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Investor Presentation November 2025
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This presentation contains certain statements that may be deemed to be “forward-looking statements” within the meaning of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future, including, without limitation, the outlook for fleet utilization and shipping rates, general industry conditions including bidding activity, future operating results of the Company’s vessels, future operating revenues and cash flows, capital expenditures, vessel market values, asset sales, expansion and growth opportunities, bank borrowings, financing activities and other such matters, are forward-looking statements. Although the Company believes that its expectations stated in this presentation are based on reasonable assumptions, actual results may differ from those projected in the forward-looking statements. Important factors that could cause actual results to differ materially from those discussed in the forward-looking statements include any resurgence of COVID-19 pandemic and efforts throughout the world to contain its spread, the strength of world economies, high inflation and high interest rate environment, geopolitical conflicts, general market conditions, including charter rates and vessel values, counterparty performance under existing charters, changes in operating expenses, ability to obtain financing and comply with covenants in financing arrangements, actions taken by regulatory authorities, potential liability from litigation and international political conditions. Danaos Corporation is listed on the New York Stock Exchange under the ticker symbol “DAC”. Before you invest, you should also read the documents Danaos Corporation has filed with the SEC for more complete information about the company. You may get these documents for free by visiting EDGAR on the SEC Website at www.sec.gov or via www.danaos.com Readers of this presentation should review our Annual Report on Form 20-F filed with the SEC on March 6, 2025, including the section entitled “Key Information” and “Risk Factors”, and our other filings with the SEC for a discussion of factors and circumstances that could affect our future financial results and our ability to realize the expectations stated herein. EBITDA, Adjusted EBITDA, Adjusted Net Income, Adjusted EPS, Free Cash Flow, Time Charter Equivalent Revenues and Time Charter Equivalent $/per day may be included in our presentations. EBITDA, Adjusted EBITDA, Adjusted Net Income, Adjusted EPS, Free Cash Flow, Time Charter Equivalent Revenues and Time Charter Equivalent $/per day are presented because they are used by management and certain investors to measure a company’s financial performance and underlying trends as they exclude certain items impacting overall comparability. EBITDA, Adjusted EBITDA, Adjusted Net Income, Adjusted EPS, Free Cash Flow, Time Charter Equivalent Revenues and Time Charter Equivalent $/per day are “non-GAAP financial measures” and should not be considered a substitute for net income, cash flow from operating activities and other operations, cash flow statement data prepared or operating revenues in accordance with accounting principles generally accepted in the United States or as a measure of profitability or liquidity. Reconciliations to GAAP measures are included in the Appendix to this presentation. Certain shipping industry information, statistics and charts contained herein have been derived from industry sources. You are hereby advised that such information, statistics and charts have not been prepared specifically for inclusion in this presentation and the Company has not undertaken any independent investigation to confirm the accuracy or completeness of such information. Disclaimer
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Business Highlights Leading Containership Owner & Operator ✓ Business Model Provides Strong & Stable Cash Flow Profile ✓ Robust Capital Structure & Conservative Financial Strategy ✓ Pioneers in Digitalisation & Champion of ESG Principles ✓Demand & Supply Side Dynamics✓ Diverse & High Quality Fleet✓ 1
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• One of the largest publicly-listed owners of modern containerships with 50+ year history in the shipping industry • One of the most efficient operators in the industry with highly competitive breakeven levels Key Business Highlights Leading Containership Owner and OperatorA • Charter backlog of $4.1 billion through 2038 (1) with world leading liner companies provides good cash flow visibility • We have now secured multi-year chartering agreements for 21 out of 23 newbuilding vessels • Strong operating days contract coverage of 100% for 2025, 95% for 2026 and 71% for 2027 limits downside risk and provides solid contracted income base Business Model Provides Strong and Stable Cash Flow Profile B • Net Debt / Adjusted EBITDA ratio of 0.23x as of September 30, 2025 • In October 2025, we consummated our offering of $500 million of 6.875% senior unsecured notes due in 2032. We intend to use the net proceeds to i) early redeem in full the $262.8 million outstanding senior notes due in 2028 and ii) repay in full the outstanding amount under the BNP Paribas/Credit Agricole and Alpha Bank Credit Facility • We have repurchased 3,022,527 shares in the open market for $213.6 million under the recently upsized $300 million authorized share repurchase program that was originally introduced in June 2022 and was upsized in November 2023 and April 2025 • We hold 6,256,181 shares of SBLK common stock that currently represents a 5.5% of shareholding interest Healthy and Robust Capital Structure and Conservative Financial Strategy E • A leader in ship management innovation, through the award -winning WAVES data analytics platform • Danaos met the IMO 2030 carbon intensity targets 11 years ahead of requirements in 2019 and continues to meet the target with a 51.4% reduction in CO2 emissions per ton miles for year 2024 Pioneers in Digitization & Longstanding Champion of ESG Principles D • Charter market remains strong with charter rates across all vessels still above historical averages for periods of up to 5 ye ars • The current order-book, of about 33.4% of existing TEU capacity with deliveries through 2028, is expected to be mitigated by reduction in the average service speed of the global fleet due to environmental regulations already in effect Demand & Supply Side Dynamics F • Containership vessel ownership across all core segments from 1,800 TEU to 13,100 TEU to meet diverse set of customer needs • The Company has recently re-entered the dry bulk segment with the acquisition of 10 Capesize bulk carriers and agreed to purchase an additional second-hand Capesize bulk carrier which is expected to be delivered in the 1st Quarter of 2026 • Containership vessel orderbook consists of 23 newbuilding containership vessels with an aggregate capacity of 153,350 TEU, while we have already taken delivery of 8 containerships with a total capacity of 58,398 TEU. All our new buildings are designed with the latest eco characteristics and in accordance with IMO Tier III emissions and EEDI Phase III standards. Diverse and High Quality FleetC 2 (1) Cash Contracted Revenue as of September 30, 2025, on the basis of concluded charter contracts through November 14, 2025, and assuming the earliest charter expiry.
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Danaos by the Numbers $4.1bn Cash Contracted revenue through 2038(1) 0.23x Net Debt / LTM 3Q 2025 Adjusted EBITDA(2) $719mm LTM 3Q 2025 Adjusted EBITDA ~$1.9bn Enterprise value(4) $971mm Liquidity(3) as of September 30, 2025 (1) Cash Contracted Revenue as of September 30, 2025, on the basis of concluded charter contracts through November 14, 2025 and assuming at the earliest charter expiry. (2) Net debt of $165mm and LTM 3Q 2025 Adjusted EBITDA of $719mm as of September 30, 2025. (3) Available Liquidity includes Cash and Cash Equivalents of $596mm, available and undrawn Credit Commitment of $259mm, and Marketable Securities of $116mm as of September 30, 2025. (4) Enterprise value calculated using the November 14, 2025 market capitalization of ~$1.7bn ($94.61 price, 18.31mm shares).3 $596mm Cash and Cash Equivalents as of September 30, 2025
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Consolidated Balance Sheet & Leverage Metrics As of September 30, 2025 As of December 31, 2024 Cash and cash equivalents $596,371 $453,384 Availability under Revolving Credit Facility $258,750 $292,500 Marketable securities $116,302 60,850 Total cash liquidity & marketable securities(3) $971,423 $806,734 Debt, gross of deferred finance costs $760,911 $744,546 Net Debt(4) $164,540 $291,162 LTM Adjusted EBITDA(5) $719,061 $722,615 Net Debt / LTM Adjusted EBITDA(5) 0.23x 0.40x Three Months Ended Three Months Ended September 30, 2025 September 30, 2024 Financial & Operating Metrics Container Vessels Dry Bulk Vessels Other Total Container Vessels Dry Bulk Vessels Other Total Operating Revenues $239,102 $21,628 - $260,730 $235,570 $20,606 - $256,176 Voyage expenses, excl. commissions ($909) ($3,311) - ($4,220) $757 ($8,019) - ($7,262) Time Charter Equivalent Revenues(1) $238,193 $18,317 - $256,510 $236,327 $12,587 - $248,914 Net income / (loss) $118,703 $3,404 $8,542 $130,649 $124,102 $62 ($1,168) $122,996 Adjusted net income(2) $120,566 $3,404 $159 $124,129 $125,143 $62 $1,640 $126,845 Earnings per share, basis $7.14 $6.36 Earnings per share, diluted $7.11 $6.30 Adjusted earnings per share, diluted(2) $6.75 $6.50 Operating Days 6,679 920 - 6,387 778 - Time Charter Equivalent $/day(1) $35,663 $19,910 - $37,001 $16,179 - Ownership Days 6,808 920 - 6,540 913 - Average number of vessels 74.0 10.0 - 71.1 9.9 - Fleet Utilization 98.1% 100.0% - 97.7% 85.2% - Adjusted EBITDA(2) $172,368 $9,128 $124 $181,620 $173,454 $3,826 $1,617 $178,897 Third Quarter 2025 Financial & Operational Summary Three Months ended September 30, 2025 and September 30, 2024 per segment* (Express in thousands of United States dollars, except as otherwise stated) (1) Time charter equivalent revenues and time charter equivalent US$/day are non-GAAP measures. (2) Adjusted net income, adjusted earnings per share and diluted and adjusted EBITDA are non-GAAP measures. Note: Please refer below for reconciliations of non- GAAP to GAAP measures. (3) Total cash liquidity is defined as cash and cash equivalents plus undrawn revolving credit facility. (4) Net Debt is defined as total debt gross of deferred finance costs less cash and cash equivalents. (5) Last twelve months Adjusted EBITDA.4 * For management purposes, the Company is organized based on operating revenues generated from containership vessels and dry bulk vessels and has two reporting segments: (1) a container vessels segment and (2) a dry bulk vessels segment. The Other column includes components that are not allocated to any of the Company’s reportable segments and includes investments in an affiliate accounted for by equity method accounting and investments in marketable securities.
