The following discussion of our financial condition and results of operations should be read in conjunction with the financial statements and the notes to those statements included elsewhere in this annual report. This discussion includes forward-looking statements that involve risks and uncertainties. As a result of many factors, such as those set forth under “Item 3. Key Information—Risk Factors” and elsewhere in this annual report, our actual results may differ materially from those anticipated in these forward-looking statements. Overview Our business is to provide international seaborne transportation services by operating vessels in the containership and drybulk sectors of the shipping industry. As of February 25, 2026, we had a fleet of 75 containerships aggregating 477,491 TEUs, 27 under construction containerships aggregating 174,550 TEUs, 11 Capesize bulk carriers, including one scheduled to be delivered to us in March 2026, aggregating 1,943,286 DWT and four under construction Newcastlemax drybulk carriers with an approximate aggregate capacity of 844,000 DWT. We primarily deploy our containerships on multi-year, fixed-rate charters to take advantage of the stable cash flows and high utilization rates typically associated with multi-year charters, although in weaker containership charter markets we charter more of our vessels on shorter term charters so as to be able to take advantage of any increase in charter rates. As of February 25, 2026, 73 of the 75 containerships in our fleet were employed on time charters, of which two expire in 2026, and two containerships were employed on bareboat charters. Our containerships are generally employed on multi-year charters to large liner companies that charter-in vessels on a multi-year basis as part of their business strategies. As of February 25, 2026, these customers included CMA CGM, MSC, Hapag Lloyd, COSCO, PIL, Maersk, ONE, Sealead, OOCL, Samudera, Interasia Lines, Yang Ming and ZIM. We operate our drybulk carriers in the spot market, on short-term time charters and voyage charters. The average number of container vessels in our fleet for the years ended December 31, 2025, 2024 and 2023 was 74.1, 70.2 and 68.1, respectively. The average number of drybulk vessels in our fleet for the years ended December 31, 2025, 2024 and 2023 was 10.0, 8.6 and 1.1, respectively. 60 Table of Contents Our Manager Our operations are managed by Danaos Shipping, our Manager, and its affiliate Danaos Chartering under the supervision of our officers and our board of directors. We believe our Manager has built a strong reputation in the shipping community by providing customized, high-quality operational services in an efficient manner for both new and older vessels. We have management agreements pursuant to which our Manager and its affiliates provide us and our subsidiaries with technical and administrative services and Danaos Chartering provides us with certain commercial services. The terms of these agreements expire on December 31, 2026 (subject to certain termination rights described in “Item 7. Major Shareholders and Related Party Transactions”), and thereafter extend for additional 12-month terms unless six months’ notice of non-renewal is provided by either party. Our Manager and Danaos Chartering are ultimately owned by DIL, which is also our largest stockholder. Factors Affecting Our Results of Operations Our financial results are largely driven by the following factors: ● Number of Vessels in Our Fleet. The number of vessels in our fleet, and their TEU capacity for containerships or DWT capacity for drybulk vessels, is the primary factor in determining the level of our revenues. Aggregate expenses also increase as the size of our fleet increases. Vessel acquisitions and dispositions will have a direct impact on the number of vessels in our fleet. From time to time we have sold, generally older, vessels in our fleet, including one 2,200 TEU vessel in 2024. We re-entered the drybulk sector in 2023 and we had an average of 1.1, 8.6 and 10.0 drybulk vessels in our fleet in 2023, 2024 and 2025, respectively, while we currently have, on a fully delivered basis, 11 Capesize drybulk carriers. In early 2026, we further expanded our drybulk presence by ordering four Newcastlemax bulk carriers scheduled for delivery in 2028 for an aggregate purchase price of $297.3 million. Since the beginning of 2022, we have ordered 35 newbuilding containerships with 232,948 TEUs aggregate capacity, eight of which have been delivered to us, for an aggregate purchase price of $2.7 billion. ● Charter Rates. Aside from the number of vessels in our fleet, the charter rates we obtain for these vessels are the principal drivers of our revenues. Charter rates are based primarily on demand for capacity as well as the available supply of containership and drybulk vessels capacity at the time we enter into the charters for our vessels. As a result of macroeconomic conditions affecting trade flow between ports served by our charterers and economic conditions in the industries which use our charterers, charter rates can fluctuate significantly. Although the multi-year charters on which we deploy many of our containerships make us less susceptible to cyclical containership charter rates than vessels operated on short-term time charters or voyage charters such as our Capesize bulk carriers, we are exposed to varying charter rate environments when our chartering arrangements expire or we lose a charter, such as occurred with the charter cancellations by Hanjin Shipping in 2016, and we seek to deploy our vessels under new charters. The staggered maturities of our containership charters also reduce our exposure to any stage in the shipping cycle. As of February 25, 2026, the charters for two of our containerships are scheduled to expire in 2026 and 21 in 2027. Charter rate levels for containerships generally improved in 2024 and remained at relatively high levels throughout 2025 and in early 2026, however, to the extent charter rates are at levels lower than were prevailing when we entered into expiring charters, we may have to re-charter these vessels for rates lower than the level of their current charter rates. Our Capesize drybulk carriers are principally deployed on spot market charters, which generate revenues that are less predictable, but may enable us to achieve increased profit margins during periods of high rates in the charter market and can result in decreased utilization, revenues and profitability in weak charter markets, as compared to periods of stronger markets or employment on period charters entered into during more favorable market conditions. The Baltic Capesize 5TC average rate for full-year 2025 was approximately $21,151 per day, modestly below the 2024 full-year average of approximately $22,493 per day, but materially above the 2023 full-year average of approximately $16,609 per day. Capesize rates were at relatively subdued levels through much of the first three quarters of 2025, before strengthening materially in the fourth quarter of 2025, supported by the bunching of Australian iron ore export cargoes, steady growth in Brazilian iron ore exports and the continued expansion of bauxite shipments from Guinea, which collectively drove Capesize tonne-mile growth of approximately 7.2% year-on-year in Q4 2025. Rates eased from their December 2025 peak but remained at firm levels heading into early 2026. 61 Table of Contents ● Utilization of Our Fleet. Due to the multi-year charters under which they are often operated, our container vessels have consistently been deployed at high levels of utilization. During 2025, our container vessels fleet utilization was 98.2%, compared to 97.2% in 2024, and 97.7% in 2023. Fleet utilization for our drybulk vessels, which are deployed in the spot market, was 98% for the year ended December 31, 2025, 87% for the year ended December 31, 2024 and 80.8% for the year ended December 31, 2023. In addition, the amount of time our vessels spend in drydock undergoing repairs or undergoing maintenance and upgrade work affects our results of operations. Historically, our fleet has had a limited number of off-hire days. For example, there were 44, 198 and 92 total off-hire days for our container vessels fleet during the years ended December 31, 2025, 2024 and 2023, respectively, other than for scheduled drydockings and special surveys. In addition, there were 16, 33 and nil total off-hire days for our drybulk vessels fleet during the years ended December 31, 2025, 2024 and 2023, respectively, other than for scheduled drydockings and special surveys. An increase in annual off-hire days could reduce our utilization. We currently expect to drydock approximately 11 of our vessels in 2026. The efficiency with which suitable employment is secured, the ability to minimize off-hire days and the amount of time spent positioning vessels also affects our results of operations. If the utilization patterns of our containership fleet changes, or we are not able to achieve high utilization of our drybulk vessels, our financial results would be affected. ● Expenses. Our ability to control our fixed and variable expenses, including those for