Slides
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Investor Presentation February 2026
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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 the strength of world economies and currencies, geopolitical conditions, including any trade disruptions resulting from tariffs, port fees or other protectionist measures imposed by the United States or other countries, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydocking, changes in the Company’s operating expenses, including bunker prices, drydocking and insurance costs, the ability to operate profitably in the drybulk sector, the ability to realize returns on the Company’s investment in the LNG sector, performance of shipyards constructing the contracted newbuilding vessels, ability to obtain financing and comply with covenants in the financing arrangements, actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, including the conflict in Ukraine and related sanctions, conflicts in the Middle East, potential disruption of shipping routes such as Houthi attacks in the Red Sea and the Gulf of Aden or threatened actions by Iran, due to accidents and political events or acts by terrorists. 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 $4.3 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 27 newbuilding vessels • Strong operating days contract coverage of 100% for 2026, 87% for 2027 and 64% for 2028 limits downside risk and provides solid contracted income base Business Model Provides Strong and Stable Cash Flow Profile B 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 PrinciplesD • Charter market remains strong with charter rates across all vessels still above historical averages for periods of up to 5 years • The current containership order-book, of about 35.4% 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 DynamicsF • 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 a second-hand Capesize bulk carrier which is expected to be delivered by the end of the 1st Quarter of 2026. In January 2026, the Company also placed orders for two Newcastlemax bulk carriers of approximately 211,000 DWT capacity each, with expected deliveries in 2028 • Containership vessel orderbook consists of 27 newbuilding containership vessels with an aggregate capacity of 174,550 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 December 31, 2025, on the basis of concluded charter contracts through February 6, 2026, and assuming the earliest charter expiry. • Net Debt / Adjusted EBITDA ratio of 0.20x as of December 31, 2025 • On October 16, 2025, the Company successfully placed a $500 million senior unsecured bond with a 7 year tenor and a coupon of 6.875% • In January 2026, the Company announced a strategic partnership with Glenfarne Group to advance the Alaska LNG project. This partnership includes a $50 million development capital equity investment in Glenfarne Alaska Partners LLC • We have repurchased 3,247,444 shares in the open market for $235.1 million under the recently upsized $300 million authorized share repurchase program
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Danaos by the Numbers $4.3bn Cash Contracted revenue through 2038(1) 0.20x Net Debt / FY 2025 Adjusted EBITDA(2) $719mm FY 2025 Adjusted EBITDA ~$2.0bn Enterprise value(4) $1.4bn Liquidity(3) as of December 31, 2025 (1) Cash Contracted Revenue as of December 31, 2025, on the basis of concluded charter contracts through February 6, 2026 and assuming at the earliest charter expiry. (2) Net debt of $140mm and FY 2025 Adjusted EBITDA of $719mm as of December 31, 2025. (3) Available Liquidity includes Cash and Cash Equivalents of $1,037mm, available and undrawn Revolving Credit Commitment of $248mm, and Marketable Securities of $120mm as of December 31, 2025. (4) Enterprise value calculated using the February 6, 2026 market capitalization of ~$1.9bn ($102.08 price, 18.26mm shares).3 $1.0bn Cash and Cash Equivalents as of December 31, 2025
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Consolidated Balance Sheet & Leverage Metrics As of December 31, 2025 As of December 31, 2024 Cash and cash equivalents $1,037,292 $453,384 Availability under Revolving Credit Facility $247,500 $292,500 Marketable securities $120,244 60,850 Total cash liquidity & marketable securities(3) $1,405,036 $806,734 Debt, gross of deferred finance costs $1,177,782 $744,546 Net Debt(4) $140,490 $291,162 LTM Adjusted EBITDA(5) $719,376 $722,615 Net Debt / LTM Adjusted EBITDA(5) 0.20x 0.40x Three Months Ended Three Months Ended December 31, 2025 December 31, 2024 Financial & Operating Metrics Container Vessels Dry Bulk Vessels Other Total Container Vessels Dry Bulk Vessels Other Total Operating Revenues $240,695 $25,570 - $266,265 $237,510 $20,669 - $258,179 Voyage expenses, excl. commissions ($314) ($3,887) - ($4,201) $925 ($4,960) - ($4,035) Time Charter Equivalent Revenues(1) $240,381 $21,683 - $262,064 $238,435 $15,709 - $254,144 Net income / (loss) $107,305 $6,225 $4,384 $117,914 $121,985 $1,740 ($33,298) $90,427 Adjusted net income(2) $123,588 $7,184 $443 $131,215 $128,697 $2,300 $2,276 $133,273 Earnings per share, basis $6.43 $4.72 Earnings per share, diluted $6.42 $4.70 Adjusted earnings per share, diluted(2) $7.14 $6.93 Operating Days 6,812 918 - 6,467 775 - Time Charter Equivalent $/day(1) $35,288 $23,620 - $36,869 $20,270 - Ownership Days 6,860 920 - 6,706 920 - Average number of vessels 74.6 10.0 - 72.9 10.0 - Fleet Utilization 99.3% 99.8% - 96.4% 84.2% - Adjusted EBITDA(2) $176,715 $12,924 $403 $190,042 $180,700 $6,775 $2,252 $189,727 Fourth Quarter 2025 Financial & Operational Summary Three Months ended December 31, 2025 and December 31, 2024 per segment* (Express in thousands of United States dollars, except as otherwise stated) (1) Time charter equivalent revenues and time charter equivalent US$/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 December 31, 2025 As of December 31, 2024 Cash and cash equivalents $1,037,292 $453,384 Availability under Revolving Credit Facility $247,500 $292,500 Marketable securities $120,244 60,850 Total cash liquidity & marketable securities(3) $1,405,036 $806,734 Debt, gross of deferred finance costs $1,177,782 $744,546 Net Debt(4) $140,490 $291,162 LTM Adjusted EBITDA(5) $719,376 $722,615 Net Debt / LTM Adjusted EBITDA(5) 0.20x 0.40x Year Ended Year Ended December 31, 2025 December 31, 2024 Financial & Operating Metrics Container Vessels Dry Bulk Vessels Other Total Container Vessels Dry Bulk Vessels Other Total Operating Revenues $955,433 $87,023 - $1,042,456 $937,077 $77,033 - $1,014,110 Voyage expenses, excl. commissions ($1,972) ($21,992) - ($23,964) $746 ($27,075) - ($26,329) Time Charter Equivalent Revenues(1) $953,461 $65,031 - $1,018,492 $937,823 $49,958 - $987,781 Net income / (loss) $460,946 $3,353 $30,315 $494,614 $518,129 $4,429 ($17,485) $505,073 Adjusted net income(2) $480,637 $4,312 $774 $485,723 $519,759 $4,989 $7,694 $532,442 Earnings per share, basis $26.83 $26.15 Earnings per share, diluted $26.76 $26.05 Adjusted earnings per share, diluted(2) $26.28 $27.47 Operating Days 26,565 3,578 - 24,961 2,753 - Time Charter Equivalent $/day(1) $35,892 $18,175 - $37,572 $18,147 - Ownership Days 27,039 3,650 - 25,684 3,164 - Average number of vessels 74.1 10.0 - 70.2 8.6 - Fleet Utilization 98.2% 98.0% - 97.2% 87.0% - Adjusted EBITDA(2) $692,134 $26,601 $641 $719,376 $697,463 $17,505 $7,647 $722,615 Twelve Months Ended December 31 Financial & Operational Summary Twelve Months ended December 31, 2025 and December 31, 2024 per segment* (Express in thousands of United States dollars, except as otherwise stated) (1) Time charter equivalent revenues and time charter equivalent US$/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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$946 $914 $734 $1,663 $2 ($8) $3 $8 100% 87% 64% 16% -20% 20% 60% 100% ($150) $50 $250 $450 $650 $850 $1,050 $1,250 $1,450 $1,650 2026 2027 2028 2029 and onward Cash Contracted Revenue Non-cash Component of Contracted Revenue Contracted days coverage 71 69 68 73 75 7 10 10 6 12 16 27 2 1 50 60 70 80 90 100 110 120 2021 2022 2023 2024 December 31, 2025 Containerships Drybulks Containerships on order Drybulks on order Secondhand drybulk to be delivered 436.6 423.7 421.3 465.5 477.5 46.4 91.4 134.2 174.6 - 100 200 300 400 500 600 700 2021 2022 2023 2024 December 31, 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) Includes subsequent to December 31, 2025, exercise of the options for the construction of two 5,300 TEU containerships. (3)Cash Contracted Revenue as of December 31, 2025 on the basis of concluded charter contracts through February 6, 2026 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 $15.5 million of charter hire prepayment in Q2 2022, representing partial prepayment of charter hire payable from December 31, 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(3) USDm (2)
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$148.7 $593.8 $170.5 $608.1 $0.0 $100.0 $200.0 $300.0 $400.0 $500.0 $600.0 $700.0 Three Months Ended December 31 Twelve Months Ended December 31 2024 2025 $133.3 $532.4 $131.2 $485.7 $0.0 $100.0 $200.0 $300.0 $400.0 $500.0 $600.0 Three Months Ended December 31 Twelve Months Ended December 31 2024 2025 $189.7 $722.6 $190.0 $719.4 $0.0 $100.0 $200.0 $300.0 $400.0 $500.0 $600.0 $700.0 $800.0 Three Months Ended December 31 Twelve Months Ended December 31 2024 2025 $258.2 $1,014.1 $266.3 $1,042.5 $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000 $1,100 Three Months Ended December 31 Twelve Months Ended December 31 2024 2025 Fourth Quarter and Twelve Months Ended December 31 - 