Danaos Corporation (NYSE:DAC) Q3 2024 Earnings Conference Call November 12, 2024 9:00 AM ET
Company Participants
Evangelos Chatzis - CFO
John Coustas - CEO
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 September 30th, 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. You may begin.
Evangelos Chatzis
Thank you, operator, and good morning to everyone, and thank you for joining today's call. 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 the 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 the accompanying materials.
Now, let me turn the call over to Dr. John Coustas, who will provide a broader overview of the quarter. John?
John Coustas
Thank you, Evangelos. Good morning and thank you all for joining today's call to discuss our results for third quarter of 2024. The container market remained very strong in the third quarter of 2024, allowing us to add over $300 million to our contracted charter backlog, which presently stands at $3.3 billion.
Importantly, all 14 of our newbuildings on order are fixed for five years, except for two that are fixed for two years. We have excellent earnings visibility as we have covered 100% of our container vessel fleet operating days for 2024, 94% for 2025, and 73% for 2026.
The dry bulk market has been uncharacteristically soft lately, which can be attributed to disruption of seasonal patterns throughout the year as well as a decrease in Chinese steel production. Our dry bulk fleet performed reasonably well during the quarter and we're expecting freight rates to gradually improve as we move into 2025.