

Audio Webcast
There will also be a live and then archived webcast of the conference call on the Danaos website (www.danaos.com). Participants of the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

Slide Presentation
A slide presentation regarding the Company and the container and drybulk industry will also be available on the Danaos website (www.danaos.com).

About Danaos Corporation
Danaos Corporation is one of the largest independent owners of modern, large-size container vessels. Our current fleet of 75 container vessels aggregating 477,491 TEUs and 23 under construction container vessels aggregating 153,350 TEUs ranks Danaos among the largest container vessels charter owners in the world based on total TEU capacity. Danaos has also invested in the dry bulk sector with the acquisition of 11 capesize drybulk vessels, which on a fully delivered basis, aggregating approximately to 1,943,286 DWT. Our container vessels fleet is chartered to many of the world's largest liner companies on fixed-rate charters. Our long track record of success is predicated on our efficient and rigorous operational standards and environmental controls. Danaos Corporation's shares trade on the New York Stock Exchange under the symbol "DAC".

Forward-Looking Statements
Matters discussed in this release may constitute forward-looking statements within the meaning of the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements reflect our current views with respect to future events and financial performance, including contracted revenue, fleet growth and market conditions, and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions. Although Danaos Corporation believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, Danaos Corporation cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, geopolitical conditions, including any trade disruptions resulting from tariffs, port fees or other protectionist measures imposed by the United States or other countries, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydocking, changes in Danaos Corporation's operating expenses, including bunker prices, drydocking and insurance costs, our ability to operate profitably in the drybulk sector, performance of shipyards constructing  our contracted newbuilding vessels, ability to obtain financing and comply with covenants in our financing arrangements, actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, including the conflict in Ukraine and related sanctions, the conflict in Israel and the Gaza Strip, potential disruption of shipping routes such as Houthi attacks in the Red Sea and the Gulf of Aden, due to accidents and political events or acts by terrorists. 

Risks and uncertainties are further described in reports filed by Danaos Corporation with the U.S. Securities and Exchange Commission.

Visit our website at www.danaos.com

Fleet List

The following table describes in detail our container vessels deployment profile as of November 14, 2025:

Container vessels under construction as of November 14, 2025:

The following table presents details of our Capesize drybulk vessels currently on the water as of November 14, 2025 (excluding the Capesize drybulk vessel that was agreed to be purchased on October 17, 2025, and is expected to be delivered to the Company in the first quarter of 2026):