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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$23,620 $18,175 $35,288 $35,892 $0 $15,000 $30,000 $45,000 $60,000 Three Months Ended December 31, 2025 Twelve Months Ended December 31, 2025 Dry Bulk vessels Container Vessels $25.6 $87.0 $240.7 $955.4 $266.3 $1,042.5 $0.0 $200.0 $400.0 $600.0 $800.0 $1,000.0 Three Months Ended December 31, 2025 Twelve Months Ended December 31, 2025 Dry Bulk vessels Container vessels 2025 2024 2025 2024 2025 2024 2025 2024 Operating Revenues (in 000's of US$) $240,695 $237,510 $955,433 $937,077 $25,570 $20,669 $87,023 $77,033 Less: Voyage Expenses excuuding commissions (in 000's of US$) (314) 925 (1,972) 746 (3,887) (4,960) (21,992) (27,075) Time Charter Equivalent Revenues (in 000's of US$) $240,381 $238,435 $953,461 $937,823 $21,683 $15,709 $65,031 $49,958 Ownership days 6,860 6,706 27,039 25,684 920 920 3,650 3,164 Less: Off-hire days (48) (239) (474) (723) (2) (145) (72) (411) Operating days 6,812 6,467 26,565 24,961 918 $775 $3,578 $2,753 Time Charter Equivalent $/per day $35,288 $36,869 $35,892 $37,572 $23,620 $20,270 $18,175 $18,147 (Time Charter Equivalent Revenues / Operating days) Three Months Ended December 31, Container vessels Dry Bulk vessels Thren Months Ended December 31, Year Ended December 31, Year Ended December 31, Fourth Quarter and Twelve Months Ended December 31 – 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 February 6, 2026. (2) Age as of December 31, 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 February 6, 2026. (2) Age as of December 31, 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 February 6, 2026. (2) Age as of December 31, 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 December 31, 2025. (2) Capesize drybulk secondhand vessel agreed to be purchased and is expected to be delivered to the Company by the end of the first quarter of 2026. (3) Two Newcastlemax vessels of approximately 211,000 DWT capacity each, added to our orderbook and expected to be delivered in 2028. Drybulks 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 Capesize drybulk vessel (2) Capesize 182,425 2009 16 Drybulk newbuildings on order No. Hull No. Type DWT Expected Delivery 1 HN DJCFD010(3) Newcastlemax 211,000 2028 2 HN DJCFD011(3) Newcastlemax 211,000 2028
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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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477 522 389 288 224 133 1,930 634 857 732 442 295 314 191 256 208 212 155 135 126 175 19 84 67 63 700 338 30 41 110 16 16 18 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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3% 7% 16% 11% 5% 9% 6% 3% 16% 2% 3% 15% 0% 6% 9x 2,200 – 2,600 TEU Average Age: 27.3 years Remaining Charter Term: 1.8 years 5x 13,100 TEU Average Age: 13.7 years Remaining Charter Term: 1.3 years 5x 9,600 - 10,100 TEU Average Age: 16.5 years Remaining Charter Term: 3.8 years 17x 8,000 - 9,000 TEU Average Age: 13.7 years Remaining Charter Term: 2.8 years 11x 6,400 – 7,165 TEU Average Age: 14.3 years Remaining Charter Term: 4.6 years 12x 4,300 – 5,600 TEU Average Age: 19.3 years Remaining Charter Term: 3.2 years 8x 3,300 - 3,400 TEU Average Age: 18.0 years Remaining Charter Term: 3.3 years 6x 5,500 TEU Wide Beam Average Age: 11.1 years Remaining Charter Term: 3.3 years 9x NBs 7,165 - 8,300 TEU Remaining Charter Term : 5.0 years 1x NB 6,000 TEU Remaining Charter Term : 4.8 years 7x NBs 9,200 TEU Remaining Charter Term : 5.2 years 2x 6,000 TEU Average Age: 0.5 years Remaining Charter Term : 6.3 years 4x NBs 1,800 TEU Remaining Charter Term : 9.9 years A Diverse & High-Quality Fleet Containership Fleet Overview(1) (1) Figures as of December 31, 2025, on the basis of concluded charter contracts for containerships through February 6, 2026. 15 Contracted Revenue Contribution(1)
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20% 20% 16% 16% 8% 6% 4% 3% 3%4% Charter Backlog to Leading Container Operators Containership Charter Backlog (Contracted TEU capacity per charterer) Charter backlog of $4.3 billion through to 2038(1) Average charter duration of 4.3 years (weighted by aggregate contracted charter hire) (1) Fleet utilization for Q4 2025 99.3% (1) Cash Contracted Revenue and average charter duration as of December 31, 2025, on the basis of concluded charter contracts for containership through February 6, 2026, 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 a second-hand Capesize bulk carrier which is expected to be delivered by the end of the 1st Quarter of 2026. We also placed orders for two Newcastlemax bulk carriers of approximately 211,000 DWT capacity each, with expected deliveries in 2028 21 (1) Available Liquidity includes Cash and Cash Equivalents, available and undrawn Credit Commitment, and Marketable Securities as of December 31, 2025. • 