Danaos (DAC) 6-K7 Aug 232023 Q2 Current report (foreign)Financial data

Company Profile

Document and Entity Information

Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2023
Entity Registrant Name	DANAOS CORPORATION
Entity Central Index Key	0001369241
Document Type	6-K
Document Period End Date	Jun. 30, 2023
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
CURRENT ASSETS
Cash and cash equivalents	$ 293,331	$ 267,668
Accounts receivable, net	8,091	5,635
Inventories	16,022	16,099
Prepaid expenses	2,635	1,312
Due from related parties	$ 32,912	$ 34,002
Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Other current assets	$ 134,792	$ 47,805
Total current assets	487,783	372,521
NON-CURRENT ASSETS
Fixed assets at cost, net of accumulated depreciation of $1,245,841 (2022: $1,182,402)	2,661,976	2,721,494
Advances for vessels under construction	215,786	190,736
Deferred charges, net	31,777	25,554
Investments in affiliates	937
Other non-current assets	86,173	89,923
Total non-current assets	2,996,649	3,027,707
Total assets	3,484,432	3,400,228
CURRENT LIABILITIES
Accounts payable	17,533	24,505
Accrued liabilities	21,907	21,362
Current portion of long-term debt, net	27,500	27,500
Current portion of long-term leaseback obligation, net		27,469
Unearned revenue	89,912	111,149
Other current liabilities	28,220	16,422
Total current liabilities	185,072	228,407
LONG-TERM LIABILITIES
Long-term debt, net	389,564	402,440
Long-term leaseback obligation, net of current portion		44,542
Unearned revenue, net of current portion	82,333	111,564
Other long-term liabilities	37,981	52,861
Total long-term liabilities	509,878	611,407
Total liabilities	694,950	839,814
Commitments and Contingencies
STOCKHOLDERS' EQUITY
Preferred stock (par value $0.01, 100,000,000 preferred shares authorized and not issued as of June 30, 2023 and December 31, 2022)
Common stock (par value $0.01, 750,000,000 common shares authorized as of June 30, 2023 and December 31, 2022. 25,155,948 and 25,155,928 shares issued as of June 30, 2023 and December 31, 2022; and 19,752,025 and 20,349,702 shares outstanding as of June 30, 2023 and December 31, 2022)	197	203
Additional paid-in capital	712,154	748,109
Accumulated other comprehensive loss	(72,041)	(74,209)
Retained earnings	2,149,172	1,886,311
Total stockholders' equity	2,789,482	2,560,414
Total liabilities and stockholders' equity	$ 3,484,432	$ 3,400,228

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Accumulated depreciation	$ 1,245,841	$ 1,182,402
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	750,000,000	750,000,000
Common stock, shares issued	25,155,948	25,155,928
Common stock, shares outstanding	19,752,025	20,349,702

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
OPERATING REVENUES	$ 241,479	$ 250,923	$ 485,053	$ 480,824
OPERATING EXPENSES
Voyage expenses	(8,399)	(9,443)	(16,282)	(16,632)
Vessel operating expenses	(41,861)	(40,579)	(82,500)	(79,743)
Depreciation and amortization of right-of-use assets	(31,910)	(33,753)	(63,439)	(67,112)
Amortization of deferred drydocking and special survey costs	(4,502)	(3,202)	(8,337)	(5,922)
General and administrative expenses	(7,192)	(7,136)	(14,037)	(14,527)
Gain on sale of vessels			1,639
Income From Operations	147,615	156,810	302,097	296,888
OTHER INCOME (EXPENSES):
Interest income	3,596	120	6,319	121
Interest expense	(5,881)	(16,079)	(12,603)	(33,193)
Gain/(loss) on investments	6,438	(168,635)	6,438	(69,096)
Dividend income		16,208		138,386
Gain/(loss) on debt extinguishment	(2,254)	22,939	(2,254)	22,939
Equity loss on investments	(738)		(3,326)
Other finance expenses	(1,146)	(336)	(2,122)	(941)
Other income/(expenses), net	294	362	469	861
Loss on derivatives	(903)	(903)	(1,796)	(1,796)
Total Other Income/(Expenses), net	(594)	(146,324)	(8,875)	57,281
Income before income taxes	147,021	10,486	293,222	354,169
Income taxes		(2,262)		(14,480)
Net Income	$ 147,021	$ 8,224	$ 293,222	$ 339,689
EARNINGS PER SHARE
Basic earnings per share (in dollars per share)	$ 7.32	$ 0.40	$ 14.51	$ 16.42
Diluted earnings per share (in dollars per share)	$ 7.32	$ 0.40	$ 14.51	$ 16.40
Basic weighted average number of common shares (in thousands)	20,081	20,689	20,214	20,693
Diluted weighted average number of common shares (in thousands)	20,081	20,708	20,214	20,712

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net income for the period	$ 147,021	$ 8,224	$ 293,222	$ 339,689
Other comprehensive income:
Prior service cost of defined benefit plan	186		372
Amortization of deferred realized losses on cash flow hedges	903	903	1,796	1,796
Total Other Comprehensive Income	1,089	903	2,168	1,796
Comprehensive Income	$ 148,110	$ 9,127	$ 295,390	$ 341,485

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional paid-in capital	Accumulated other comprehensive loss	Retained earnings	Total
Balance at Dec. 31, 2021	$ 207	$ 770,676	$ (71,455)	$ 1,388,595	$ 2,088,023
Balance (in shares) at Dec. 31, 2021	20,717
Increase (Decrease) in Stockholders' Equity
Net income				331,465	331,465
Dividends				(15,537)	(15,537)
Stock compensation		124			124
Net movement in other comprehensive income			893		893
Balance at Mar. 31, 2022	$ 207	770,800	(70,562)	1,704,523	2,404,968
Balance (in shares) at Mar. 31, 2022	20,717
Balance at Dec. 31, 2021	$ 207	770,676	(71,455)	1,388,595	2,088,023
Balance (in shares) at Dec. 31, 2021	20,717
Increase (Decrease) in Stockholders' Equity
Net income					339,689
Net movement in other comprehensive income					1,796
Balance at Jun. 30, 2022	$ 205	759,723	(69,659)	1,697,209	2,387,478
Balance (in shares) at Jun. 30, 2022	20,539
Balance at Dec. 31, 2021	$ 207	770,676	(71,455)	1,388,595	2,088,023
Balance (in shares) at Dec. 31, 2021	20,717
Increase (Decrease) in Stockholders' Equity
Repurchase of common stock					$ (28,600)
Repurchase of common stock (in shares)					(466,955)
Balance at Dec. 31, 2022	$ 203	748,109	(74,209)	1,886,311	$ 2,560,414
Balance (in shares) at Dec. 31, 2022	20,350
Balance at Mar. 31, 2022	$ 207	770,800	(70,562)	1,704,523	2,404,968
Balance (in shares) at Mar. 31, 2022	20,717
Increase (Decrease) in Stockholders' Equity
Net income				8,224	8,224
Dividends				(15,538)	(15,538)
Stock compensation		124			124
Repurchase of common stock	$ (2)	(11,206)			(11,208)
Repurchase of common stock (in shares)	(178)
Net movement in other comprehensive income			903		903
Issuance of common stock		5			5
Balance at Jun. 30, 2022	$ 205	759,723	(69,659)	1,697,209	2,387,478
Balance (in shares) at Jun. 30, 2022	20,539
Balance at Dec. 31, 2022	$ 203	748,109	(74,209)	1,886,311	2,560,414
Balance (in shares) at Dec. 31, 2022	20,350
Increase (Decrease) in Stockholders' Equity
Net income				146,201	146,201
Dividends				(15,262)	(15,262)
Repurchase of common stock		(2,196)			(2,196)
Repurchase of common stock (in shares)	(41)
Net movement in other comprehensive income			1,079		1,079
Issuance of common stock		1			1
Balance at Mar. 31, 2023	$ 203	745,914	(73,130)	2,017,250	2,690,237
Balance (in shares) at Mar. 31, 2023	20,309
Balance at Dec. 31, 2022	$ 203	748,109	(74,209)	1,886,311	2,560,414
Balance (in shares) at Dec. 31, 2022	20,350
Increase (Decrease) in Stockholders' Equity
Net income					293,222
Repurchase of common stock					$ (36,000)
Repurchase of common stock (in shares)					(597,697)
Net movement in other comprehensive income					$ 2,168
Balance at Jun. 30, 2023	$ 197	712,154	(72,041)	2,149,172	2,789,482
Balance (in shares) at Jun. 30, 2023	19,752
Balance at Mar. 31, 2023	$ 203	745,914	(73,130)	2,017,250	2,690,237
Balance (in shares) at Mar. 31, 2023	20,309
Increase (Decrease) in Stockholders' Equity
Net income				147,021	147,021
Dividends				(15,099)	(15,099)
Repurchase of common stock	$ (6)	(33,760)			(33,766)
Repurchase of common stock (in shares)	(557)
Net movement in other comprehensive income			1,089		1,089
Balance at Jun. 30, 2023	$ 197	$ 712,154	$ (72,041)	$ 2,149,172	$ 2,789,482
Balance (in shares) at Jun. 30, 2023	19,752

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
Dividends (in US$ per share)	$ 0.75	$ 0.75	$ 0.75	$ 0.75