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Consolidated Balance Sheet & Leverage Metrics As of September 30, 2025 As of December 31, 2024 Cash and cash equivalents $596,371 $453,384 Availability under Revolving Credit Facility $258,750 $292,500 Marketable securities $116,302 60,850 Total cash liquidity & marketable securities(3) $971,423 $806,734 Debt, gross of deferred finance costs $760,911 $744,546 Net Debt(4) $164,540 $291,162 LTM Adjusted EBITDA(5) $719,061 $722,615 Net Debt / LTM Adjusted EBITDA(5) 0.23x 0.40x Nine Months Ended Nine Months Ended September 30, 2025 September 30, 2024 Financial & Operating Metrics Container Vessels Dry Bulk Vessels Other Total Container Vessels Dry Bulk Vessels Other Total Operating Revenues $714,738 $61,453 - $776,191 $699,567 $56,364 - $755,931 Voyage expenses, excl. commissions ($1,658) ($18,105) - ($19,763) ($179) ($22,115) - ($22,294) Time Charter Equivalent Revenues(1) $713,080 $43,348 - $756,428 $699,388 $34,249 - $733,637 Net income / (loss) $353,641 ($2,872) $25,931 $376,700 $396,144 $2,689 $15,813 $414,646 Adjusted net income / (loss)(2) $357,049 ($2,872) $331 $354,508 $391,062 $2,689 $5,418 $399,169 Earnings per share, basis $20.40 $21.41 Earnings per share, diluted $20.34 $21.22 Adjusted earnings per share, diluted(2) $19.14 $20.43 Operating Days 19,753 2,660 - 18,494 1,978 - Time Charter Equivalent $/day(1) $36,100 $16,296 - $37,817 $17,315 - Ownership Days 20,179 2,730 - 18,978 2,244 - Average number of vessels 73.9 10.0 - 69.3 8.2 - Fleet Utilization 97.9% 97.4% - 97.4% 88.1% - Adjusted EBITDA(2) $515,419 $13,677 $238 $529,334 $516,763 $10,730 $5,395 $532,888 Nine Months Ended September 30 Financial & Operational Summary Nine Months ended September 30, 2025 and September 30, 2024 per segment* (Express in thousands of United States dollars, except as otherwise stated) (1) Time charter equivalent revenues and time charter equivalent US$/day are non-GAAP measures. (2) Adjusted net income/(loss), adjusted earnings per share, diluted and adjusted EBITDA are non-GAAP measures. Note: Please refer below for reconciliations of non- GAAP to GAAP measures. (3) Total cash liquidity is defined as cash and cash equivalents plus undrawn revolving credit facility. (4) Net Debt is defined as total debt gross of deferred finance costs less cash and cash equivalents. (5) Last twelve months Adjusted. EBITDA.5 * For management purposes, the Company is organized based on operating revenues generated from containership vessels and dry bulk vessels and has two reporting segments: (1) a container vessels segment and (2) a dry bulk vessels segment. The Other column includes components that are not allocated to any of the Company’s reportable segments and includes investments in an affiliate accounted for by equity method accounting and investments in marketable securities.
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$933 $922 $777 $596 $1,534 $22 $15 ($8) ($3) ($1) 100% 95% 71% 49% 15% -20% 20% 60% 100% ($150) $100 $350 $600 $850 $1,100 $1,350 $1,600 2025 2026 2027 2028 2029 and onward Cash Contracted Revenue Non-cash Component of Contracted Revenue Contracted days coverage 436.6 423.7 421.3 465.5 471.5 46.4 91.4 134.2 159.4 - 100 200 300 400 500 600 700 2021 2022 2023 2024 September 30, 2025 Existing Fleet New Buildings Fleet Summary & Strong Charter Coverage Profile 6 (1) TEU capacity and number of vessels at the end of respective year. (2)Cash Contracted Revenue as of September 30, 2025 on the basis of concluded charter contracts through November 14, 2025 and at the earliest charter expiry. Non-cash component of contracted revenue includes straight-line revenue adjustment, amortization of charter attached components and unearned revenue recognition, including $22.7 million of charter hire prepayment in Q2 2022, representing partial prepayment of charter hire payable from September 30, 2025 through January 2027 in accordance with US GAAP. Number of vessels (1)Containership Fleet TEU Capacity (in thousands)(1) Containership – Contracted Revenue & Contracted Days Coverage(2) USDm 71 69 68 73 74 7 10 10 6 12 16 24 1 50 60 70 80 90 100 110 120 2021 2022 2023 2024 September 30, 2025 Containerships Drybulk vessels Containerships on order Drybulk vessel to be delivered
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$151.3 $445.1 $159.2 $437.6 $0.0 $100.0 $200.0 $300.0 $400.0 $500.0 Three Months Ended September 30 Nine Months Ended September 30 2024 2025 $126.8 $399.2 $124.1 $354.5 $0.0 $100.0 $200.0 $300.0 $400.0 Three Months Ended September 30 Nine Months Ended September 30 2024 2025 $178.9 $532.9 $181.6 $529.3 $0.0 $100.0 $200.0 $300.0 $400.0 $500.0 $600.0 Three Months Ended September 30 Nine Months Ended September 30 2024 2025 $256.2 $755.9 $260.7 $776.2 $0 $100 $200 $300 $400 $500 $600 $700 $800 Three Months Ended September 30 Nine Months Ended September 30 2024 2025 Third Quarter and Nine Months Ended September 30 - Highlights 7 Note: Please refer to the Appendix tables for reconciliations of non-GAAP to GAAP measures. Operating Revenues USDm Adjusted Net Income USDm Free Cash Flow USDm Adjusted EBITDA USDm
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2025 2024 2025 2024 2025 2024 2025 2024 Operating Revenues (in 000's of US$) $239,102 $235,570 $714,738 $699,567 $21,628 $20,606 $61,453 $56,364 Less: Voyage Expenses excuuding commissions (in 000's of US$) (909) 757 (1,658) (179) (3,311) (8,019) (18,105) (22,115) Time Charter Equivalent Revenues (in 000's of US$) $238,193 $236,327 $713,080 $699,388 $18,317 $12,587 $43,348 $34,249 Ownership days 6,808 6,540 20,179 18,978 920 918 2,730 2,249 Less: Off-hire days (129) (153) (426) (484) - (140) (70) (271) Operating days 6,679 6,387 19,753 18,494 920 $778 $2,660 $1,978 Time Charter Equivalent $/per day $35,663 $37,001 $36,100 $37,817 $19,910 $16,179 $16,296 $17,315 (Time Charter Equivalent Revenues / Operating days) Three Months Ended September 30, Container vessels Dry Bulk vessels Three Months Ended September 30, Nine Months Ended September 30, Nine Months Ended September 30, $19,910 $16,296 $35,663 $36,100 $0 $15,000 $30,000 $45,000 $60,000 Three Months Ended September 30, 2025 Nine Months Ended September 30, 2025 Dry Bulk vessels Container Vessels $21.6 $61.5 $239.1 $714.7 $260.7 $776.2 $0.0 $100.0 $200.0 $300.0 $400.0 $500.0 $600.0 $700.0 $800.0 Three Months Ended September 30, 2025 Nine Months Ended September 30, 2025 Dry Bulk vessels Container vessels Third Quarter and Nine Months Ended September 30 – Segments 8 Note: Please refer to the Appendix tables for reconciliations of non-GAAP to GAAP measures. (1) Time charter equivalent and Time Charter Equivalent $/per day are non-GAAP measures. Operating Revenues per Segment USDm Time Charter Equivalent ($/per day)(1) per Segment USD Reconciliation of Operating Revenues to Time Charter Equivalent $/per day