port and bunker expenses, commission expenses, crew wages and related costs, the cost of insurance, expenses for repairs and maintenance, the cost of spares and consumable stores, tonnage taxes and other miscellaneous expenses also affects our financial results. In addition, factors beyond our control, such as developments relating to market premiums for insurance and the value of the U.S. dollar compared to currencies in which certain of our expenses, primarily crew wages, are denominated can cause our vessel operating expenses to increase. In addition to those factors described above affecting our operating results, our net income is significantly affected by our financing arrangements, including any interest rate swap arrangements, and, accordingly, prevailing interest rates and the interest rates and other financing terms we may obtain in the future. See “—Liquidity and Capital Resources.” The following table presents the contracted utilization of our fleet of operating container vessels and of our newbuilding container vessels, scheduled for delivery in 2026 through 2029, as of December 31, 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2027-2028 ​ ​ ​ 2029-2030 ​ ​ ​ 2031-2038 ​ ​ ​ Total Number of vessels available for re-employment in the respective period (1) ​ 2 ​ 49 ​ 24 ​ 25 ​ 100 ​ TEU’s on vessels available for re-employment in the respective period ​ 8,068 ​ 319,584 ​ 137,681 ​ 176,108 ​ ​ ​ Contracted operating days (2) ​ 27,196 ​ 44,272 ​ 24,796 ​ 22,395 ​ ​ ​ Total operating days (2) ​ 27,340 ​ 60,943 ​ 66,726 ​ 233,900 ​ ​ ​ Contracted operating days/Total operating days ​ 99.5 % 72.6 % 37.2 % 9.6 % ​ ​ (1) Refers to the incremental number of our 75 operating container vessels and all 25 newbuilding container vessels (as of December 31, 2025) available in the respective periods, including 21 newbuilding container vessels with arranged time charters and four newbuilding container vessels for which no charter arrangements are currently in place. Excludes our drybulk vessels which we generally operate on short term time charters or voyage charters. (2) Operating days calculations are based on an assumed 364 operating days per annum. Additionally, the operating days above reflect an estimate of off-hire days to perform periodic maintenance. If actual off-hire days are greater than estimated, these would decrease the amount of operating days above. Total operating days also include our 25 newbuilding vessels (as of December 31, 2025) from the expected scheduled delivery date to us in 2026 through 2029. Operating Revenues Our operating revenues are driven primarily by the number of vessels in our fleet, the number of operating days during which our vessels generate revenues and the amount of daily charter hire that our vessels earn under time charters which, in turn, are affected by a number of factors, including our decisions relating to vessel acquisitions and dispositions, the amount of time that we spend positioning our vessels, the amount of time that our vessels spend in drydock undergoing repairs, maintenance and upgrade work, the age, condition and specifications of our vessels and the levels of supply and demand in the containership and drybulk charter market. 62 Table of Contents Revenues from multi-year period charters of our containerships comprised a substantial portion of our revenues for the years ended December 31, 2025, 2024 and 2023. The revenues relating to our multi-year charters will be affected by any additional vessels subject to multi-year charters we may acquire in the future, as well as by the disposition of any such vessel in our fleet. Our revenues will also be affected if any of our charterers cancel a multi-year charter or fail to perform at existing contracted rates. Our multi-year charter agreements have been contracted in varying rate environments and expire at different times. Generally, we employ our Capesize bulk carriers under voyage charter agreements under which a shipowner, in return for a fixed sum, agrees to transport cargo from one or more loading ports to one or more destinations and assumes all vessel operating costs and voyage expenses. In 2025, we generated $46.6 million (2024: $47.0 million) of revenue from voyage charter agreements and $40.4 million (2024: $30.0 million) of revenue from short-term time charter agreements of our Capesize bulk carriers. In May 2022, we received $238.9 million of charter hire prepayment related to charter contracts for 15 of our containerships, representing partial prepayment of charter hire payable up to January 2027. See “Note 9. Lease Arrangements-Charters-out” in our audited consolidated financial statements contained elsewhere in this report. Our future expected minimum charter hire payments as of December 31, 2025, based on contracted charter rates, from our non-cancellable time charter and bareboat charter arrangements for our containerships is shown in the table below. Although these expected future minimum payments are based on contracted charter rates, any contract is subject to performance by the counterparties. If the charterers are unable or unwilling to make charter payments to us, our results of operations and financial condition will be materially adversely affected. See “Item 3. Key Information—Risk Factors—We are dependent on the ability and willingness of our charterers to honor their commitments to us for all of our revenues and the failure of our counterparties to meet their obligations under our charter agreements could cause us to suffer losses or otherwise adversely affect our business.” ​ 63 Table of Contents Future Minimum Payments from Charters as of December 31, 2025(1) (Amounts in millions of U.S. dollars) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Vessels ​ ​ ​ 2026 ​ ​ ​ 2027-2028 ​ ​ ​ 2029-2030 ​ ​ ​ 2031-2038 ​ ​ ​ Total 96 ​ $ 945.8 ​ $ 1,602.0 ​ $ 914.7 ​ $ 690.9 ​ $ 4,153.4 (1) Refers to contracted future minimum payments expected to be received under non-cancellable time charter and bareboat charter agreements for our 75 operating container vessels and 21 of our 25 newbuilding container vessels for which time charters have been arranged. The remaining four newbuilding container vessels as of December 31, 2025 are excluded as they do not yet have time charters arranged, as are newbuilding vessels ordered subsequent to December 31, 2025. Annual calculations are based on an assumed 364 revenue days per annum at the contracted charter rates, with newbuilding vessels assumed to be delivered on their respective contracted delivery dates. Although these contracted future minimum payments reflect contractual charter rates, all contracts are subject to performance by the counterparties and by us. In addition to the contracted minimum payments reflected in the above table, a charter hire prepayment of $238.9 million received in May 2022 in respect of 15 of our containerships is being recognized as revenue over the remaining term of the applicable charter party agreements through January 2027; such prepayment is not reflected in the contracted minimum payments in the table above. Of our 75 containerships, as of the date of this report, two of our vessels are employed on time charters expiring in 2026 and 21 on time charters expiring in 2027. Our drybulk vessels are operating on short term charters. Vessels operating in the spot market generate revenues that are less predictable than vessels on period charters, although this chartering strategy can enable vessel owners to capture increased profit margins during periods of improvements in charter rates. Deployment of vessels in the spot market creates exposure, however, to the risk of declining charter rates, as spot rates may be higher or lower than those rates at which a vessel could have been time chartered for a longer period. Our drybulk carriers generated revenue from short-term time charter agreements and voyage charter agreements from 19 customers and 14 customers in the years ended December 31, 2025 and December 31, 2024, respectively. Under voyage charter agreements, the customers generally specify a minimum amount of cargo to be transported for a defined rate between the ports. Under voyage charter agreements, all voyage expenses and vessel operating expenses are borne and paid by us. The voyage charter agreements do not contain a lease because the charterer under such contracts does not have the right to control the use of the vessel since we retain control over the operations of our vessel and are therefore considered service contracts. We account for a voyage charter when all the following criteria are met: (i) the parties to the contract have approved the contract in the form of a written charter agreement or fixture recap and are committed to perform their respective obligations, (ii) we can identify each party’s rights regarding the services to be transferred, (iii) we can identify the payment terms for the services to be transferred, (iv) the charter agreement has commercial substance (that is, the risk, timing, or amount of the future cash flows is expected to change as a result of the contract) and (v) it is probable that we will collect substantially all of the consideration