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, $1.8 billion invested in the acquisition of 29 secondhand and newbuilding vessels and progress payments for 24 secondhand and newbuilding vessels • 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 • On October 16, 2025, the Company successfully placed a $500 million senior unsecured bond with a 7 year tenor and a coupon of 6.875% • In January 2026, the Company announced a strategic partnership with Glenfarne Group to advance the Alaska LNG project. This partnership includes a $50 million development capital equity investment in Glenfarne Alaska Partners LLC • We have paid $279.4 million in dividends since 2021 • We have repurchased 3,247,444 shares in the open market for $235.1 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 December 31, 2025 - $1,405 million
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$84 $33 $131 $154 $1,053 $559 $576 $505 $495 $115 $131 $149 $171 $362 $711 $568 $532 $486 $200 $0 $200 $400 $600 $800 $1,000 $1,200 2017 2018 2019 2020 2021 2022 2023 2024 2025 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 2025 $452 $459 $447 $462 $690 $993 $974 $1,014 $1,042 $0 $200 $400 $600 $800 $1,000 $1,200 2017 2018 2019 2020 2021 2022 2023 2024 2025 Historical Financial Highlights Source: Company Filings, Quarter ended December 31, 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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$268 $272 $453 $1,037 $382 $338 $293 $248 $67 $77 $139 $66 $129 $650 $609 $746 $1,285 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 2017 2018 2019 2020 2021 2022 2023 2024 2025 Cash and Cash Equivalents Undrawn Commitments $2,274 $1,615 $1,443 $1,440 $1,249 $243 $139 $291 $140 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 2025 Net Adjusted Debt Net Debt / Adjusted EBITDA (RH Axis) Focused on Maintaining Conservative Capital Structure Source: Company Filings. (1) Based on outstanding debt less cash and cash equivalents as of December 31, 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 December 31, 2025, on the basis of concluded charter contracts through February 6, 2026, 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 / FY 2025 Adjusted EBITDA(1) at 0.20x as of December 31, 2025 …supported by charter backlog • Charter backlog of $4.3bn(3) from strong container operators supports cash flow generation • Cash and Cash Equivalents of $1,037 million as of December 31, 2025 • Undrawn RCF with $248 million capacity as of December 31, 2025
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$719 $645 $608 $24 ($20) ($40) ($39) ($37) Adjusted EBITDA 2025 Net Cash Interest Dry Docking Early Charterhire Prepayment Other Operating Cash Flow Contractual Debt Amortization ⁽²⁾ Free Cash Flow 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 FY 2025 FCF excludes CapEx and one-time / extraordinary items Source: Data as of December 31, 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 FY 2025 Free Cash Flow(1) Bridge USDm (1)
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35% 65% 35% 65% Credit Facilities Unsecured Notes Variable rate Fixed rate $285.4 $23.4 $23.5 $278.5 $3.8 $4.0 $504.3 $54.9 $0 $100 $200 $300 $400 $500 $600 2026 2027 2028 2029 2030 2031 2032 2033 Credit Facilities & Unsecured Notes Financial Debt Maturity Profile Source: Company filings. (1) Scheduled debt maturities are based on the terms of agreements as of December 31, 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 • Out of our total 85 vessel fleet, we have 77 debt free vessels of which 61 are unencumbered and 16 are encumbered in connection with our $382.5 million Revolving Credit Facility on which no debt has been drawn • 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 • On October 16, 2025, the Company successfully placed a $500 million senior unsecured bond with a 7 year tenor and a coupon of 6.875%. On December 1, 2025, we utilized $111.4 million from this offering towards early repayment of two secured credit facilities, and we have issued a redemption notice to repay in full early on March 2, 2026 our 8.5% senior notes due 2028 with an outstanding principal amount of $262.8 million Breakdown of Financial Debt $1,178m
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C.1 Container Vessel Demand & Supply Side Dynamics
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2025(E) World Container Trade 2025(E) Trade yoy Growth 2026(F) World Container Trade 2026(F) Trade yoy Growth 26 Container Trade: Container Trade Performed Strongly in 2025 World Container Trade & GDP, 2000 – 2026F • Source: MSI, January 2026 • Note (1): Forecast (F) for 2026 is basis the latest available data in January 2026 and is subject to revision. 237 Mn Teu 5.0% 242 Mn Teu 2.1% -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 2024 2025E 2026F % yoyMn TEU World Container Trade World GDP Growth (RH Axis) Containerised Trade Growth (RH Axis)