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Substantial Containership Fleet Employment and Charter Coverage(1) (1) On the basis of US GAAP revenue accounting and concluded charter contracts through November 14, 2025. (2) Age as of September 30, 2025. 9 deno tes firm charter perio d 1 1 deno tes firm charter perio d 2 deno tes o ptio nal perio d at the o ptio n o f the charterer
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Substantial Containership Fleet Employment and Charter Coverage(1) (1) On the basis of US GAAP revenue accounting and concluded charter contracts through November 14, 2025. (2) Age as of September 30, 2025. 10 deno tes firm charter perio d 1 1 deno tes firm charter perio d 2 deno tes o ptio nal perio d at the o ptio n o f the charterer
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Substantial Containership Fleet Employment and Charter Coverage(1) (1) On the basis of US GAAP revenue accounting and concluded charter contracts through November 14, 2025. (2) Age as of September 30, 2025. 11 deno tes firm charter perio d 1 1 deno tes firm charter perio d 2 deno tes o ptio nal perio d at the o ptio n o f the charterer
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Drybulk Fleet - Summary 12 (1) Age as of September 30, 2025. (2) Capesize drybulk vessel agreed to be purchased and is expected to be delivered to the Company in the first quarter of 2026. No. Vessel Type DWT Built Age(1) 1 Genius Capesize 175,580 2012 13 2 Danaos Capesize 176,536 2011 14 3 Ingenuity Capesize 176,022 2011 14 4 Achievement Capesize 175,966 2011 14 5 Valentine Capesize 175,125 2011 14 6 Gouverneur Capesize 178,043 2010 15 7 Integrity Capesize 175,966 2010 15 8 Peace Capesize 175,858 2010 15 9 E Trader Capesize 175,886 2009 16 10 W Trader Capesize 175,879 2009 16 11 Drybulk vessel(2) Capesize 182,425 2009 16
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Experience Senior Management Dr. John Coustas, President & Chief Executive Officer Filippos Prokopakis, Chief Commercial Officer • CEO since 1987 • Over 35 years of experience in the shipping industry • Vice Chairman of the board of directors of The Swedish Club; member of the board of directors of the Union of Greek Shipowners and member of the DNV Council Dimitris Vastarouchas, Vice President & Chief Operating Officer • Danaos Technical Manager since 2005 • Has over 20 years of experience in the shipping industry • Formerly New Buildings Projects and Site Manager supervising the construction of 4,250, 5,500 and 8,500 TEU containerships Evangelos Chatzis, Vice President & Chief Financial Officer • Joined Danaos in 2005 • Over 30 years of experience in corporate finance and the shipping industry • Formerly CFO of Globe Group of Companies 13 • Joined Danaos in 2012 • Over 13 years of experience in commercial operations, including chartering and S&P activities, in the shipping and logistics industry
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A. Leading Containership Owner and Operator
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471 522 394 288 229 136 1,932 634 857 701 437 295 326 194 254 207 212 155 135 126 159 12 84 67 19 694 336 31 41 99 16 16 Danaos Costamare Global Ship Lease Fredriksen Group Navios Maritime MPC Containerships Seaspan Eastern Pacific Shpg Shoei Kisen Kaisha Zodiac Maritime BoCom Leasing Nissen Kaiun C-P Offen Peter Dohle Minsheng Leasing China Merchants Bank CSSC ICBC Leasing Doun Kisen Schulte Group Existing TEU (000s) On Order 2018 Refinancing 2005 Incorporation in Marshall Islands 1972 Founded by Dimitris Coustas 1987 Dr. John Coustas steps into Chief Executive role 2006 NYSE IPO Raised $200mn 2010 $200mn equity raise 50 Year Legacy of Leadership in Container Shipping Market Share Among Top Public Containership Owners Globally (By TEU, thousands) Source: Clarksons Research Publicly Traded Owners Financial / Independent Owners 2019 $56mn public offering 14 2020 to 2025 Strong Free Cash Flow generation and Deleveraging
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4% 8% 18% 10% 5% 7% 3% 2% 17% 2% 4% 16% 6% 9x 2,200 – 2,600 TEU Average Age: 27.0 years Remaining Charter Term: 1.7 years 5x 13,100 TEU Average Age: 13.4 years Remaining Charter Term: 1.6 years 5x 9,600 - 10,100 TEU Average Age: 16.2 years Remaining Charter Term: 4.0 years 17x 8,000 - 9,000 TEU Average Age: 13.4 years Remaining Charter Term: 3.0 years 11x 6,400 – 7,165 TEU Average Age: 14.0 years Remaining Charter Term: 4.3 years 12x 4,300 – 5,600 TEU Average Age: 19.1 years Remaining Charter Term: 2.6 years 8x 3,300 - 3,400 TEU Average Age: 17.7 years Remaining Charter Term: 1.5 years 6x 5,500 TEU Wide Beam Average Age: 10.8 years Remaining Charter Term: 3.5 years 9x NBs 7,165 - 8,300 TEU Remaining Charter Term : 5.0 years 2x NBs 6,000 TEU Remaining Charter Term : 5.9 years 7x NBs 9,200 TEU Remaining Charter Term : 5.2 years 1x 6,000 TEU Average Age: 0.7 years Remaining Charter Term : 6.1 years 6x NBs 1,800 TEU Remaining Charter Term : 9.9 years A Diverse & High-Quality Fleet Containership Fleet Overview(1) (1) Figures as of September 30, 2025, on the basis of concluded charter contracts for containerships through November 14, 2025. 15 Contracted Revenue Contribution(1)
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19% 18% 17% 17% 8% 6% 4% 3% 3% 5% Charter Backlog to Leading Container Operators Containership Charter Backlog (Contracted TEU capacity per charterer) Charter backlog of $4.1 billion through to 2038(1) Average charter duration of 4.3 years (weighted by aggregate contracted charter hire) (1) Fleet utilization for Q3 2025 98.1% (1) Cash Contracted Revenue and average charter duration as of September 30, 2025, on the basis of concluded charter contracts for containership through November 14, 2025, and assuming at the earliest charter expiry. 16
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Track Record of Operational Excellence Customer Testimonial “Danaos Corporation is one of the first class ship owner in the container shipping industry and one of the preferred ship owner for CMA CGM. With 20 vessels on Time Charter, Danaos is largest ship provider for CMA CGM Group. For more than 15 years, Danaos has been providing the Group with modern and reliable vessels and has gained a reputation for strong Ship management that has proven its efficiency even in critical situations. We have been enjoying a great cooperation from top to bottom in Danaos organization allowing us to realize a number of innovative projects on newbuildings and vessels’ retrofit. With its experience and corporate values, Danaos is improving the standards of the industry which benefits to other ship owners/ship managers who apply Ship management practices.” Danaos' Management Practice Performance(1) vs SBI average Source: Benchmark from a global management consulting firm. (1) Based on a self-assessment of participating companies – a zero indicates that N/A was submitted Danaos' Safety and Quality Performance1 vs SBI average As part of a benchmarking exercise conducted by a global management consulting firm, Management Practice Performance and Safety & Quality Performance was assessed across a number of metrics and benchmarked against 24 companies (with a total of 910 vessels) in the Container Segment. In almost all metrics, Danaos has outperformed the benchmark average, highlighting the best in class operating management of Danaos’ Fleet. 17
