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Danaos 2013 profits fall 11pc to US$54 million on impairment losses
GREEK containership owner Danaos Corporation has posted a 10.7 per cent decline in net profit to US$54 million in 2013, drawn on revenues of $588.1 million, down 0.2 per cent.
Net profit was adjusted for an impairment loss of $19 million in relation to Zim's restructuring and its obligations with Danaos, resulting in an unrealised gains on derivatives of $22.1 million, the company said in a statement.
The profit decline was also attributed to the softening of the charter market that led to cold lay-up of vessels, the re-chartering of ships at lower rates, and the sale of nine vessels over the year.
On a non-adjusted basis full year 2013 net income stood at $37.5 million compared to net loss of $105.2 million in 2012.
In the fourth quarter, the company achieved an adjusted net income of $15 million, up from $11.7 million for the same period a year earlier. The improvement is mainly a result of reduced financing costs due to the rapid deleveraging of the company's balance sheet.
But on a non-adjusted basis the net loss in the fourth quarter was $4.2 million compared to net loss of $116.5 million year on year, mainly due to the impairment losses incurred on December 31.
Net profit was adjusted for an impairment loss of $19 million in relation to Zim's restructuring and its obligations with Danaos, resulting in an unrealised gains on derivatives of $22.1 million, the company said in a statement.
The profit decline was also attributed to the softening of the charter market that led to cold lay-up of vessels, the re-chartering of ships at lower rates, and the sale of nine vessels over the year.
On a non-adjusted basis full year 2013 net income stood at $37.5 million compared to net loss of $105.2 million in 2012.
In the fourth quarter, the company achieved an adjusted net income of $15 million, up from $11.7 million for the same period a year earlier. The improvement is mainly a result of reduced financing costs due to the rapid deleveraging of the company's balance sheet.
But on a non-adjusted basis the net loss in the fourth quarter was $4.2 million compared to net loss of $116.5 million year on year, mainly due to the impairment losses incurred on December 31.
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