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash Flows from Operating Activities
Net income	$ 293,222	$ 339,689
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization of right-of-use assets	63,439	67,112
Amortization of deferred drydocking and special survey costs	8,337	5,922
Amortization of assumed time charters	(12,390)	(32,364)
Amortization of finance costs	1,261	4,922
Debt discount amortization		1,639
Loss/(gain) on investments	(6,438)	69,096
Payments for drydocking and special survey costs deferred	(14,560)	(9,726)
Gain on sale of vessels	(1,639)
Loss/(gain) on debt extinguishment	2,254	(22,939)
Equity loss on investments	3,326
Prior service cost and periodic cost	886
Stock based compensation		248
Amortization of deferred realized losses on interest rate swaps	1,796	1,796
(Increase)/Decrease in
Accounts receivable	(2,456)	1,578
Inventories	77	(1,863)
Prepaid expenses	(1,323)	(1,179)
Due from related parties	1,090	(10,243)
Other assets, current and non-current	(12,250)	(30,145)
Increase/(Decrease) in
Accounts payable	(4,836)	(1,061)
Accrued liabilities	1,685	5,902
Unearned revenue, current and long-term	(38,078)	217,882
Other liabilities, current and long-term	(2,797)	14,212
Net Cash provided by Operating Activities	280,606	620,478
Cash Flows from Investing Activities
Vessels additions and advances for vessels under construction	(29,784)	(84,047)
Proceeds/Advances from sale of vessels	3,914	13,000
Proceeds from sale of investments		85,333
Investments in affiliates/marketable securities	(74,407)
Net Cash provided by/(used in) Investing Activities	(100,277)	14,286
Cash Flows from Financing Activities
Proceeds from long-term debt		127,725
Payments of long-term debt	(13,750)	(383,125)
Payments of leaseback obligation	(72,925)	(120,687)
Dividends paid	(30,361)	(31,070)
Repurchase of common stock	(35,738)	(6,325)
Payments of accumulated accrued interest		(3,373)
Finance costs	(1,892)	(15,092)
Net Cash used in Financing Activities	(154,666)	(431,947)
Net Increase in cash, cash equivalents and restricted cash	25,663	202,817
Cash, cash equivalents and restricted cash at beginning of period	267,668	129,756
Cash, cash equivalents and restricted cash at end of period	293,331	332,573
Supplemental cash flow information
Supplemental information: Cash paid for interest, net of amounts capitalized	$ 11,139	$ 27,249

Basis of Presentation and Gener

Basis of Presentation and General Information	6 Months Ended
Basis of Presentation and General Information	Jun. 30, 2023
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 redomiciliation, 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 containerships 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, 2023, the condensed consolidated results of operations for the three and six months ended June 30, 2023 and 2022 and the condensed consolidated cash flows for the six months ended June 30, 2023 and 2022. 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, 2022. The results of operations for the three and six months ended June 30, 2023, 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. 1 Basis of Presentation and General Information (Continued) As of June 30, 2023, Danaos included the vessel owning companies (the “Danaos Subsidiaries”) listed below. All vessels are container vessels: Company Date of Incorporation Vessel Name Year Built TEU (1) Megacarrier (No. 1) Corp. September 10, 2007 Hyundai Honour 2012 13,100 Megacarrier (No. 2) Corp. September 10, 2007 Hyundai Respect 2012 13,100 Megacarrier (No. 3) Corp. September 10, 2007 Hyundai Smart 2012 13,100 Megacarrier (No. 4) Corp. September 10, 2007 Hyundai Speed 2012 13,100 Megacarrier (No. 5) Corp. September 10, 2007 Hyundai 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. 5) Corp. September 17, 2007 CMA CGM Melisande 2012 8,530 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 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 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 (ex CMA CGM Racine) 2010 6,500 Boxcarrier (No. 1) Corp. June 27, 2006 CMA CGM Moliere 2009 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 Kingsland International Shipping Limited June 26, 2015 Catherine C (2) 2001 6,422 Leo Shipping and Trading S.A. October 29, 2015 Leo C (2) 2002 6,422 Actaea Company Limited October 14, 2014 Zim Savannah 2002 6,402 Asteria Shipping Company Limited October 14, 2014 Dimitra C 2002 6,402 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 Zim 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 Paolo (ex Zim Sao Paolo) 2008 4,253 Balticsea Marine Inc. March 22, 2006 Kingston (ex Zim 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 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 Wellington Marine Inc. January 27, 2005 Singapore 2004 3,314 Auckland Marine Inc. January 27, 2005 Colombo 2004 3,314 Vilos Navigation Company Ltd. May 30, 2013 Zebra 2001 2,602 Trindade Maritime Company April 10, 2013 Amalia C (3) 1998 2,452 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. 3) Corp. June 28, 2007 Stride 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. 1) Corp. March 4, 2022 Hull No. C7100-7 2024 7,165 Boxsail (No. 2) Corp. March 4, 2022 Hull No. C7100-8 2024 7,165 Teushipper (No. 1) Corp. March 14, 2022 Hull No. HN4009 2024 8,010 Teushipper (No. 2) Corp. March 14, 2022 Hull No. HN4010 2024 8,010 Teushipper (No. 3) Corp. March 14, 2022 Hull No. HN4011 2024 8,010 Teushipper (No. 4) Corp. March 14, 2022 Hull No. HN4012 2024 8,010 Boxsail (No. 3) Corp. March 4, 2022 Hull No. CV5900-07 2024 6,014 Boxsail (No. 4) Corp. March 4, 2022 Hull No. CV5900-08 2025 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 (1) Twenty-feet equivalent unit, the international standard measure for containers and containership capacity. 1 Basis of Presentation and General Information (Continued) (2) The Company completed the sale of the Catherine C and the Leo C in November 2022. (3) The Company held the Amalia C for sale as of December 31, 2022 and completed the sale in January 2023. Impact of the war in Ukraine on the Company’s Business As disclosed in the Company’s Annual Report on Form 20-F for the year ended December 31, 2022 filed with the Securities and Exchange Commission on March 9, 2023, the current conflict between Russia and Ukraine, and related sanctions imposed by the U.S., EU and others, adversely affect the crewing operations of the Company’s Manager, which has crewing offices in St. Petersburg, Odessa and Mariupol (damaged by the war), and trade patterns involving ports in the Black Sea or Russia, and as well as impacting world energy supply and creating uncertainties in the global economy, which in turn impact containership demand. The extent of the impact will depend largely on future developments.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
Significant Accounting Policies	Jun. 30, 2023
Significant Accounting Policies	2 Significant Accounting Policies For a detailed discussion about the Company’s significant accounting policies, see Note 2 “Significant Accounting Policies” in the Company’s consolidated financial statements included in the Annual Report on Form 20-F for the year ended December 31, 2022 filed with the Securities and Exchange Commission on March 9, 2023. During the six months ended June 30, 2023, there were no significant changes made to the Company’s significant accounting policies.

Investments in Affiliates

Investments in Affiliates	6 Months Ended
Investments in Affiliates	Jun. 30, 2023
Investments in Affiliates
Investments in Affiliates	3 Investments in Affiliates In March 2023, the Company invested $4.3 million in the common shares of a newly established company Carbon Termination Technologies Corporation (“CTTC”), incorporated in the Republic of the Marshall Islands, which represents the Company’s 49% ownership interest. CTTC currently engages in research and development of decarbonization technologies for the shipping industry. Equity method of accounting is used for this investment. The Company’s share of CTTC’s initial expenses amounted to $3.3 million and is presented under “Equity loss on investments” in the condensed consolidated statement of income in the six months ended June 30, 2023.

Fixed Assets, net & Advances fo

Fixed Assets, net & Advances for Vessels under Construction	6 Months Ended
Fixed Assets, net & Advances for Vessels under Construction	Jun. 30, 2023
Fixed Assets, net & Advances for Vessels under Construction	4 Fixed Assets, net & Advances for Vessels under Construction On April 1, 2022, the Company entered into contracts, as amended on April 21, 2022, for the construction of four 8,000 TEU container vessels with expected vessels delivery in 2024. On March 11, 2022, the Company entered into contracts for the construction of two 7,100 TEU container vessels with expected vessels delivery in 2024. On April 28, 2023, the Company entered into contracts for the construction of two 6,000 TEU container vessels with expected vessels delivery in 2024 and 2025. On June 20, 2023, the Company entered into contracts for the construction of two 8,200 TEU container vessels with expected vessels delivery in 2026. The aggregate purchase price of the vessel construction contracts amounts to $834.9 million. The remaining contractual commitments under vessel construction contracts are analyzed as follows as of June 30, 2023 (in thousands): Remainder of 2023 $ 73,300 2024 365,631 2025 82,428 2026 113,040 Total contractual commitments $ 634,399 4 Fixed Assets, net & Advances for Vessels under Construction (Continued) Additionally, a supervision fee of $725 thousand per newbuilding vessel will be payable to Danaos Shipping Company Limited (the “Manager”) over the construction period. Supervision fees totaling $1.1 million were charged by the Manager and capitalized to the vessels under construction in the six months ended June 30, 2023. Interest expense amounting to $5.0 million was capitalized to the vessels under construction in the year ended December 31, 2022 and $7.2 million in the six months ended June 30, 2023. On December 23, 2022, the Company entered into an agreement to sell the vessel Amalia C Catherine C Leo C The Company assumed time charter liabilities related to its acquisition of vessels in the second half of 2021. The amortization of these assumed time charters amounted to $12.4 million and $32.4 million in the six months ended June 30, 2023 and June 30, 2022, respectively and is presented under “Operating revenues” in the condensed consolidated statement of income. The remaining unamortized amount of $13.4 million is presented under “Unearned revenue, current portion” in the condensed consolidated balance sheet as of June 30, 2023 and is expected to be amortized into “Operating revenues” in the next 12 months. As of June 30, 2023, the Company concluded that events and circumstances triggered the existence of potential impairment for some of the Company’s vessels. These indicators included volatility in the charter market and the vessels’ market values, as well as the potential impact the current marketplace may have on its future operations. As a result, the Company performed step one of the impairment assessment for some of the Company’s vessels by comparing the undiscounted projected net operating cash flows for each of these vessels to its carrying values. As of June 30, 2023, the Company’s assessment concluded that step two of the impairment analysis was not required for any vessel, as the undiscounted projected net operating cash flows of all vessels exceeded the carrying value of the respective vessels. The residual value (estimated scrap value at the end of the vessels’ useful lives) of the fleet was estimated at $ 484.3 million and $ 487.3 million as of June 30, 2023 and as of December 31, 2022, respectively. The Company has calculated the residual value of the vessels taking into consideration the 10 year average and the 5 year average of the scrap prices. The Company has applied uniformly the scrap value of $300 per ton for all vessels. The Company believes that $300 per ton is a reasonable estimate of future scrap prices, taking into consideration the cyclicality of the nature of future demand for scrap steel. Although the Company believes that the assumptions used to determine the scrap rate are reasonable and appropriate, such assumptions are highly subjective, in part, because of the cyclical nature of future demand for scrap steel. On May 12, 2020, the Company refinanced the existing leaseback obligation related to the vessels Hyundai Honour Hyundai Respect