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Pioneers in Digitization Supporting Danaos’ Class Leading Operational Excellence 1995 2004 2015 International Safety Management Certification of its container fleet Lloyd’s List Technical Innovation Award – Advances in internet-based telecommunication methods for vessels Lloyd’s List Intelligence Big Data Award – “WAVES” fleet performance system Early innovator in utilising technology in optimising operations: An ongoing focus in developing a best in class vessel management platform supporting an effective utilisation of data • $87mn invested in energy efficiency initiative and technology over the last decade, with c. $45mn dedicated to optimizing consumption and the reduction of emissions • The study of 38 energy efficiency improvement measures • The development of the WAVES data analytics platform to take advantage of both office and ship- generated data to bring added value in an environment where data flows are constantly increasing Source: Danaos 2019 Sustainability Report. 18
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Leading Digitization Performance Note: based on a self-assessment of participating companies – scores are an average of the answers ticked off in the questionnaire Source: Benchmark from a global management consulting firm Danaos Software Capability Danaos utilises its leading management software capability, aiding in the optimal management of its fleet 19
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Longstanding Champion of ESG Principles Governance Independent Board Clear reporting of transactions with Danaos Shipping (Manager) − Amounts approved by independent board members Arms length cost arrangements, which are amongst lowest in industry and fixed through 2024 ✓ ✓ ✓ Social Code of ethics and compliance policies published for Directors / Officers Accredited by Global Reporting Initiative (GRI) for sustainability best practices and socially responsible management ✓ ✓ Environmental Advanced solutions to reduce emissions through fuel efficiency optimization Scrubber installation on select vessels Low-sulfur fuel oil to be procured Ballast water system compliance Partnership with founders of Poseidon Principles ✓ ✓ ✓ ✓ ✓ Last 3 Years Progress 72% decrease in the use of Heavy Fuel Oil 577% increase in the use of VLSFO, ULSFO and Biofuel blend 2% decrease in CO2 emissions(1) 83% decrease in SOx emissions (1) and 4% decrease in NOx emissions (1) ✓ ✓ ✓ ✓ Danaos met the IMO 2030 carbon intensity targets 11 years ahead of requirements in 2019 and continues to meet the target with a 51.4% reduction in CO2 emissions per ton miles for year 2024 Danaos Management is keenly focused on maintaining a strong ESG framework for company operations Source: Company’s reporting on ESG. (1) CO2 emission, SO2 and NOx emissions are measured in gr/tn*miles 20
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B. Robust Capital Structure and Conservative Financial Strategy
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Financial Strategy Diversification in Drybulk Sector Balanced Chartering Strategy Supported by Continued Operational Excellence • Continue to deploy assets on long-term charters to ensure cash flow visibility • Maintain high fleet utilization Prudent Capital Allocation Policy • We hold 6,256,181 shares of SBLK common stock that currently represents a 5.5% of shareholding interest • We have now concluded the acquisition of 10 Capesize Drybulk vessels carriers and agreed to purchase an additional second-hand Capesize bulk carrier which is expected to be delivered in the 1st Quarter of 2026 • Excess cash flow can be used for reducing leverage, for acquisition of young and modern fleet, dividends, shares repurchase, or enhancing overall liquidity • Since 2021, $1.7 billion invested in the acquisition of 28 secondhand and newbuilding vessels and progress payments for 17 newbuilding vessels • In March 2024 we entered into a syndicated loan facility agreement for an amount of up to $450 million to finance 8 newbuilding containerships with deliveries in 2024 and 2025. In October 2025, we prepaid the outstanding principal amount of $42.8 million of the vessel Phoebe • In February 2025 we entered into a syndicated loan facility agreement for an amount of up to $850 million to finance 14 newbuilding containerships with deliveries in 2026 and 2028 • In October 2025, we consummated our offering of $500 million of 6.875% senior unsecured notes due in 2032. We intend to use the net proceeds to i) early redeem in full the $262.8 million outstanding senior notes due in 2028 and ii) repay in full the outstanding amounts under the BNP Paribas/Credit Agricole and Alpha Bank Credit Facility • In October 2025, we entered into a Japanese operating lease agreement for an amount of $80 million to finance the container vessel Phoebe • In November 2025, we added six 1,800 TEU newbuilding containerships to our orderbook with expected deliveries from 2027 through 2029 • We have paid $262.9 million in dividends since 2021 • We have repurchased 3,022,527 shares in the open market for $213.6 million under the recently upsized $300 million authorized share repurchase program that was originally introduced in June 2022 and was upsized in November 2023 and April 2025 • Available Liquidity(1) as of September 30, 2025 - $971 million 21 (1) Available Liquidity includes Cash and Cash Equivalents, available and undrawn Credit Commitment, and Marketable Securities as of September 30, 2025.
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$84 $33 $131 $154 $1,053 $559 $576 $505 $467 $115 $131 $149 $171 $362 $711 $568 $532 $488 $200 $0 $200 $400 $600 $800 $1,000 $1,200 2017 2018 2019 2020 2021 2022 2023 2024 LTM 3Q 25 Net Income Adj. Net Income $310 $318 $311 $318 $509 $851 $707 $723 $719 $0 $200 $400 $600 $800 $1,000 $1,200 2017 2018 2019 2020 2021 2022 2023 2024 LTM 3Q 25 $452 $459 $447 $462 $690 $993 $974 $1,014 $1,034 $0 $200 $400 $600 $800 $1,000 $1,200 2017 2018 2019 2020 2021 2022 2023 2024 LTM 3Q 25 Historical Financial Highlights Source: Company Filings, Quarter ended September 30, 2025. Note: Please refer to the Appendix tables for reconciliations of non-GAAP to GAAP measures.22 Net Income & Adjusted Net Income USDm Revenues USDm Adjusted EBITDA USDm