to which we will be entitled in exchange for the services that will be transferred to the charterer. Demurrage income, which represents a form of variable consideration when loading or discharging time exceeds the stipulated time in the voyage charter agreement, is included in voyage revenues and was immaterial in the years ended December 31, 2023, December 31, 2024 and December 31, 2025. The majority of revenue from voyage charter agreements is usually collected in advance. We determined that there is one single performance obligation for each of our voyage contracts, which is to provide the charterer with an integrated transportation service within a specified time period. In addition, we concluded that a contract for a voyage charter meets the criteria to recognize revenue over time because the charterer simultaneously receives and consumes the benefits of the vessel’s performance as we perform. Therefore, since our performance obligation under each voyage contract is met evenly as the voyage progresses, revenue is recognized on a straight line basis over the voyage days from the loading of cargo to its discharge. Amortization of Time Charters Assumed on Acquisition of Vessels Eleven of our container vessel additions in 2021 were acquired with attached time charter agreements, which were below market terms prevailing at their acquisition date. As the present value of the contractual cash flows of these time charter agreements assumed was lower than its current fair value, the difference was recorded as unearned revenue. Such liabilities are amortized as an increase in revenue over the period of each time charter assumed. Amortization of these time charter agreements resulted in an increase of our revenue by nil, $4.5 million and $21.2 million in the years ended December 31, 2025, 2024 and 2023, respectively. Significant assumptions used in calculation of the fair value of the time charters assumed include daily time charter rate prevailing in the market for the similar size of the vessels available before the acquisition for a similar charter duration (including the estimated time charter expiry date). Other assumptions used are the discount rate based on our weighted average cost of capital close to the acquisition date and the estimated average off-hire rate. 64 Table of Contents Voyage Expenses Under voyage charter agreements, on which we frequently charter our drybulk vessels, all voyage costs are borne and paid by us. Voyage expenses consist primarily of port and canal charges, bunker (fuel) expenses, agency fees, address commissions and brokerage commissions related to the voyage. All voyage costs are expensed as incurred with the exception of the contract fulfilment costs that are incurred from the later of the end of the previous vessel employment and the contract date and until the commencement of loading the cargo on the relevant vessel, which are capitalized to the extent that they (i) are directly related to a contract, (ii) will be recoverable and (iii) enhance our resources by putting our vessel in a location to satisfy our performance obligation under a contract and are amortized on a straight-line basis as the related performance obligations are satisfied. Under multi-year time charters and bareboat charters, such as those on which we charter our container vessels and under short-term time charters, the charterers bear the voyage expenses other than brokerage and address commissions. As such, voyage expenses represent a relatively small portion of the overall expenses under time charters and bareboat charters. From time to time, in accordance with industry practice and in respect of the charters for our container vessels we pay brokerage commissions of 1.03% up to 2.5% of the total daily charter hire rate under the charters to unaffiliated ship brokers associated with the charterers, depending on the number of brokers involved with arranging the charter. We also pay address commissions of 2.0% up to 5.0% to a limited number of our charterers. In each of the years ended December 31, 2025, 2024 and 2023, we paid a fee to Danaos Chartering or Danaos Shipping, as applicable, of 1.25% on all freight, charter hire, ballast bonus and demurrage for each vessel. In 2026, this fee will remain at 1.25%, payable to Danaos Chartering under our brokerage services agreement. Vessel Operating Expenses Vessel operating expenses include crew wages and related costs, the cost of insurance, expenses for repairs and maintenance, the cost of spares and consumable stores, tonnage taxes and other miscellaneous expenses. Aggregate expenses increase as the size of our fleet increases. Factors beyond our control, some of which may affect the shipping industry in general, including, for instance, developments relating to market premiums for insurance or inflationary pressures, may also cause these expenses to increase. In addition, a substantial portion of our vessel operating expenses, primarily crew wages, are in currencies other than the U.S. dollar and any gain or loss we incur as a result of the U.S. dollar fluctuating in value against these currencies is included in vessel operating expenses. We fund Danaos Shipping in advance with amounts it will need to pay our fleet’s vessel operating expenses. Under voyage charters and time charters, we pay for vessel operating expenses. Under bareboat charters, such as those on which we charter two containerships in our fleet, our charterers bear substantially all vessel operating expenses, including the costs of crewing, insurance, surveys, drydockings, maintenance and repairs. Amortization of Deferred Drydocking and Special Survey Costs We follow the deferral method of accounting for special survey and drydocking costs, whereby actual costs incurred are deferred and are amortized on a straight-line basis over the period until the next scheduled survey and drydocking, which is two and a half years. If a special survey or drydocking is performed prior to the scheduled date, the remaining unamortized balances are immediately written off. The amortization periods reflect the estimated useful economic life of the deferred charge, which is the period between each special survey and drydocking. Major overhaul performed during drydocking is differentiated from normal operating repairs and maintenance. The related costs for inspections that are required for the vessel’s certification under the requirement of the classification society are categorized as drydock costs. A vessel at drydock performs certain assessments, inspections, refurbishments, replacements and alterations within a safe non-operational environment that allows for complete shutdown of certain machinery and equipment, navigational, ballast (keep the vessel upright) and safety systems, access to major underwater components of vessel (rudder, propeller, thrusters and anti-corrosion systems), which are not accessible during vessel operations, as well as hull treatment and paints. In addition, specialized equipment is required to access and maneuver vessel components, which are not available at regular ports. Repairs and maintenance normally performed during operation either at port or at sea have the purpose of minimizing wear and tear to the vessel caused by a particular incident or normal wear and tear. Repair and maintenance costs are expensed as incurred. 65 Table of Contents Impairment Loss There was no impairment loss in the years ended December 31, 2025, 2024 and 2023. See “Critical Accounting Estimates—Impairment of Long-lived Assets.” Depreciation We depreciate our vessels on a straight-line basis over their estimated remaining useful economic lives. We estimate the useful lives of our containerships to be 30 years and of our drybulk carriers to be 25 years from the year built. Depreciation is based on cost, less the estimated scrap value of $300 per ton for all vessels. General and Administrative Expenses We paid Danaos Shipping the following management fees for 2025 and 2024: (i) an annual management fee of $2.0 million, which annual management fee will be $2.5 million for 2026, and 100,000 shares of common stock payable in the fourth quarter, (ii) a daily vessel management fee of $475 for vessels on bareboat charter, for each calendar day we own each vessel, which fee will be $550 for 2026, and (iii) a daily vessel management fee of $950 for vessels on time charter or voyage charter, for each calendar day we own each vessel, which fee will be $1,100 for 2026. In 2023 we paid Danaos Shipping: (i) a daily management fee of $850, (ii) a daily vessel management fee of $425 for vessels on bareboat charter, for each calendar day we owned each vessel, and (iii) a daily vessel management fee of $850 for vessels on time charter or voyage charter, for each calendar day we owned each vessel. See “Note 11 Related Party Transactions” to our audited consolidated financial statements included elsewhere in this annual report. In each of the years ended December 31, 2025, 2024 and 2023, we also recognized non-cash share-based expenses of $6.3 million in respect of 100,000 shares of common stock issued to the Manager as part of the management fees payable under our management agreement. Our