Deferred Charges, net

Deferred Charges, net	6 Months Ended
Deferred Charges, net	Jun. 30, 2023
Deferred Charges, net
Deferred Charges, net	5 Deferred Charges, net Deferred charges, net consisted of the following (in thousands): Drydocking and Special Survey Costs As of January 1, 2022 $ 11,801 Additions 29,939 Write-off (4,016) Amortization (12,170) As of December 31, 2022 25,554 Additions 14,560 Amortization (8,337) As of June 30, 2023 $ 31,777 The Company follows the deferral method of accounting for drydocking and special survey costs in accordance with accounting for planned major maintenance activities, whereby actual costs incurred are deferred and amortized on a straight-line basis over the period until the next scheduled survey, which is two

Other Current and Non-current A

Other Current and Non-current Assets	6 Months Ended
Other Current and Non-current Assets	Jun. 30, 2023
Other Current and Non-current Assets
Other Current and Non-current Assets	6 Other Current and Non-current Assets Other current and non-current assets consisted of the following (in thousands): As of As of June 30, 2023 December 31, 2022 Straight-lining of revenue $ 39,375 $ 22,007 Marketable securities 74,600 — Claims receivable 12,198 15,169 Vessel held for sale — 3,297 Other assets 8,619 7,332 Total current assets $ 134,792 $ 47,805 Straight-lining of revenue $ 79,397 $ 83,873 Other non-current assets 6,776 6,050 Total non-current assets $ 86,173 $ 89,923 In the three months ended June 30, 2023, the Company acquired marketable securities of Eagle Bulk Shipping Inc. consisting of 1,552,865 shares of common stock for $68.2 million (out of which $24.4 million from Virage International Ltd., our related company). As of June 30, 2023, these marketable securities were fair valued at $74.6 million and the Company recognized a $6.4 million gain on these marketable securities reflected under “Gain on investments” in the condensed consolidated statement of income. 6 Other Current and Non-current Assets (Continued) The Company’s shareholding interest in ZIM of 7,186,950 ordinary shares was fair valued at $423.0 million and presented under “Other current assets” in the condensed consolidated balance sheet as of December 31, 2021, based on the closing price of ZIM ordinary shares on the NYSE on that date. In April 2022, the Company sold 1,500,000 ordinary shares of ZIM resulting in net proceeds of $85.3 million. All the remaining shareholding interest of 5,686,950 ordinary shares were sold for $161.3 million in September 2022. For the six months ended June 30, 2022, the Company recognized $69.1 million loss on these shares compared to none in the six months ended June 30, 2023. These gain is reflected under “Loss on investments” in the condensed consolidated statement of income. Additionally, the Company recognized dividend income on these shares amounting to $138.4 million in the six months period ended June 30, 2022 gross of withholding taxes compared to none in the six months ended June 30, 2023. Withholding taxes amounting to $14.5 million were recognized on dividend income under “Income taxes” in the condensed consolidated statement of income in the six months ended June 30, 2022.

Accrued Liabilities

Accrued Liabilities	6 Months Ended
Accrued Liabilities	Jun. 30, 2023
Accrued Liabilities
Accrued Liabilities	7 Accrued Liabilities Accrued liabilities consisted of the following (in thousands): As of As of June 30, 2023 December 31, 2022 Accrued interest $ 8,329 $ 8,267 Accrued dry-docking expenses 2,987 2,332 Accrued expenses 10,591 10,763 Total $ 21,907 $ 21,362 Accrued expenses mainly consisted of accruals related to the operation of the Company’s fleet as of June 30, 2023 and December 31, 2022.

Long-Term Debt, net

Long-Term Debt, net	6 Months Ended
Long-Term Debt, net	Jun. 30, 2023
Long-Term Debt, net	8 Long-Term Debt, net Long-term debt, net consisted of the following (in thousands): Balance as of Balance as of Credit Facility June 30, 2023 December 31, 2022 BNP Paribas/Credit Agricole $130 mil. Facility $ 110,000 $ 120,000 Alpha Bank $55.25 mil. Facility 51,500 55,250 Citibank $382.5 mil. Revolving Credit Facility — — Senior unsecured notes 262,766 262,766 Total long-term debt $ 424,266 $ 438,016 Less: Deferred finance costs, net (7,202) (8,076) Less: Current portion (27,500) (27,500) Total long-term debt net of current portion and deferred finance cost $ 389,564 $ 402,440 In June 2022, the Company drew down $130.0 million of senior secured term loan facility from BNP Paribas and Credit Agricole, which is secured by six 5,466 TEU sister vessels acquired in 2021. This facility is repayable in eight quarterly instalments of $5.0 million, twelve quarterly instalments of $1.9 million together with a balloon payment of $67.2 million payable over five-year term. The facility bears interest at SOFR plus a margin of 2.16% as adjusted by the sustainability margin adjustment. In the three months ended June 30, 2022, the Company early extinguished certain loan facilities resulting in a total gain on debt extinguishment of $22.9 million, which is separately presented in the consolidated statement of income. In December 2022, the Company early extinguished the remaining $437.75 million of the Citibank/Natwest $815 mil. Facility and replaced it with Citibank of up to $382.5 mil. Revolving Credit Facility, out of which nil is drawn down as of June 30, 2023 and with Alpha Bank $55.25 mil. Facility, which was drawn down in full. Citibank $382.5 mil. Revolving Credit Facility is reducing and repayable over 5 years in 20 quarterly reductions of $11.25 million each together with a final reduction of $157.5 million at maturity in December 2027. This facility bears interest at SOFR plus a margin of 2.0% and commitment fee of 0.8% on any undrawn amount and is secured by sixteen of the Company’s vessels. Alpha Bank $55.25 mil. Facility is repayable over 5 years with 20 consecutive quarterly instalments of $1.875 million each, together with a balloon payment of $17.75 million at maturity in December 2027. This facility bears interest at SOFR plus a margin of 2.3% and is secured by two of the Company’s vessels. 8 Long-Term Debt, net (Continued) The Company incurred interest expense amounting to $18.5 million (including interest on leaseback obligations), out of which $7.2 million was capitalized in the six months ended June 30, 2023 compared to $27.4 million of interest expense incurred (including interest on leaseback obligations), out of which $0.7 million was capitalized in the six months ended June 30, 2022. As of June 30, 2023, there was a $360.0 million remaining borrowing availability under the Company’s Citibank $382.5 mil. Revolving Credit Facility. Twenty-four of the Company’s vessels having a net carrying value of $1,556.3 million as of June 30, 2023, were subject to first preferred mortgages as collateral to the Company’s credit facilities other than its senior unsecured notes. On February 11, 2021, the Company issued in a private placement, $300.0 million aggregate principal amount of senior unsecured notes, which bear interest at a fixed rate of 8.50% per annum and mature on March 1, 2028. At any time on or after March 1, 2024, March 1, 2025 and March 1, 2026 the Company may elect to redeem all or any portion of the notes, respectively, at a price equal to 104.25%, 102.125% and 100%, respectively, of the principal amount being redeemed. Prior to March 1, 2024 the Company may redeem up to 35% of the aggregate principal of the notes from equity offering proceeds at a price equal to 108.50% within 90 days after the equity offering closing. In December 2022, the Company repurchased $37.2 million aggregate principal amount of its unsecured senior notes in a privately negotiated transaction. Interest payments on the notes are payable semi-annually commencing on September 1, 2021. $9.0 million of bond issuance costs were deferred over the life of the bond and recognized through the effective interest method. The scheduled debt maturities of long-term debt subsequent to June 30, 2023 are as follows (in thousands): Principal Payments due by period ended repayments June 30, 2024 $ 27,500 June 30, 2025 15,100 June 30, 2026 15,100 June 30, 2027 82,300 March 2028 284,266 Total long-term debt $ 424,266 Alpha Bank $55.25 mil. Facility and Citibank $382.5 mil. Revolving Credit Facility contain a requirement to maintain minimum fair market value of collateral vessels to loan value coverage of 120% and the BNP Paribas/Credit Agricole $130 mil. Facility of 125%. Additionally, these facilities require to maintain the following financial covenants: (i) minimum liquidity of $30.0 million; (ii) maximum consolidated debt (less cash and cash equivalents) to consolidated EBITDA ratio of 6.5 x; and (iii) minimum consolidated EBITDA to net interest expense ratio of 2.5 x. Each of the credit facilities except for senior unsecured notes are collateralized by first preferred mortgages over the vessels financed, general assignment of all hire freights, income and earnings, the assignment of their insurance policies, as well as any proceeds from the sale of mortgaged vessels, stock pledges and benefits from corporate guarantees. The Company was in compliance with the financial covenants contained in the credit facilities agreements as of June 30, 2023 and December 31, 2022.