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$2,274 $1,615 $1,443 $1,440 $1,249 $243 $139 $291 $165 7.4x 5.1x 4.6x 4.5x 2.5x 0.3x 0.2x 0.4x 0.2x 0.0x 2.0x 4.0x 6.0x 8.0x $0 $1,000 $2,000 $3,000 2017 2018 2019 2020 2021 2022 2023 2024 LTM 3Q 2025 Net Adjusted Debt Net Debt / Adjusted EBITDA (RH Axis) $268 $272 $453 $596 $382 $338 $293 $259 $67 $77 $139 $66 $129 $650 $609 $746 $855 $0 $200 $400 $600 $800 2017 2018 2019 2020 2021 2022 2023 2024 LTM 3Q 25 Cash and Cash Equivalents Undrawn Commitments Focused on Maintaining Conservative Capital Structure Source: Company Filings. (1) Based on outstanding debt less cash and cash equivalents as of September 30, 2025 Adjusted EBITDA is a non-GAAP measure. See appendix for definitions and reconciliations to the nearest GAAP measure. (2) Excludes Restricted Cash. (3) Cash Contracted Revenue as of September 30, 2025, on the basis of concluded charter contracts through November 14, 2025, and assuming at the earliest charter expiry.23 De-leveraging Profile Net Debt - Adjusted EBITDA Multiple(1) Decrease in Net Debt by $2.1 billion Cash and Cash Equivalents(2) and Undrawn Commitments USDm A robust deleveraging profile… • Early repayment of $972.2 million of debt and leaseback obligations in 2022 leading to 7.2x reduction in net leverage since 2017 • Net Debt / LTM 3Q 2025 Adjusted EBITDA(1) at 0.23x as of September 30, 2025 …supported by charter backlog • Charter backlog of $4.1bn(3) from strong container operators supports cash flow generation • Cash and Cash Equivalents of $596 million as of September 30, 2025 • Undrawn RCF with $259 million capacity as of September 30, 2025
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$719 $622 $586 $24 ($20) ($57) ($43) ($36) Adjusted EBITDA LTM 3Q 2025 Net Cash Interest Dry Docking Early Charterhire Prepayment Other Operating Cash Flow Contractual Debt Amortization ⁽²⁾ Free Cash Flow LTM 3Q 2025 Strong Free Cash Flow Visibility & Great Conversion to OCF Drivers of FCF High utilization Operational efficiency Uses of FCF Capex and Investments Dividends Shares repurchase LTM 3Q 2025 FCF excludes CapEx and one-time / extraordinary items Source: Data as of September 30, 2025; Note: Recurring Free Cash Flow calculated excluding non-recurring items such as Vessels Addition, Capital Expenditures and Financing Costs; (1) Non-GAAP measure. (2) Contractual debt amortization as per the terms of agreements and excludes voluntary early repayment. See appendix for definitions and reconciliations to the nearest GAAP measure.24 LTM 3Q 2025 Free Cash Flow(1) Bridge USDm (1)
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65% 35% 65% 35% Credit Facilities Unsecured Notes Variable rate Fixed rate $276.8 $51.6 $130.7 $110.3 $191.6 $0 $100 $200 $300 2025 2026 2027 2028 2029 Credit Facilities & Unsecured Notes Financial Debt Maturity Profile Source: Company filings. (1) Scheduled debt maturities are based on the terms of agreements as of September 30, 2025. 25 Well-balanced repayment profile(1) USDm Credit position • Corporate credit rating at BB+ and Ba1 and senior unsecured debt rating of BB+ and Ba2, by S&P and Moody’s, respectively • 44 out of 75 container vessels and 10 Drybulk vessels are unencumbered as of November 14, 2025 • In March 2024, we entered into a syndicated loan facility agreement for an amount of up to $450 million, to finance 8 of our newbuilding containerships with deliveries in 2024 and 2025. In October 2025, we prepaid the outstanding principal amount of $42.8 million of the vessel Phoebe • In February 2025, we entered into a syndicated loan facility agreement for an amount of up to $850 million, to finance 14 of our newbuilding containerships with deliveries in 2026 and 2028 • In October 2025, we consummated our offering of $500 million of 6.875% senior unsecured notes due in 2032. We intend to use the net proceeds to i) early redeem in full the $262.8 million outstanding senior notes due in 2028 and ii) repay in full the outstanding amounts under the BNP Paribas/Credit Agricole and Alpha Bank Credit Facility • In October 2025, we entered into a Japanese operating lease agreement for an amount of $80 million to finance the container vessel Phoebe Breakdown of Financial Debt $761m
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C.1 Container Vessel Demand & Supply Side Dynamics
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2024(E) World Container Trade 2024(E) Trade yoy Growth 2025(F) World Container Trade 2025(F) Trade yoy Growth 26 Container Trade: Demand Levels Strong Through 9M 2025 World Container Trade & GDP, 2000 – 2025F • Source: MSI, November 2025 • Note (1): Forecast (F) for 2025 is basis the latest available data in November 2025 and is subject to revision. 226 Mn Teu 6.6% 236 Mn Teu 4.6% -10.0% -7.5% -5.0% -2.5% 0.0% 2.5% 5.0% 7.5% 10.0% 12.5% 15.0% 17.5% 0 25 50 75 100 125 150 175 200 225 250 275 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024E 2025F % yoyMn TEU World Container Trade World GDP Growth (RH Axis) Containerised Trade Growth (RH Axis)
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27 Demand: US TEU Volumes Weaker as Tariffs Bite, Far East Exports Diverted US Containerised Imports from Far East, 2018-25 TEU Imports by Source Region, 9M 25 vs 9M 24- 2.1% • Source: MSI, Bloomberg, Container Trade Statistics, November 2025 + 3.9% US Far East TEU Imports, 9M 25 vs 9M 24 + 9.5% Europe TEU Imports from Far East, 9M 25 vs 9M 24 + 7.4% Europe TEU Imports from Other Regions, 9M 25 vs 9M 24 US Far East TEU Imports, Q3 25 vs Q3 24 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Mn TEU 2019 2020 2021 2022 2023 2024 2025 -10% -5% 0% 5% 10% 15% 20% 25% 30% Europe Latin America ME/ISC Africa Oceania % yoy 9M 25 Growth from Far East 9M 25 Growth from Others
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28 US Tariffs : Chinese US Market Share Extensive, Options to Diversify Over Time US Containerised Imports by Source, 2024 World Container Trade by Region, 202439% • Source: MSI, US Census Bureau, CTS, November 2025 • Note: Shares in second graph exclude cabotage/domestic trades 18% US Share of China TEU Exports, 2024 18% US Share of World Container Imports, 2024 6.0% China-US Share of Non-Cabotage Container Trade, 2024 China Share of US TEU Imports, 2024 China/Hon g Kong, 39% Japan, Korea, Taiwan, 9% ASEAN, 17% Europe, 16% Latin America, 9% Middle East/Subcontine nt, 8% Other, 2% 13%, … 36%, China 18%, US 7%, US 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Container Imports Container Exports % Share Oceania/Other Africa Latin America Mid East/Subcontinent Europe Other Far East US China
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29 Container Timecharter Rates: Markets Remain Elevated 1-Year Timecharter Market Rates, October 2017 – October 2025 • Source: MSI, November 2025, Monthly Average Values +200% +259% +401% +390% 8,500 TEU Charter Rate % Ch: Oct. 25 vs. Avg 2010-19 6,500 TEU Charter Rate % Ch: Oct. 25 vs. Avg 2010-19 4,300 TEU Charter Rate % Ch: Oct. 25 vs. Avg 2010-19 3,500 TEU Charter Rate % Ch: Oct. 25 vs. Avg 2010-19 0 20 40 60 80 100 120 140 160 180 200 Oct-17 Dec-17 Feb-18 Apr-18 Jun-18 Aug-18 Oct-18 Dec-18 Feb-19 Apr-19 Jun-19 Aug-19 Oct-19 Dec-19 Feb-20 Apr-20 Jun-20 Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 Aug-21 Oct-21 Dec-21 Feb-22 Apr-22 Jun-22 Aug-22 Oct-22 Dec-22 Feb-23 Apr-23 Jun-23 Aug-23 Oct-23 Dec-23 Feb-24 Apr-24 Jun-24 Aug-24 Oct-24 Dec-24 Feb-25 Apr-25 Jun-25 Aug-25 Oct-25 $k/Day 2,000 TEU 3,500 TEU 4,300 TEU 6,500 TEU 8,500 TEU 13,000 TEU
