Danaos Corp 6-K, filed Jun 18, 2026

Danaos Corp (DAC)

6-K 2026-06-18 For: 2026-06-18

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Added on June 18, 2026

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Danaos Corp filed this 6-K on June 18, 2026.

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	99.1			Proxy Statement for the 2026 Annual Meeting of Stockholders
	99.2			Proxy and Notice Cards for the 2026 Annual Meeting of Stockholders
	99.3			2025 Annual Report

	Number of Shares of Common Stock Owned		Percentage of Common Stock
Executive Officers and Directors:
John Coustas(1) Chairman, President and Chief Executive Officer		9,538,502		52.4%
Iraklis Prokopakis Vice Chairman of the Board of Directors		194,693		1.1%
Evangelos Chatzis Chief Financial Officer, Treasurer and Secretary		50,000		*
Dimitris Vastarouchas Chief Operating Officer		—		*
Filippos Prokopakis Chief Commercial Officer		4,001		*
Petros Christodoulou Director		—		—
Myles R. Itkin Director		4,000		*
Charalampos Pampoukis Director		—		—
Richard Sadler Director		—		—
All executive officers and directors as a group (9 persons)		9,791,196		53.8%
5% Beneficial Owners:
Danaos Investment Limited as Trustee of the 883 Trust(2)		9,538,502		52.4%

Name	Age(1)	Positions	Director Since
Iraklis Prokopakis(2)(5)	75	Vice Chairman and Class II Director – Term to Expire in 2029	1998
Petros Christodoulou(3)(4)(5)	65	Class II Director – Term to Expire in 2029	2018

Name	Age(1)	Positions	Director Since
Dr. John Coustas	70	President, Chief Executive Officer, Chairman and Class I Director – Term to Expire in 2027	1998
Myles R. Itkin(2)(4)	78	Class I Director – Term to Expire in 2027	2006
Charalampos Pampoukis(2)(3)(4)	67	Class III Director – Term to Expire in 2028	2025
Richard Sadler(3)(5)	64	Class III Director – Term to Expire in 2028	2022

Name	Age(1)	Positions
Dr. John Coustas	70	President and Chief Executive Officer
Evangelos Chatzis	52	Chief Financial Officer, Treasurer and Secretary
Filippos Prokopakis	43	Chief Commercial Officer
Dimitris Vastarouchas	58	Chief Operating Officer

¨	REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

x	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2025

OR

¨	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the transition period from to

OR

¨	SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common stock, $0.01 par value per share		DAC		New York Stock Exchange


	Page
FORWARD-LOOKING INFORMATION	2
PART I	4
Item 1. Identity of Directors, Senior Management and Advisers	4
Item 2. Offer Statistics and Expected Timetable	4
Item 3. Key Information	5
RISK FACTORS	6
Item 4. Information on the Company	39
Item 4A. Unresolved Staff Comments	60
Item 5. Operating and Financial Review and Prospects	60
Item 6. Directors, Senior Management and Employees	95
Item 7. Major Shareholders and Related Party Transactions	102
Item 8. Financial Information	109
Item 9. The Offer and Listing	110
Item 10. Additional Information	110
Item 11. Quantitative and Qualitative Disclosures About Market Risk	125
Item 12. Description of Securities Other than Equity Securities	125
PART II	126
Item 13. Defaults, Dividend Arrearages and Delinquencies	126
Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds	126
Item 15. Controls and Procedures	126
Item 16A. Audit Committee Financial Expert	129
Item 16B. Code of Ethics	129
Item 16C. Principal Accountant Fees and Services	129
Item 16D. Exemptions from the Listing Standards for Audit Committees	130
Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers	130
Item 16F. Change in Registrant’s Certifying Accountant	131
Item 16G. Corporate Governance	131
Item 16H. Mine Safety Disclosure	131
Item 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	131
Item 16J. Insider Trading Policies	131
Item 16K. Cybersecurity	131
PART III	133
Item 17. Financial Statements	133
Item 18. Financial Statements	133
Item 19. Exhibits	133

	As of December 31, 2025
	Actual			As Adjusted
	(US Dollars in thousands)
Capitalization
Debt:
Senior unsecured notes due 2028 (3)	$	262,766		$	262,766
Senior unsecured notes due 2032		500,000			500,000
JOLCO Phoebe Facility		79,806			79,806
JOLCO Greenhouse Facility		—			80,000
Syndicated $450 mil. Facility (4)		335,210			335,210
Syndicated $850 mil. Facility		—			—
Citibank $382.5 mil. Revolving Credit Facility		—			—
Total debt (1) (2)	$	1,177,782		$	1,257,782
Stockholders’ equity:
Preferred stock, par value $0.01 per share; 100,000,000 preferred shares authorized and none issued; actual and as adjusted		—			—
Common stock, par value $0.01 per share; 750,000,000 shares authorized; 25,790,190 shares issued and 18,264,294 shares outstanding actual; and 25,790,190 shares issued and 18,203,475 shares outstanding as adjusted		183			182
Additional paid-in capital		591,584			585,638
Accumulated other comprehensive loss		(71,412	)		(71,412	)
Retained earnings (5)		3,275,222			3,275,222
Total stockholders’ equity		3,795,577			3,789,630
Total capitalization	$	4,973,359		$	5,047,412

