| Basis of Presentation and General Information |
1 Basis of Presentation and General Information The accompanying condensed consolidated financial statements (unaudited) have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The reporting and functional currency of Danaos Corporation and its subsidiaries (“Danaos” or the “Company”) is the United States Dollar. Danaos Corporation, formerly Danaos Holdings Limited, was formed on December 7, 1998 under the laws of Liberia and is presently the sole owner of all outstanding shares of the companies listed below. Danaos Holdings Limited was redomiciled in the Marshall Islands on October 7, 2005. In connection with the re-domiciliation, the Company changed its name to Danaos Corporation. On October 14, 2005, the Company filed and the Marshall Islands accepted Amended and Restated Articles of Incorporation. The authorized capital stock of Danaos Corporation is 750,000,000 shares of common stock with a par value of $0.01 and 100,000,000 shares of preferred stock with a par value of $0.01. Refer to Note 11, “Stockholders’ Equity”. The Company’s principal business is the acquisition and operation of vessels. Danaos conducts its operations through the vessel owning companies whose principal activity is the ownership and operation of container vessels and dry bulk vessels that are under the exclusive management of a related party of the Company. In the opinion of management, the accompanying condensed consolidated financial statements (unaudited) of Danaos and subsidiaries contain all adjustments necessary to state fairly, in all material respects, the Company’s condensed consolidated financial position as of June 30, 2025, the condensed consolidated results of operations for the three and six months ended June 30, 2025 and 2024 and the condensed consolidated cash flows for the six months ended June 30, 2025 and 2024. All such adjustments are deemed to be of a normal, recurring nature. These financial statements should be read in conjunction with the consolidated financial statements and related notes included in Danaos’ Annual Report on Form 20-F for the year ended December 31, 2024. The results of operations for the three and six months ended June 30, 2025, are not necessarily indicative of the results to be expected for the full year. The year-end condensed consolidated balance sheet data was derived from annual financial statements. These condensed consolidated financial statements do not include all disclosures required by accounting principles generally accepted in the United States of America. The condensed consolidated financial statements (unaudited) have been prepared to reflect the consolidation of the companies listed below. The historical balance sheets and results of operations of the companies listed below have been reflected in the condensed consolidated balance sheets and condensed consolidated statements of income, comprehensive income, cash flows and stockholders’ equity at and for each period since their respective incorporation dates. As of June 30, 2025, Danaos included the vessel owning companies (the “Danaos Subsidiaries”) of container vessels and drybulk vessels listed below: 1 Basis of Presentation and General Information (Continued) Container vessels: | | | | | | | | | Company | | Date of Incorporation | | Vessel Name | | Year Built | | TEU (1) | Megacarrier (No. 1) Corp. | | September 10, 2007 | | Kota Peony | | 2012 | | 13,100 | Megacarrier (No. 2) Corp. | | September 10, 2007 | | Kota Primrose | | 2012 | | 13,100 | Megacarrier (No. 3) Corp. | | September 10, 2007 | | Kota Plumbago | | 2012 | | 13,100 | Megacarrier (No. 4) Corp. | | September 10, 2007 | | Speed | | 2012 | | 13,100 | Megacarrier (No. 5) Corp. | | September 10, 2007 | | Ambition | | 2012 | | 13,100 | CellContainer (No. 6) Corp. | | October 31, 2007 | | Express Berlin | | 2011 | | 10,100 | CellContainer (No. 7) Corp. | | October 31, 2007 | | Express Rome | | 2011 | | 10,100 | CellContainer (No. 8) Corp. | | October 31, 2007 | | Express Athens | | 2011 | | 10,100 | Karlita Shipping Co. Ltd. | | February 27, 2003 | | Pusan C | | 2006 | | 9,580 | Ramona Marine Co. Ltd. | | February 27, 2003 | | Le Havre | | 2006 | | 9,580 | Oceancarrier (No. 2) Corp. | | October 15, 2020 | | Bremen | | 2009 | | 9,012 | Oceancarrier (No. 3) Corp. | | October 15, 2020 | | C Hamburg | | 2009 | | 9,012 | Blackwell Seaways Inc. | | January 9, 2020 | | Niledutch Lion | | 2008 | | 8,626 | Oceancarrier (No.1) Corp. | | February 19, 2020 | | Kota Manzanillo | | 2005 | | 8,533 | Springer Shipping Co. | | April 29, 2019 | | Belita | | 2006 | | 8,533 | Teucarrier (No. 1) Corp. | | January 31, 2007 | | CMA CGM Attila | | 2011 | | 8,530 | Teucarrier (No. 2) Corp. | | January 31, 2007 | | CMA CGM Tancredi | | 2011 | | 8,530 | Teucarrier (No. 3) Corp. | | January 31, 2007 | | CMA CGM Bianca | | 2011 | | 8,530 | Teucarrier (No. 4) Corp. | | January 31, 2007 | | CMA CGM Samson | | 2011 | | 8,530 | Teucarrier (No. 5) Corp. | | September 17, 2007 | | CMA CGM Melisande | | 2012 | | 8,530 | Oceanew Shipping Ltd. | | January 14, 2002 | | Europe | | 2004 | | 8,468 | Oceanprize Navigation Ltd. | | January 21, 2003 | | America | | 2004 | | 8,468 | Rewarding International Shipping Inc. | | October 1, 2019 | | Kota Santos | | 2005 | | 8,463 | Teushipper (No 1) Corp. | | March 14, 2022 | | Catherine C | | 2024 | | 8,010 | Teushipper (No 2) Corp. | | March 14, 2022 | | Greenland | | 2024 | | 8,010 | Teushipper (No 3) Corp. | | March 14, 2022 | | Greenville | | 2024 | | 8,010 | Teushipper (No 4) Corp. | | March 14, 2022 | | Greenfield | | 2024 | | 8,010 | Boxsail (No. 1) Corp | | March 4, 2022 | | Interasia Accelerate | | 2024 | | 7,165 | Boxsail (No. 2) Corp | | March 4, 2022 | | Interasia Amplify | | 2024 | | 7,165 | Boxcarrier (No. 1) Corp. | | June 27, 2006 | | CMA CGM Moliere | | 2009 | | 6,500 | Boxcarrier (No. 2) Corp. | | June 27, 2006 | | CMA CGM Musset | | 2010 | | 6,500 | Boxcarrier (No. 3) Corp. | | June 27, 2006 | | CMA CGM Nerval | | 2010 | | 6,500 | Boxcarrier (No. 4) Corp. | | June 27, 2006 | | CMA CGM Rabelais | | 2010 | | 6,500 | Boxcarrier (No. 5) Corp. | | June 27, 2006 | | Racine | | 2010 | | 6,500 | Expresscarrier (No. 1) Corp. | | March 5, 2007 | | YM Mandate | | 2010 | | 6,500 | Expresscarrier (No. 2) Corp. | | March 5, 2007 | | YM Maturity | | 2010 | | 6,500 | Actaea Company Limited | | October 14, 2014 | | Zim Savannah | | 2002 | | 6,402 | Asteria Shipping Company Limited | | October 14, 2014 | | Dimitra C | | 2002 | | 6,402 | Boxsail (No. 3) Corp. | | March 4, 2022 | | Phoebe (2) | | 2025 | | 6,014 | Averto Shipping S.A. | | June 12, 2015 | | Suez Canal | | 2002 | | 5,610 | Sinoi Marine Ltd. | | June 12, 2015 | | Kota Lima | | 2002 | | 5,544 | Oceancarrier (No. 4) Corp. | | July 6, 2021 | | Wide Alpha | | 2014 | | 5,466 | Oceancarrier (No. 5) Corp. | | July 6, 2021 | | Stephanie C | | 2014 | | 5,466 | Oceancarrier (No. 6) Corp. | | July 6, 2021 | | Maersk Euphrates | | 2014 | | 5,466 | Oceancarrier (No. 7) Corp. | | July 6, 2021 | | Wide Hotel | | 2015 | | 5,466 | Oceancarrier (No. 8) Corp. | | July 6, 2021 | | Wide India | | 2015 | | 5,466 | Oceancarrier (No. 9) Corp. | | July 6, 2021 | | Wide Juliet | | 2015 | | 5,466 | Continent Marine Inc. | | March 22, 2006 | | Monaco | | 2009 | | 4,253 | Medsea Marine Inc. | | May 8, 2006 | | Dalian | | 2009 | | 4,253 | Blacksea Marine Inc. | | May 8, 2006 | | Zim Luanda | | 2009 | | 4,253 | Bayview Shipping Inc. | | March 22, 2006 | | Rio Grande | | 2008 | | 4,253 | Channelview Marine Inc. | | March 22, 2006 | | Merve A | | 2008 | | 4,253 | Balticsea Marine Inc. | | March 22, 2006 | | Kingston | | 2008 | | 4,253 | Seacarriers Services Inc. | | June 28, 2005 | | Seattle C | | 2007 | | 4,253 | Seacarriers Lines Inc. | | June 28, 2005 | | Vancouver | | 2007 | | 4,253 | Containers Services Inc. | | May 30, 2002 | | Tongala | | 2004 | | 4,253 | Containers Lines Inc. | | May 30, 2002 | | Derby D | | 2004 | | 4,253 | Boulevard Shiptrade S.A | | September 12, 2013 | | Dimitris C | | 2001 | | 3,430 | Wellington