The profits of Danaos, the shipping company of Giannis Koustas, exceeded $ 1 billion, thanks to its placement in shares of another shipping company of ZIM.
The very good course of the container shipping market has had a positive impact on both Danaos’ operating and investment profits.
More specifically for the total fiscal year 2021, Danaos recorded a net profit of $ 1.052 billion against a net profit of $ 153.6 million in the fiscal year 2020.
Gains for 2021 include total profits from the company’s investment in ZIM of $ 572.1 million, $ 64.1 million from the acquisition of Gemini and $ 111.6 million from debt repayment. Danaos’ adjusted earnings (excluding accounting earnings and contingencies) totaled $ 362.25 million, up from $ 170.888 million in the same period last year.
The CEO of the company Mr. Giannis Koustas commented that “2021 was amazing for the entire shipping container industry and even more so for Danaos.
The element of risk that prevailed in the previous decade has completely disappeared. Long-term charters are also becoming the norm. Regular airline companies are also aiming to expand in the field of land / air transport and logistics in a direction of verticalization of their operations.
In addition, due to the uncertainty about the future standards of ship propulsion, a limit has been set on the orders of new builders, while the German KG shipping market, which was responsible for 70% of the orders during the last shipbuilding boom, does not exist today. “The future is bright and Danaos is in a good position to take advantage of this and continue to reward its shareholders.”
Latest News
Athens Int’l Airport Wins Top Prize at Routes Europe Awards
The Routes business is focused entirely on aviation route development and the company's portfolio includes events, media and online businesses
IOBE: Income Gap Between Poor and Wealthy Greeks Widens
The findings in the analysis, entitled “Progressivity in Income Taxation in Greece, 2012-2021", paint a bleak picture for Greeks in the bottom half of the income bracket, warning that income inequality is growing
Study Finds 4 in 10 Greeks to Slash Easter Spending
This year, hit by persistent inflation, many Greeks will be dishing out less on food, drink and gifts for Orthodox Easter on May 5
ELSTAT: Overnight Stays in Greece Up in Feb.
The provisional monthly data revealed that arrivals at tourist accommodations amounted to 773,104 and overnight stays were 1,677,685
Electric Energy: Greece’s New Sustainable Export
Moreover, a surplus of generated electricity cannot be fully absorbed by domestic grids and this excess power finds eager buyers in the form of companies entering into Power Purchase Agreements (PPAs), willing to pay a premium for clean energy
IOBE Revises Greek GDP Growth Downward, to 2.1% For 2024
Annual inflation is expected to reach 3%, up from the previous forecast of 2.8%
Last Sections of 136km E65 Highway Inaugurated on Tues.
Athens to Karditsa drive time is expected to drop to two and a half hours (under normal conditions), and some three hours from Athens to Trikala
Reuters: Greece to Repay More Bailout Loans Ahead of Maturity in 2023
The country has relied solely on international markets for its borrowing needs since a third institutional bailout ended in 2018
Ag Min. Avgenakis: Greece-China Cooperation in Research, Education in Agri-Food Sector
Greek minister tours cutting-edge hydroponics and robotics facilities at the Chinese Academy of Agricultural Sciences in Beijing
Mini Holiday Season in Greece for Upcoming Orthodox Easter
Occupancy rates reach up to 90% domestically for accommodations open ahead of peak summer season