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0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 0.1-1.3 k TEU 1.3-2.9 k TEU 2.9-3.9 k TEU 3.9-5.2 k TEU 5.2-7.6 k TEU 7.6-12 k TEU 12+ k TEU Mn TEU 29.9% of Fleet 58.4% of Fleet 30 Supply: Contracting Continues, With Greater Emphasis on Feeder Vessels Containership Orderbook, October 2025 Age Profile of Fleet: Smaller Vessel Fleet Ageing • Source: MSI, November 2025 33.4% Industry Orderbook-to-Fleet Ratio, Oct. 25 16.9% Orderbook-to-Fleet Ratio: Sub-12,000 TEU Fleet 14.9 Years Average Age: Sub-12,000 TEU Fleet 6.3 Years Average Age: 12,000+ TEU Fleet 9.8% of Fleet 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 0.1-1.3 k TEU 1.3-2.9 k TEU 2.9-3.9 k TEU 3.9-5.2 k TEU 5.2-7.6 k TEU 7.6-12 k TEU 12+ k TEU 17.6 13.1 12.2 16.8 15.5 12.4 6.3 % Share 25+ Years 20-24 Years 15-19 Years 10-14 Years 5-9 Years 0-4 Years Avg. Age (Years)
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31 Supply: Deliveries Volumes Remain High as Scrapping Volumes Negligible Containership Deliveries versus Scrapping, 2014-25 20+ Year-Old Fleets vs Segment Orderbooks • Source: MSI, November 2025 464 k TEU 357 k TEU 2 k TEU 51 k TEU Containership Deliveries, Q3 25 Containership Deliveries, Average Q1 15-Q4 24 Containership Demolitions, Q3 25 Containership Demolitions, Average Q1 15-Q4 24 -400 -200 0 200 400 600 800 1000 Q1 14 Q1 15 Q1 16 Q1 17 Q1 18 Q1 19 Q1 20 Q1 21 Q1 22 Q1 23 Q1 24 Q1 25 k TEU Containership Demolitions Containership Deliveries 0% 20% 40% 60% 80% 100% 120% 140% 0 200 400 600 800 1000 1200 1400 0.1-1.3 k TEU 1.3-2.9 k TEU 2.9-3.9 k TEU 3.9-5.2 k TEU 5.2-7.6 k TEU %k TEU 30+ Year Fleet 25-29 Year Fleet 20-24 Year Fleet Orderbook vs 20+ Yr Fleet (RH Axis)
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0% 15% 30% 45% 60% 75% 90% 0.0 0.5 1.0 1.5 2.0 2.5 3.0 Jan-15 May-15 Sep-15 Jan-16 May-16 Sep-16 Jan-17 May-17 Sep-17 Jan-18 May-18 Sep-18 Jan-19 May-19 Sep-19 Jan-20 May-20 Sep-20 Jan-21 May-21 Sep-21 Jan-22 May-22 Sep-22 Jan-23 May-23 Sep-23 Jan-24 May-24 Sep-24 Jan-25 May-25 Sep-25 % ShareMn TEU Tonnage Provider Owned Liner Owned NOO % of Idle Fleet (RH Axis) 32 Idle Capacity: Small Increase in Recent Months, but Remains below 1% of Fleet Idle Containership Capacity: Liner Company Owned vs Tonnage Provider Owned • Source: MSI, November 2025 • Note (1): NOO = Non-Operating Owner (Tonnage Provider). The volume of idle capacity remains at a low level 0.9% Idle Fleet at End-Oct. 25 vs. Peak of 12% in Jun 20 71% Share of Idle Capacity owned by Tonnage Providers, 2016 18% Share of Idle Capacity owned by Tonnage Providers, Jan-23 to Oct-25 2016 71% NOO Owned Jan 2023-Oct 2025 18% NOO Owned
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33 2,200-13,200 TEU Fleet: Workhorses of Long-Distance Container Trades Danaos Fleet Segment Share of Long-Distance Trade Deployment 64% of long-haul container trade volumes Danaos fleet segments provide 73% of capacity • Source: MSI, November 2025 • Note (1): Transpacific figure excludes Pendulum loops. 19.2% Orderbook-to-Fleet Ratio in Danaos Fleet Segment 71% Share of Capacity on Key Long-Distance Trades 31.2% Danaos Fleet Segment Share of Industry Orderbook 54.3% Danaos Fleet Segment Share of Total Fleet 0.0 1.0 2.0 3.0 4.0 5.0 6.0 Europe-Africa Europe-LatAm Europe-Mid East/ISC Far East-Africa Far East-LatAm Far East-Mid East/ISC Far East-Oceania Transatlantic Transpacific Deployed Capacity, Mn TEU Danaos Fleet Segment Other Vessel Sizes
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Alliance Shake-Up Boosts Vessel Requirements, Current Landscape Faces New Risks 85% Proportion of Fleet Operated by Top 10 Liners 1 Consolidation between liner companies provides more stable set of counterparties 2 Greater stability, increased focus on schedule reliability 3 Alliance patterns have changed with end of 2M alliance in 2025, and formation of Gemini Cooperation (Maersk + Hapag-Lloyd) 4 US and Chinese Port Fees, postponed until Q4 2026, threaten disruption from late 2026 onwards 10 Global Liner Companies, 2025 vs. 20 in 2015 Recent wave of consolidation between liner operators 3 Number of Alliances Operating on Mainlane Trades 34 • Source: MSI, November 2025 • Note (1): Orderbooks include reported orders as of October 2025 yet to receive final confirmation, but excludes options. • Note (2): Data shows total operated fleets of liner operators, not only capacity allocated to alliance services Alliance Landscape (Current Fleets and Orderbooks) 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 MSC Maersk Hapag-Lloyd CMA CGM COSCO Evergreen ONE HMM Yang Ming Zim Wan Hai PIL Gemini OCEAN Premier Alliance Independent Mn TEU Orderbook Fleet
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C.2 Drybulk Vessel Demand & Supply Side Dynamics
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35 Capesize: Markets Remain Healthy Across Q4 2025 Weekly Average Capesize Spot Rate Developments, 2021-25 • Capesize spot rates have remained at a healthy and stable level since strengthening towards the end of July. • Steel market dynamics in China remain challenged, but iron ore loadings out of Brazil and West Africa have been strong. On top of this, growing bauxite trade has boosted vessel requirements. There has been little change in Red Sea dynamics, which continue to provide a boost to Capesize tonne-miles. • Source: MSI, Baltic Exchange, November 2025 • Note (1): Data is basis the Baltic Exchange’s C5TC Capesize Timecharter Average benchmark $21,482 / Day $23,827 / Day $13,989 / Day $16,666 / Day Baltic C5TC, Average Wk1-Wk43, 2025 Baltic C5TC, Average Wk1-Wk43, 2024 Baltic C5TC, Average Wk1-Wk43, 2023 Baltic C5TC, Average Wk1-Wk43, 2016-22 0 10 20 30 40 50 60 70 80 90 wk 1 wk 3 wk 5 wk 7 wk 9 wk 11 wk 13 wk 15 wk 17 wk 19 wk 21 wk 23 wk 25 wk 27 wk 29 wk 31 wk 33 wk 35 wk 37 wk 39 wk 41 wk 43 wk 45 wk 47 wk 49 wk 51 $ k/Day Range, 2015-20 2021 2022 2023 2024 2025
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Capesize: Chinese Steel Demand Weakens, Few Tariff Impacts on Capesizes 36 + 55.0 Incremental Iron Ore Imports, 2023 (MnT) + 38.8 Incremental Iron Ore Imports, 2024E (MnT) - 11.9 Incremental Iron Ore Imports, 2025F (MnT) • Source: MSI, China Iron and Steel Association, November 2025 China Daily Steel Output, 10-Day Average, 2021-25 Incremental Seaborne Iron Ore Imports, 2018-2025(F) 1.2 1.4 1.6 1.8 2.0 2.2 2.4 2.6 Jan, Per 1 Jan, Per 3 Feb, Per 2 Mar, Per 1 Mar, Per 3 Apr, Per 2 May, Per 1 May, Per 3 Jun, Per 2 Jul, Per 1 Jul, Per 3 Aug, Per 2 Sep, Per 1 Sep, Per 3 Oct, Per 2 Nov, Per 1 Nov, Per 3 Dec, Per 2 MnT/Day 10yr Min-Max (2012-2021) 2021 2022 2023 2024 2025 -5.0% -2.5% 0.0% 2.5% 5.0% 7.5% -100 -50 0 50 100 150 2018 2019 2020 2021 2022 2023 2024E 2025F % yoy Hundreds MnT Other Western Europe India Taiwan South Korea Japan China Cargo (RH Axis)