Vessel Details				Charter Arrangements
	Year	Size		Expiration of	Contracted Employment	Charter		Extension Options⁽⁴⁾
Vessel Name	Built	(TEU)		Charter ⁽¹⁾	through ⁽²⁾	Rate ⁽³⁾		Period	Charter Rate
Ambition	2012		13,100	April 2027	April 2027	$	51,500	+ 6 months	$	51,500
								+ 10.5 to 13.5 months	$	51,500
								+ 9 to 12 months	$	51,500
Speed	2012		13,100	March 2027	March 2027	$	51,500	+ 6 months	$	51,500
								+ 10.5 to 13.5 months	$	51,500
								+ 9 to 12 months	$	51,500
Kota Plumbago	2012		13,100	July 2027	July 2027	$	54,000	+ 3 to 26 months	$	54,000
Kota Primrose	2012		13,100	April 2027	April 2027	$	54,000	+ 3 to 26 months	$	54,000
Kota Peony	2012		13,100	March 2027	March 2027	$	54,000	+ 3 to 26 months	$	54,000
Express Rome	2011		10,100	November 2027	November 2027	$	37,000
				November 2030	November 2030	$	35,000	+ 2 months	$	35,000
Express Berlin	2011		10,100	December 2029	December 2026	$	33,000
					December 2029	$	45,500	+ 4 months	$	45,500
Express Athens	2011		10,100	October 2030	November 2027	$	37,000
					October 2030	$	35,000	+ 2 months	$	35,000
Le Havre	2006		9,580	June 2028	June 2028	$	58,500	+ 4 months	$	58,500
Pusan C	2006		9,580	May 2028	May 2028	$	58,500	+ 4 months	$	58,500
Bremen	2009		9,012	January 2028	January 2028	$	56,000	+ 4 months	$	56,000
C Hamburg	2009		9,012	January 2028	January 2028	$	56,000	+ 4 months	$	56,000
Niledutch Lion	2008		8,626	May 2026	May 2026	$	47,500
				May 2028	May 2028	$	40,500	+ 1 month	$	40,500
Belita	2006		8,533	June 2028	June 2028	$	37,000	+ 3 months	$	37,000