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27 Demand: Chinese Exports Diverted to Alternative Importers US Containerised Imports from Far East, 2019-25 11M Far East Exports to Non-Mainlane Import Regions- 7.7% • Source: MSI, Bloomberg, Container Trade Statistics, January 2026 - 0.1% US Far East TEU Imports, 2025 vs 2024 + 15.1% 11M Far East TEU Exports to MEISC (WB), 2025 vs 2024 + 10.0% 11M Far East TEU Exports to Latin America (SB), 2025 vs 2024 US Far East TEU Imports, Q4 25 vs Q4 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 0 2 4 6 8 10 12 Far East-MEISC WB Far East-L. America SB Far East-Africa SB Mn TEU 2020 2021 2022 2023 2024 2025
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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, January 2026 • 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/Hong Kong, 39% Japan, Korea, Taiwan, 9% ASEAN, 17% Europe, 16% Latin America, 9% Middle East/Subcontinent , 8% Other, 2% 13%, China 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, Jan 2018 – Dec 2025 • Source: MSI, January 2026, Monthly Average Values +194% +268% +405% +385% 8,500 TEU Charter Rate % Ch: Dec 25 vs. Avg 2010-19 6,500 TEU Charter Rate % Ch: Dec 25 vs. Avg 2010-19 4,300 TEU Charter Rate % Ch: Dec 25 vs. Avg 2010-19 3,500 TEU Charter Rate % Ch: Dec 25 vs. Avg 2010-19 0 20 40 60 80 100 120 140 160 180 200 Feb-18 May-18 Aug-18 Nov-18 Feb-19 May-19 Aug-19 Nov-19 Feb-20 May-20 Aug-20 Nov-20 Feb-21 May-21 Aug-21 Nov-21 Feb-22 May-22 Aug-22 Nov-22 Feb-23 May-23 Aug-23 Nov-23 Feb-24 May-24 Aug-24 Nov-24 Feb-25 May-25 Aug-25 Nov-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 9.0 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 32.6% of Fleet 58.5% of Fleet 30 Supply: Sub-12 k TEU Comprise Larger Share of Orderbook Containership Orderbook, January 2026 Age Profile of Fleet: Smaller Vessel Fleet Ageing • Source: MSI, January 2026 35.4% Industry Orderbook-to-Fleet Ratio, Jan. 26 20.0% Orderbook-to-Fleet Ratio: Sub-12,000 TEU Fleet, Jan. 26 15.8 Years Average Age: Sub-12,000 TEU Fleet, Jan. 26 6.2 Years Average Age: 12,000+ TEU Fleet, Jan. 26 13.0% 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 17.5 13.0 12.0 16.8 15.4 12.3 6.2 % 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, January 2026 484 k TEU 374 k TEU 1 k TEU 47 k TEU Containership Deliveries, Q4 25 Containership Deliveries, Average Q1 15-Q4 25 Containership Demolitions, Q4 25 Containership Demolitions, Average Q1 15-Q4 25 -400 -200 0 200 400 600 800 1000 Q1 14 Q4 14 Q3 15 Q2 16 Q1 17 Q4 17 Q3 18 Q2 19 Q1 20 Q4 20 Q3 21 Q2 22 Q1 23 Q4 23 Q3 24 Q2 25 k TEU Containership Demolitions Containership Deliveries 0% 25% 50% 75% 100% 125% 150% 175% 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% 10% 20% 30% 40% 50% 60% 70% 80% 90% 0.0 0.5 1.0 1.5 2.0 2.5 3.0 Jan-15 Jun-15 Nov-15 Apr-16 Sep-16 Feb-17 Jul-17 Dec-17 May-18 Oct-18 Mar-19 Aug-19 Jan-20 Jun-20 Nov-20 Apr-21 Sep-21 Feb-22 Jul-22 Dec-22 May-23 Oct-23 Mar-24 Aug-24 Jan-25 Jun-25 Nov-25 % ShareMn TEU Tonnage Provider Owned Liner Owned NOO % of Idle Fleet (RH Axis) 2023-2025 19% NOO Owned 2015-2017 72% NOO Owned 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, January 2026 • Note (1): NOO = Non-Operating Owner (Tonnage Provider). The volume of idle capacity remains at a low level 0.8% Idle Fleet at End-Dec. 25 vs. Peak of 11% in May 20 72% Share of Idle Capacity owned by Tonnage Providers, 2015-2017 19% Share of Idle Capacity owned by Tonnage Providers, 2023-2025
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33 Red Sea: Increase in Sailings in Q4, but Transits Far Below 2023 Levels Bab-Al Mandeb Strait Containership Transits, Unique Vessels Per Month, 2022-25 • Source: MSI SEASCAPE, January 2026 Red Sea Diversions Remain Extensive 168 # of Unique Containerships Transiting Red Sea, Dec 25 152 # of Unique Containerships Transiting Red Sea, Dec 24 516 # of Unique Containerships Transiting Red Sea, Nov 23 0 100 200 300 400 500 600 700 Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22 Jan-23 Mar-23 May-23 Jul-23 Sep-23 Nov-23 Jan-24 Mar-24 May-24 Jul-24 Sep-24 Nov-24 Jan-25 Mar-25 May-25 Jul-25 Sep-25 Nov-25 # Unique Vessels VLCV (12,000+ TEU) Large (7,600-11,999 TEU) Midsize (3,900-7,599 TEU) Feeder (Sub-3,900 TEU)
