Danaos Corporation (NYSE:DAC) Q1 2024 Earnings Conference Call May 28, 2024 9:00 AM ET
Company Participants
John Coustas - CEO
Evangelos Chatzis - CFO
Conference Call Participants
Omar Nokta - Jefferies
Operator
Good day, and welcome to the Danaos Corporation Conference Call to discuss the financial results for the Three Months ended March 31, 2024. As a reminder, today's call is being recorded.
Hosting the call today is Dr. John Coustas, Chief Executive Officer of Danaos Corporation; and Mr. Evangelos Chatzis, Chief Financial Officer of Danaos Corporation.
Dr. Coustas and Mr. Chatzis will be making some introductory comments, and then we will open the call to a question-and-answer session.
Evangelos Chatzis
Thank you, operator, and good morning to everyone and thank you for joining us today. Before we begin, I quickly want to remind everyone that management's remarks this morning may contain certain forward-looking statements and that actual results could differ materially from those projected today. These forward-looking statements are made as of today, and we undertake no obligation to update them. Factors that might affect future results are discussed in our filings with the SEC, and we encourage you to review these detailed safe harbor and risk factor disclosures.
Please also note that where we feel appropriate, we will continue to refer to non-GAAP financial measures such as EBITDA, adjusted EBITDA, adjusted net income, time charter equivalent revenues and time charter equivalent dollars per day to evaluate our business. Reconciliations of non-GAAP financial measures to GAAP financial measures are included in our earnings release and accompanying materials.
With that, let me now turn the call over to Dr. John Coustas, who will provide the broad overview of the quarter. John?
John Coustas
Thank you, Evangelos. Good morning, and thank you for joining today's call to discuss our results for first quarter of 2024.
The container market continued to strengthen in the first quarter of 2024, a trend that has continued into the second quarter. Both charter and box rates are gaining momentum, and we have completed all necessary rechartering activity in excess of our internal forecasts. The renewed optimism in the market extends to the longer-term view of the charterers, who are making charter commitments on newbuilding vessels with deliveries scheduled from 2025 through end of 2027.
Following the recent placement of an order for an additional two 8,250 TEU vessels for 2027 delivery, our newbuilding order book currently consists of 14 vessels, totaling 108,000 TEU, two of which have already been delivered to us. More importantly, we have now secured multi-year chartering agreements for all our vessels on order, while we have also extended charters of certain existing vessels.