Fixed Assets, Net and Advances for Vessels Under Construction and Vessel Acquisition |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fixed Assets, Net and Advances for Vessels Under Construction and Vessel Acquisition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fixed Assets, Net and Advances for Vessels Under Construction and Vessel Acquisition |
Fixed assets, net consisted of the following (in thousands of US$):
Capesize drybulk carrier vessel acquisition & Deliveries of newbuilding container vessels: During the six months ended June 30, 2026, the Company took delivery of the drybulk capesize vessel John Junior (ex. Hebei No.1) pursuant to a Memorandum of Agreement entered into in 2025, for a total purchase price of $25.0 million. In connection with this acquisition, the Company deposited $3.8 million into an escrow account in 2025, which, as of December 31, 2025, was recorded under “Advances for vessels under construction and vessel acquisition”. The remaining $21.2 million was paid during the six months ended June 30, 2026. The vessel was recognized under “Fixed assets at cost, net” at an aggregate cost of approximately $25.5 million, including capitalized acquisition and delivery-related expenses. In 2025, the Company also took delivery of two 6,014 TEU newbuild container vessels, Phoebe and Greenhouse, both of which commenced long-term charters upon delivery. These vessels were transferred from “Advances for vessels under construction and vessel acquisition” to “Fixed assets at cost, net” at an aggregate cost of approximately $129.4 million.
Container vessels under construction: During the six months ended June 30, 2026, the Company added two 5,000 TEU newbuilding containerships and two 5,300 TEU newbuilding containerships to its orderbook. In 2025, the Company added one 6,014 TEU, two 7,165 TEU, two 5,300 TEU and six 1,800 TEU newbuilding containerships to its orderbook. As of June 30, 2026, the Company has a total of 29 container vessels under construction, with scheduled deliveries between 2026 and 2029, as summarized below:
Drybulk vessels under construction: In January and February 2026, the Company reached agreements with Chinese shipyards for the construction of four Newcastlemax drybulk carriers of approximately 211,000 DWT each and expected delivery dates in 2028. As of June 30, 2026, the aggregate contracted purchase price of the 29 container vessels and the four drybulk vessels under construction amounted to $2,484.3 million,out of which $284.3 million, $190.0 million, $174.5 million and $28.3 million was paid in the six months ended June 30, 2026 and in the years ended December 31, 2025, 2024 and 2023, respectively. As of June 30, 2026, the future remaining contractual commitments for the 29 container and the four drybulk vessels under construction were as follows (in thousands of US$):
Additionally, a supervision fee of $850.0 thousand per newbuilding vessel is payable to Danaos Shipping Company Limited (the “Manager”) over the construction period. Supervision fees totaling $3.0 million and $1.9 million were charged by the Manager and capitalized to the vessels under construction in the six months ended June 30, 2026 and in the year ended December 31, 2025, respectively. Interest expense amounting to $16.3 million and $21.6 million was capitalized to the vessels under construction in the six months ended June 30, 2026 and in the year ended December 31, 2025, respectively. |
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