DAC Danaos Corporation

Container Β· Container / Capesize Β· 100 documents

Danaos Corporation's 87-vessel container fleet β€” 76 Container and 11 Capesize β€” has no fleet-rate estimate this quarter. The fleet is chartered out at fixed rates, so there is no spot market to price the open days against. Its dividend is still forecast at $0.90 a share for 2026Q3, by declared rate held flat (PATTERN).

Last paid Β· 2026Q2
$0.90
2.3% annualised
$35,522/d earned
TTM $3.60 (2.3% trailing)
2026Q3 Β· our model
$0.90
2.3% annualised
PATTERN
declared rate held flat
2026Q4 Β· our model
$0.90
2.3% annualised
declared rate held flat

Yields annualise each quarter Γ—4 at the last close, $158.17 (2026-10-16). Our model is not company guidance.

What will Danaos Corporation pay for 2026Q3?

Company said
Danaos Corporation has published no booked rates for 2026Q3. It does not say what it will pay β€” turning its rates into a dividend is our job.
β€”
β€”
no dividend given
Our model
β€”
$0.90
modelled Β· PATTERN

Rates in, dividend out 2026Q3

Model Your scenario

Set a rate per vessel class and the statement below re-prices: our model’s figures in one column, yours beside them. These are your numbers, not our forecast and not company guidance; nothing you set is saved.

Latest rates

ClassCompany earnedBooked 2026Q3Market now8 weeks
Capesize Β· 11 $35,5222026Q2 Β· fleet avg β€”none printed β€”no open $/day series

Company earned: the issuer’s own reported TCE (linked). Booked: cover the issuer printed for 2026Q3. Market now: the median across the broker route prints we hold for the class β€” a derived blend, not a vendor index; the trend is rebased to 100 eight weeks ago.

Your rates every day is at your rate

Capesize 1,012 open days

2026Q3 P&L and cash

LineModelYour scenarioΞ”
Vessel-days, days modelled

Ships on the fleet list Γ— the quarter's calendar days for capesize: no off-hire or drydock days are deducted there. Priced classes only: the estimate has no rate for Container, so those days are left out.

 1,012 1,012
By class
ClassDaysModel $/dayYours $/day
Capesize1,01247,05047,050
Fleet TCE, $/day 47,050 47,050
Revenue (TCE basis), $m modelled

Vessel-days Γ— fleet TCE.

 47.6 47.6
Vessel opex, $m assumed

2026Q2: $56.7m over 7,912 vessel-days, held per day. Source (2026Q2)

 (7.3) (7.3)
G&A, $m assumed

2026Q2: $14.9m over 7,912 vessel-days, held per day. Source (2026Q2)

 (1.9) (1.9)
EBITDA, $m assumed 38.5 38.5
Hire for chartered-in ships, $m

Not on file for any quarter (not extracted, or not disclosed).

 β€” β€”
Interest expense, $m assumed

2026Q2: $8.1m over 7,912 vessel-days, held per day. Source (2026Q2)

 (1.0) (1.0)
Scheduled debt amortisation, $m stated

2026Q2: $6.7m over 7,912 vessel-days, held per day (the issuer’s scheduled principal). Source (2026Q2)

 (0.9) (0.9)
Drydock cost, $m

No separate drydock cash line on file.

 β€” β€”
Cash break-even, $/day assumed

Ξ£ cash costs above Γ· vessel-days.

 10,912 10,912
Cushion vs fleet TCE, $/day 36,138 36,138
Free cash flow to equity, $m assumed

Revenue βˆ’ cash costs: the cash available for distribution.

 36.6 36.6
Maintenance capex, $m

Not disclosed as a cash line; not in the model’s cash.

 β€”

Dividend policy pattern

No stated payout policy on file.

Dividend by declared rate held flat; it does not move with the rate, so your scenario leaves it unchanged.

OutputModelYour scenarioΞ”
Estimated DPS, $/share pattern $0.90
Forward yield, run-rate % 2.3%
vs last declared ($0.90, 2026Q2) +0%

Not in the box: Container β€” no market rate or guidance prices this class (see the model's gaps).

Yield annualises the quarter’s DPS Γ— 4 (a run-rate, not a forecast of the year) against the $158.17 close on 2026-10-16.

This dividend is set by declared rate held flat, not by the rate β€” your scenario moves the cash line, not the DPS.

Showing the model’s own figures. Setting your own rates needs JavaScript.