Financial Instruments

Financial Instruments	6 Months Ended
Financial Instruments	Jun. 30, 2023
Financial Instruments	9 Financial Instruments The following is a summary of the Company’s risk management strategies and the effect of these strategies on the Company’s condensed consolidated financial statements. Interest Rate Risk: Concentration of Credit Risk: Fair Value: a. Interest Rate Swap Hedges The Company currently has no outstanding interest rate swaps agreements. However, in the past years, the Company entered into interest rate swap agreements with its lenders in order to manage its floating rate exposure. Certain variable-rate interests on specific borrowings were associated with vessels under construction and were capitalized as a cost of the specific vessels. In accordance with the accounting guidance on derivatives and hedging, the amounts related to realized gains or losses on cash flow hedges that have been entered into and qualified for hedge accounting, in order to hedge the variability of that interest, were recognized in accumulated other comprehensive loss and are reclassified into earnings over the depreciable life of the constructed asset, since that depreciable life coincides with the amortization period for the capitalized interest cost on the debt. An amount of $1.8 million was reclassified into earnings for the six months ended June 30, 2023 and 2022, representing its amortization over the depreciable life of the vessels. An amount of $3.6 million is expected to be reclassified into earnings within the next 12 months. b. Fair Value of Financial Instruments The Company determines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Inputs used in the valuation techniques to derive fair values are classified based on a three-level hierarchy. Level I: Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation of these items does not entail a significant amount of judgment. Level II: Inputs other than quoted prices included in Level I that are observable for the asset or liability through corroboration with market data at the measurement date. Level III: Inputs that are unobservable. The Company did not use any Level 3 inputs as of June 30, 2023 and December 31, 2022. 9 Financial Instruments (Continued) The estimated fair values of the Company’s financial instruments are as follows: As of June 30, 2023 As of December 31, 2022 Book Value Fair Value Book Value Fair Value (in thousands of $) Cash and cash equivalents $ 293,331 $ 293,331 $ 267,668 $ 267,668 Marketable securities $ 74,600 $ 74,600 $ — $ — Secured long-term debt, including current portion(1) $ 161,500 $ 161,500 $ 175,250 $ 175,250 Unsecured long-term debt(1) $ 262,766 $ 263,094 $ 262,766 $ 255,868 The estimated fair value of the financial instruments that are measured at fair value on a recurring basis, categorized based upon the fair value hierarchy, are as follows as of June 30, 2023: Fair Value Measurements as of June 30, 2023 Total (Level I) (Level II) (Level III) (in thousands of $) Marketable securities $ 74,600 $ 74,600 $ — $ — The estimated fair value of the financial instruments that are not measured at fair value on a recurring basis, categorized based upon the fair value hierarchy, are as follows as of June 30, 2023: Fair Value Measurements as of June 30, 2023 Total (Level I) (Level II) (Level III) (in thousands of $) Cash and cash equivalents $ 293,331 $ 293,331 $ — $ — Secured long-term debt, including current portion(1) $ 161,500 $ — $ 161,500 $ — Unsecured long-term debt(1) $ 263,094 $ 263,094 $ — $ — The estimated fair value of the financial instruments that are not measured at fair value on a recurring basis, categorized based upon the fair value hierarchy, are as follows as of December 31, 2022: Fair Value Measurements as of December 31, 2022 Total (Level I) (Level II) (Level III) (in thousands of $) Cash and cash equivalents $ 267,668 $ 267,668 $ — $ — Secured long-term debt, including current portion(1) $ 175,250 $ — $ 175,250 $ — Unsecured long-term debt(1) $ 255,868 $ 255,868 $ — $ — (1) Secured and unsecured long-term debt, including current portion is presented gross of deferred finance costs of $7.2 million and $8.1 million as of June 30, 2023 and December 31, 2022, respectively. The fair value of the Company’s secured debt is estimated based on currently available debt with similar contract terms, interest rate and remaining maturities.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2023
Commitments and Contingencies	10 Commitments and Contingencies There are no material legal proceedings to which the Company is a party or to which any of its properties are the subject, or other contingencies that the Company is aware of, other than routine litigation incidental to the Company’s business. The Company has outstanding commitments under vessel construction contracts as of June 30, 2023, see the Note 4 “Fixed Assets, net & Advances for Vessels under Construction”.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
Stockholders' Equity	Jun. 30, 2023
Stockholders' Equity	11 Stockholders’ Equity In the six months ended June 30, 2023, the Company declared a dividend of $0.75 per share of common stock in February and May amounting to $30.4 million. In the six months ended June 30, 2022, the Company declared a dividend of $0.75 per share of common stock in February and May amounting to $31.1 million. The Company issued 20 and 56 shares of common stock pursuant to its dividends reinvestment plan in the six months ended June 30, 2023 and June 30, 2022, respectively. In June 2022, the Company announced a share repurchase program of up to $100 million of the Company’s common stock. The Company had repurchased 466,955 shares of the Company’s common stock in the open market for $28.6 million until December 31, 2022. In the six months ended June 30, 2023, the Company repurchased an additional 597,697 shares for $36.0 million, out of which 3,400 shares valued at $0.2 million remained unsettled as of June 30, 2023. As of April 18, 2008, the Board of Directors and the Compensation Committee approved incentive compensation of the Manager’s employees with its shares from time to time, after specific for each such time, decision by the compensation committee and the Board of Directors in order to provide a means of compensation in the form of free shares to certain employees of the Manager of the Company’s common stock. The plan was effective as of December 31, 2008. Pursuant to the terms of the plan, employees of the Manager may receive (from time to time) shares of the Company’s common stock as additional compensation for their services offered during the preceding period. The total amount of stock to be granted to employees of the Manager will be at the Company’s Board of Directors’ discretion only and there will be no contractual obligation for any stock to be granted as part of the employees’ compensation package in future periods. On March 16, 2021, the Company granted 40,000 shares to certain employees of the Manager, out of which 10,000 fully vested on the grant date, 1,050 were forfeited and 9,650 restricted shares vested on December 31, 2021. An additional 224 restricted shares were forfeited in the year ended December 31, 2022 and the remaining 19,076 restricted shares vested on December 31, 2022. On December 14, 2022, the Company granted 100,000 fully vested shares to executive officers. The fair value of shares granted was calculated based on the closing trading price of the Company’s shares at the grant date. Stock based compensation expenses of nil and $0.2 million were recognized under “General and administrative expenses” in the condensed consolidated statements of income in the six months period ended June 30, 2023 and June 30, 2022, respectively. No restricted stock are issued and outstanding as of June 30, 2023 and December 31, 2022, respectively. The aggregate number of shares of common stock for which awards may be granted under the Plan shall not exceed 1,000,000 shares plus the number of unvested shares granted before August 2, 2019. The equity awards may be granted by the Company’s Compensation Committee or Board of Directors under its amended and restated 2006 equity compensation plan. Awards made under the Plan that have been forfeited, cancelled or have expired, will not be treated as having been granted for purposes of the preceding sentence. The Company has also established the Directors Share Payment Plan under its 2006 equity compensation plan. The purpose of the plan is to provide a means of payment of all or a portion of compensation payable to directors of the Company in the form of Company’s Common Stock. The plan was effective as of April 18, 2008. Each member of the Board of Directors of the Company may participate in the plan. Pursuant to the terms of the plan, directors may elect to receive in Common Stock all or a portion of their compensation. Following December 31 of each year, the Company delivers to each Director the number of shares represented by the rights credited to their Share Payment Account during the preceding calendar year. During the six months ended June 30, 2023 and June 30, 2022, none of the directors elected to receive their compensation in Company shares.

Lease Arrangements

Lease Arrangements	6 Months Ended
Lease Arrangements	Jun. 30, 2023
Lease Arrangements	12 Lease Arrangements Charters-out As of June 30, 2023, the Company generated operating revenues from its 68 vessels on time charters or bareboat charter agreements, with remaining terms ranging from less than one year to June 2028. Under the terms of the charter party agreements, most charterers have options to extend the duration of contracts ranging from less than one year to three years after the expiration of the contract. The Company determines fair value of its vessels at the lease commencement date and at the end of lease term for lease classification with the assistance from valuations obtained by third party independent shipbrokers. The Company manages its risk associated with the residual value of its vessels after the expiration of the charter party agreements by seeking multi-year charter arrangements for its vessels. In May 2022, the Company received $238.9 million of charter hire prepayment related to charter contracts for 15 of the Company’s vessels, representing partial prepayment of charter hire payable up to January 2027. This charter hire prepayment is recognized in revenue through the remaining period of each charter party agreement, in addition to the contracted future minimum payments reflected in the below table. The future minimum payments, expected to be received on non-cancellable time charters and bareboat charters classified as operating leases consisted of the following as of June 30, 2023 (in thousands): Remainder of 2023 $ 454,099 2024 797,810 2025 590,558 2026 409,694 2027 265,290 2028 35,354 Total future rentals $ 2,552,805 Rentals from time charters are not generally received when a vessel is off-hire, including time required for normal periodic maintenance of the vessel. In arriving at the future minimum rentals, an estimated time off-hire to perform periodic maintenance on each vessel has been deducted, although there is no assurance that such estimate will be reflective of the actual off-hire in the future.

Earnings per Share

Earnings per Share	6 Months Ended
Earnings per Share	Jun. 30, 2023
Earnings per Share
Earnings per Share	13 Earnings per Share The following table sets forth the computation of basic and diluted earnings per share: Three months ended June 30, 2023 June 30, 2022 (in thousands) Numerator: Net income $ 147,021 $ 8,224 Denominator (number of shares in thousands): Basic weighted average common shares outstanding 20,081 20,689 Effect of dilutive securities: Diluted effect of non-vested shares — 19 Diluted weighted average common shares outstanding 20,081 20,708 Six months ended June 30, 2023 June 30, 2022 (in thousands) Numerator: Net income $ 293,222 $ 339,689 Denominator Basic weighted average common shares outstanding 20,214 20,693 Effect of dilutive securities: Diluted effect of non-vested shares — 19 Diluted weighted average common shares outstanding 20,214 20,712

Related Party Transactions

Related Party Transactions	6 Months Ended
Related Party Transactions	Jun. 30, 2023
Related Party Transactions	14 Related Party Transactions Management fees to the Manager amounted to $10.5 million and $10.9 million in the six months ended June 30, 2023 and 2022, respectively, and are presented under “General and administrative expenses” in the condensed consolidated statements of income. Commissions to the Manager amounted to $5.7 million and $6.3 million in the six months ended June 30, 2023 and 2022, respectively and are presented under “Voyage expenses” in the condensed consolidated statements of income. Commission of 0.5% on the contract price of the vessel sold in January 2023 amounted to $25.6 thousand and is presented under “Gain on sale of vessels”. Additionally, supervision fees for vessels under construction totaling $1.1 million were charged by the Manager and capitalized to vessels under construction costs in the six months ended June 30, 2023 and nil in 2022. The balance “Due from related parties” in the condensed consolidated balance sheets totaling $32.9 million and $34.0 million as of June 30, 2023 and December 31, 2022, respectively, represents advances to the Manager on account of the vessels’ operating and other expenses. Advances related to a defined benefit executive retirement plan amounting to $6.8 million and presented under “Other current liabilities” as of December 31, 2022 were fully paid in the three months ended March 31, 2023. The remaining defined benefit obligation of $6.8 million and $6.4 million is presented under “Other long-term liabilities” as of June 30, 2023 and December 31, 2022, respectively. The Company recognized prior service cost and periodic cost of this defined benefit executive retirement plan amounting to $0.9 million and nil in the six months ended June 30, 2023 and June 30, 2022, respectively. An amount of nil and $0.1 million as of June 30, 2023 and December 31, 2022, respectively, was due to executive officers and is presented under “Accounts payable” in the condensed consolidated balance sheets.