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37 Capesize: Bauxite, Brazilian Iron Ore Offer Sources of Tonne-Mile Expansion • Source: MSI, November 2025 Capesize Annual Employment by Cargo (Mn Dwt) 2004 2014 2024(E) Iron Ore 61% Coal 39% Iron Ore 74% Coal 26% Iron Ore 68% Coal 21% Bauxite 9% Brazil Iron Ore Exports, 2025 ytd vs History 2019-24 334 MnT Brazil Iron Ore Exports, 10M 2025 326 MnT Brazil Iron Ore Exports, 10M 2024 290 MnT Brazil Iron Ore Exports, Average 10M 2019-23 10 15 20 25 30 35 40 45 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec MnT Min-Max (2019-23) 2024 2025
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Capesize: Deliveries Fall Further as Scrapping Remains Minimal 9.7% Capesize Orderbook-to- Fleet Ratio, End-Q3 2025 12.8% Capesize Orderbook-to- Fleet Ratio, End-2019 37.1% Share of Capesize Fleet sub- 10 Years Old, End-Q3 2025 71.4% Share of Capesize Fleet sub- 10 Years Old, End-2019 Source: MSI, November 2025. 38 Capesize Deliveries and Scrapping, 2015-2025 Age Profile of Capesize Fleet -10 -8 -6 -4 -2 0 2 4 6 8 10 Q1 15 Q3 15 Q1 16 Q3 16 Q1 17 Q3 17 Q1 18 Q3 18 Q1 19 Q3 19 Q1 20 Q3 20 Q1 21 Q3 21 Q1 22 Q3 22 Q1 23 Q3 23 Q1 24 Q3 24 Q1 25 Q3 25 Mn Dwt Scrapping Deliveries 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 % Share 25+ Years 20-24 Years 15-19 Years 10-14 Years 5-9 Years 0-4 Years
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D. Appendix
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Reconciliation of Net Income / (Loss) to Adjusted Net Income 2025 2024 2025 2024 2025 2024 2024 2023 2022 2021 2020 2019 2018 2017 Net Income / (Loss) $467,127 $564,567 $130,649 $122,996 $376,700 $414,646 $505,073 $576,299 $559,210 $1,052,841 $153,550 $131,253 $(32,936) $83,905 Adjustments Amortization of finance costs 3,083 2,035 781 598 2,326 1,569 2,326 2,201 8,564 11,599 11,126 10,795 11,771 11,153 Finance costs accrued - - - - - - - - - 149 522 556 2,059 3,169 Debt discount amortization - - - - - - - - 2,956 4,314 5,690 6,071 3,186 - Impairment loss - - - - - - - - - - - - 210,715 - Change in fair value of investments 9,974 (31,157) (8,383) 2,808 (25,600) (10,395) 25,179 (17,867) 176,386 (543,653) - - - - One-off equity gain on investments - - - - - - - - - (64,063) - - - - (Gain) / Loss on debt extinguishment 1,082 - 1,082 - 1,082 - - 2,254 (4,351) (111,616) - - (116,365) - Re-financing professional fees - - - - - - - - - - - - 51,313 14,297 Accelerated amortization of accumulated other comprehensive loss - - - - - - - - - - - - 1,443 - Stock based compensation 8,196 6,340 - - - - 8,196 6,340 5,440 12,686 - - - - Net (gain) / loss on disposal/sale of vessels (1,681) (6,651) - 443 - (6,651) (8,332) (1,639) (37,225) - - - - - Adjusted Net Income $487,781 $535,134 $124,129 $126,845 $354,508 $399,169 $532,442 $567,588 $710,980 $362,257 $170,888 $148,675 $131,186 $112,524 Diluted weighted average number of shares (thousands) 18,696 19,531 18,384 19,517 18,519 19,540 19,385 19,904 20,501 20,584 23,805 16,221 10,623 7,845 Adjusted Earnings per share, diluted $26.09 $27.40 $6.75 $6.50 $19.14 $20.43 $27.47 $28.52 $34.68 $17.60 $7.18 $9.17 $12.35 $14.34 in thousands of U.S. dollars LTM Ended September 30, Three Months Ended September 30, Nine Months Ended September 30, Year Ended December 31, Adjusted Net Income Reconciliation of Net Income / (Loss) to Adjusted Net Income USD thousands Source: Company filings. 39
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Three Months Ended Three Months Ended September 30, 2025 September 30, 2024 Reconciliation of Net Income / (Loss) to Adjusted Net Income Container Vessels Dry Bulk Vessels Other Total Container Vessels Dry Bulk Vessels Other Total Net Income / (Loss) $118,703 $3,404 $8,542 $130,649 $124,102 $62 $(1,168) $122,996 Adjustments Amortization of finance costs 781 - - 781 598 - - 598 Change in fair value of investments - - (8,383) (8,383) - - 2,808 2,808 Loss on debt extinguishment 1,082 - - 1,082 - - - - Net loss on disposal of vessel - - - - 443 - - 443 Adjusted Net Income $120,566 $3,404 $159 $124,129 $125,143 $62 $1,640 $126,845 Diluted weighted average number of shares (thousands) 18,384 19,517 Adjusted Earnings per share, diluted $6.75 $6.50 Nine Months Ended Nine Months Ended September 30, 2025 September 30, 2024 Reconciliation of Net Income / (Loss) to Adjusted Net Income Container Vessels Dry Bulk Vessels Other Total Container Vessels Dry Bulk Vessels Other Total Net Income / (Loss) $353,641 $(2,872) $25,931 $376,700 $396,144 $2,689 $15,813 $414,646 Adjustments Amortization of finance costs 2,326 - - 2,326 1,569 - - 1,569 Change in fair value of investments - - (25,600) (25,600) - - (10,395) (10,395) Loss on debt extinguishment 1,082 - - 1,082 - - - - Net gain on disposal of vessel - - - - (6,651) - - (6,651) Adjusted Net Income / (loss) $357,049 $(2,872) $331 $354,508 $391,062 $2,689 $5,418 $399,169 Diluted weighted average number of shares (thousands) 18,519 19,540 Adjusted Earnings per share, diluted $19.14 $20.43 Adjusted Net Income per segment Reconciliation of Net Income / (Loss) to Adjusted Net Income per segment USD thousands Source: Company filings. 40
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Reconciliation of Net Income / (Loss) to EBITDA and Adjusted EBITDA 2025 2024 2025 2024 2025 2024 2024 2023 2022 2021 2020 2019 2018 2017 Net Income / (Loss) $467,127 $564,567 $130,649 $122,996 $376,700 $414,646 $505,073 $576,299 $559,210 $1,052,841 $153,550 $131,253 $(32,936) $83,905 Adjustments Depreciation 162,278 141,492 41,177 38,726 121,903 107,969 148,344 129,287 134,271 116,917 101,531 96,505 107,757 115,228 Amortization of deferred drydocking & special survey costs 42,499 25,463 10,762 7,485 33,247 19,909 29,161 18,663 12,170 10,181 11,032 8,733 9,237 6,748 Amortization of assumed time-charters - (8,950) - - - (4,534) (4,534) (21,222) (56,699) (27,614) - - - - Amortization of deferred realized losses on cash flow interest rate swaps 3,622 3,632 913 913 2,709 2,719 3,632 3,622 3,622 3,622 3,632 3,622 3,694 3,694 Amortization of finance costs and debt discount 3,083 2,035 781 598 2,326 1,569 2,326 2,201 11,520 15,913 16,817 16,866 14,957 11,153 Finance costs accrued & Commitment fees 2,299 2,670 545 637 1,685 1,965 2,579 2,935 255 149 521 556 2,059 3,169 Interest Income (14,984) (11,706) (3,811) (3,124) (11,077) (8,983) (12,890) (12,133) (4,591) (12,230) (6,638) (6,414) (5,781) (5,576) Interest Expense excluding amortization of finance costs 35,114 17,762 7,760 7,415 25,929 14,674 23,859 18,262 50,620 53,078 36,687 55,203 70,749 75,403 Dividends withholding taxes - - - - - - - - 18,250 5,890 - - - - EBITDA $701,038 $736,965 $188,776 $175,646 $553,422 $549,934 $697,550 $717,914 $728,628 $1,218,747 $317,132 $306,324 $169,736 $293,724 Adjusted for: Stock based compensation 8,648 6,340 145 - 430 - 8,218 6,340 5,972 15,278 1,199 4,241 1,006 - Impairment loss - - - - - - - - - - - - 210,715 - Change in fair value of investments & dividend withholding taxes 9,974 (31,157) (8,383) 2,808 (25,600) (10,395) 25,179 (17,867) 158,136 (549,543) - - - - One-off equity gain on investments - - - - - - - - - (64,063) - - - - (Gain) / Loss on debt extinguishment 1,082 - 1,082 - 1,082 - - 2,254 (4,351) (111,616) - - (116,365) - Re-financing professional fees - - - - - - - - - - - - 51,313 14,297 Accelerated amortization of accumulated other comprehensive loss - - - - - - - - - - - - 1,443 - Net (gain) / loss on disposal/sale of vessels (1,681) (6,651) - 443 - (6,651) (8,332) (1,639) (37,225) - - - - - Adjusted EBITDA $719,061 $705,497 $181,620 $178,897 $529,334 $532,888 $722,615 $707,002 $851,160 $508,803 $318,331 $310,565 $317,848 $308,021 in thousands of U.S. dollars LTM Ended September 30, Three Months Ended September 30, Nine Months Ended September 30, Year Ended December 31, Adjusted EBITDA Reconciliation of Net Income / (Loss) to EBITDA and Adjusted EBITDA USD thousands Source: Company filings.41