						Minimum
	Expected				Expected	Charter	Charter		Extension Options⁽³⁾
Hull Number	Year Built	Size (TEU)		Shipyard	Delivery Period	Duration⁽¹⁾	rate⁽²⁾		Period	Charter Rate⁽²⁾
CV5900-09	2027		6,014	Qingdao Yangfan	Q2 2027	4.8 years	$	34,900	+ 4 months	$	34,900
									+ 9 to 11 months	$	34,900
									+ 10 to 12 months	$	34,900
YZJ2023-1556	2026		8,258	Yangzijiang	Q3 2026	5 years	$	42,000	+ 3 months	$	42,000
				Jiangsu NewYangzi					+ 19.5 to 22.5 months	$	42,000
YZJ2023-1557	2026		8,258	Yangzijiang	Q4 2026	5 years	$	42,000	+ 3 months	$	42,000
				Jiangsu NewYangzi					+ 19.5 to 22.5 months	$	42,000
YZJ2024-1612	2026		8,258	Yangzijiang	Q4 2026	5 years	$	42,000	+ 3 months	$	42,000
				Jiangsu NewYangzi					+ 19.5 to 22.5 months	$	42,000
YZJ2024-1613	2027		8,258	Yangzijiang	Q2 2027	5 years	$	42,000	+ 3 months	$	42,000
				Jiangsu NewYangzi					+ 19.5 to 22.5 months	$	42,000
YZJ2024-1625	2027		8,258	Yangzijiang	Q2 2027	5 years	$	42,000	+ 3 months	$	42,000
				Jiangsu NewYangzi					+ 19.5 to 22.5 months	$	42,000
YZJ2024-1626	2027		8,258	Yangzijiang	Q3 2027	5 years	$	42,000	+ 3 months	$	42,000
				Jiangsu NewYangzi					+ 19.5 to 22.5 months	$	42,000
YZJ2024-1668	2027		8,258	Yangzijiang	Q3 2027	5 years	$	42,000	+ 3 months	$	42,000
				Jiangsu NewYangzi					+ 19.5 to 22.5 months	$	42,000
C9200-7	2027		9,200	Dalian Shanhaiguan	Q1 2027	4.8 years	$	50,000	+ 4 months	$	50,000
									+ 20 to 24 months	$	50,000
C9200-8	2027		9,200	Dalian Shanhaiguan	Q2 2027	4.8 years	$	50,000	+ 4 months	$	50,000
									+ 20 to 24 months	$	50,000
C9200-9	2027		9,200	Dalian Shanhaiguan	Q4 2027	4.8 years	$	50,000	+ 4 months	$	50,000
									+ 20 to 24 months	$	50,000
C9200-10	2028		9,200	Dalian Shanhaiguan	Q2 2028	4.8 years	$	50,000	+ 4 months	$	50,000
									+ 20 to 24 months	$	50,000
C9200-11	2028		9,200	Dalian Shanhaiguan	Q3 2028	4.8 years	$	50,000	+ 4 months	$	50,000
									+ 20 to 24 months	$	50,000
H2596	2027		9,200	CSSC Huangpu	Q3 2027	6 years	$	48,500	+12 months	$	48,500
				Wenchong					+ 28 to 32 months	$	48,500
H2597	2027		9,200	CSSC Huangpu	Q4 2027	6 years	$	48,500	+12 months	$	48,500
				Wenchong					+ 28 to 32 months	$	48,500
C7100-9⁽⁴⁾	2027		7,165	Dalian Shanhaiguan	Q3 2027	5 years	$	38,500	+ 6 months	$	38,500
									+ 34 to 38 months	$	38,500
C7100-10⁽⁴⁾	2027		7,165	Dalian Shanhaiguan	Q3 2027	5 years	$	38,500	+ 6 months	$	38,500
									+ 34 to 38 months	$	38,500
S1162⁽⁵⁾	2027		1,800	Nantong CIMC	Q4 2027	9.9 years	$	16,500	+ 3 months	$	16,500
				Sinopacific					+ 21.5 to 23.5 months	$	16,500
									+ 10 to 12 months	$	16,500
S1163⁽⁵⁾	2028		1,800	Nantong CIMC	Q1 2028	9.9 years	$	16,500	+ 3 months	$	16,500
				Sinopacific					+ 21.5 to 23.5 months	$	16,500
									+ 10 to 12 months	$	16,500
S1164⁽⁵⁾	2028		1,800	Nantong CIMC	Q2 2028	9.9 years	$	16,500	+ 3 months	$	16,500
				Sinopacific					+ 21.5 to 23.5 months	$	16,500
									+ 10 to 12 months	$	16,500
S1165⁽⁵⁾	2028		1,800	Nantong CIMC	Q3 2028	9.9 years	$	16,500	+ 3 months	$	16,500
				Sinopacific					+ 21.5 to 23.5 months	$	16,500
									+ 10 to 12 months	$	16,500
S1166⁽⁵⁾	2028		1,800	Nantong CIMC	Q4 2028	—		—	—		—
				Sinopacific
S1167⁽⁵⁾	2029		1,800	Nantong CIMC	Q1 2029	—		—	—		—
				Sinopacific
H2638⁽⁵⁾	2028		5,300	CSSC Huangpu	Q4 2028	—		—	—		—
				Wenchong
H2639⁽⁵⁾	2029		5,300	CSSC Huangpu	Q1 2029	—		—	—		—
				Wenchong
H2640⁽⁶⁾	2029		5,300	CSSC Huangpu	Q1 2029	—		—	—		—
				Wenchong
H2641⁽⁶⁾	2029		5,300	CSSC Huangpu	Q2 2029	—		—	—		—
				Wenchong

	Year	Capacity
Vessel Name	Built	(DWT)⁽¹⁾
Genius	2012		175,580
Danaos ⁽²⁾	2011		176,536
Ingenuity	2011		176,022
Achievement	2011		175,966
Valentine ⁽³⁾	2011		175,125
Gouverneur ⁽³⁾	2010		178,043
Integrity	2010		175,966
Peace	2010		175,858
E Trader	2009		175,886
W Trader	2009		175,879
Capesize drybulk vessel⁽⁴⁾	2009		182,425

			Expected
	Capacity		Delivery
Hull Number	(DWT) ⁽¹⁾		Year
DJCFD010 ⁽²⁾		211,000	2028
DJCFD011 ⁽²⁾		211,000	2028
DJCFD016 ⁽²⁾		211,000	2028
DJCFD017 ⁽²⁾		211,000	2028

	2026			2027-2028			2029-2030			2031-2038			Total
Number of vessels available for re-employment in the respective period (1)		2			49			24			25			100
TEU’s on vessels available for re-employment in the respective period		8,068			319,584			137,681			176,108
Contracted operating days (2)		27,196			44,272			24,796			22,395
Total operating days (2)		27,340			60,943			66,726			233,900
Contracted operating days/Total operating days		99.5	%		72.6	%		37.2	%		9.6	%

Number of Vessels		2026				2027-2028				2029-2030				2031-2038				Total
96		$	945.8			$	1,602.0			$	914.7			$	690.9			$	4,153.4