executive officers received an aggregate of $2.6 million (€2.3 million), $2.5 million (€2.3 million) and $2.2 million (€2.0 million) in cash compensation for the years ended December 31, 2025, 2024 and 2023, respectively, and for the year ended December 31, 2025, the Company distributed an additional $4.8 million as a one-off discretionary cash bonus to its executive officers. We also recognized non-cash share-based compensation expense in respect of awards to our executive officers of $9.8 million, $8.2 million and $6.3 million in the years ended December 31, 2025, 2024 and 2023, respectively. Additionally, projected periodic benefit cost of executive retirement plan amounting to $0.8 million, $0.7 million and $0.6 million was recognized in the years ended December 31, 2025, 2024 and 2023, respectively, and an additional projected periodic benefit cost of $1.1 million is also expected to be recognized in the year ending December 31, 2026. See “Note 19 Executive Retirement Plan” to our audited consolidated financial statements included elsewhere in this report. Furthermore, general and administrative expenses include audit fees, legal fees, board remuneration, executive officers compensation, directors & officers insurance, stock exchange fees and other general and administrative expenses. Other (Expenses)/Income, Net In the years ended December 31, 2025, 2024 and 2023, we recorded net other expense of $1.2 million, net other income of $2.2 million and net other expense of $0.8 million, respectively. The other expenses/income, net in the year ended December 31, 2024 mainly consisted of $2.1 million income of cash collections from the bankruptcy trustee of Hanjin Shipping as a partial payment of common benefit claim. Interest Expense, Interest Income and Other Finance Expenses We have incurred interest expense on outstanding indebtedness under our credit facilities and Senior Notes which we included in interest expense. We also incurred financing costs in connection with establishing those facilities, which are included in other finance expenses. Further, we earn interest on cash deposits in interest bearing accounts, which we include in interest income. We expect to incur additional interest expense in future periods as we increase our level of borrowings to finance a portion of the purchase price of our contracted newbuildings and potentially future acquisitions and investments. To the extent prevailing interest rates increase, we expect this would further increase our interest expenses, as borrowings under our credit facilities are advanced at a floating rate based on SOFR and we do not have any interest rate hedging arrangements. 66 Table of Contents Gain/(Loss) on Investments In June 2023, we acquired marketable securities, comprising 1,552,865 shares of common stock of Eagle Bulk Shipping Inc. (“EGLE”), for $68.2 million (out of which $24.4 million was acquired from Virage International Ltd., our related company). Following the stock-for-stock merger of EGLE with Star Bulk completed on April 9, 2024, we owned 4,070,214 shares of common stock of Star Bulk, subsequently acquired 2,185,967 additional shares through open market purchases in 2025 and currently own 6,256,181 shares of common stock of Star Bulk. As of December 31, 2025 and 2024, these marketable securities were fair valued at $120.2 million and $60.9 million, respectively. We recognized a $29.5 million gain, a $25.2 million loss and a $17.9 million gain on these marketable securities in the years ended December 31, 2025, 2024 and 2023, respectively. Dividend Income In the years ended December 31, 2025, 2024 and 2023, we recognized $1.7 million, $9.3 million and $1.0 million of dividend income on Star Bulk and EGLE marketable securities, respectively. Loss on Debt Extinguishment, net The loss on debt extinguishment of $2.5 million in the year ended December 31, 2025 related to our early extinguishment of debt. We did not recognize any gain or loss on debt extinguishment in 2024. The loss on debt extinguishment of $2.3 million in the year ended December 31, 2023 resulted from an early extinguishment of our leaseback obligations. Loss on equity investments In March 2023, we invested $4.3 million in the common shares of a newly established company Carbon Termination Technologies Corporation (“CTTC”), incorporated in the Republic of the Marshall Islands, which represents our 49% ownership interest. CTTC currently engages in research and development of decarbonization technologies for the shipping industry. In 2024 and 2025, the Company provided CTTC with aggregate loan funding of $2.1 million bearing interest at SOFR plus 2.0% and maturing on December 31, 2025. On October 3, 2025, the facility was amended and restated to provide an additional $0.4 million, bringing total loan funding to $2.5 million, with the same interest rate and a maturity date of December 31, 2026. Our share of CTTC’s initial expenses amounted to $1.0 million, $1.6 million and $4.0 million in the years ended December 31, 2025, 2024 and 2023, respectively, and is presented under “Loss on equity investments” in the consolidated statements of income. Realized Loss on Derivatives We currently have no outstanding interest rate swaps agreements. In past years, we had interest rate swaps agreements generally based on the forecasted delivery of vessels we contracted for and our debt financing needs associated therewith. All changes in the fair value of our cash flow interest rate swap agreements were recorded in earnings under “Loss on derivatives”. We evaluated whether the previously hedged forecasted interest payments prior to June 30, 2012 are probable of occurring within the originally specified time period and concluded that such payments remain probable of occurring. Accordingly, the unrealized loss balance associated with the previously designated cash flow interest rate swaps remains in accumulated other comprehensive loss and is reclassified into earnings on an annual basis as the underlying hedged interest payments are recognized. An amount of $3.6 million was reclassified from Accumulated Other Comprehensive Loss into earnings for each of the years ended December 31, 2025, 2024 and 2023, representing amortization of deferred realized losses on cash flow hedges over the depreciable life of the vessels. Income taxes We recorded income taxes of nil in each the years ended December 31, 2025, 2024 and 2023. 67 Table of Contents Results of Operations The following table presents selected consolidated financial and other data of Danaos Corporation and its consolidated subsidiaries for each of the years in the three year period ended December 31, 2025. The selected consolidated financial data of Danaos Corporation as of December 31, 2025 and 2024 and for each of the three years in the period ended December 31, 2025 is derived from our consolidated financial statements and notes thereto included elsewhere in this Annual Report on Form 20-F, which have been prepared in accordance with U.S. generally accepted accounting principles, or “U.S. GAAP”. Our audited consolidated statements of income, comprehensive income, changes in stockholders’ equity and cash flows for the years ended December 31, 2025, 2024 and 2023, and the consolidated balance sheets at December 31, 2025 and 2024, together with the notes thereto, are included in “Item 18. Financial Statements” and should be read in their entirety. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2025 ​ 2024 ​ 2023 ​ ​ In USD thousands, except per share amounts ​ ​ and other data STATEMENT OF INCOME ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating revenues ​ ​ 1,042,456 ​ ​ 1,014,110 ​ ​ 973,583 Operating expenses, net ​ ​ (543,690) ​ ​ (473,226) ​ ​ (392,922) Income from operations ​ 498,766 ​ 540,884 ​ 580,661 Total other income/(expenses), net ​ (4,152) ​ (35,811) ​ (4,362) Income taxes ​ ​ — ​ ​ — ​ ​ — Net income ​ ​ 494,614 ​ ​ 505,073 ​ ​ 576,299 PER SHARE DATA ​ ​ ​ ​ ​ ​ Basic earnings per share of common stock ​ $ 26.83 ​ $ 26.15 ​ $ 28.99 Diluted earnings per share of common stock ​ $ 26.76 ​ $ 26.05 ​ $ 28.95 Basic weighted average number of shares (in thousands) ​ 18,432 ​ 19,316 ​ 19,879 Diluted weighted average number of shares (in thousands) ​ 18,480 ​ 19,385 ​ 19,904 Dividends declared per share ​ $ 3.45 ​ $ 3.25 ​ $ 3.05 CASH FLOW DATA ​ ​ ​ ​ ​ ​ Net cash provided by operating activities ​ ​ 644,753 ​ ​ 621,750 ​ ​ 576,292 Net cash used in investing activities ​ (325,696) ​ (650,789) ​ (338,528) Net cash provided by/(used in) financing activities ​ 264,851 ​ 210,614 ​ (233,623) Net increase in cash and cash equivalents ​ 583,908 ​ 181,575 ​ 4,141 OTHER DATA ​ ​ ​ ​ ​ ​ Number of containerships at year end ​ 75 ​ 73 ​ 68 TEU capacity of containerships at year end ​ 477,491 ​ 465,463 ​ 421,293 Number of Capesize bulk carriers at year end ​ 10 ​ 10 ​ 7 DWT capacity of Capesize bulk carriers at year end ​ 1,760,861 ​ 1,760,861 ​ 1,231,157 ​ Segments Following our acquisition of drybulk vessels in 2023, for management purposes, we have two reporting segments (1) a container vessels segment and (2) a drybulk vessels segment. The container vessels segment owns and operates