GREEK shipowner Danaos Corporation posted a 13.6 per cent year-on-year first half net profit loss to US$293.2 million, drawn on revenues of $2.5 billion, down 18.4 per cent.

"The world economies stagnated in the second quarter of 2023, resulting in a gradual easing of the container market," said Danaos CEO John Coustas.

"Danaos active strategy in the current market conditions is made possible by the prudent approach we have taken to manage our balance sheet, reflected in our operating revenues of $241 million, which is near to previous records despite a charter market drop that is more than 50 per cent lower than a year ago," he said.

"Danaos continues to advance its decarbonization strategy in multiple ways. We are constantly optimising and retrofitting our existing fleet and have committed to upgrade around 20 vessels with new propellers, fuel saving appendages and low friction paints," Dr Coustas said.

"We have also expanded our new building programme with the order of four additional newbuilding vessels. These vessels, two of which are 6,000 TEU and two of which are 8,200 TEU, will be delivered methanol-ready, ensuring the longevity of our investment.

"In total, we have 10 vessels, with a total capacity of 75,000 TEU, on order. All of these will be able to utilize alternative fuels. Importantly, six of these vessels are already chartered for multi-year periods beginning on their delivery dates in 2024," he said.

In addition, the company has signed an in-principle to buy five capesize bulkers built in 2010 through 2012 that aggregate to 879,306 dwt for a total of $103 million. The agreement is subject to entry into definitive documentation. These vessels are expected to be delivered between September and October 2023.