	Year ended December 31,
	2025			2024			2023
	In USD thousands, except per share amounts
	and other data
STATEMENT OF INCOME
Operating revenues		1,042,456			1,014,110			973,583
Operating expenses, net		(543,690	)		(473,226	)		(392,922	)
Income from operations		498,766			540,884			580,661
Total other income/(expenses), net		(4,152	)		(35,811	)		(4,362	)
Income taxes		—			—			—
Net income		494,614			505,073			576,299
PER SHARE DATA
Basic earnings per share of common stock	$	26.83		$	26.15		$	28.99
Diluted earnings per share of common stock	$	26.76		$	26.05		$	28.95
Basic weighted average number of shares (in thousands)		18,432			19,316			19,879
Diluted weighted average number of shares (in thousands)		18,480			19,385			19,904
Dividends declared per share	$	3.45		$	3.25		$	3.05
CASH FLOW DATA
Net cash provided by operating activities		644,753			621,750			576,292
Net cash used in investing activities		(325,696	)		(650,789	)		(338,528	)
Net cash provided by/(used in) financing activities		264,851			210,614			(233,623	)
Net increase in cash and cash equivalents		583,908			181,575			4,141
OTHER DATA
Number of containerships at year end		75			73			68
TEU capacity of containerships at year end		477,491			465,463			421,293
Number of Capesize bulk carriers at year end		10			10			7
DWT capacity of Capesize bulk carriers at year end		1,760,861			1,760,861			1,231,157

	Container vessels			Dry bulk vessels
Income Statement Metrics for the year ended December 31, 2025	segment			segment			Total
	(in ‘000s of US$)
Operating revenues	$	955,433		$	87,023		$	1,042,456
Voyage expenses		(35,741	)		(27,320	)		(63,061	)
Vessel operating expenses		(180,847	)		(27,932	)		(208,779	)
Depreciation		(150,075	)		(13,291	)		(163,366	)
Amortization of deferred drydocking and special survey costs		(35,114	)		(8,960	)		(44,074	)
Interest income (excluding interest income from investments in affiliates)		19,413			2			19,415
Interest expense		(42,842	)		—			(42,842	)
Other segment items⁽¹⁾		(69,281	)		(6,169	)		(75,450	)
Net Income per segment	$	460,946		$	3,353		$	464,299
Gain on investments, dividend income, interest income from investments in affiliates and loss on equity investments								30,315
Net Income							$	494,614

	Container vessels		Dry bulk vessels
Balance Sheet Metrics as of December 31, 2025	segment		segment		Total
	(in ‘000s of US$)
Total Assets per segment	$	4,717,465	$	275,965	$	4,993,430
Marketable Securities ⁽¹⁾						120,244
Receivable from affiliates ⁽¹⁾						256
Total Assets					$	5,113,930


Payments due by year ending	US$ mil.
December 31, 2026	$	502.4
December 31, 2027		763.7
December 31, 2028		239.5
December 31, 2029		42.5
Total contractual commitments	$	1,548.1

	Year ended			Year ended			Year ended
	December 31, 2025			December 31, 2024			December 31, 2023
	(In thousands)
Net cash provided by operating activities	$	644,753		$	621,750		$	576,292
Net cash used in investing activities	$	(325,696	)	$	(650,789	)	$	(338,528	)
Net cash provided by/(used in) financing activities	$	264,851		$	210,614		$	(233,623	)

	Year ended			Year ended
	December 31,			December 31,
Container vessels segment TCE rate	2025			2024
Ownership Days		27,039			25,684
Less Off-hire Days:
Scheduled Off-hire Days		(430	)		(525	)
Other Off-hire Days		(44	)		(198	)
Operating Days		26,565			24,961

Operating Revenues (in ‘000s of US$)	$	955,433		$	937,077
Less: Voyage Expenses excluding commissions (in ‘000s of US$)		(1,972	)		746
Time Charter Equivalent Revenues (in ‘000s of US$)	$	953,461		$	937,823
Time Charter Equivalent US$/per day	$	35,892		$	37,572

	Outstanding
	Principal
	Amount
	as of December 31,
	2025
Credit Facility	(in millions of US$)		Collateral Vessels and Under Construction Hulls
Syndicated $450.0 mil. Facility	$	335.2	Catherine C, Greenland, Greenville, Greenfield, Interasia Accelerate and Interasia Amplify
Citibank $382.5 mil. Revolving Credit Facility	$	—	Express Berlin, Express Rome, Express Athens, Kota Plumbago, Speed, Ambition, Pusan C, Le Havre, Europe, America, CMA CGM Musset, Racine, CMA CGM Rabelais, CMA CGM Nerval, YM Maturity and YM Mandate
Syndicated $850.0 mil. Facility	$	—	Hull No. YZJ2023-1556, Hull No. YZJ2023-1557, Hull No. YZJ2024-1612, Hull No. YZJ2024-1613, Hull No. YZJ2024-1625, Hull No. YZJ2024-1626, Hull No. YZJ2024-1668, Hull No. C9200-7, Hull No. C9200-8, Hull No. C9200-9, Hull No. C9200-10, Hull No. C9200-11, Hull No. H2596 and Hull No. H2597
JOLCO Greenhouse Facility⁽¹⁾	$	—	Greenhouse
JOLCO Phoebe Facility	$	79.8	Phoebe
2028 Senior Notes	$	262.8	None
2032 Senior Notes	$	500.0	None

	Principal
	Repayments
Payments due by year ending	(in millions of US$)
December 31, 2026*	$	285.4
December 31, 2027		23.4
December 31, 2028*		23.5
December 31, 2029		278.5
December 31, 2030		3.8
December 31, 2031 and thereafter		563.2
Total long-term debt	$	1,177.8

