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Athens, Greece - 7 August 2023 Danaos Corporation ("Danaos") (NYSE: DAC), one of the world's largest independent owners of containerships, today reported unaudited results for the period ended June 30, 2023. Highlights for the Second Quarter and Half Year Ended June 30, 2023: • Adjusted net income1 of $143.4 million, or $7.14 per share, for the three months ended June 30, 2023 compared to $157.1 million, or $7.59 per share, for the three months ended June 30, 2022, a decrease of $13.7 million or $0.45 per share. Adjusted net income for the three months ended June 30, 2022 had included a non-recurring $13.9 million dividend from ZIM that accounted for $0.67 per share. • Adjusted net income of $288.7 million, or $14.28 per share, for the six months ended June 30, 2023 compared to $392.4 million, or $18.95 per share, for the six months ended June 30, 2022, a decrease of $103.7 million or $4.67 per share. Adjusted net income for the six months ended June 30, 2022 had included a non-recurring $123.9 million dividend from ZIM that accounted for $5.98 per share. • Net income of $147.0 million, or $7.32 per share, for the three months ended June 30, 2023 compared to $8.2 million, or $0.40 per share, for the three months ended June 30, 2022, an increase of $138.8 million, or $6.92 per share. Net income of $293.2 million, or $14.51 per share, for the six months ended June 30, 2023 compared to $339.7 million, or $16.40 per share, for the six months ended June 30, 2022, a decrease of $46.5 million, or $1.89 per share. • Adjusted EBITDA1 of $177.3 million for the three months ended June 30, 2023 compared to $192.1 million for the three months ended June 30, 2022, a decrease of $14.8 million. Adjusted EBITDA for the three months ended June 30, 2022 had included a non-recurring $13.9 million dividend from ZIM. • Adjusted EBITDA of $356.3 million for the six months ended June 30, 2023 compared to $461.6 million for the six months ended June 30, 2022, a decrease of $105.3 million. Adjusted EBITDA for the six months ended June 30, 2022 had included a non-recurring $123.9 million dividend from ZIM. • Cash and cash equivalents were $293.3 million as of June 30, 2023. • As of June 30, 2023, Net Debt2 was $131.0 million, and Net Debt / LTM Adjusted EBITDA was 0.18x, while 44 of our vessels are debt-free currently. • Total liquidity was $653.3 million as of June 30, 2023, including undrawn available commitments under our Revolving Credit Facility. • As of the date of this release, Danaos has repurchased a total of 1,080,547 shares of its common stock in the open market for $65.6 million, under its share repurchase program of up to $100 million announced in June 2022. • During the three months ended June 30, 2023 we acquired 1,552,865 shares of common stock of Eagle Bulk Shipping Inc. ("Eagle Bulk") for a total of $68.2 million that currently represents a 16.7% shareholding stake. Eagle Bulk is listed on the New York Stock Exchange (Ticker: EGLE) and currently owns and operates a fleet of 52 Ultramax and Supramax bulk carriers that aggregate to approximately 3.2 million deadweight tons ("DWT"). • On June 20, 2023, we entered into contracts for the construction of two 8,258 TEU containerships. These containerships are expected to be delivered to us in 2026. • This brings the total tally of our newbuilding order-book to 10 vessels with an aggregate capacity of 74,914 TEU, with expected deliveries of seven vessels in 2024, one vessel in 2025 and two vessels in 2026. All our newbuildings are designed with the latest eco characteristics, will be methanol fuel ready, fitted with Alternative Maritime Power Units and will all be built in accordance with the latest requirements of the International Maritime Organization in relation to Tier III emission standards and Energy Efficiency Design Index (EEDI) Phase III. • In July 2023, we reached an in principle agreement to acquire 5 Capesize bulk carriers 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 to us between September and October 2023. • During the last three months we added approximately $469 million to our contracted revenue backlog through the arrangement of new charters for 12 containerships in our fleet. The new fixtures notably include additional contracted revenues of $177 million for three 13,100 TEU vessels that were forward fixed on new 3-year charters and $227 million for five 8,530 TEU vessels that were extended forward for an additional 3.6 years. • As a result, total contracted cash operating revenues, on the basis of concluded charter contracts through the date of this release, had increased to $2.5 billion as of June 30, 2023. The remaining average contracted charter duration was 3.3 years, weighted by aggregate contracted charter hire. • Contracted operating days charter coverage for our containership fleet is currently 99.4% for 2023 and 86.1% for 2024. • Danaos has declared a dividend of $0.75 per share of common stock for the second quarter of 2023, which is payable on September 1, 2023, to stockholders of record as of August 23, 2023. Full report About Danaos Corporation Danaos Corporation is one of the largest independent owners of modern, large-size containerships. Our current fleet of 68 containerships aggregating 421,293 TEUs and 10 under construction containerships aggregating 74,914 TEUs ranks Danaos among the largest containership charter owners in the world based on total TEU capacity. Our containerships fleet is chartered to many of the world's largest liner companies on fixed-rate charters. In addition to our containership fleet, we have recently reached an in principle agreement to acquire 5 Capesize bulk carriers aggregating 879,306 DWT.Our long track record of success is predicated on our efficient and rigorous operational standards and environmental controls. Danaos Corporation's shares trade on the New York Stock Exchange under the symbol "DAC". Danaos Corporation press release 
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