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Three Months Ended Three Months Ended September 30, 2025 September 30, 2024 Reconciliation of Net Income / (Loss) to Adjusted EBITDA Container Vessels Dry Bulk Vessels Other Total Container Vessels Dry Bulk Vessels Other Total Net Income / (Loss) $118,703 $3,404 $8,542 $130,649 $124,102 $62 $(1,168) $122,996 Adjustments Depreciation 37,819 3,358 - 41,177 35,520 3,206 - 38,726 Amortization of deferred drydocking & special survey costs 8,406 2,356 - 10,762 6,927 558 - 7,485 Amortization of deferred realized losses on cash flow interest rate swaps 913 - - 913 913 - - 913 Amortization of finance costs 781 - - 781 598 - - 598 Finance costs accrued & Commitment fees 545 - - 545 637 - - 637 Interest Income (3,776) - (35) (3,811) (3,101) - (23) (3,124) Interest Expense excluding amortization of finance costs 7,760 - - 7,760 7,415 - - 7,415 EBITDA $171,151 $9,118 $8,507 $188,776 $173,011 $3,826 $(1,191) $175,646 Adjusted for: Stock based compensation 135 10 - 145 - - - - Change in fair value of investments - - (8,383) (8,383) - - 2,808 2,808 Loss on debt extinguishment 1,082 - - 1,082 - - - - Net loss on disposal of vessel - - - - 443 - - 443 Adjusted EBITDA $172,368 $9,128 $124 $181,620 $173,454 $3,826 $1,617 $178,897 Nine Months Ended Nine Months Ended September 30, 2025 September 30, 2024 Reconciliation of Net Income / (Loss) to Adjusted EBITDA Container Vessels Dry Bulk Vessels Other Total Container Vessels Dry Bulk Vessels Other Total Net Income / (Loss) $353,641 $(2,872) $25,931 $376,700 $396,144 $2,689 $15,813 $414,646 Adjustments Depreciation 111,973 9,930 - 121,903 100,775 7,194 - 107,969 Amortization of deferred drydocking & special survey costs 26,658 6,589 - 33,247 19,062 847 - 19,909 Amortization of assumed time-charters - - - - (4,534) - - (4,534) Amortization of deferred realized losses on cash flow interest rate swaps 2,709 - - 2,709 2,719 - - 2,719 Amortization of finance costs 2,326 - - 2,326 1,569 - - 1,569 Finance costs accrued & Commitment fees 1,685 - - 1,685 1,965 - - 1,965 Interest Income (10,984) - (93) (11,077) (8,960) - (23) (8,983) Interest Expense excluding amortization of finance costs 25,929 - - 25,929 14,674 - - 14,674 EBITDA $513,937 $13,647 $25,838 $553,422 $523,414 $10,730 $15,790 $549,934 Adjusted for: Stock based compensation 400 30 - 430 - - - - Change in fair value of investments - - (25,600) (25,600) - - (10,395) (10,395) Loss on debt extinguishment 1,082 - - 1,082 - - - - Net gain on disposal of vessel - - - - (6,651) - - (6,651) Adjusted EBITDA $515,419 $13,677 $238 $529,334 $516,763 $10,730 $5,395 $532,888 Adjusted EBITDA per segment Reconciliation of Net Income / (Loss) to EBITDA and Adjusted EBITDA per segment USD thousands Source: Company filings.42
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Reconciliation of Free Cash Flow 2025 2024 2025 2024 2025 2024 2024 2023 2022 Adjusted EBITDA $719,061 $705,497 $181,620 $178,897 $529,334 $532,888 $722,615 $707,002 $851,160 Net Interest Expense (20,130) (6,056) (3,949) (4,291) (14,852) (5,691) (10,969) (6,129) (46,029) Commitment fees (2,299) (2,670) (545) (637) (1,685) (1,965) (2,579) (2,935) (255) Equity loss on investments 945 1,579 189 1,232 754 1,438 1,629 3,993 - Revenue recognition (non-cash) 5,425 8,453 5,933 1,784 1,099 399 4,725 5,089 1,084 Early charterhire prepayment (43,364) (47,408) (9,468) (11,581) (31,782) (34,493) (46,075) (68,545) 169,071 Payments for dry-docking & special survey costs deferred (57,196) (38,258) (7,513) (14,072) (35,318) (28,690) (50,568) (31,121) (29,939) Other working capital 19,459 (9,846) 2,356 6,212 17,712 1,225 2,972 (31,062) (10,351) Net Cash provided by Operating Activities $621,901 $611,291 $168,623 $157,544 $465,262 $465,111 $621,750 $576,292 $934,741 Adjust for: Accumulated accrued interest - - - - - - - (3,373) Adjusted Operating Cash Flow $621,901 $611,291 $168,623 $157,544 $465,262 $465,111 $621,750 $576,292 $931,368 Less: Net Debt Payments Payments of long-term debt (35,565) (26,915) (9,415) (6,290) (27,635) (20,040) (27,970) (27,500) (84,400) Payments of leaseback obligation - - - - - - - (8,859) (59,331) Net Debt Payments Total $(35,565) $(26,915) $(9,415) $(6,290) $(27,635) $(20,040) $(27,970) $(36,359) $(143,731) Free Cash Flow $586,336 $584,376 $159,208 $151,254 $437,627 $445,071 $593,780 $539,933 $787,637 Proceeds from long-term debt 107,000 299,000 - 118,000 44,000 299,000 362,000 - 182,726 Early repayment of long-term debt & leaseback obligations - - - - - - - (64,066) (902,743) Vessels additions & advances for vessels additions (12,387) (23,088) (176) (4,791) (4,324) (17,635) (25,698) (15,752) (8,399) Vessel acquisitions & advances for vessel acquisitions - (193,015) - (21,596) - (81,674) (81,674) (141,102) - Vessels under contruction (265,058) (505,082) (92,113) (212,966) (194,986) (481,899) (551,971) (111,181) (190,736) Proceeds and advances from sale of vessels 1,681 10,196 - (443) 1,681 10,196 10,196 3,914 129,069 Finance costs (10,693) (7,105) (1,153) (375) (10,521) (7,105) (7,277) (1,892) (16,244) Net proceeds from sale of equity securities - - - - - - - - 246,638 Investments (30,687) (1,225) - (1,225) (30,270) (1,225) (1,642) (74,407) - Dividends paid (63,328) (62,020) (15,559) (15,476) (47,008) (46,487) (62,807) (60,696) (61,483) Repurchase of common stock (100,829) (23,991) - (492) (53,212) (5,715) (53,332) (70,610) (28,553) Net Increase in Cash, cash equivalents and restricted cash $212,035 $78,046 $50,207 $11,890 $142,987 $112,527 $181,575 $4,141 $137,912 in thousands of U.S. dollars LTM Ended September 30, Three Months Ended September 30, Nine Months Ended September 30, Year Ended December 31, Free Cash Flow Reconciliation of Free Cash Flow to Net Increase in Cash, cash equivalents and restricted cash USD thousands Source: Company filings. 43
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2,811% -500% 0% 500% 1000% 1500% 2000% 2500% 3000% Stockholders' Return 1 Danaos Costamare GSL Stock Performance – Danaos vs. Peers 44 Source: NASDAQ (1) Stockholders’ return is a rate of return over the period from July 1, 2020 to November 14, 2025, including dividend received and reinvested at market price of each security on the date of payout. Since July 1, 2020
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Thank You