	Payments Due by Period
	Less than
			1 year		2-3 years		4-5 years		6-8 years
	Total		(2026)		(2027-2028)		(2029-2030)		(2031-2033)
	in thousands of US$
Long-term debt obligations of contractual fixed debt principal repayments (1)	$	1,177,782		285,448		46,897		282,289		563,148
Interest on long-term debt obligations (2)	$	336,056		62,400		110,029		87,959		75,668
Commitment fees (3)	$	3,228		1,858		1,370		—		—
Payments to our Manager and Danaos Chartering (4)	$	74,122		74,122		—		—		—
Payments to shipyards for newbuilding vessels (5)	$	1,548,115		502,414		1,003,151		42,550		—
Payments for acquisition of drybulk vessel (6)	$	21,250		21,250		—		—		—
Total	$	3,160,553	$	947,492	$	1,161,447	$	412,798	$	638,816

					Net Book Value		Net Book Value
					December 31, 2025		December 31, 2024
	Capacity in		Year		(In thousands		(In thousands
Vessel	TEUs/DWT		Built		of Dollars)		of Dollars)
Kota Peony (2)(3)		13,100		2012	$	107,212	$	113,029
Kota Primrose (2)(3)		13,100		2012		107,349		113,149
Kota Plumbago (2)(3)		13,100		2012		108,579		114,406
Speed (2)(3)		13,100		2012		109,354		115,217
Ambition (2)(3)		13,100		2012		109,875		115,774
Express Berlin (2)		10,100		2011		84,868		89,678
Express Rome (2)		10,100		2011		86,118		91,001
Express Athens (2)(3)		10,100		2011		86,304		91,176
Le Havre		9,580		2006		41,302		43,058
Pusan C		9,580		2006		40,441		43,192
Bremen		9,012		2009		26,652		27,604
C Hamburg		9,012		2009		26,650		26,834
Niledutch Lion		8,626		2008		22,784		23,775
Kota Manzanillo		8,533		2005		19,259		20,171
Belita		8,533		2006		43,997		46,396
CMA CGM Melisande (2)		8,530		2012		74,170		77,144
CMA CGM Attila (2)		8,530		2011		70,163		72,915
CMA CGM Tancredi (2)		8,530		2011		71,611		74,518
CMA CGM Bianca (2)		8,530		2011		72,232		75,059
CMA CGM Samson (2)		8,530		2011		72,670		74,530
America		8,468		2004		31,279		33,686
Europe		8,468		2004		30,542		32,913
Kota Santos		8,463		2005		20,799		21,910
Catherine C		8,010		2024		97,597		100,705
Greenland		8,010		2024		97,978		100,639
Greenville		8,010		2024		98,852		101,987
Greenfield		8,010		2024		99,849		102,980
Interasia Accelerate		7,165		2024		83,730		86,420
Interasia Amplify		7,165		2024		84,902		87,610
CMA CGM Moliere (2)		6,500		2009		50,420		53,428
CMA CGM Musset (2)		6,500		2010		51,338		54,380
CMA CGM Nerval (2)		6,500		2010		51,872		54,921
CMA CGM Rabelais (2)		6,500		2010		52,489		55,536
Racine (2)		6,500		2010		53,026		55,216
YM Mandate (2)		6,500		2010		53,719		56,940
YM Maturity (2)		6,500		2010		54,635		57,867
Savannah		6,402		2002		8,663		8,730
Dimitra C		6,402		2002		8,754		8,821
Phoebe		6,014		2025		62,356		—
Greenhouse		6,014		2025		65,271		—
Suez Canal (2)		5,610		2002		27,337		30,458
Kota Lima		5,544		2002		27,815		30,888
Wide Alpha		5,466		2014		47,081		49,301
Stephanie C		5,466		2014		47,246		49,478
Euphrates		5,466		2014		47,041		49,221
Wide Hotel		5,466		2015		48,683		50,904
Wide India		5,466		2015		48,665		50,866
Wide Juliet		5,466		2015		48,702		50,898
Seattle C		4,253		2007		9,164		9,510
Vancouver		4,253		2007		9,263		9,613
Rio Grande		4,253		2008		10,378		10,788
Paolo (ex Merve A)		4,253		2008		10,790		11,226
Kingston		4,253		2008		11,075		11,539
Monaco		4,253		2009		11,274		11,756
Dalian		4,253		2009		11,686		12,188
Jamaica (ex Luanda)		4,253		2009		12,130		12,652
Derby D		4,253		2004		5,346		5,381
Tongala		4,253		2004		5,284		5,315
Dimitris C		3,430		2001		4,864		4,933
Express Brazil		3,400		2010		6,240		6,398
Express France		3,400		2010		6,276		6,395
Express Spain		3,400		2011		6,477		6,634
Express Argentina		3,400		2010		6,213		6,369
Express Black Sea		3,400		2011		6,573		6,737
Colombo		3,314		2004		7,590		7,959
Singapore		3,314		2004		7,723		8,084
Zebra		2,602		2001		3,884		3,949
Artotina		2,524		2001		3,769		3,851
Advance		2,200		1997		2,777		2,822
Future		2,200		1997		2,745		2,793
Sprinter		2,200		1997		2,763		2,808
Progress C		2,200		1998		2,802		2,849
Bridge		2,200		1998		2,794		2,837
Highway		2,200		1998		2,793		2,833
Phoenix D		2,200		1997		2,802		2,869
Integrity (1)		175,966		2010		18,988		20,052
Achievement (1)		175,966		2011		19,059		20,113
Ingenuity (1)		176,022		2011		20,659		21,744
Genius (1)		175,580		2012		21,271		22,342
Peace (1)		175,858		2010		18,297		19,340
W Trader (1)		175,879		2009		17,569		18,594
E Trader (1)		175,886		2009		17,659		18,679
Gouverneur (1)		178,043		2010		26,036		27,419
Valentine (1)		175,125		2011		26,641		28,217
Danaos (1)		176,536		2011		25,818		27,392
Total					$	3,269,703	$	3,290,309