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34 2,200-13,200 TEU Fleet: Workhorses of Long-Distance Container Trades Danaos Fleet Segment Share of Long-Distance Trade Deployment 63.5% of long-haul container trade volumes Danaos fleet segments provide 70.6% of capacity • Source: MSI, January 2026 • Note (1): Transpacific figure excludes Pendulum loops. 22.6% Orderbook-to-Fleet Ratio in Danaos Fleet Segment 70.6% Share of Capacity on Key Long-Distance Trades 34.6% Danaos Fleet Segment Share of Industry Orderbook 54.1% Danaos Fleet Segment Share of Total Fleet 0.0 1.0 2.0 3.0 4.0 5.0 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 86% 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 35 • Source: MSI, January 2026 • 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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36 Capesize: Markets Strengthen in Q4 2025 on Increased Tonne-Miles Weekly Average Capesize Spot Rate Developments, 2021-26 • Capesize earnings were particularly strong in the final quarter of 2025, supported by the bunching of Australian iron ore cargoes, steady growth in Brazilian iron ore exports, and the continued expansion of bauxite shipments from Guinea, which collectively supported the freight market. • Following the most recent spike in earnings in early December, Capesize rates have eased but remain at firm levels heading into a period that is typically seasonally weaker for the sector as the market approaches the Lunar New Year. • Source: MSI, Baltic Exchange, January 2026 • Note (1): Data is basis the Baltic Exchange’s C5TC Capesize Timecharter Average benchmark $21,151 k/Day $22,493 k/Day $16,609 k/Day $17,003 k/Day Baltic C5TC, Weekly Average 2025 Baltic C5TC, Weekly Average 2024 Baltic C5TC, Weekly Average 2023 Baltic C5TC, Weekly Average, 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 2026
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Capesize: Chinese Iron Ore Stockpiles Increase while Steel Demand Softens 37 + 45.8 Incremental Iron Ore Imports, 2024 (MnT) + 22.2 Incremental Iron Ore Imports, 2025E (MnT) + 23.0 Incremental Iron Ore Imports, 2026F (MnT) • Source: MSI, China Iron and Steel Association, January 2026 China Daily Steel Output, 10-Day Average, 2021-25 Chinese Iron One Stockpiles, 2023-25 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 Min 2021 2022 2023 2024 2025 0 20 40 60 80 100 120 140 160 Jan-23 Mar-23 May-23 Jul-23 Sep-23 Nov-23 Jan-24 Mar-24 May-24 Jul-24 Sep-24 Nov-24 Jan-25 Mar-25 May-25 Jul-25 Sep-25 Nov-25 MnT
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38 Capesize: Brazilian Iron Ore and Guinean Bauxite Drive Tonne-Mile Growth • Source: MSI, January 2026 Guinean Capesize Port CallsCapezize Tonne-Miles by Date of Arrival 1249 MnT Chinese Iron Ore Imports 2025, 0.8% yoy 201 MnT Chinese Bauxite Imports 2025, + 26% yoy 3368 MnT Q4 Capesize Tonne-Mile Growth, + 7.2% yoy 0 20 40 60 80 100 120 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec # of Vessels 2023 2024 2025 0% 10% 20% 30% 40% 50% 60% 70% 80% 0 500 1000 1500 2000 2500 3000 3500 4000 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 BnTM Other Guinea Australia Brazil Share of Australia & Guinea (RH Axis)
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Capesize: Deliveries Pick Up as Scrapping Stalls 11.4% Capesize Orderbook-to- Fleet Ratio, End 2025 8.9% Capesize Orderbook-to- Fleet Ratio, End 2020 37.3% Share of Capesize Fleet sub- 10 Years Old, End 2025 64.9% Share of Capesize Fleet sub- 10 Years Old, End 2020 Source: MSI, January 2026. 39 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 2023 2022 2021 2020 2019 2018 2017 Net Income / (Loss) $117,914 $90,427 $494,614 $505,073 $576,299 $559,210 $1,052,841 $153,550 $131,253 $(32,936) $83,905 Adjustments Amortization of finance costs 1,062 757 3,388 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 99 - 99 - - 2,956 4,314 5,690 6,071 3,186 - Impairment loss - - - - - - - - - 210,715 - Change in fair value of investments (3,941) 35,574 (29,541) 25,179 (17,867) 176,386 (543,653) - - - - One-off equity gain on investments - - - - - - (64,063) - - - - (Gain) / Loss on debt extinguishment 1,417 - 2,499 - 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 and one-off discretionary cash bonus 14,664 8,196 14,664 8,196 6,340 5,440 12,686 - - - - Gain on disposal/sale of vessels - (1,681) - (8,332) (1,639) (37,225) - - - - - Adjusted Net Income $131,215 $133,273 $485,723 $532,442 $567,588 $710,980 $362,257 $170,888 $148,675 $131,186 $112,524 Diluted weighted average number of shares (thousands) 18,366 19,220 18,480 19,385 19,904 20,501 20,584 23,805 16,221 10,623 7,845 Adjusted Earnings per share, diluted $7.14 $6.93 $26.28 $27.47 $28.52 $34.68 $17.60 $7.18 $9.17 $12.35 $14.34 in thousands of U.S. dollars Three Months Ended December 31, Year Ended December 31, Adjusted Net Income Reconciliation of Net Income / (Loss) to Adjusted Net Income USD thousands Source: Company filings. 40