Marine Inc. | | January 27, 2005 | | Singapore | | 2004 | | 3,314 | Auckland Marine Inc. | | January 27, 2005 | | Colombo | | 2004 | | 3,314 | CellContainer (No. 4) Corp. | | March 23, 2007 | | Express Spain | | 2011 | | 3,400 | CellContainer (No. 5) Corp. | | March 23, 2007 | | Express Black Sea | | 2011 | | 3,400 | CellContainer (No. 1) Corp. | | March 23, 2007 | | Express Argentina | | 2010 | | 3,400 | CellContainer (No. 2) Corp. | | March 23, 2007 | | Express Brazil | | 2010 | | 3,400 | CellContainer (No. 3) Corp. | | March 23, 2007 | | Express France | | 2010 | | 3,400 | Vilos Navigation Company Ltd. | | May 30, 2013 | | Zebra | | 2001 | | 2,602 | Sarond Shipping Inc. | | January 18, 2013 | | Artotina | | 2001 | | 2,524 | Speedcarrier (No. 7) Corp. | | December 6, 2007 | | Highway | | 1998 | | 2,200 | Speedcarrier (No. 6) Corp. | | December 6, 2007 | | Progress C | | 1998 | | 2,200 | Speedcarrier (No. 8) Corp. | | December 6, 2007 | | Bridge | | 1998 | | 2,200 | Speedcarrier (No. 1) Corp. | | June 28, 2007 | | Phoenix D | | 1997 | | 2,200 | Speedcarrier (No. 2) Corp. | | June 28, 2007 | | Advance | | 1997 | | 2,200 | Speedcarrier (No. 5) Corp. | | June 28, 2007 | | Future | | 1997 | | 2,200 | Speedcarrier (No. 4) Corp. | | June 28, 2007 | | Sprinter | | 1997 | | 2,200 | Vessels under construction | | | | | | | | | Boxsail (No. 4) Corp. | | March 4, 2022 | | Hull No. CV5900-08 (3) | | 2025 | | 6,014 | Boxline (No. 8) Corp | | June 6, 2025 | | Hull No. CV5900-09 | | 2027 | | 6,014 | Boxline (No. 1) Corp. | | June 7, 2023 | | Hull No. YZJ2023-1556 | | 2026 | | 8,258 | Boxline (No. 2) Corp. | | June 7, 2023 | | Hull No. YZJ2023-1557 | | 2026 | | 8,258 | Boxline (No. 3) Corp. | | February 2, 2024 | | Hull No. YZJ2024-1612 | | 2026 | | 8,258 | Boxline (No. 4) Corp. | | February 2, 2024 | | Hull No. YZJ2024-1613 | | 2027 | | 8,258 | Boxline (No. 5) Corp. | | March 8, 2024 | | Hull No. YZJ2024-1625 | | 2027 | | 8,258 | Boxline (No. 6) Corp. | | March 8, 2024 | | Hull No. YZJ2024-1626 | | 2027 | | 8,258 | Boxline (No. 7) Corp. | | May 30, 2024 | | Hull No. YZJ2024-1668 | | 2027 | | 8,258 | Boxsail (No. 5) Corp. | | June 13, 2024 | | Hull No. C9200-07 | | 2027 | | 9,200 | Boxsail (No. 6) Corp. | | June 13, 2024 | | Hull No. C9200-08 | | 2027 | | 9,200 | Boxsail (No. 7) Corp. | | June 13, 2024 | | Hull No. C9200-09 | | 2027 | | 9,200 | Boxsail (No. 8) Corp. | | June 13, 2024 | | Hull No. C9200-10 | | 2027 | | 9,200 | Boxsail (No. 9) Corp. | | June 13, 2024 | | Hull No. C9200-11 | | 2027 | | 9,200 | Boxsail (No. 10) Corp. | | June 13, 2024 | | Hull No. H2596 | | 2027 | | 9,200 | Boxsail (No. 11) Corp. | | June 13, 2024 | | Hull No. H2597 | | 2027 | | 9,200 |
| (1) | Twenty-feet equivalent unit, the international standard measure for containers and container vessels capacity. |
1 Basis of Presentation and General Information (Continued) | (2) | The vessel ‘Phoebe’ was delivered during the first quarter of 2025. |
| (3) | The vessel is expected to be delivered during the fourth quarter of 2025. |
Capesize drybulk vessels | | | | | | | | | Company | | Date of Incorporation | | Vessel Name | | Year Built | | DWT(1) | Bulk No. 1 Corp. | | July 14, 2023 | | Integrity | | 2010 | | 175,996 | Bulk No. 2 Corp. | | July 14, 2023 | | Achievement | | 2011 | | 175,850 | Bulk No. 3 Corp. | | July 14, 2023 | | Ingenuity | | 2011 | | 176,022 | Bulk No. 4 Corp. | | July 14, 2023 | | Genius | | 2012 | | 175,580 | Bulk No. 5 Corp. | | July 14, 2023 | | Peace | | 2010 | | 175,858 | Bulk No. 6 Corp. | | September 15, 2023 | | W Trader | | 2009 | | 175,879 | Bulk No. 7 Corp. | | September 25, 2023 | | E Trader | | 2009 | | 175,886 | Bulk No. 8 Corp. | | January 31, 2024 | | Danaos | | 2011 | | 176,536 | Bulk No. 9 Corp. | | February 2, 2024 | | Gouverneur | | 2010 | | 178,043 | Bulk No. 10 Corp. | | February 15, 2024 | | Valentine | | 2011 | | 175,125 |
| (1) | DWT, dead weight tons, the international standard measure for drybulk vessels capacity. |
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