container vessels which are primarily chartered on multi-year, fixed-rate time charter and bareboat charter agreements. The drybulk vessels segment owns and operates drybulk vessels to provide drybulk commodities transportation services. Our chief operating decision maker (our chief executive officer) monitors and assesses the performance of the container vessels segment and the drybulk vessels segment based on net income. Items included in the applicable segment’s net income are directly allocated to the extent that the items are directly or indirectly attributable to the segments. With regards to the items that are allocated by indirect calculations, their allocation is commensurate to the utilization of key resources. Investments in marketable securities and investments in affiliates accounted for using the equity method accounting are not allocated to any of the Company’s reportable segments. ​ 68 Table of Contents The following table summarizes our selected financial information for the year ended December 31, 2025, by segment (in USD in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Container vessels ​ ​ ​ Dry bulk vessels ​ ​ ​ ​ ​ Income Statement Metrics for the year ended December 31, 2025 ​ segment ​ segment ​ Total ​ ​ (in ‘000s of US$) Operating revenues ​ $ 955,433 ​ $ 87,023 $ 1,042,456 Voyage expenses ​ ​ (35,741) ​ ​ (27,320) (63,061) Vessel operating expenses ​ ​ (180,847) ​ ​ (27,932) (208,779) Depreciation ​ ​ (150,075) ​ ​ (13,291) (163,366) Amortization of deferred drydocking and special survey costs ​ ​ (35,114) ​ ​ (8,960) (44,074) Interest income (excluding interest income from investments in affiliates) ​ ​ 19,413 ​ ​ 2 19,415 Interest expense ​ ​ (42,842) ​ ​ — (42,842) Other segment items(1) ​ ​ (69,281) ​ ​ (6,169) (75,450) Net Income per segment ​ $ 460,946 ​ $ 3,353 ​ $ 464,299 Gain on investments, dividend income, interest income from investments in affiliates and loss on equity investments ​ ​ ​ ​ ​ ​ ​ ​ 30,315 Net Income ​ ​ ​ ​ ​ ​ ​ $ 494,614 (1) Other segment items for each reportable segment include general and administrative expenses, other finance expenses, other (expenses)/income, net and loss on derivatives. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Container vessels ​ ​ ​ Dry bulk vessels ​ ​ ​ ​ ​ Balance Sheet Metrics as of December 31, 2025 ​ segment ​ segment ​ Total ​ ​ (in ‘000s of US$) Total Assets per segment ​ $ 4,717,465 ​ $ 275,965 ​ $ 4,993,430 Marketable Securities (1) ​ ​ ​ ​ ​ ​ ​ ​ 120,244 Receivable from affiliates (1) ​ ​ ​ ​ ​ ​ ​ ​ 256 Total Assets ​ ​ ​ ​ ​ ​ ​ $ 5,113,930 (1) Reflected under “Other current assets” in the Consolidated Balance Sheet. The following table summarizes our selected financial information for the year ended December 31, 2024, by segment (in USD in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Container vessels ​ ​ ​ Dry bulk vessels ​ ​ ​ ​ ​ Income Statement Metrics for the year ended December 31, 2024 ​ segment ​ segment ​ Total ​ ​ (in ‘000s of US$) Operating revenues ​ $ 937,077 ​ $ 77,033 $ 1,014,110 Voyage expenses ​ ​ (32,481) ​ ​ (31,620) (64,101) Vessel operating expenses ​ ​ (162,192) ​ ​ (23,532) (185,724) Depreciation ​ ​ (137,823) ​ ​ (10,521) (148,344) Amortization of deferred drydocking and special survey costs ​ ​ (27,167) ​ ​ (1,994) (29,161) Net gain on disposal/sale of vessels ​ ​ 8,332 ​ ​ — 8,332 Interest income (excluding interest income from investments in affiliates) ​ ​ 12,843 ​ ​ — 12,843 Interest expense ​ ​ (26,185) ​ ​ — (26,185) Other segment items(1) ​ ​ (54,275) ​ ​ (4,937) (59,212) Net Income per segment ​ $ 518,129 ​ $ 4,429 ​ $ 522,558 Loss on investments, dividend income, interest income from investments in affiliates and loss on equity investments ​ ​ ​ ​ ​ ​ ​ ​ (17,485) Net Income ​ ​ ​ ​ ​ ​ ​ $ 505,073 (1) Other segment items for each reportable segment include general and administrative expenses, other finance expenses, other (expenses)/income and loss on derivatives. 69 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Container vessels ​ ​ ​ Dry bulk vessels ​ ​ ​ ​ ​ Balance Sheet Metrics as of December 31, 2024 ​ segment ​ segment ​ ​ Total ​ ​ (in ‘000s of US$) Total Assets per segment ​ $ 4,006,268 ​ $ 276,207 ​ $ 4,282,475 Marketable Securities (1) ​ ​ ​ ​ ​ ​ ​ ​ 60,850 Receivable from affiliates (1) ​ ​ ​ ​ ​ ​ ​ ​ 329 Total Assets ​ ​ ​ ​ ​ ​ ​ $ 4,343,654 (1) Reflected under “Other current assets” in the Consolidated Balance Sheet. Year ended December 31, 2025 compared to the year ended December 31, 2024 During the year ended December 31, 2025, Danaos had an average of 74.1 container vessels and 10 drybulk vessels compared to 70.2 container vessels and 8.6 drybulk vessels during the year ended December 31, 2024. Our container vessels utilization for the year ended December 31, 2025 was 98.2% compared to 97.2% in the year ended December 31, 2024. Our drybulk vessels utilization for the year ended December 31, 2025 was 98.0% compared to 87.0% in the year ended December 31, 2024. Operating Revenues Operating revenues increased by 2.8%, or by $28.4 million, to $1,042.5 million in the year ended December 31, 2025 from $1,014.1 million in the year ended December 31, 2024. Operating revenues of our container vessels segment increased by 2.0%, or by $18.3 million, to $955.4 million in the year ended December 31, 2025 from $937.1 million in the year ended December 31, 2024, analyzed as follows: ● $60.1 million increase in revenues as a result of newbuilding containership vessel additions in the year ended December 31, 2025 compared to the year ended December 31, 2024; ● $5.0 million increase in revenues as a result of higher fleet utilization in the year ended December 31, 2025 compared to the year ended December 31, 2024; ● $29.7 million decrease in revenues as a result of lower charter rates in the year ended December 31, 2025 compared to the year ended December 31, 2024; ● $16.9 million decrease in revenues due to lower non-cash revenue recognition in accordance with US GAAP in the year ended December 31, 2025 compared to the year ended December 31, 2024; ● $0.2 million decrease in revenues due to the disposal of one containership vessel in the year ended December 31, 2025 compared to the year ended December 31, 2024. Operating revenues of our drybulk vessels segment increased by 13.0%, or by $10.0 million, to $87.0 million in the year ended December 31, 2025, compared to $77.0 million of revenues in the year ended December 31, 2024, analyzed as follows: ● $13.0 million increase in revenues as a result of dry bulk vessel acquisitions in the year ended December 31, 2025 compared to the year ended December 31, 2024; and ● $3.0 million net decrease in revenues as a result of an increase in the deployment of our drybulk vessels through time charter contracts instead of voyage charter contracts between the two periods. Drybulk fleet utilization improved to 98% for 2025 from 87% in 2024 and the Time Charter Equivalent rate improved to $18,175 per day in 2025 from $18,147 per day in 2024. Voyage Expenses Voyage expenses decreased by $1.0 million to $63.1 million in the year ended December 31, 2025 from $64.1 million in the year ended December 31, 2024. 70 Table of Contents Voyage expenses of our drybulk vessels segment decreased by $4.3 million to $27.3 million in the year ended December 31, 2025 compared to $31.6 million voyage expenses in the year ended December 31, 2024. For the year ended December 31, 2025, voyage expenses of our drybulk vessels comprised of $5.3 million in commissions and $22.0 million in other voyage expenses, mainly comprised of bunkers cost and port expenses, compared to $4.5 million in commissions and $27.1 million in other voyage expenses for the year ended December 31, 2024, reflecting an increase in time charter employment of our dry bulk vessels during the year ended December 31, 2025 compared to the year ended December 31, 2024. Voyage expenses of container vessels segment increased by $3.3 million to $35.8 million in the year ended December 31, 2025 from $32.5 million in the year ended December 31, 2024, mainly due to increased other voyage expenses which refers to voyage expenses other than commissions, including bunkers consumption and port expenses. Vessel Operating Expenses Vessel operating expenses increased by $23.1 million to $208.8 million in the year ended December 31, 2025 from $185.7 million in the year ended December 31, 2024, primarily as a result of the increase in the average number of vessels in our fleet due to container vessel newbuilding deliveries and dry bulk vessels acquisitions and the increase in average daily operating cost of our vessels to $6,969 per vessel per day for the year ended December 31, 2025 compared to $6,606 per vessel per day for the year ended December 31, 2024. Management believes that our daily operating costs remain among the most competitive in the industry. Vessel operating expenses for the container vessels segment increased by $18.7 million, to $180.8 million for the year ended December 31, 2025, from $162.2 million for the year ended December 31, 2024. The increase was driven in approximately equal measure by fleet expansion and higher costs