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Three Months Ended Three Months Ended December 31, 2025 December 31, 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) $107,305 $6,225 $4,384 $117,914 $121,985 $1,740 $(33,298) $90,427 Adjustments Amortization of finance costs 1,161 - - 1,161 757 - - 757 Stock based compensation and one-off discretionary cash bonus 13,705 959 - 14,664 7,636 560 - 8,196 Change in fair value of investments - - (3,941) (3,941) - - 35,574 35,574 Loss on debt extinguishment 1,417 - - 1,417 - - - - Net gain on disposal/sale of vessels - - - - (1,681) - - (1,681) Adjusted Net Income $123,588 $7,184 $443 $131,215 $128,697 $2,300 $2,276 $133,273 Diluted weighted average number of shares (thousands) 18,366 19,220 Adjusted Earnings per share, diluted $7.14 $6.93 Year Ended Year Ended December 31, 2025 December 31, 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) $460,946 $3,353 $30,315 $494,614 $518,129 $4,429 $(17,485) $505,073 Adjustments Amortization of finance costs 3,487 - - 3,487 2,326 - - 2,326 Stock based compensation and one-off discretionary cash bonus 13,705 959 - 14,664 7,636 560 - 8,196 Change in fair value of investments - - (29,541) (29,541) - - 25,179 25,179 Loss on debt extinguishment 2,499 - - 2,499 - - - - Net gain on disposal/sale of vessels - - - - (8,332) - - (8,332) Adjusted Net Income / (loss) $480,637 $4,312 $774 $485,723 $519,759 $4,989 $7,694 $532,442 Diluted weighted average number of shares (thousands) 18,480 19,385 Adjusted Earnings per share, diluted $26.28 $27.47 Adjusted Net Income per segment Reconciliation of Net Income / (Loss) to Adjusted Net Income per segment USD thousands Source: Company filings. 41
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Reconciliation of Net Income / (Loss) to EBITDA and Adjusted EBITDA 2025 2024 2025 2024 2023 2022 2021 2020 2019 2018 2017 Net Income / (Loss) $117,914 $90,427 $494,614 $505,073 $576,299 $559,210 $1,052,841 $153,550 $131,253 $(32,936) $83,905 Adjustments Depreciation 41,463 40,375 163,366 148,344 129,287 134,271 116,917 101,531 96,505 107,757 115,228 Amortization of deferred drydocking & special survey costs 10,827 9,252 44,074 29,161 18,663 12,170 10,181 11,032 8,733 9,237 6,748 Amortization of assumed time-charters - - - (4,534) (21,222) (56,699) (27,614) - - - - Amortization of deferred realized losses on cash flow interest rate swaps 913 913 3,622 3,632 3,622 3,622 3,622 3,632 3,622 3,694 3,694 Amortization of finance costs and debt discount 1,161 757 3,487 2,326 2,201 11,520 15,913 16,817 16,866 14,957 11,153 Finance costs accrued & Commitment fees 522 614 2,207 2,579 2,935 255 149 521 556 2,059 3,169 Interest Income (8,471) (3,907) (19,548) (12,890) (12,133) (4,591) (12,230) (6,638) (6,414) (5,781) (5,576) Interest Expense excluding amortization of finance costs 13,426 9,185 39,355 23,859 18,262 50,620 53,078 36,687 55,203 70,749 75,403 Dividends withholding taxes - - - - - 18,250 5,890 - - - - EBITDA $177,755 $147,616 $731,177 $697,550 $717,914 $728,628 $1,218,747 $317,132 $306,324 $169,736 $293,724 Adjusted for: Stock based compensation and one-off discretionary cash bonus 14,811 8,218 15,241 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 (3,941) 35,574 (29,541) 25,179 (17,867) 158,136 (549,543) - - - - One-off equity gain on investments - - - - - - (64,063) - - - - (Gain) / Loss on debt extinguishment 1,417 - 2,499 - 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 - Gain on disposal/sale of vessels - (1,681) - (8,332) (1,639) (37,225) - - - - - Adjusted EBITDA $190,042 $189,727 $719,376 $722,615 $707,002 $851,160 $508,803 $318,331 $310,565 $317,848 $308,021 in thousands of U.S. dollars Three Months Ended December 31, Year Ended December 31, Adjusted EBITDA Reconciliation of Net Income / (Loss) to EBITDA and Adjusted EBITDA USD thousands Source: Company filings.42
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Three Months Ended Three Months Ended December 31, 2025 December 31, 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) $107,305 $6,225 $4,384 $117,914 $121,985 $1,740 $(33,298) $90,427 Adjustments Depreciation 38,102 3,361 - 41,463 37,048 3,327 - 40,375 Amortization of deferred drydocking & special survey costs 8,456 2,371 - 10,827 8,105 1,147 - 9,252 Amortization of deferred realized losses on cash flow interest rate swaps 913 - - 913 913 - - 913 Amortization of finance costs and debt discount 1,161 - - 1,161 757 - - 757 Finance costs accrued & Commitment fees 522 - - 522 614 - - 614 Interest Income (8,429) (2) (40) (8,471) (3,883) - (24) (3,907) Interest Expense excluding amortization of finance costs 13,426 - - 13,426 9,185 - - 9,185 EBITDA $161,456 $11,955 $4,344 $177,755 $174,724 $6,214 $(33,322) $147,616 Adjusted for: Stock based compensation and one-off discretionary cash bonus 13,842 969 - 14,811 7,657 561 - 8,218 Change in fair value of investments - - (3,941) (3,941) - - 35,574 35,574 Loss on debt extinguishment 1,417 - - 1,417 - - - - Gain on disposal/sale of vessels - - - - (1,681) - - (1,681) Adjusted EBITDA $176,715 $12,924 $403 $190,042 $180,700 $6,775 $2,252 $189,727 Year Ended Year Ended December 31, 2025 December 31, 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) $460,946 $3,353 $30,315 $494,614 $518,129 $4,429 $(17,485) $505,073 Adjustments Depreciation 