Name	Age	Position
Dr. John Coustas	69	President, Chief Executive Officer and Class I Director
Iraklis Prokopakis	75	Vice Chairman and Class II Director
Evangelos Chatzis	52	Vice President, Chief Financial Officer, Treasurer and Secretary
Dimitris Vastarouchas	58	Vice President and Chief Operating Officer
Filippos Prokopakis	43	Chief Commercial Officer
Petros Christodoulou	65	Class I Director
Myles R. Itkin	78	Class I Director
Charalampos Pampoukis	66	Class III Director
Richard Sadler	64	Class III Director


	Number of
	Shares of		Percentage
	Common		of
	Stock		Common
	Owned		Stock
Executive Officers and Directors:
John Coustas(1) Chairman, President and Chief Executive Officer		9,538,502		52.4	%
Iraklis Prokopakis Vice Chairman of the Board of Directors		195,000		1.1	%
Evangelos Chatzis Chief Financial Officer, Treasurer and Secretary		50,000		*
Dimitris Vastarouchas Chief Operating Officer		—		—
Filippos Prokopakis Chief Commercial Officer		4,001		*
Myles R. Itkin Director		4,000		*
Charalampos Pampoukis Director		—		—
Petros Christodoulou Director		—		—
Richard Sadler Director		—		—
All executive officers and directors as a group (9 persons)		9,791,503		53.8	%
5% Beneficial Owners:
Danaos Investment Limited as Trustee of the 883 Trust(2)		9,538,502		52.4	%

	2025		2024
	(in thousands of dollars)
Audit fees	$	529.8	$	396.4
Tax fees		26.9		—
Total fees	$	556.7	$	396.4

							Maximum
							approximate Dollar
					Total number of		value of shares that
					shares purchased		may yet be
					as part of publicly		purchased under the
	Total number of		Average price paid		announced		program
Period	shares purchased		per share (in US$)		program		(in US$ million)
January 2 to January 31, 2025		158,876	$	79.09		2,417,974	$	34.4
February 1 to February 28, 2025		164,030	$	81.91		2,582,004	$	20.9
March 3 to March 20, 2025		90,549	$	79.68		2,672,553	$	13.7
April 3 to April 30, 2025		264,605	$	73.46		2,937,158	$	94.3
November 3 to November 24, 2025		127,359	$	93.42		3,064,517	$	82.4
December 10 to December 31, 2025		122,108	$	94.23		3,186,625	$	70.9
Total		927,527	$	82.00		3,186,625	$	70.9
Period
January 2 to January 31, 2026		60,559	$	97.76		3,247,184	$	65.0
February 1 to February 5, 2026		260	$	100.0		3,247,444	$	64.9
Total		60,819	$	97.77		3,247,444	$	64.9

Number		Description

1.1		Restated Articles of Incorporation of Danaos Corporation, as amended by Articles of Amendment dated August 10, 2018 and Articles of Amendment dated May 1, 2019 (incorporated by reference to Exhibit 1.1 to the Company’s Annual Report on Form 20-F for the year ended December 31, 2019 filed with the SEC on February 27, 2020)

1.2		Amended and Restated Bylaws of Danaos Corporation (incorporated by reference to the Company’s Form 6-K filed with the SEC on September 23, 2009)

2.1		Description of Securities (incorporated by reference to Exhibit 2.1 to the Company’s Annual Report on Form 20-F for the year ended December 31, 2021 filed with the SEC on March 3, 2022)

2.2		Indenture, dated as of February 11, 2021, between Danaos Corporation and Citibank, N.A., London Branch, as trustee, paying agent, registrar and transfer agent, including form of Danaos Corporation 8.500% Senior Notes due 2028 (incorporated by reference to the Company’s Report on Form 6-K filed with the SEC on February 17, 2021)

2.3		Indenture, dated as of October 16, 2025, between Danaos Corporation and Citibank, N.A., London Branch, as trustee, paying agent, registrar and transfer agent, including form of Danaos Corporation 6.875% Senior Notes due 2032 (incorporated by reference to Exhibit 99.1 to the Company’s Report on Form 6-K filed with the SEC on October 16, 2025)