Cash, Cash Equivalents and Rest

Cash, Cash Equivalents and Restricted Cash	6 Months Ended
Cash, Cash Equivalents and Restricted Cash	Jun. 30, 2023
Cash, Cash Equivalents and Restricted Cash
Cash, Cash Equivalents and Restricted Cash	15 Cash, Cash Equivalents and Restricted Cash Cash, cash equivalents and restricted cash consisted of the following (in thousands): As of As of As of As of June 30, 2023 December 31, 2022 June 30, 2022 December 31, 2021 Cash and cash equivalents $ 293,331 $ 267,668 $ 319,573 $ 129,410 Restricted cash, current — — 13,000 346 Total $ 293,331 $ 267,668 $ 332,573 $ 129,756 The Company was required to maintain cash on retention account as collateral for the then upcoming scheduled debt payments related to the now repaid Eurobank $30 mil. Facility, which was recorded in restricted cash under current assets as of December 31, 2021. Additionally, the Company received an advance payment for sale of the vessels of $13.0 million, which was held on an escrow account under current assets as of June 30, 2022.

Subsequent Events

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2023
Subsequent Events	16 Subsequent Events In July 2023, the Company reached an in principle agreement to acquire 5 Capesize bulk carriers built in 2010 through 2012 that aggregate to 879,306 DWT for a total of $103 million. The agreement is subject to entry into definitive documentation. The vessels are expected to be delivered to the Company between September and October 2023. The Company has declared a dividend of $0.75 per share of common stock payable on September 1, 2023, to holders of record on August 23, 2023. Subsequent to June 30, 2023, the Company repurchased 15,895 shares of its common stock in the open market for $1.0 million under its previously announced share repurchase program.

Basis of Presentation and Gen_2

Basis of Presentation and General Information (Tables)	6 Months Ended
Basis of Presentation and General Information (Tables)	Jun. 30, 2023
Schedule of the vessel owning companies (the "Danaos Subsidiaries")	As of June 30, 2023, Danaos included the vessel owning companies (the “Danaos Subsidiaries”) listed below. All vessels are container vessels: Company Date of Incorporation Vessel Name Year Built TEU (1) Megacarrier (No. 1) Corp. September 10, 2007 Hyundai Honour 2012 13,100 Megacarrier (No. 2) Corp. September 10, 2007 Hyundai Respect 2012 13,100 Megacarrier (No. 3) Corp. September 10, 2007 Hyundai Smart 2012 13,100 Megacarrier (No. 4) Corp. September 10, 2007 Hyundai Speed 2012 13,100 Megacarrier (No. 5) Corp. September 10, 2007 Hyundai 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. 5) Corp. September 17, 2007 CMA CGM Melisande 2012 8,530 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 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 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 (ex CMA CGM Racine) 2010 6,500 Boxcarrier (No. 1) Corp. June 27, 2006 CMA CGM Moliere 2009 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 Kingsland International Shipping Limited June 26, 2015 Catherine C (2) 2001 6,422 Leo Shipping and Trading S.A. October 29, 2015 Leo C (2) 2002 6,422 Actaea Company Limited October 14, 2014 Zim Savannah 2002 6,402 Asteria Shipping Company Limited October 14, 2014 Dimitra C 2002 6,402 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 Zim 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 Paolo (ex Zim Sao Paolo) 2008 4,253 Balticsea Marine Inc. March 22, 2006 Kingston (ex Zim 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 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 Wellington Marine Inc. January 27, 2005 Singapore 2004 3,314 Auckland Marine Inc. January 27, 2005 Colombo 2004 3,314 Vilos Navigation Company Ltd. May 30, 2013 Zebra 2001 2,602 Trindade Maritime Company April 10, 2013 Amalia C (3) 1998 2,452 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. 3) Corp. June 28, 2007 Stride 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. 1) Corp. March 4, 2022 Hull No. C7100-7 2024 7,165 Boxsail (No. 2) Corp. March 4, 2022 Hull No. C7100-8 2024 7,165 Teushipper (No. 1) Corp. March 14, 2022 Hull No. HN4009 2024 8,010 Teushipper (No. 2) Corp. March 14, 2022 Hull No. HN4010 2024 8,010 Teushipper (No. 3) Corp. March 14, 2022 Hull No. HN4011 2024 8,010 Teushipper (No. 4) Corp. March 14, 2022 Hull No. HN4012 2024 8,010 Boxsail (No. 3) Corp. March 4, 2022 Hull No. CV5900-07 2024 6,014 Boxsail (No. 4) Corp. March 4, 2022 Hull No. CV5900-08 2025 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 (1) Twenty-feet equivalent unit, the international standard measure for containers and containership capacity. (2) The Company completed the sale of the Catherine C and the Leo C in November 2022. (3) The Company held the Amalia C for sale as of December 31, 2022 and completed the sale in January 2023.

Fixed Assets, net & Advances _2

Fixed Assets, net & Advances for Vessels under Construction (Tables)	6 Months Ended
	Jun. 30, 2023
Fixed Assets, net & Advances for Vessels under Construction
Schedule of remaining contractual commitments under vessel construction contracts	Remainder of 2023 $ 73,300 2024 365,631 2025 82,428 2026 113,040 Total contractual commitments $ 634,399

Deferred Charges, net (Tables)

Deferred Charges, net (Tables)	6 Months Ended
Deferred Charges, net (Tables)	Jun. 30, 2023
Deferred Charges, net
Schedule of deferred charges, net	Deferred charges, net consisted of the following (in thousands): Drydocking and Special Survey Costs As of January 1, 2022 $ 11,801 Additions 29,939 Write-off (4,016) Amortization (12,170) As of December 31, 2022 25,554 Additions 14,560 Amortization (8,337) As of June 30, 2023 $ 31,777

Other Current and Non-current_2

Other Current and Non-current Assets (Tables)	6 Months Ended
Other Current and Non-current Assets (Tables)	Jun. 30, 2023
Other Current and Non-current Assets
Schedule of Other current and non current assets	Other current and non-current assets consisted of the following (in thousands): As of As of June 30, 2023 December 31, 2022 Straight-lining of revenue $ 39,375 $ 22,007 Marketable securities 74,600 — Claims receivable 12,198 15,169 Vessel held for sale — 3,297 Other assets 8,619 7,332 Total current assets $ 134,792 $ 47,805 Straight-lining of revenue $ 79,397 $ 83,873 Other non-current assets 6,776 6,050 Total non-current assets $ 86,173 $ 89,923

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	6 Months Ended
Accrued Liabilities (Tables)	Jun. 30, 2023
Accrued Liabilities
Schedule of Accrued liabilities	Accrued liabilities consisted of the following (in thousands): As of As of June 30, 2023 December 31, 2022 Accrued interest $ 8,329 $ 8,267 Accrued dry-docking expenses 2,987 2,332 Accrued expenses 10,591 10,763 Total $ 21,907 $ 21,362

Long-Term Debt, net (Tables)

Long-Term Debt, net (Tables)	6 Months Ended
Long-Term Debt, net (Tables)	Jun. 30, 2023
Long-Term Debt, net
Schedule of long-term debt, net	Long-term debt, net consisted of the following (in thousands): Balance as of Balance as of Credit Facility June 30, 2023 December 31, 2022 BNP Paribas/Credit Agricole $130 mil. Facility $ 110,000 $ 120,000 Alpha Bank $55.25 mil. Facility 51,500 55,250 Citibank $382.5 mil. Revolving Credit Facility — — Senior unsecured notes 262,766 262,766 Total long-term debt $ 424,266 $ 438,016 Less: Deferred finance costs, net (7,202) (8,076) Less: Current portion (27,500) (27,500) Total long-term debt net of current portion and deferred finance cost $ 389,564 $ 402,440
Schedule of debt maturities of long-term debt	The scheduled debt maturities of long-term debt subsequent to June 30, 2023 are as follows (in thousands): Principal Payments due by period ended repayments June 30, 2024 $ 27,500 June 30, 2025 15,100 June 30, 2026 15,100 June 30, 2027 82,300 March 2028 284,266 Total long-term debt $ 424,266

Financial Instruments (Tables)

Financial Instruments (Tables)	6 Months Ended
Financial Instruments (Tables)	Jun. 30, 2023
Financial Instruments
Schedule of estimated fair values of the financial instruments	As of June 30, 2023 As of December 31, 2022 Book Value Fair Value Book Value Fair Value (in thousands of $) Cash and cash equivalents $ 293,331 $ 293,331 $ 267,668 $ 267,668 Marketable securities $ 74,600 $ 74,600 $ — $ — Secured long-term debt, including current portion(1) $ 161,500 $ 161,500 $ 175,250 $ 175,250 Unsecured long-term debt(1) $ 262,766 $ 263,094 $ 262,766 $ 255,868
Schedule of estimated fair value of the financial instruments that are measured at fair value on a recurring basis	Fair Value Measurements as of June 30, 2023 Total (Level I) (Level II) (Level III) (in thousands of $) Marketable securities $ 74,600 $ 74,600 $ — $ —
Schedule of estimated fair value of the financial instruments, categorized based upon the fair value hierarchy	Fair Value Measurements as of June 30, 2023 Total (Level I) (Level II) (Level III) (in thousands of $) Cash and cash equivalents $ 293,331 $ 293,331 $ — $ — Secured long-term debt, including current portion(1) $ 161,500 $ — $ 161,500 $ — Unsecured long-term debt(1) $ 263,094 $ 263,094 $ — $ — Fair Value Measurements as of December 31, 2022 Total (Level I) (Level II) (Level III) (in thousands of $) Cash and cash equivalents $ 267,668 $ 267,668 $ — $ — Secured long-term debt, including current portion(1) $ 175,250 $ — $ 175,250 $ — Unsecured long-term debt(1) $ 255,868 $ 255,868 $ — $ — (1) Secured and unsecured long-term debt, including current portion is presented gross of deferred finance costs of $7.2 million and $8.1 million as of June 30, 2023 and December 31, 2022, respectively. The fair value of the Company’s secured debt is estimated based on currently available debt with similar contract terms, interest rate and remaining maturities.

