Danaos Corporation Reports Third Quarter and Nine Months Ended September 30, 2023
Three months ended September 30, 2023 compared to the three months ended September 30, 2022
- Three months ended September 30, 2023 compared to the three months ended September 30, 2022
During the three months ended September 30, 2023, Danaos had an average of 68.0 container vessels compared to 71.0 container vessels during the three months ended September 30, 2022. - Operating revenues for the three months ended September 30, 2023 reflected:
a $9.5 million decrease in revenues in the three months ended September 30, 2023 compared to the three months ended September 30, 2022 due to decreased amortization of assumed time charters,
a $5.5 million decrease in revenues in the three months ended September 30, 2023 compared to the three months ended September 30, 2022 due to vessel disposals;
a $3.1 million decrease in revenues in the three months ended September 30, 2023 compared to the three months ended September 30, 2022 due to lower non-cash revenue recognition in accordance with US GAAP; and
a $2.7 million decrease in revenues in the three months ended September 30, 2023 compared to the three months ended September 30, 2022 mainly as a result of lower charter rates;
Vessel operating expenses increased by $0.3 million to $39.5 million in the three months ended September 30, 2023 from $39.2 million in the three months ended September 30, 2022, primarily as a result of an increase in the average daily operating cost for vessels on time charter to $6,499 per vessel per day for the three months ended September 30, 2023 compared to $6,173 per vessel per day for the three months ended September 30, 2022, which was partially offset by a decrease in the average number of vessels in our fleet. - Nine months ended September 30, 2023 compared to the nine months ended September 30, 2022
During the nine months ended September 30, 2023, Danaos had an average of 68.1 container vessels compared to 71.0 container vessels during the nine months ended September 30, 2022. - Operating revenues for the nine months ended September 30, 2023 reflect:
a $33.2 million increase in revenues in the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022 mainly as a result of higher charter rates;
a $29.5 million decrease in revenues in the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022 due to decreased amortization of assumed time charters;
a $14.2 million decrease in revenues in the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022 due to vessel disposals; and
a $6.1 million decrease in revenues in the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022 due to lower non-cash revenue recognition in accordance with US GAAP.