4.1		Amended and Restated Management Agreement, dated August 1, 2025, between Danaos Corporation and Danaos Shipping Company Limited (incorporated by reference to Exhibit 99.2 to the Company’s Report on Form 6-K filed with the SEC on August 5, 2025)

4.2		Amended and Restated Brokerage Services Agreement, dated August 1, 2025, between Danaos Corporation and Danaos Chartering Services Inc. (incorporated by reference to Exhibit 99.3 to the Company’s Report on Form 6-K filed with the SEC on August 5, 2025)

4.3		Amended and Restated Restrictive Covenant Agreement, dated February 3, 2025, among Danaos Corporation, Dr. John Coustas and Danaos Investment Limited as the Trustee of the 883 Trust (incorporated by reference to Exhibit 4.3 to the Company’s Annual Report on Form 20-F for the year ended December 31, 2024 filed with the SEC on March 5, 2025)

4.4		Amended and Restated Danaos Corporation 2006 Equity Compensation Plan (incorporated by reference to Exhibit 99.2 to the Company’s Form 6-K filed on August 6, 2019)

4.5		Amended and Restated Directors’ Share Payment Plan
4.6		2006 Equity Compensation Plan (incorporated by reference to the Company’s Registration Statement on Form F-1 (Reg. No. 333-137459) filed with the SEC September 19, 2006) and Amendment No. 1 to 2006 Equity Compensation Plan (incorporated by reference to the Company’s Annual Report on Form 20-F for the year ended December 31, 2016 filed with the SEC on March 6, 2017)

4.7		Facility Agreement for $382.5 million Senior Secured Revolving Credit Facility, dated December 1, 2022, between Danaos Corporation, as a borrower, certain of its subsidiaries as guarantors, and Citibank N.A. as lender (incorporated by reference to Exhibit 4.6 to the Company’s Annual Report on Form 20 - F for the year ended December 31, 2022 filed with the SEC on March 9, 2023)

4.8		Facility Agreement for $450 million Senior Secured Credit Facility, dated March 19, 2024, between Danaos Corporation, as a borrower, certain of its subsidiaries as guarantors, and Citibank N.A. London Branch, as Coordinator, Citibank N.A. London Branch, BNP Paribas and KFW IPEX-Bank GMBH, as Mandated Lead Arrangers and Bookrunners ALPHA BANK S.A., as Mandated Lead Arranger, with Citibank Europe plc, UK Branch, As Agent, Citibank, N.A., London Branch, as security agent, and the financial institutional listed on Schedule I thereto, as lenders (incorporated by reference to Exhibit 99.2 to the Company’s Report on Form 6-K filed with the SEC on May 28, 2024)

4.9		Facility Agreement for $850 million Senior Secured Credit Facility, dated February 7, 2025, between Danaos Corporation, as a borrower, certain of its subsidiaries as guarantors, and the financial institutions named therein (incorporated by reference to Exhibit 4.9 to the Company’s Annual Report on Form 20-F for the year ended December 31, 2024 filed with the SEC on March 5, 2025)

8		Subsidiaries

11.1		Code of Business Conduct and Ethics (incorporated by reference to the Company’s Annual Report on Form 20-F for the year ended December 31, 2018 and filed with the SEC on March 5, 2019)

11.2		Code of Conduct and Ethics for Corporate Officers and Directors (incorporated by reference to the Company’s Annual Report on Form 20-F for the year ended December 31, 2018 and filed with the SEC on March 5, 2019)

11.3		Policy Statement on Inside Information and Insider Trading (incorporated by reference to Exhibit 11.3 to the Company’s Annual Report on Form 20-F for the year ended December 31, 2024 filed with the SEC on March 5, 2025)

12.1		Certification of Chief Executive Officer pursuant to Rule 13a- 14(a) of the Securities Exchange Act of 1934, as amended

12.2		Certification of Chief Financial Officer pursuant to Rule 13a- 14(a) of the Securities Exchange Act of 1934, as amended

13.1		Certification of Chief Executive Officer pursuant to Rule 13a- 14(b) of the Securities Exchange Act of 1934, as amended, and 18 U.S.C. Section 1350 as added by Section 906 of the Sarbanes-Oxley Act of 2002

13.2		Certification of Chief Financial Officer pursuant to Rule 13a- 14(b) of the Securities Exchange Act of 1934, as amended, and 18 U.S.C. Section 1350 as added by Section 906 of the Sarbanes-Oxley Act of 2002

15.1		Consent of Deloitte Certified Public Accountants S.A., Independent Registered Public Accounting Firm

97		Compensation Recovery Policy (incorporated by reference to Exhibit 97 to the Company’s Annual Report on Form 20-F for the year ended December 31, 2023 filed with the SEC on February 29, 2024)

101		Attached as Exhibit 101 to this report are the following Interactive Data Files, formatted in eXtensible Business Reporting Language (XBRL):

