Danaos enjoys second quarter revenue increase of 7pc

CONTAINER shipping company Danaos Holdings has posted second quarter revenue of US$84.9 million, an increase of seven per cent compared to the same period a year earlier.

The Athens company said depreciation expenses rose faster than revenue, at 19 per cent, as did general and administrative expenses, up 63 per cent. The increase was the result of the expansion of the company's fleet and increased legal expenses, respectively, reports Barron's.

In the second quarter demand for container shipping services continued to grow, creating shortages of boxes and vessels, the company said, bringing "idle tonnage" to less than two per cent of the world's fleet, according to the company.

Danaos said it completed arrangements for additional financing in the quarter and was able to push out its amortisation of existing indebtedness. That means the company's fleet is fully funded, it added.
(Source:www.schednet.com)