Lease Arrangements (Tables)

Lease Arrangements (Tables)	6 Months Ended
Lease Arrangements (Tables)	Jun. 30, 2023
Schedule of future minimum payments, expected to be received on non-cancellable time charters and bareboat charters	Remainder of 2023 $ 454,099 2024 797,810 2025 590,558 2026 409,694 2027 265,290 2028 35,354 Total future rentals $ 2,552,805

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
Earnings per Share (Tables)	Jun. 30, 2023
Schedule of computation of basic and diluted earnings per share	Three months ended June 30, 2023 June 30, 2022 (in thousands) Numerator: Net income $ 147,021 $ 8,224 Denominator (number of shares in thousands): Basic weighted average common shares outstanding 20,081 20,689 Effect of dilutive securities: Diluted effect of non-vested shares — 19 Diluted weighted average common shares outstanding 20,081 20,708 Six months ended June 30, 2023 June 30, 2022 (in thousands) Numerator: Net income $ 293,222 $ 339,689 Denominator Basic weighted average common shares outstanding 20,214 20,693 Effect of dilutive securities: Diluted effect of non-vested shares — 19 Diluted weighted average common shares outstanding 20,214 20,712

Cash, Cash Equivalents and Re_2

Cash, Cash Equivalents and Restricted Cash (Tables)	6 Months Ended
Cash, Cash Equivalents and Restricted Cash (Tables)	Jun. 30, 2023
Cash, Cash Equivalents and Restricted Cash
Schedule of cash, cash equivalents and restricted cash	As of As of As of As of June 30, 2023 December 31, 2022 June 30, 2022 December 31, 2021 Cash and cash equivalents $ 293,331 $ 267,668 $ 319,573 $ 129,410 Restricted cash, current — — 13,000 346 Total $ 293,331 $ 267,668 $ 332,573 $ 129,756

Basis of Presentation and Gen_3

Basis of Presentation and General Information (Details)	Jun. 30, 2023 item $ / shares shares	Dec. 31, 2022 $ / shares shares
Property, Plant and Equipment
Common stock, authorized capital stock (in shares) \| shares	750,000,000	750,000,000
Common stock, par value (in dollars per share) \| $ / shares	$ 0.01	$ 0.01
Preferred stock, authorized capital stock (in shares) \| shares	100,000,000	100,000,000
Preferred stock, par value (in dollars per share) \| $ / shares	$ 0.01	$ 0.01
Hyundai Honour
Property, Plant and Equipment
TEU	13,100
Hyundai Respect
Property, Plant and Equipment
TEU	13,100
Hyundai Smart
Property, Plant and Equipment
TEU	13,100
Hyundai Speed
Property, Plant and Equipment
TEU	13,100
Hyundai Ambition
Property, Plant and Equipment
TEU	13,100
Express Berlin
Property, Plant and Equipment
TEU	10,100
Express Rome
Property, Plant and Equipment
TEU	10,100
Express Athens
Property, Plant and Equipment
TEU	10,100
Pusan C
Property, Plant and Equipment
TEU	9,580
Le Havre
Property, Plant and Equipment
TEU	9,580
Bremen
Property, Plant and Equipment
TEU	9,012
C Hamburg
Property, Plant and Equipment
TEU	9,012
Niledutch Lion
Property, Plant and Equipment
TEU	8,626
Kota Manzanillo
Property, Plant and Equipment
TEU	8,533
Belita
Property, Plant and Equipment
TEU	8,533
CMA CGM Melisande
Property, Plant and Equipment
TEU	8,530
CMA CGM Attila
Property, Plant and Equipment
TEU	8,530
CMA CGM Tancredi
Property, Plant and Equipment
TEU	8,530
CMA CGM Bianca
Property, Plant and Equipment
TEU	8,530
CMA CGM Samson
Property, Plant and Equipment
TEU	8,530
Europe
Property, Plant and Equipment
TEU	8,468
America
Property, Plant and Equipment
TEU	8,468
Kota Santos
Property, Plant and Equipment
TEU	8,463
CMA CGM Musset
Property, Plant and Equipment
TEU	6,500
CMA CGM Nerval
Property, Plant and Equipment
TEU	6,500
CMA CGM Rabelais
Property, Plant and Equipment
TEU	6,500
Racine (ex CMA CGM Racine)
Property, Plant and Equipment
TEU	6,500
CMA CGM Moliere
Property, Plant and Equipment
TEU	6,500
YM Mandate
Property, Plant and Equipment
TEU	6,500
YM Maturity
Property, Plant and Equipment
TEU	6,500
Catherine C
Property, Plant and Equipment
TEU	6,422
Leo C
Property, Plant and Equipment
TEU	6,422
Zim Savannah
Property, Plant and Equipment
TEU	6,402
Dimitra C
Property, Plant and Equipment
TEU	6,402
Suez Canal
Property, Plant and Equipment
TEU	5,610
Kota Lima
Property, Plant and Equipment
TEU	5,544
Wide Alpha
Property, Plant and Equipment
TEU	5,466
Stephanie C
Property, Plant and Equipment
TEU	5,466
Maersk Euphrates
Property, Plant and Equipment
TEU	5,466
Wide Hotel
Property, Plant and Equipment
TEU	5,466
Wide India
Property, Plant and Equipment
TEU	5,466
Wide Juliet
Property, Plant and Equipment
TEU	5,466
Zim Monaco
Property, Plant and Equipment
TEU	4,253
Dalian
Property, Plant and Equipment
TEU	4,253
Zim Luanda
Property, Plant and Equipment
TEU	4,253
Rio Grande
Property, Plant and Equipment
TEU	4,253
Paolo (ex Zim Sao Paolo)
Property, Plant and Equipment
TEU	4,253
Kingston (ex Zim Kingston) [Member]
Property, Plant and Equipment
TEU	4,253
Seattle C
Property, Plant and Equipment
TEU	4,253
Vancouver
Property, Plant and Equipment
TEU	4,253
Tongala
Property, Plant and Equipment
TEU	4,253
Derby D
Property, Plant and Equipment
TEU	4,253
Dimitris C
Property, Plant and Equipment
TEU	3,430
Express Spain
Property, Plant and Equipment
TEU	3,400
Express Black Sea
Property, Plant and Equipment
TEU	3,400
Express Argentina
Property, Plant and Equipment
TEU	3,400
Express Brazil
Property, Plant and Equipment
TEU	3,400
Express France
Property, Plant and Equipment
TEU	3,400
Singapore
Property, Plant and Equipment
TEU	3,314
Colombo
Property, Plant and Equipment
TEU	3,314
Zebra
Property, Plant and Equipment
TEU	2,602
Amalia C
Property, Plant and Equipment
TEU	2,452
Artotina
Property, Plant and Equipment
TEU	2,524
Highway
Property, Plant and Equipment
TEU	2,200
Progress C
Property, Plant and Equipment
TEU	2,200
Bridge
Property, Plant and Equipment
TEU	2,200
Phoenix D
Property, Plant and Equipment
TEU	2,200
Advance
Property, Plant and Equipment
TEU	2,200
Stride
Property, Plant and Equipment
TEU	2,200
Future
Property, Plant and Equipment
TEU	2,200
Sprinter
Property, Plant and Equipment
TEU	2,200
Hull No. C7100-7
Property, Plant and Equipment
TEU	7,165
Hull No. C7100-8
Property, Plant and Equipment
TEU	7,165
Hull No. HN4009
Property, Plant and Equipment
TEU	8,010
Hull No. HN4010
Property, Plant and Equipment
TEU	8,010
Hull No. HN4011
Property, Plant and Equipment
TEU	8,010
Hull No. HN4012
Property, Plant and Equipment
TEU	8,010
Hull No. CV5900-07
Property, Plant and Equipment
TEU	6,014
Hull No. CV5900-08
Property, Plant and Equipment
TEU	6,014
Hull No. YZJ2023-1556
Property, Plant and Equipment
TEU	8,258
Hull No. YZJ2023-1557
Property, Plant and Equipment
TEU	8,258

Investments in Affiliates (Deta

Investments in Affiliates (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Schedule of Equity Method Investments [Line Items]
Equity loss on investments	$ (738)	$ (3,326)
CTTC
Schedule of Equity Method Investments [Line Items]
Amount invested			$ 4,300
Ownership interest Percentage			49%
Equity loss on investments		$ 3,300

Fixed Assets, net & Advances _3

Fixed Assets, net & Advances for Vessels under Construction (Details) $ in Thousands

1 Months Ended

3 Months Ended

6 Months Ended

12 Months Ended

Jun. 20, 2023 item

Apr. 28, 2023 item

Apr. 01, 2022 item

Mar. 11, 2022 item

May 12, 2020 USD ($)