101.INS		Inline XBRL Instance Document

101.SCH		Inline XBRL Taxonomy Extension Schema

101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase

101.LAB		Inline XBRL Taxonomy Extension Label Linkbase

101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase

101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase

104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

	DANAOS CORPORATION

	/s/ EVANGELOS CHATZIS
	Name:	Evangelos Chatzis
	Title:	Chief Financial Officer

Report of Independent Registered Public Accounting Firm: Deloitte Certified Public Accountants S.A. (PCAOB ID 1163)		F-2
Consolidated Balance Sheets as of December 31, 2025 and 2024		F-4
Consolidated Statements of Income for the Years Ended December 31, 2025, 2024 and 2023		F-5
Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2025, 2024 and 2023		F-6
Consolidated Statements of Changes in Stockholders’ Equity for the Years Ended December 31, 2025, 2024 and 2023		F-7
Consolidated Statements of Cash Flows for the Years Ended December 31, 2025, 2024 and 2023		F-8
Notes to the Consolidated Financial Statements		F-9

			As of
			December 31,			December 31,
	Notes		2025			2024
ASSETS
CURRENT ASSETS
Cash and cash equivalents			$	1,037,292		$	453,384
Accounts receivable, net		14		38,730			25,578
Inventories				23,417			23,881
Prepaid expenses				2,093			1,902
Due from related parties		11		46,750			52,572
Other current assets		3,7,11,14		171,137			113,650
Total current assets				1,319,419			670,967
NON-CURRENT ASSETS
Fixed assets at cost, net of accumulated depreciation of $1,622,344 (2024: $1,458,978)		4		3,269,703			3,290,309
Advances for vessels under construction and vessel acquisition		5,10		428,147			265,838
Deferred charges, net		6		54,356			58,759
Other non-current assets		7		42,305			57,781
Total non-current assets				3,794,511			3,672,687
Total assets			$	5,113,930		$	4,343,654
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable			$	17,274		$	29,039
Accrued liabilities		8		28,772			23,644
Current portion of long-term debt, net		10		283,015			35,220
Unearned revenue		14		36,625			49,665
Other current liabilities				35,990			31,386
Total current liabilities				401,676			168,954
LONG-TERM LIABILITIES
Long-term debt, net		10		872,076			699,563
Unearned revenue, net of current portion		14		2,618			22,901
Other long-term liabilities		11		41,983			27,436
Total long-term liabilities				916,677			749,900
Total liabilities				1,318,353			918,854
Commitments and Contingencies		16
STOCKHOLDERS’ EQUITY
Preferred stock (par value $0.01, 100,000,000 preferred shares authorized and not issued as of December 31, 2025 and December 31, 2024)		18		—			—
Common stock (par value $0.01, 750,000,000 common shares authorized as of December 31, 2025 and December 31, 2024. 25,790,190 and 25,585,985 shares issued; and 18,264,294 and 18,987,616 shares outstanding as of December 31, 2025 and December 31, 2024, respectively)		18		183			190
Additional paid-in capital				591,584			650,864
Accumulated other comprehensive loss		13,19		(71,412	)		(70,430	)
Retained earnings				3,275,222			2,844,176
Total stockholders’ equity				3,795,577			3,424,800
Total liabilities and stockholders’ equity			$	5,113,930		$	4,343,654


			Years ended December 31,
	Notes		2025			2024			2023
OPERATING REVENUES		14,15	$	1,042,456		$	1,014,110		$	973,583

OPERATING EXPENSES
Voyage expenses		11		(63,061	)		(64,101	)		(41,010	)
Vessel operating expenses		11		(208,779	)		(185,724	)		(162,117	)
Depreciation		4		(163,366	)		(148,344	)		(129,287	)
Amortization of deferred drydocking and special survey costs		6		(44,074	)		(29,161	)		(18,663	)
General and administrative expenses		11		(64,410	)		(54,228	)		(43,484	)
Net gain on disposal/sale of vessels		4		—			8,332			1,639
Operating income				498,766			540,884			580,661

OTHER INCOME (EXPENSES):
Interest income				19,548			12,890			12,133
Interest expense and finance costs		10		(42,842	)		(26,185	)		(20,463	)
Gain/(loss) on investments		7		29,541			(25,179	)		17,867
Dividend income		7		1,680			9,276			1,056
Loss on debt extinguishment, net		10		(2,499	)		—			(2,254	)
Loss on equity investments		3		(1,039	)		(1,629	)		(3,993	)
Other finance expenses				(3,722	)		(3,593	)		(4,274	)
Other (expenses)/income, net		19		(1,197	)		2,241			(812	)
Loss on derivatives		13		(3,622	)		(3,632	)		(3,622	)
Total Other Income/(Expenses), net				(4,152	)		(35,811	)		(4,362	)

Income before income taxes				494,614			505,073			576,299
Income taxes		7		—			—			—
Net Income			$	494,614		$	505,073		$	576,299

EARNINGS PER SHARE
Basic earnings per share of common stock (in $ per share)		20	$	26.83		$	26.15		$	28.99
Diluted earnings per share of common stock (in $ per share)		20	$	26.76		$	26.05		$	28.95
Basic weighted average number of common shares (in shares)		20		18,432,153			19,316,453			19,879,161
Diluted weighted average number of common shares (in shares)		20		18,480,301			19,384,879			19,903,655