GREEK-based containership non-operating owner Danaos Corp posted a 74.2 per cent year-on-year first quarter net profit increase to US$58 million, drawn on revenues of $132.1 million, up 24.4 per cent.
"The dramatic turnaround and strength of the market that we experienced in the beginning of the year continues unabated," said Danaos CEO John Coustas.
"The continuation of the pandemic and the ensuing slowdown in the terminal operations have exacerbated demand and the liner sector is at the limit of its capacity.
"The blockage of the Suez Canal further contributed to the disruption in the supply chain and conditions will likely not normalise before the end of the year, possibly after the peak season, said Dr Coustas.
Liner companies are reporting record profits and, more importantly, are signing multi-year contracts at significantly higher levels which will keep their profitability at elevated levels, he said.
"On the non-operating owners front, charter rates have skyrocketed to levels not seen for at least 10 years and what is more important duration has been significantly increased so that vessels over 4,000 TEU can secure 4+ years employment at very healthy levels," Dr Coustas said.
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