Danaos Corporation

Good day and welcome to the Danos Corporation conference call to discuss the financial results for three months ended March 31st, 2023. As a reminder, today's call is being recorded. Hosting the call today is Dr. John Koustas, Chief Executive Officer of Danos Corporation and Mr. Evangelos Hatzis, Chief Financial Officer of Danos Corporation. Dr. Koustas and Mr. We'll be making some introductory comments, and then we will open the call to a question-and-answer session.

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, and adjusted net income 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. Pustos, who will provide the broad overview of the quarter.

Thank you, Evangelos. Good morning, and thank all of you for joining today's call to discuss results for first quarter of 2023. The analysis reports yet another solid quarter despite the continuing geopolitical uncertainty and the turmoil in the financial markets. Box rates strengthened after the Chinese New Year due to the blank savings and discipline of the part of liner companies. In addition, the charter market improved due to the very limited supply of charter-free vessels as well as the impact of speed reduction as charters seek to comply with CII regulations. The analysis continues its successful chartering and asset management strategy, driving steady and predictable performance and laying the groundwork for continued growth, while also pursuing environmentally sound policies. Our chartering strategy delivered another strong quarter, and we have operating days chart of coverage of 97% for 2023 and 73% for 2024. Our strong chartering capabilities and our business strategy continue to drive solid performance. In the first quarter, we successfully secured more than 380 million of contracted revenue through multi-year charters, including 262 million for all six new buildings that will be delivered to us in 2024. In addition, we have placed an order for two additional 6,000 EU vessels of the latest equity design to be delivered in the fourth quarter of 2024 and second quarter of 2025. Our modernization efforts are key to the future of the company and highlight our commitment to maintain a high quality fleet while supporting the ongoing decarbonization of the industry. We are very well positioned to navigate the operating environment with the new regulatory requirements that are becoming very demanding and complex. Our very strong operating platform provides a significant competitive advantage in complying with upcoming regulations while strengthening our value proposition and ties with our customer as the industry focuses on achieving environmental goals and closer cooperation between owners and charters becomes increasingly important. We appreciate the ongoing support of our customers and employees and will continue to work diligently for the benefit of our shareholders. With that, I'll hand the call back over to Evangelos, who will take you through the finances for the quarter.