Jan. 31, 2023 USD ($)

Nov. 30, 2022 USD ($)

Jun. 30, 2023 USD ($) item

Jun. 30, 2022 USD ($)

Jun. 30, 2023 USD ($) item $ / T

Jun. 30, 2022 USD ($)

Dec. 31, 2022 USD ($) $ / T

Dec. 23, 2022 USD ($)

Jan. 31, 2022 USD ($)

Jan. 17, 2022 USD ($)

Fixed Assets, net & Advances for Vessels under Construction

Interest expense capitalized

$ 7,200

$ 700

Gain on sale of vessels

1,639

Advances payment received for sale of vessels

13,000

Amortization of assumed time charter

12,400

32,400

Less: Current portion

$ 13,400

13,400

Gain/(loss) on debt extinguishment

$ 2,300

(2,254)

$ 22,939

(2,254)

$ 22,939

TEU container vessels

Fixed Assets, net & Advances for Vessels under Construction

Number of TEU container vessels | item

TEU | item

8,200

6,000

8,000

7,100

Supervision fee per vessel

725

Vessel

Fixed Assets, net & Advances for Vessels under Construction

Residual value of the fleet

$ 484,300

$ 487,300

Average life of scrap considered to calculate residual value of vessel, one

10 years

Average life of scrap considered to calculate residual value of vessel, two

5 years

Scrap value per ton (in dollars per ton) | $ / T

300

Hyundai Honour And Hyundai Respect

Fixed Assets, net & Advances for Vessels under Construction

Sale and Lease back arrangement, amount

$ 139,100

Sale and leaseback arrangement term (in years)

4 years

Catherine C and Leo C

Fixed Assets, net & Advances for Vessels under Construction

Aggregate gross consideration

$ 13,000

$ 130,000

Gain on sale of vessels

$ 37,200

Amalia C

Fixed Assets, net & Advances for Vessels under Construction

TEU | item

2,452

Aggregate gross consideration

$ 5,100

Gain on sale of vessels

$ 1,600

Advances payment received for sale of vessels

$ 1,000

Vessesls under Construction

Fixed Assets, net & Advances for Vessels under Construction

Supervision fees total

$ 1,100

Interest expense capitalized

7,200

$ 5,000

Vessesls under Construction | TEU container vessels

Fixed Assets, net & Advances for Vessels under Construction

Aggregate purchase price

$ 834,900

Fixed Assets, net & Advances _4

Fixed Assets, net & Advances for Vessels under Construction - Remaining contractual commitments under vessel construction contracts (Details) - Vessesls under Construction $ in Thousands	Jun. 30, 2023 USD ($)
Fixed Assets, net & Advances for Vessels under Construction
Remainder of 2023	$ 73,300
2024	365,631
2025	82,428
2026	113,040
Total contractual commitments	$ 634,399

Deferred Charges, net (Details)

Deferred Charges, net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
Deferred Charges, net (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Changes in deferred charges, net
Balance at the beginning of the period			$ 25,554
Amortization	$ (4,502)	$ (3,202)	(8,337)	$ (5,922)
Balance at the end of the period	31,777		31,777		$ 25,554
Drydocking and Special Survey Costs
Changes in deferred charges, net
Balance at the beginning of the period			25,554	$ 11,801	11,801
Additions			14,560		29,939
Write-off					(4,016)
Amortization			(8,337)		(12,170)
Balance at the end of the period	$ 31,777		$ 31,777		$ 25,554
Period of amortization for deferred costs			2 years 6 months

Other Current and Non-current_3

Other Current and Non-current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Other Current and Non-current Assets
Straight-lining of revenue	$ 39,375	$ 22,007
Marketable securities	74,600
Claims receivable	12,198	15,169
Vessel held for sale		3,297
Other assets	8,619	7,332
Total current assets	134,792	47,805
Straight-lining of revenue	79,397	83,873
Other non-current assets	6,776	6,050
Total non-current assets	$ 86,173	$ 89,923

Other Current and Non-current_4

Other Current and Non-current Assets - ZIM (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Apr. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2022	Dec. 31, 2021
Other Current and Non-current Assets
Marketable securities, fair value		$ 74,600,000		$ 74,600,000
Gain on sale of marketable securities				6,400,000
Total gain on ZIM ordinary shares		6,438,000	$ (168,635,000)	6,438,000	$ (69,096,000)
Eagle Bulk Shipping Inc.
Other Current and Non-current Assets
Marketable securities acquired		$ 68,200,000
Ordinary shares sold		1,552,865
Virage \| Related party
Other Current and Non-current Assets
Marketable securities acquired		$ 24,400,000
ZIM
Other Current and Non-current Assets
Ordinary shares owned						5,686,950	7,186,950
Fair value of shareholding interest						$ 161,300,000	$ 423,000,000
Ordinary shares sold	1,500,000
Net proceeds from sale of ordinary shares	$ 85,300,000
Total gain on ZIM ordinary shares				0	(69,100,000)
Dividend received				$ 0	138,400,000
Dividends received net of withholdings of tax					$ 14,500,000

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Accrued Liabilities
Accrued interest	$ 8,329	$ 8,267
Accrued dry-docking expenses	2,987	2,332
Accrued expenses	10,591	10,763
Total	$ 21,907	$ 21,362

Long-Term Debt, net - Schedule

Long-Term Debt, net - Schedule of Debt (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022	Feb. 11, 2021
Long-Term Debt, net
Total long-term debt	$ 424,266,000	$ 438,016,000
Less: Deferred finance costs, net	(7,202,000)	(8,076,000)
Less: Current portion	(27,500,000)	(27,500,000)
Total long-term debt net of current portion and deferred finance cost	389,564,000	402,440,000
BNP Paribas/Credit Agricole $130 mil. Facility
Long-Term Debt, net
Long-term debt	110,000,000	120,000,000
Credit facility	130
Alpha Bank $55.25 mil. Facility
Long-Term Debt, net
Long-term debt	51,500,000	55,250,000
Credit facility	55,250,000	55,250,000
Citibank $382.5 mil. Revolving Credit Facility
Long-Term Debt, net
Credit facility	382,500,000	382,500,000
Senior unsecured notes
Long-Term Debt, net
Long-term debt	262,766,000	262,766,000	$ 300,000,000
Citibank/Natwest $815 mil. Facility
Long-Term Debt, net
Credit facility	55,250,000	$ 815,000,000
BNP Paribas/Credit Agricole $130 mil. Facility
Long-Term Debt, net
Credit facility	130,000,000
BNP Paribas/Credit Agricole $130 mil. Facility \| Citibank $382.5 mil. Revolving Credit Facility
Long-Term Debt, net
Credit facility	$ 382,500,000

Long-Term Debt, net - Additiona

Long-Term Debt, net - Additional Information (Details)		1 Months Ended			3 Months Ended		6 Months Ended
Long-Term Debt, net - Additional Information (Details)	Feb. 11, 2021 USD ($)	Jan. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) installment	Jun. 30, 2022 USD ($) item	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($) item	Jun. 30, 2023 USD ($) item	Jun. 30, 2022 USD ($) item
Line of Credit Facility [Line Items]
Carrying value of vessels subject to first preferred mortgages as collateral to credit facilities					$ 1,556,300,000		$ 1,556,300,000
Deferred bond issuance costs			$ 8,100,000		7,200,000		$ 7,200,000
Number of vessels excluding sale and lease back arrangement \| item							24
Early repaid amount							$ 13,750,000	$ 383,125,000
Gain/(loss) on debt extinguishment		$ 2,300,000			(2,254,000)	$ 22,939,000	(2,254,000)	22,939,000
Incurred interest expense							18,500,000	27,400,000
Interest expense capitalized							7,200,000	$ 700,000
TEU sister vessels
Line of Credit Facility [Line Items]
TEU \| item				5,466		5,466		5,466
BNP Paribas/Credit Agricole $130 mil. Facility
Line of Credit Facility [Line Items]
Credit facility					130,000,000		130,000,000
BNP Paribas/Credit Agricole $130 mil. Facility
Line of Credit Facility [Line Items]
Credit facility					130		130
Balloon payment at maturity				$ 67,200,000		$ 67,200,000		$ 67,200,000
Long-term debt			120,000,000		$ 110,000,000		$ 110,000,000
Minimum percentage of fair market value of collateral vessels required to cover loan value					125%		125%
Early repaid amount				130,000,000
BNP Paribas/Credit Agricole $130 mil. Facility \| TEU sister vessels
Line of Credit Facility [Line Items]
Amount of quarterly instalment				1,900,000
BNP Paribas/Credit Agricole $130 mil. Facility \| Eight Quarterly Installment
Line of Credit Facility [Line Items]
Amount of quarterly instalment				$ 5,000,000
BNP Paribas/Credit Agricole $130 mil. Facility \| Non-cumulative compounded RFR rate
Line of Credit Facility [Line Items]
Spread on variable rate				2.16%
Alpha Bank $55.25 mil. Facility
Line of Credit Facility [Line Items]
Credit facility			$ 55,250,000		$ 55,250,000		$ 55,250,000
Term of debt			5 years
Number of quarterly instalments \| installment			20
Amount of quarterly instalment			$ 1,875,000
Balloon payment at maturity			17,750,000
Long-term debt			55,250,000		51,500,000		51,500,000
Alpha Bank $55.25 mil. Facility \| SOFR
Line of Credit Facility [Line Items]
Spread on variable rate								2.30%
Citibank $382.5 mil. Revolving Credit Facility
Line of Credit Facility [Line Items]
Credit facility			$ 382,500,000		382,500,000		382,500,000
Term of debt			5 years
Number of quarterly instalments \| installment			20
Amount of quarterly instalment			$ 11,250,000
Balloon payment at maturity			$ 157,500,000
Outstanding balance					0		0
Commitment fee payable (as a percent)			0.80%
Remaining borrowing availability					360,000,000		360,000,000
Citibank $382.5 mil. Revolving Credit Facility \| SOFR
Line of Credit Facility [Line Items]
Spread on variable rate			2%
Citibank $382.5 mil. Revolving Credit Facility \| BNP Paribas/Credit Agricole $130 mil. Facility
Line of Credit Facility [Line Items]
Credit facility					382,500,000		382,500,000
Senior unsecured notes
Line of Credit Facility [Line Items]
Fixed interest rate (as a percent)	8.50%
Percent of equity offering proceeds within 90 days after the equity offering closing	108.50%
Deferred bond issuance costs	$ 9,000,000
Long-term debt	$ 300,000,000		$ 262,766,000		262,766,000		262,766,000
Company repurchased unsecured senior notes			37,200,000
Senior unsecured notes \| Prior to March 1, 2024
Line of Credit Facility [Line Items]
Percent of principal amount being redeemed	104.25%
Senior unsecured notes \| On or after March 1, 2024
Line of Credit Facility [Line Items]
Percent of principal amount being redeemed	102.125%
Senior unsecured notes \| On or after March 1, 2025
Line of Credit Facility [Line Items]
Percent of principal amount being redeemed	100%
Senior unsecured notes \| Maximum [Member]
Line of Credit Facility [Line Items]
Redemption price (as percent)	35%
Citibank/Natwest $815 mil. Facility
Line of Credit Facility [Line Items]
Credit facility			815,000,000		$ 55,250,000		$ 55,250,000
Outstanding balance			$ 437,750,000
Minimum percentage of fair market value of collateral vessels required to cover loan value					120%		120%
Minimum liquidity					$ 30,000,000		$ 30,000,000
Maximum leverage ratio					6.5		6.5
Minimum interest coverage ratio					2.5		2.5