per vessel per day. Vessels employed under bareboat charter agreements are excluded from the above per-day calculations, as vessel operating expenses under such arrangements are borne by the charterer. Vessel operating expenses for the dry bulk vessels segment increased by $4.4 million, to $27.9 million for the year ended December 31, 2025, from $23.5 million for the year ended December 31, 2024. The increase was driven predominantly by fleet expansion, with higher ownership days. Depreciation Depreciation expense increased by $15.1 million, to $163.4 million in the year ended December 31, 2025 from $148.3 million in the year ended December 31, 2024, due to the increase in the average number of vessels in our fleet. Depreciation expense for the container vessel segment increased by $12.3 million to $150.1 million in the year ended December 31, 2025 from $137.8 million in the year ended December 31, 2024 primarily due to an increase in the average number of vessels in the fleet. Depreciation expense for the dry bulk vessel segment increased by $2.8 million to $13.3 million in the year ended December 31, 2025 from $10.5 million in the year ended December 31, 2024 due to higher ownership days and the full-year depreciation impact of vessels acquired in prior periods. Amortization of Deferred Drydocking and Special Survey Costs Amortization of deferred drydocking and special survey costs increased by $14.9 million to $44.1 million in the year ended December 31, 2025 from $29.2 million in the year ended December 31, 2024, reflecting a larger number of vessels drydocked for which vessels drydocking amortization costs were recognized during the year ended December 31, 2025 compared to the year ended December 31, 2024. Amortization of deferred drydocking and special survey costs for our container vessels segment increased by $7.9 million to $35.1 million in 2025 from $27.2 million in 2024 as amortization continued from prior drydockings and additional vessels completed scheduled drydockings during 2025. Amortization of deferred drydocking and special survey costs for our drybulk vessels segment increased by $7.0 million to $9.0 million in 2025 from $2.0 million in 2024 reflecting the continued amortization of prior drydock expenditures and the recognition of amortization related to drydockings completed during the year. 71 Table of Contents General and Administrative Expenses General and administrative expenses increased by $10.2 million, to $64.4 million in the year ended December 31, 2025 from $54.2 million in the year ended December 31, 2024. The increase was mainly attributable to a one-off discretionary cash bonus of $4.8 million distributed to certain employees, a $2.2 million increase in stock based compensation expense, a $2.0 million higher management fees due to the increase in the average number of vessels and a $1.2 million increase in corporate general and administrative expense, during the year ended December 31, 2025 compared to the year ended December 31, 2024. Interest Expense, Interest Income and Other Finance Expenses Interest expense increased by $16.6 million, to $42.8 million in the year ended December 31, 2025 from $26.2 million in the year ended December 31, 2024. The increase in interest expense is a result of: ● $15.6 million increase in interest expense due to an increase in our average indebtedness by $286.7 million between the two periods, partially offset by a decrease in our average debt service cost. Average indebtedness was $867.3 million in the year ended December 31, 2025, compared to average indebtedness of $580.6 million in the year ended December 31, 2024, while our average debt service cost decreased by approximately 0.76% mainly as a result of lower SOFR rates between the two periods; ● $1.2 million increase in the amortization of deferred finance costs and debt discount between the two periods; and ● $0.2 million decrease in interest expense due to an increase in the amount of interest expense capitalized on our vessels under construction that was $21.6 million in the year ended December 31, 2025, when compared to capitalized interest of $21.5 million in the year ended December 31, 2024. As of December 31, 2025, our outstanding debt, gross of deferred finance costs, was $1,177.8 million, which include $262.8 million principal amount of the 2028 Senior Notes and $500.0 million principal amount of the 2032 Senior Notes. These balances compare to debt of $744.5 million, which included $262.8 million principal amount of the 2028 Senior Notes as of December 31, 2024. The increase in our outstanding debt is mainly due to (i) the issuance of the $500.0 million aggregate principal amount of the 2032 Senior Notes in October 2025, (ii) the loans drawn down to partially finance our container vessel newbuildings, partially offset by (iii) the early prepayment of two secured credit facilities. Interest income increased by $6.6 million to $19.5 million in the year ended December 31, 2025 compared to $12.9 million in the year ended December 31, 2024, mainly driven by higher average cash balances between the two periods, partially offset by lower interest rates on cash deposits between the corresponding periods. Other finance expenses increased by $0.1 million to $3.7 million in the year ended December 31, 2025 compared to $3.6 million in the year ended December 31, 2024. Gain/(loss) on investments The change in fair value of our shareholding interest in SBLK of $29.5 million was recognized in the year ended December 31, 2025 as gain on investments compared to a $25.2 million loss on investments representing the change in fair value of this investment in the year ended December 31, 2024. Dividend income Dividend income of $1.7 million was recognized on marketable securities in the year ended December 31, 2025 compared to $9.3 million dividend income on marketable securities in the year ended December 31, 2024. Loss on debt extinguishment The loss on debt extinguishment of $2.5 million in the year ended December 31, 2025 related to our early extinguishment of debt compared to nil in the year ended December 31, 2024. 72 Table of Contents Loss on equity investments Loss on equity investments amounting to $1.0 million and $1.6 million in the years ended December 31, 2025 and December 31, 2024, respectively, relates to our share of initial expenses of CTTC, currently engaged in the research and development of decarbonization technologies for the shipping industry. Loss on Derivatives Amortization of deferred realized losses on interest rate swaps remained stable at $3.6 million in each of the years ended December 31, 2025 and December 31, 2024. Other (expenses)/income, net Other expenses/income, net, amounted to an expense of $1.2 million in the year ended December 31, 2025, compared to an income of $2.2 million in the year ended December 31, 2024. Other expenses/income, net, for the year ended December 31, 2024 mainly consisted of income of $2.1 million related to cash collected from the bankruptcy trustee of Hanjin Shipping as a partial payment of our claim under the Hanjin bankruptcy proceedings. Year ended December 31, 2024 compared to the year ended December 31, 2023 During the year ended December 31, 2024, Danaos had an average of 70.2 container vessels and 8.6 drybulk vessels compared to 68.1 container vessels and 1.1 drybulk vessels during the year ended December 31, 2023. Our container vessels utilization for the year ended December 31, 2024 was 97.2% compared to 97.7% for the year ended December 31, 2023. Our drybulk vessels utilization for the year ended December 31, 2024 was 87.0% compared to 80.8% in the year ended December 31, 2023. Operating Revenues Operating revenues increased by 4.2%, or $40.5 million, to $1,014.1 million in the year ended December 31, 2024 from $973.6 million in the year ended December 31, 2023. Operating revenues of our container vessels segment decreased by 2.7%, or $26.1 million, to $937.1 million in the year ended December 31, 2024 from $963.2 million in the year ended December 31, 2023, mainly due to: ● a $40.5 million increase in revenues in the year ended December 31, 2024 compared to the year ended December 31, 2023 as a result of newbuilding vessel additions; ● a $40.4 million decrease in revenues in the year ended December 31, 2024 compared to the year ended December 31, 2023 mainly as a result of lower charter rates and decreased vessel utilization; ● a $9.9 million decrease in revenues in the year ended December 31, 2024 compared to the year ended December 31, 2023 due to vessel disposals; ● a $16.7 million decrease in revenues in the year ended December 31, 2024 compared to the year ended December 31, 2023 due to decreased amortization of assumed time charters; and ● a $0.4 million increase in revenues in the year ended December 31, 2024 compared to the year ended December 31, 2023 due to higher non-cash revenue recognition in accordance with US GAAP. Operating revenues of our drybulk vessels segment added an incremental $66.6 million of revenues in the year ended December 31, 2024 compared to the year ended December 31, 2023, reflecting the significant increase in the average number of drybulk vessels operating in our fleet from 1.1 in 2023 to 8.6 in 2024. Voyage Expenses Voyage expenses increased by $23.1 million to $64.1 million in the year ended December 31, 2024 from $41.0 million in the year ended December 31, 2023, mainly as a result of a $24.5 million increase in the voyage expenses related to our drybulk vessels. 