Danaos Corporation

Good day and welcome to the Denauss Corporation conference call to discuss the financial results for the three months ended September 30, 2025. As a reminder, today's call is being recorded. Hosting the call today is Dr. John Kustos, Chief Executive Officer of Denauss Corporation, and Dr. Yvonne Glos, HOTC's Chief Financial Officer of Denauss Corporation. Dr. Koussas and Mr. Hatzis will be making some introductory comments, and then we will open the call to a question and answer session. I would now like to turn the conference over to Mr. Yvon Glos Hatzis, Chief Financial Officer. Please go ahead, sir.

Thank you, operator, and good morning to everyone. 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 accompanying materials. With that, let me now turn the call over to Dr. John Koustas, who will provide the broad overview of the quarter.

Thank you, Evangelos. Good morning, and thank you all for joining today's call to discuss our results for the third quarter of 2025. As we enter the final months of the year, the rating conditions remain broadly unchanged. The war in Ukraine continued with no end in sight, And while the conflict in the Middle East is in the process of resolution, transit through the Red Sea has not yet resumed, and liners are waiting for more permanent signs of stability to restart the transit. The recent de-escalation in trade and tariff tensions between the United States and China enabled trade to resume unhindered, while the redirection of Chinese exports to the EU and other countries kept trading at container traffic at an all-time high during the third quarter of the year. The charter market remains robust, and the idle fleet remains at an all-time low. Demand for midsize and larger vessels continues unabated, and we have secured new charters for vessels opening as far out as the beginning of 2028. Previewed slots for 2028 deliveries are becoming scarce, and new building prices continue to rise. We have selectively extended our new building program at below market prices, and we have already secured multi-year employment for these new orders. Following the IMO's one-year postponement of its net zero framework, we expect conventional fuels to remain prevalent in the medium term, even as the long-term decarbonization trajectory is unchanged. In relation to our new building program, we recently added six 1800 TU vessels to our order book with scheduled deliveries between 2027 and 2029 and have secured 10-year charters for four of these vessels with a contribution to our contracted revenue backlog of approximately 236 million. On the financing front, we recently completed a 500 million unsecured seven-year bond offering with a 6.85% coupon. This is one of the most competitively priced deals ever achieved in the shipping industry for an unsecured bond with such tenor and is a testament of our superior credit quality. We intend to use the proceed to redeem our 2028 300 million bond as well as prepaying for some smaller secured bank credit facilities. We have already arranged secure debt financing for the majority of our new building program, and our forecast balance sheet that has been solidified with the recent bond issuance considerably enhances our capacity to pursue accretive investment opportunities that can propel the growth of Danaos into the next level. Our solid performance has enabled us to continue to deliver strong, profitable performance, enhance our contract backlog, and fund investments to reduce the age of our fleet, and further cement Danao's leadership position in the container charter market. We also continue to opportunistically invest in the dry bulk cape size market segment, where we expect outsized returns due to supply constraints and ton-mile demand increase. Finally, I'm pleased to announce that we are increasing our quarterly dividend to 90 cents per share, consistent with our policy of yearly increases, while also striving to continue to build long-term value for the benefit of our shareholders. With that, I'll hand the call over back to Evangelos, who will take you through the financials for the quarter.