Dividend per share declared Β· model

$0.902025Q3$0.902025Q4$0.902026Q1$0.902026Q2$0.902026Q3$0.902026Q4solid = declared Β· dashed = our model

Market context β€” rates, the dividend, and the price

Dividend β€” declared and forecast

forecast →
0
0.5
1
2025Q3
2025Q4
2026Q1
2026Q2
2026Q3
2026Q4
2025Q4 rec 2026-02-23 Β· pay 2026-03-04 2026Q1 rec 2026-05-26 Β· pay 2026-06-04

Solid bars are declared distributions. Dashed-outline bars are the model estimate β€” see Dividend forecast. Model estimate β€” not issuer guidance.

Forward (our model β€” model quarter Γ—4): $3.60/yr Β· @ $158.17 (as of 2026-10-16) = 2.3% yield (spot-exposure scenario) Β· Trailing TTM $3.6/yr = 2.3%

Next-quarter fleet TCE: β€” (container: charter-out fleet earns fixed TC per the fleet list (owner 2026-09-05) β€” no lane spot proxy, estimate stays dark without issuer fixed-coverage guidance)

How we got the number

Earnings bridge β€” 2026Q2 β†’ 2026Q3

Anchor DPS (2026Q2) $0.90
Booked cover β€” issuer guidance targets a different quarter than the anchor β€” no same-vintage comparison TBD
Expected DPS (2026Q3) $0.90

Dividend history & forecast accuracy

Upcoming

QuarterEx-date (est.)Forecast DPSActual DPS
2026Q3 Eβ€”$0.90β€”
2026Q4 Eβ€”$0.90β€”
PeriodDPSKindEx-datePay dateSource
2026-Q1 $0.90/share regular β€” 2026-06-04 as of 2026-05-12 declaration
2025-Q4 $0.90/share regular β€” 2026-03-04 as of 2025-11-18 declaration
paid 2025-08-28 $0.85/share regular β€” 2025-08-28 as of 2025-08-28 declaration
paid 2025-06-05 $0.85/share regular β€” 2025-06-05 as of 2025-06-05 declaration
paid 2025-03-05 $0.85/share regular β€” 2025-03-05 as of 2025-03-05 declaration

DPS method: declared rate held flat.

Financials & fleet

Latest quarter 2026Q2 2 qtrs old

Fleet
87
Realized TCE
$35,522/d 2026Q2
Declared DPS
$0.90 2026Q2
TTM DPS
$3.6
Coverage
β€”
Revenue
$274.4M
Opex
$56.7M
Net income
$151.8M

11Γ— capesize Β· 76Γ— container current

Fleet model β€” 2026Q3

Fleet model estimate β€” not issuer guidance.

ClassShipsTCSpot% FixedGuided $/dSpot $/dBlended $/dQTD rev $MModeled Q rev $M
Container76β€”β€” β€” β€” β€” β€” β€” β€”
Capesize11β€”β€” β€” β€” β€” 47,050 β€” 47.6
Total87 47,050 β€” 47.6

Guided rates are issuer-booked cover for 2026Q3 blended with SSY capesize assessments for the open days.

Expected DPS
$0.90/share
Annualized
$3.60/yr
Revenue if rates hold
$47.6M

Bear uses booked coverage only; Base prices open vessels at the company's own last realized fleet rate β€” no market index covers this fleet, so there is no peak-index Bull case.

Declared $0.90 in each of the last 4 quarters β€” the forward figure is the rate itself, not a TCE-linked model. Coverage below shows how far modelled cash after debt service goes toward it.

Model gaps & assumptions

container: charter-out fleet earns fixed TC per the fleet list (owner 2026-09-05) β€” no lane spot proxy, estimate stays dark without issuer fixed-coverage guidance Β· container: no market proxy prices this class and no issuer guidance on file -> class estimate stays dark Β· capesize: SSY Capesize Index SPOT proxy $47,050/day (our mean of 2026Q3's monthly medians across the SSY T/C routes, 3/3 months, 48 weekly print(s); the quarter has ended, so it is priced at its own months; route values are licensed and not shown; no Gibson route for dry class) Β· index realization not applied to the cape classes: fewer than 2 closed quarters with this issuer's own cape TCE on file β€” the open share is priced at the full index, which this issuer has not been shown to capture Β· capesize: no fixed-coverage guidance -> 100% spot proxy Β· fleet TCE covers the proxied classes only (capesize) β€” dark classes (container) carry 87% of the fleet's vessel-days on file and dominate it; no fleet TCE (missing input: per-class market proxies) Β· estimate base 2025Q4 predates 2026Q2, the quarter before the 2026Q3 forecast Β· DPS is the declared rate: $0.900 in each of 4 quarters (2025Q3, 2025Q4, 2026Q1, 2026Q2) β€” held flat, so it is not modelled from TCE

