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danans World Class Shipping , Leading - Edge Expertise Danaos Corporation Reports Third Quarter and Nine Months Results for the Period Ended September 30 , 2021 Athens , Greece , November 8 , 2021 - Danaos Corporation ( " Danaos " ) ( NYSE : DAC ) , one of the world's largest independent owners of containerships , today reported unaudited results for the period ended September 30 , 2021 . Highlights for the Third Quarter and Nine Months Ended September 30 , 2021 : • • . Adjusted net income¹ of $ 109.5 million , or $ 5.32 per share , for the three months ended September 30 , 2021 compared to $ 47.3 million , or $ 1.91 per share , for the three months ended September 30 , 2020 , an increase of 131.5 % . Adjusted net income¹ of $ 236.4 million , or $ 11.49 per share , for the nine months ended September 30 , 2021 compared to $ 123.1 million , or $ 4.97 per share , for the nine months ended September 30 , 2020 , an increase of 92.0 % . Operating revenues of $ 195.9 million for the three months ended September 30 , 2021 compared to $ 118.9 million for the three months ended September 30 , 2020 , an increase of 64.8 % . Operating revenues of $ 474.5 million for the nine months ended September 30 , 2021 compared to $ 342.0 million for the nine months ended September 30 , 2020 , an increase of 38.7 % . Adjusted EBITDA¹ of $ 149.6 million for the three months ended September 30 , 2021 compared to $ 83.3 million for the three months ended September 30 , 2020 , an increase of 79.6 % . Adjusted EBITDA¹ of $ 349.6 million for the nine months ended September 30 , 2021 compared to $ 235.3 million for the nine months ended September 30 , 2020 , an increase of 48.6 % . Total contracted operating revenues were $ 2.1 billion as of September 30 , 2021 with charters extending through 2028 and remaining average contracted charter duration of 3.3 years , weighted by aggregate contracted charter hire . • Charter coverage of 100 % for the remainder of 2021 and 90 % for 2022 in terms of contracted operating days . • Danaos has declared a dividend of $ 0.50 per share of common stock for the third quarter of 2021 , which is payable on December 2 , 2021 to stockholders of record as of November 19 , 2021 . Three and Nine Months Ended September 30 , 2021 Financial Summary - Unaudited ( Expressed in thousands of United States dollars , except per share amounts ) Three months ended September Three months ended September 30 , Nine months ended September 30 , Nine months ended September 30 , 2021 2020 2021 2020 30 , Operating revenues $ 195,915 $ 118,932 $ 474,467 $ 341,952 Net income $ 217,227 $ 42,786 $ 886,844 $ 110,371 Adjusted net income¹ $ 109,547 $ 47,303 $ 236,418 $ 123,078 Earnings per share , diluted $ 10.55 $ 1.73 $ 43.11 $ 4.45 Adjusted earnings per share , diluted¹ $ 5.32 $ 1.91 $ 11.49 $ 4.97 Diluted weighted average number of shares ( in thousands ) 20,598 24,789 20,571 24,789 Adjusted EBITDA¹ $ 149,621 $ 83,331 $ 349,639 $ 235,322 1 Adjusted net income , adjusted earnings per share and adjusted EBITDA are non - GAAP measures . Refer to the reconciliation of net income to adjusted net income and net income to adjusted EBITDA . 1 of 16