Long-Term Debt, net - Maturitie

Long-Term Debt, net - Maturities (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Scheduled maturities of long-term debt
June 30, 2024	$ 27,500
June 30, 2025	15,100
June 30, 2026	15,100
June 30, 2027	82,300
March 2028	284,266
Total long-term debt	$ 424,266

Financial Instruments (Details)

Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Financial Instruments
Marketable securities	$ 74,600
Fair Value
Financial Instruments
Cash and cash equivalents	293,331	$ 267,668
Marketable securities	74,600
Book Value
Financial Instruments
Cash and cash equivalents	293,331	267,668
Marketable securities	74,600
Secured long-term debt, including current portion \| Fair Value
Financial Instruments
Long-term debt	161,500	175,250
Secured long-term debt, including current portion \| Book Value
Financial Instruments
Long-term debt	161,500	175,250
Unsecured long-term debt \| Fair Value
Financial Instruments
Long-term debt	263,094	255,868
Unsecured long-term debt \| Book Value
Financial Instruments
Long-term debt	$ 262,766	$ 262,766

Financial Instruments - Interes

Financial Instruments - Interest Rate Swap Hedges (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($) agreement	Jun. 30, 2022 USD ($)
Financial Instruments
Number of agreements held \| agreement	0
Interest rate swap contracts
Financial Instruments
Unrealized losses reclassified from accumulated other comprehensive loss to earnings	$ 1.8	$ 1.8
Unrealized losses expected to be reclassified from accumulated other comprehensive loss to earnings within the next twelve months	$ 3.6

Financial Instruments - Financi

Financial Instruments - Financial Instruments Measured and Not Measured At Fair Value On Recurring Basis (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2023	Dec. 31, 2022
Financial Instruments
Marketable securities		$ 74,600
Deferred finance costs, net		7,200	$ 8,100
Advances payment received for sale of vessels	$ 13,000
(Level I)
Financial Instruments
Cash and cash equivalents		293,331	267,668
Marketable securities		74,600
(Level I) \| Unsecured long-term debt
Financial Instruments
Long-term debt		263,094	255,868
(Level II) \| Secured long-term debt, including current portion
Financial Instruments
Long-term debt		161,500	175,250
Total
Financial Instruments
Cash and cash equivalents		293,331	267,668
Marketable securities		74,600
Total \| Secured long-term debt, including current portion
Financial Instruments
Long-term debt		161,500	175,250
Total \| Unsecured long-term debt
Financial Instruments
Long-term debt		$ 263,094	$ 255,868

Stockholders' Equity (Details)

Stockholders' Equity (Details) $ / shares in Units, $ in Thousands			1 Months Ended	3 Months Ended				6 Months Ended		12 Months Ended
	Dec. 14, 2022 shares	Mar. 16, 2021 shares	Jun. 30, 2022 USD ($) $ / shares shares	Jun. 30, 2023 USD ($) $ / shares shares	Mar. 31, 2023 USD ($) $ / shares	Jun. 30, 2022 USD ($) $ / shares	Mar. 31, 2022 $ / shares	Jun. 30, 2023 USD ($) director $ / shares shares	Jun. 30, 2022 USD ($) director $ / shares shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 shares
Stock Based Compensation
Dividend declared (in US$ per share) \| $ / shares				$ 0.75	$ 0.75	$ 0.75	$ 0.75
Dividend declared (In US$ per share) \| $ / shares			$ 0.75	$ 0.75		$ 0.75		$ 0.75	$ 0.75
Dividends, common stock in cash \| $								$ 30,400	$ 31,100
Common shares issued								20	56
Shares repurchased								597,697		466,955
Value of shares repurchased \| $				$ 33,766	$ 2,196	$ 11,208		$ 36,000		$ 28,600
Number of shares remain unsettled			3,400
Value of shares remain unsettled \| $			$ 200
Maximum number of shares that may be granted				1,000,000				1,000,000
Number of directors who elected to receive their compensation in shares \| director								0	0
General and administrative expenses
Stock Based Compensation
Expenses representing fair value of the stock granted recognized in General and Administrative Expenses \| $								$ 0	$ 200
Maximum
Stock Based Compensation
Shares repurchase program authorized amount \| $			$ 100,000			$ 100,000			$ 100,000
Restricted stock
Stock Based Compensation
Shares issued and outstanding				0				0		0
Employees of the Manager
Stock Based Compensation
Forfeiture of shares										224
Employees of the Manager \| Vesting on december 31, 2021
Stock Based Compensation
Shares granted		40,000
Shares vested		10,000
Number of cancelled shares											1,050
Employees of the Manager \| Vesting on december 31, 2022
Stock Based Compensation
Shares vested								19,076
Employees of the Manager \| Vesting on december 31, 2022 \| Restricted shares
Stock Based Compensation
Shares vested											9,650
Executive officer \| Restricted shares
Stock Based Compensation
Shares granted	100,000

Lease Arrangements (Details)

Lease Arrangements (Details) $ in Thousands	1 Months Ended	6 Months Ended
Lease Arrangements (Details) $ in Thousands	May 31, 2022 USD ($) item	Jun. 30, 2023 USD ($) item
Lease Arrangements
Number of vessels , generated revenue results \| item		68
Amount of charter hire prepayment received	$ 238,900
Number of charter vessels \| item	15
Future minimum payments, expected to be received
Remainder of 2023		$ 454,099
2024		797,810
2025		590,558
2026		409,694
2027		265,290
2028		35,354
Total future rentals		$ 2,552,805

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net income for the period	$ 147,021	$ 146,201	$ 8,224	$ 331,465	$ 293,222	$ 339,689
Denominator (number of shares in thousands):
Basic weighted average common shares outstanding	20,081		20,689		20,214	20,693
Effect of dilutive securities:
Dilutive effect of non-vested shares			19			19
Diluted weighted average common shares outstanding	20,081		20,708		20,214	20,712

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	6 Months Ended
Related Party Transactions (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2022	Jan. 31, 2023	Dec. 31, 2022
Related Party Transactions
Due from related parties	$ 32,912,000			$ 34,002,000
Prior service cost and periodic cost	886,000
Due to executive officers	28,220,000			16,422,000
Manager
Related Party Transactions
Supervision fees for vessels capitalized	1,100,000			0
Due from related parties	32,900,000			34,000,000
Manager \| General and administrative expenses
Related Party Transactions
Management fees	10,500,000	$ 10,900,000
Manager \| Voyage expenses
Related Party Transactions
Commissions	5,700,000	6,300,000
Manager \| Gain on sale of vessels
Related Party Transactions
Commission on sale of vessels (Percentage)			0.50%
Commission on sale of vessels			$ 25,600
Executive officer
Related Party Transactions
Prior service cost and periodic cost		$ 0
Other current liabilities \| Executive officer
Related Party Transactions
Advances related to a defined benefit executive retirement plan				6,800,000
Other long-term liabilities \| Executive officer
Related Party Transactions
Remaining defined benefit obligation	6,800,000			6,400,000
Accounts payable \| Executive officer
Related Party Transactions
Prior service cost and periodic cost	900,000
Due to executive officers	$ 0			$ 100,000

Cash, Cash Equivalents and Re_3

Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents	$ 293,331	$ 319,573	$ 267,668	$ 129,410
Restricted cash, current		13,000		346
Total	293,331	332,573	$ 267,668	$ 129,756
Debt repayments related to Eurobank	$ 30,000
Advances payment received for sale of vessels		$ 13,000

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, $ in Thousands			3 Months Ended
	Sep. 01, 2023 $ / shares	Jun. 30, 2023 USD ($) shares	Jun. 30, 2023 $ / shares	Mar. 31, 2023 USD ($) $ / shares	Jun. 30, 2022 USD ($) $ / shares	Mar. 31, 2022 $ / shares	Jul. 31, 2023 USD ($) item
Subsequent Events
Dividend declared (in US$ per share) \| $ / shares			$ 0.75	$ 0.75	$ 0.75	$ 0.75
Issuance of common stock				$ 1	$ 5
Share repurchase program \| Common Stock
Subsequent Events
Number of shares sold \| shares		15,895
Issuance of common stock		$ 1,000
Subsequent events
Subsequent Events
Aggregate of DWT \| item							879,306
Aggregate amount of carriers build							$ 103,000
Dividend declared (in US$ per share) \| $ / shares	$ 0.75