Profit statement highlights

Line2026Q22026Q1YoY Ξ”
Revenue $274.4M β€” +4.7%
Opex $56.7M β€” β€”
Net income $151.8M β€” +16.0%

reconciliation: insufficient data for an earnings bridge (2026Q2) earnings bridge incomplete β€” treat income-derived figures as provisional

Full P&L grid β€” 6 quarters
Line item2026Q22026Q12025Q42025Q32025Q22025Q1
Revenue $M274.4β€”β€”β€”262.2β€”
Voyage expenses $Mβ€”β€”β€”β€”β€”β€”
Vessel opex $M56.7β€”β€”β€”β€”β€”
G&A $M14.9β€”β€”β€”β€”β€”
Depreciation $Mβ€”β€”β€”β€”β€”β€”
Interest expense, gross $Mβ€”β€”β€”β€”9.7β€”
Net income $M151.8β€”β€”β€”130.9115.1
Declared DPS0.900.900.900.900.850.85

Realized fleet TCE

Realized fleet TCE versus benchmark: 1 points, 2026-04-01 to 2026-04-01; Realized fleet TCE latest 35,522.00.

image/svg+xml 2025 2026 2027 2028 34,000 34,500 35,000 35,500 36,000 36,500 37,000 35,522 Realized fleet TCE USD/day

Benchmark comparison will appear once issuer-printed benchmark data is available.

Guidance & sources

Issuer guidance β€” forward-looking

PeriodMetricValueCoverageAs ofSource
2027FYContainer charters expiring (vessels) 18 vessels β€” 2026-08-04 print
2027FYContracted revenue (USD m) 967.8 USD millions β€” 2026-08-04 print
2028FYContainer charters expiring (vessels) 14 vessels β€” 2026-08-04 print
2029FYContainer charters expiring (vessels) 16 vessels β€” 2026-08-04 print
2030FYContainer charters expiring (vessels) 6 vessels β€” 2026-08-04 print
2031FYContainer charters expiring (vessels) 12 vessels β€” 2026-08-04 print
2032FYContainer charters expiring (vessels) 3 vessels β€” 2026-08-04 print
Historical guidance (1 rows)
PeriodMetricValueCoverageAs ofSource
2026FYContainer charters expiring (vessels) 7 vessels β€” 2026-08-04 print
Sources β€” press, filings & documents

Interim updates since 2026Q3

  • vessel purchase high 2026-10-09 four Newcastlemaxes under construction scheduled to be delivered in 2028. source
  • fleet composition low 2026-10-09 The Company’s dry bulk business, for which Danaos Bulk Inc. acts as the holding company, currently comprises 11 Capesize vessels on-the-wate… source
  • fleet composition low 2026-10-09 The Company’s dry bulk business, for which Danaos Bulk Inc. acts as the holding company, currently comprises 11 Capesize vessels on-the-wate… source
  • other low 2026-10-09 Danaos Corporation (β€œDanaos” or the β€œCompany”) is exploring a carve-out and sale of a minority stake in its dry bulk segment, and has mandat… source

Market:

Press & filings by quarter

QuarterReportPresentationDividendOther
2026Q4 FORM 6-K β€” β€” β€”
2026Q3 FORM 6-K, FORM 6-K exhibit, FORM 6-K exhibit, FORM 6-K exhibit, FORM 6-K exhibit β€” β€” β€”
2026Q2 6-K, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, FORM 6-K, FORM 6-K exhibit β€” β€” β€”
2026Q1 20-F, FORM 6-K, FORM 6-K exhibit β€” β€” β€”
2025Q4 FORM 6-K, FORM 6-K exhibit, FORM 6-K, FORM 6-K exhibit, FORM 6-K, FORM 6-K, FORM 6-K exhibit, FORM 6-K exhibit, FORM 6-K, FORM 6-K exhibit, FORM 6-K exhibit β€” β€” β€”
2025Q3 FORM 6-K, FORM 6-K exhibit, 6-K, 6-K exhibit, 6-K exhibit, 6-K exhibit β€” β€” β€”
2025Q2 6-K, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, FORM 6-K, FORM 6-K, FORM 6-K exhibit, FORM 6-K, FORM 6-K exhibit, FORM 6-K exhibit β€” β€” β€”
2025Q1 20-F β€” β€” β€”

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