73 Table of Contents Voyage expenses of container vessels segment decreased by $1.4 million to $32.5 million in the year ended December 31, 2024 from $33.9 million in the year ended December 31, 2023 mainly due to decreased other voyage expenses, which refers to voyage expenses other than commissions, including bunkers consumption and port expenses. Voyage expenses of drybulk vessels segment increased by $24.5 million to $31.6 million in the year ended December 31, 2024 compared to $7.1 million in the year ended December 31, 2023. Total voyage expenses of drybulk vessels segment comprised $4.5 million commissions and $27.1 million other voyage expenses, mainly bunkers consumption and port expenses, in the year ended December 31, 2024. Vessel Operating Expenses Vessel operating expenses increased by $23.6 million to $185.7 million in the year ended December 31, 2024 from $162.1 million in the year ended December 31, 2023, primarily as a result of the increase in the average number of vessels in our fleet due to recent container vessel newbuild deliveries and dry bulk vessels acquisitions, while the average daily operating cost of our vessels remained stable at $6,606 per vessel per day for the year ended December 31, 2024 compared to $6,607 per vessel per day for the year ended December 31, 2023. Management believes that our daily operating costs remain among the most competitive in the industry. Vessel operating expenses for the container vessels segment increased by $3.1 million, to $162.2 million for the year ended December 31, 2024, from $159.1 million for the year ended December 31, 2023. The increase was driven from fleet expansion partially offset by lower costs per vessel per day. Vessels employed under bareboat charter agreements are excluded from the above per-day calculations, as vessel operating expenses under such arrangements are borne by the charterer. Vessel operating expenses for the dry bulk vessels segment increased by $20.5 million, to $23.5 million for the year ended December 31, 2024, from $3.0 million for the year ended December 31, 2023. The increase was driven predominantly by fleet expansion, with higher ownership days. Depreciation Depreciation expense increased by 14.7%, or $19.0 million, to $148.3 million in the year ended December 31, 2024 from $129.3 million in the year ended December 31, 2023 mainly due to depreciation expense related to 10 recently acquired Capesize drybulk vessels and 6 recently delivered container vessel newbuilds. Amortization of Deferred Drydocking and Special Survey Costs Amortization of deferred dry-docking and special survey costs increased by $10.5 million to $29.2 million in the year ended December 31, 2024 from $18.7 million in the year ended December 31, 2023, reflecting a larger number of container and drybulk vessels drydocked for which vessels amortized costs were recognized during 2024. General and Administrative Expenses General and administrative expenses increased by $10.7 million, to $54.2 million in the year ended December 31, 2024 from $43.5 million in the year ended December 31, 2023. The increase was mainly attributable to increased stock based compensation and management fees. Net gain on disposal/sale of vessels In March 2024, we sold for scrap the vessel Stride, which had been off-hire since January 8, 2024 due to damage from a fire in the engine room that was subsequently contained. We recognized $11.9 million of net insurance proceeds for the constructive total loss of the vessel and recorded a gain on disposal of this vessel amounting to $8.3 million in the year ended December 31, 2024. In January 2023, we completed the sale of the container vessel Amalia C for net proceeds of $4.9 million resulting in a gain of $1.6 million. 74 Table of Contents Interest Expense, Interest Income and Other Finance Expenses Interest expense increased by $5.7 million, to $26.2 million in the year ended December 31, 2024 from $20.5 million in the year ended December 31, 2023. The increase in interest expense is a result of: ● a $9.7 million increase in interest expense due to an increase in our average indebtedness by $129.7 million between the two periods, which was partially offset by a decrease in our debt service cost mainly as a result of a reduction in our financing margin cost. Average indebtedness was $580.6 million in the year ended December 31, 2024, compared to average indebtedness of $450.9 million in the year ended December 31, 2023; and ● a $0.1 million increase in the amortization of deferred finance costs; which were partially offset by ● a $4.1 million decrease in interest expense that would otherwise have been recognizable due to an increase in capitalized interest expense on our vessels under construction in the year ended December 31, 2024. As of December 31, 2024, our outstanding debt, gross of deferred finance costs, was $744.5 million, which included $262.8 million principal amount of our Senior Notes. These balances compare to outstanding debt of $410.5 million, which included $262.8 million principal amount of our Senior Notes as of December 31, 2023. The increase in our outstanding debt is mainly due to bank loans drawn down to partially finance our container vessel newbuilds. Interest income increased by $0.8 million to $12.9 million in the year ended December 31, 2024 compared to $12.1 million in the year ended December 31, 2023, which relates primarily to interest earned on time deposits of cash. Other finance expenses decreased by $0.7 million to $3.6 million in the year ended December 31, 2024 compared to $4.3 million in the year ended December 31, 2023. Gain/(loss) on investments Following the all-stock merger of Eagle Bulk Shipping Inc. with Star Bulk which was completed on April 9, 2024, we currently own 4,070,214 shares of common stock of Star Bulk. The loss on investments of $25.2 million in the year ended December 31, 2024 represents the change in fair value of these marketable securities. This compares to a $17.9 million gain on marketable securities in the year ended December 31, 2023. Dividend income Dividend income of $9.3 million was recognized on marketable securities in the year ended December 31, 2024 compared to $1.0 million dividend income on marketable securities in the year ended December 31, 2023. Loss on debt extinguishment A $2.3 million loss on early extinguishment of our leaseback obligations in the year ended December 31, 2023 compares to no such loss in the year ended December 31, 2024. Loss on equity investments Loss on equity investments amounting to $1.6 million and $4.0 million in the year December 31, 2024 and December 31, 2023, respectively, relates to our share of initial expenses of CTTC, currently engaged in the research and development of decarbonization technologies for the shipping industry. Loss on Derivatives Amortization of deferred realized losses on interest rate swaps remained stable at $3.6 million in each of the years ended December 31, 2024 and December 31, 2023. 75 Table of Contents Other (expenses)/income, net Other expenses/income, net amounted to $2.2 million income in the year ended December 31, 2024 compared to $0.8 million expense in the year ended December 31, 2023. The other expenses/income, net in the year ended December 31, 2024 mainly consists of $2.1 million of cash collections from the bankruptcy trustee of Hanjin Shipping as a partial payment of our claim under the Hanjin bankruptcy proceedings. Liquidity and Capital Resources Our principal source of funds has been operating cash flows and long-term bank borrowings, as well as funds from issuances of equity and debt securities, including offerings of our common stock, most recently in 2019, and unsecured senior notes in 2021 and October 2025. We have also received funds from dividend payments on investments in marketable securities of other shipping companies. Our principal uses of funds have been capital expenditures to establish, grow (including vessels currently under construction) and maintain our fleet, including our expansion into the dry bulk shipping sector, to comply with international shipping standards and environmental laws and regulations, and to fund working capital requirements and the repayment of debt. Our short-term liquidity needs primarily relate to funding our vessel operating expenses, drydocking costs, installment payments for our contracted newbuildings, payment for the acquisition of a secondhand dry bulk vessel, funding of our investment in the Alaska LNG project, debt interest payments, servicing our debt obligations, the prepayment in full of tranches under our Syndicated $450.0 million Facility relating to vessels Catherine C, Greenland, Interasia Accelerate and Interasia Amplify, the payment of dividends, repurchases of our common stock and the full redemption of our outstanding 2028 Senior Notes on March 2, 2026. Our long-term liquidity