Danaos Corporation

Good day and welcome to the Danlos Corporation conference call to discuss the financial results for the three months ended in June 30th, 2024. As a reminder, today's call is being recorded. Hosting the call today is Dr. John Koustas, Chief Executive Officer of Danlos Corporation and Mr. Evangelos Hatsis, Chief Financial Officer of Danlos Corporation. Dr. Koustas and Mr. Hatsis will 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 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 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 the accompanying materials. With that, let me now turn the call over to Dr. John Custas, who will provide the broad overview of the quarter. John.

Thank you, Evangelos. Good morning, and thank you all for joining today's call to discuss our results for the second quarter of 2024. The last few months brought continued market disruption as conditions in the Red Sea remained challenged and the Ukraine war persisted. Panama Canal crossings, however, returned to normal levels, eliminating that source of disruption for now. Market conditions have led liner companies to reassess their capacity requirement and rush to secure tonnage, including tonnage with forward deliveries. The forthcoming environmental legislation has further incentivized liner companies to secure modern rebuilding tonnage for medium-term requirements without making long-term commitments in the majority of cases in this environment we have secured charter extensions for a number of our existing ships and further we extended our new building program to a total of 20 vessels three of which were delivered in the second quarter we have secured multi-year charters with an average charter duration of approximately four and a half years weighted by aggregate contracted charter higher for all of our new buildings, and we are very well positioned for the future. As a result, the company's total contracted cash operating revenues are 3.2 billion. Contracted charger coverage for our container vessel fleet, including new buildings, is currently 99% for 2024 and 80% for 2025, providing us with excellent revenue visibility. With respect to our activities in the dry bulk sector, we've recently taken delivery of all 10 cage size vessels. We have been gearing up our operations to ensure the integration within our fleet during this building phase before we continue to explore opportunities to further our reach in this sector. Our revenues from the dry bulk sector have been steadily increasing and we look forward to further diversifying our revenues and creating upside through the spot market exposure offered by the sector. Despite our recent fleet growth, renewal, and diversification activities, our balance sheet remains very strong with a low net debt position. We'll continue to work tirelessly to ensure increased performance of our assets and deliver industry-leading returns to our shareholders over the long term. With that, I'll hand the call back over to Evangelos, who will take you through the financials for the quarter. Evangelos?