Danaos Corporation

Good day and welcome to the Denaos Corporation conference call to discuss the financial results for the three months ended June 30th, 2026. As a reminder, today's call is being recorded. Hosting the call today is Dr. John Coustas, Chief Executive Officer of Denaos Corporation and Mr. Evangelos Chatzis, Chief Financial Officer of Denaos Corporation. Dr. Coustas and Mr. Chatzis will be making some introductory comments and then we will open the call to a question and answer session. To ask a question, you may press star then one on a touch tone phone. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Evangelos Chatzis, Chief Financial Officer. Please go ahead.

Thank you operator, good morning 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, 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 Coustas, 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 2026. The conflicts in Ukraine and Iran continue with no clear resolution in sight. although a brief ceasefire allowed us to move our two vessels out of the Gulf and both our crews and vessels safe and fully operational. Uncertainty in global supply chains, the disruption in the Gulf, the restrictions in Bab el-Mandeb and the tariff measures in the United States have combined create exceptionally tight conditions with rates across most shipping sectors at multi-year highs. Shipping remains the only industry capable of absorbing disruption on this scale and keeping the world supplied with goods, energy, and raw materials. Against this backdrop, Danaos continued to execute its long-term strategy of securing extended charter employment at attractive rates and arranging competitive long-term financing for our new building program. This quarter we saw significant contribution from our dry bulk investment as cape size rates reached multi-year highs and the segment contributed 18.8 million of adjusted EBITDA against 5.9 million a year ago. As charters continue to compete for quality tonnage, we took the opportunity to extend charters across a broad part of the fleet adding approximately 683 million to our contracted revenue backlog. Backlog now stands at the record 4.6 billion, with 100% of our container operating days contracted for 2026, 93% for 2027, and 79% for 2028, while even for 2029 contract coverage is already above 60%. We also continue to term out our financing, refinancing two further vessels through Japanese operating leases. We also added a further $236 million in Jolko financing commitments for three vessels delivering in 2027 and enter into a $132 million credit facility to finance our six 1800 T-Union buildings. With 78 of our 87 operating vessels debt-free, and Leverett Mott, who are possibly one and a half billion. We remain in a position to pursue accretive opportunities, including the development of our investment in the Alaska LNG project. Together with a disciplined approach to expansion, we believe these dynamics will continue to drive improving profitability and create lasting value for our shareholders. With that, I'll hand the call over back to Evangelos who will take you through the financials for the quarter. Evangelos.