150,075 13,291 - 163,366 137,823 10,521 - 148,344 Amortization of deferred drydocking & special survey costs 35,114 8,960 - 44,074 27,167 1,994 - 29,161 Amortization of assumed time-charters - - - - (4,534) - - (4,534) Amortization of deferred realized losses on cash flow interest rate swaps 3,622 - - 3,622 3,632 - - 3,632 Amortization of finance costs and debt discount 3,487 - - 3,487 2,326 - - 2,326 Finance costs accrued & Commitment fees 2,207 - - 2,207 2,579 - - 2,579 Interest Income (19,413) (2) (133) (19,548) (12,843) - (47) (12,890) Interest Expense excluding amortization of finance costs 39,355 - - 39,355 23,859 - - 23,859 EBITDA $675,393 $25,602 $30,182 $731,177 $698,138 $16,944 $(17,532) $697,550 Adjusted for: Stock based compensation and one-off discretionary cash bonus 14,242 999 - 15,241 7,657 561 - 8,218 Change in fair value of investments - - (29,541) (29,541) - - 25,179 25,179 Loss on debt extinguishment 2,499 - - 2,499 - - - - Gain on disposal/sale of vessels - - - - (8,332) - - (8,332) Adjusted EBITDA $692,134 $26,601 $641 $719,376 $697,463 $17,505 $7,647 $722,615 Adjusted EBITDA per segment Reconciliation of Net Income / (Loss) to EBITDA and Adjusted EBITDA per segment USD thousands Source: Company filings.43
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Reconciliation of Free Cash Flow 2025 2024 2025 2024 2023 2022 2021 2020 2019 Adjusted EBITDA $190,042 $189,727 $719,376 $722,615 $707,002 $851,160 $508,803 $318,331 $310,565 Net Interest Expense (4,955) (5,278) (19,807) (10,969) (6,129) (46,029) (40,122) (27,138) (45,414) Commitment fees (522) (614) (2,207) (2,579) (2,935) (255) - - - Equity loss/(gain) on investments 285 191 1,039 1,629 3,993 - (3,965) (6,308) (1,602) Revenue recognition (non-cash) 6,355 4,326 7,454 4,725 5,089 1,084 (38,947) (5,501) (27,682) Early charterhire prepayment (7,129) (11,582) (38,911) (46,075) (68,545) 169,071 - - - Payments for dry-docking & special survey costs deferred (4,353) (21,878) (39,671) (50,568) (31,121) (29,939) (4,643) (16,916) (7,157) Other working capital (232) 1,747 17,480 2,972 (31,062) (10,351) 6,985 3,211 (8,832) Net Cash provided by Operating Activities $179,491 $156,639 $644,753 $621,750 $576,292 $934,741 $428,111 $265,679 $219,878 Adjust for: Accumulated accrued interest - - - - - (3,373) (10,361) (25,639) (35,358) Adjusted Operating Cash Flow $179,491 $156,639 $644,753 $621,750 $576,292 $931,368 $417,750 $240,040 $184,520 Less: Net Debt Payments Payments of long-term debt (8,999) (7,930) (36,634) (27,970) (27,500) (84,400) (1,343,725) (146,747) (262,572) Payments of leaseback obligation - - - - (8,859) (59,331) (53,799) (153,904) (8,309) Proceeds from long-term debt to refinance existing obligations - - - - - - 1,105,311 - - Proceeds from sale-leaseback to refinance existing obligations - - - - - - 135,000 139,080 146,523 Net Debt Payments Total $(8,999) $(7,930) $(36,634) $(27,970) $(36,359) $(143,731) $(157,213) $(161,571) $(124,358) Free Cash Flow $170,492 $148,709 $608,119 $593,780 $539,933 $787,637 $260,537 $78,469 $60,162 Proceeds from long-term debt 576,675 63,000 620,675 362,000 - 182,726 - 69,850 - Early repayment of long-term debt & leaseback obligations (154,130) - (154,130) - (64,066) (902,743) - - - Vessels additions & advances for vessels additions (485) (8,063) (4,809) (25,698) (15,752) (8,399) (7,709) (33,094) (18,853) Vessel acquisitions & advances for vessel acquisitions (3,801) - (3,801) (81,674) (141,102) - (348,011) (137,567) (2,507) Vessels under contruction (93,094) (70,072) (288,080) (551,971) (111,181) (190,736) - - - Proceeds and advances from sale of vessels - - 1,681 10,196 3,914 129,069 - - - Finance costs (15,250) (172) (25,771) (7,277) (1,892) (16,244) (22,409) (19,963) (30,474) Net proceeds from redemption of notes - - - - - - 75,646 - - Net proceeds from sale of equity securities - - - - - 246,638 120,704 - - Investments (417) (417) (30,687) (1,642) (74,407) - - (75) - Cash and restricted cash acquired - - - - - - 16,222 - - Dividends paid (16,542) (16,320) (63,550) (62,807) (60,696) (61,483) (30,887) - - Repurchase of common stock (22,527) (47,617) (75,739) (53,332) (70,610) (28,553) - (31,127) - Share issuance costs - - - - - - - - (873) Paid-in capital - - - - - - - - 54,440 Net Increase in Cash, cash equivalents and restricted cash $440,921 $69,048 $583,908 $181,575 $4,141 $137,912 $64,093 $(73,507) $61,895 Three Months Ended December 31, in thousands of U.S. dollars 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. 44
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3,016% -500% 0% 500% 1000% 1500% 2000% 2500% 3000% Stockholders' Return 1 Danaos Costamare GSL Stock Performance – Danaos vs. Peers 45 Source: NASDAQ (1) Stockholders’ return is a rate of return over the period from July 1, 2020 to February 6, 2026, 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