needs primarily relate to installment payments for our contracted newbuildings, any additional vessel acquisitions, and debt repayment. We anticipate that our primary sources of funds will be cash from operations and equity or debt financings. We currently expect that the sources of funds available to us will be sufficient to meet our short-term liquidity and long-term liquidity requirements. Under our existing multi-year charters as of December 31, 2025, we had $4,153.5 million of total contracted revenues, with $945.8 million for 2026, $900.8 million for 2027 and thereafter $2,306.9 million. Although these contracted cash revenues are based on contracted charter rates, we are dependent on the ability and willingness of our charterers to meet their obligations under these charters. On October 16, 2025, we placed a $500.0 million senior unsecured bond due in 2032 and a coupon of 6.875%. In terms of uses of this offering, on December 1, 2025, we utilized $111.4 million towards early repayment of two secured credit facilities, while we have already issued a redemption notice to repay early on March 2, 2026 our 2028 Senior Notes with an outstanding principal amount of $262.8 million. The remaining proceeds were applied toward refinancing-related costs and expenses, including fees and commissions, with any balance available for general corporate purposes. In addition, on December 15, 2025, we entered into a Japanese operating lease agreement with a call option for a total facility of up to $80.0 million, with the purpose of financing the container vessel Greenhouse (the “JOLCO Greenhouse Facility”) and on January 15, 2026, the Company drew down the full amount of the $80.0 million of the JOLCO Greenhouse Facility. In February 2026, we notified the bank that on March 2, 2026 together with the quarterly instalments under the Syndicated $450.0 million Facility for the tranches relating to the vessels Catherine C, Greenland, Interasia Accelerate, and Interasia Amplify, amounting to $3.3 million, we would also prepay in full the outstanding principal amount of $213.8 million, resulting in a total cash outflow of $217.1 million. As of December 31, 2025, we had cash and cash equivalents of $1,037.3 million. As of December 31, 2025, we had $247.5 million of remaining borrowing availability under our Citibank $382.5 mil. Revolving Credit Facility, the availability under which reduces on a quarterly basis through maturity in December 2027, $80.0 million under the JOLCO Greenhouse Facility and $850.0 million of remaining borrowing availability under our Syndicated $850.0 million Facility. As of December 31, 2025, we had $1,177.8 million of outstanding indebtedness (gross of deferred finance costs), including $262.8 million relating to our 2028 Senior Notes, which we will redeem in full in March 2026, and $500.0 million relating to our 2032 Senior Notes, as discussed above. As of December 31, 2025, we were obligated to make quarterly fixed amortization payments, totaling $22.7 million to December 31, 2026, related to the long-term bank debt. We are also obligated to make certain payments to our Manager and Danaos Chartering under our management agreements, as described below under “—Contractual Obligations.” 76 Table of Contents From 2022 through the end of 2025, we entered into contracts for the construction of a total of 35 containerships aggregating 232,948 TEUs in capacity for an aggregate purchase price of $2.7 billion. As of December 31, 2025, eight of these newbuilding containerships had been delivered to us. As of December 31, 2025, the aggregate contracted purchase price of the 25 container vessels under construction amounted to $1,940.9 million, out of which $190.0 million, $174.5 million and $28.3 million was paid in the years ended December 31, 2025, 2024 and 2023, respectively. As of December 31, 2025, the future remaining contractual commitments for the 25 vessels under construction were as follows (in millions of US$): ​ ​ ​ ​ Payments due by year ending ​ ​ ​ ​ US$ mil. December 31, 2026 ​ $ 502.4 December 31, 2027 ​ 763.7 December 31, 2028 ​ ​ 239.5 December 31, 2029 ​ 42.5 Total contractual commitments ​ $ 1,548.1 ​ In addition, during 2025, we entered into a Memorandum of Agreement to acquire a Capesize drybulk vessel for a purchase price of $25.0 million, which is expected to be delivered in the first quarter of 2026, of which we deposited $3.8 million into an escrow account in 2025, with the remaining $21.2 million payable upon delivery of the vessel. Subsequent to December 31, 2025, we exercised our option to enter into shipbuilding contracts for the construction of two additional 5,300 TEUs container vessel newbuildings for an aggregate purchase price of $126.0 million, with expected delivery dates in 2029. Furthermore, we reached agreements with chinese shipyards for the construction of four Newcastlemax drybulk carriers of approximately 211,000 DWT each, with an aggregate purchase price of $297.3 million and expected delivery dates in 2028. Additionally, a supervision fee of $850 thousand per newbuilding vessel will be payable to our Manager, Danaos Shipping, over the construction period starting from steel cutting. Supervision fees totaling totaling $1.9 million in the year ended December 31, 2025 and $3.0 million in each of the years ended December 31, 2024 and 2023, were charged by Danaos Shipping and capitalized to the vessels under construction. Interest expense amounting to $21.6 million, $21.5 million and $17.4 million was capitalized to the vessels under construction in the years ended December 31, 2025, 2024 and 2023, respectively. In February 2026, we declared a dividend of $0.90 per share of common stock payable on March 4, 2026 to holders of record as of February 23, 2026. In the year ended December 31, 2025, the Company declared and paid a dividend of $0.85 per share of common stock in each of March, June, August and $0.90 per share in December amounting to $63.6 million. We intend to pay a regular quarterly dividend on our common stock, which will have an impact on our liquidity. Payments of dividends are subject to the discretion of our board of directors, provisions of Marshall Islands law affecting the payment of distributions to stockholders and the terms of our credit facilities, which permit the payment of dividends so long as there has been no event of default thereunder nor would occur as a result of such dividend payment, finance leases and Senior Notes, which include limitations on the amount of dividends and other restricted payments that we may make, and will be subject to conditions in the container and drybulk shipping industries, our financial performance and us having sufficient available excess cash and distributable reserves. See “Item 8. Financial Information—Dividend Policy” in this annual report. In June 2022, we announced a share repurchase program of up to $100.0 million of our common stock. A $100.0 million increase to the existing share repurchase program, for a total aggregate amount of $200.0 million, was approved by our Board of Directors on November 10, 2023. On April 14, 2025, following Board approval, the Company announced the upsizing of its common stock repurchase program by an additional $100.0 million to a total of $300.0 million. We repurchased 60,819 shares of our common stock in the open market for $5.9 million for the period January 1, 2026 to February 25, 2026; 927,527 shares for $76.1 million in the year ended December 31, 2025; 661,103 shares for $53.9 million in the year ended December 31, 2024; 1,131,040 shares for $70.6 million in the year ended December 31, 2023 and 466,955 shares for $28.6 million in the year ended December 31, 2022. All purchases have been made on the open market within the safe harbor provisions of Regulation 10b-18 under the Exchange Act. Under the share repurchase program, shares of our common stock may be purchased in open market or privately negotiated transactions, at times and prices that are considered to be appropriate by the Company, and the program may be suspended or discontinued at any time. We may also at any time and from time to time, seek to retire or purchase our outstanding debt securities through cash purchases, in open-market purchases, privately negotiated transactions or otherwise. 77 Table of Contents Star Bulk Carriers Corp. Shares In June 2023, we acquired marketable securities of Eagle Bulk Shipping Inc., which was an owner of bulk carriers listed on the New York Stock Exchange (Ticker: EGLE) consisting of 1,552,865 shares of common stock for $68.2 million (out of which $24.4 million from Virage International Ltd., our related company). On December 11, 2023, Star Bulk Carriers Corp. (Ticker: SBLK) and EGLE announced that both companies had entered into a definitive agreement to combine in an all-stock merger, which was completed on April 9, 2024. Under the terms of the agreement, EGLE shareholders received 2.6211 shares of SBLK common stock in exchange for each share of EGLE common stock owned. During the year ended December 31, 2025, we purchased an additional 2,185,967 shares of common stock of “SBLK” in the open market for $29.9 million. As of December 31, 2025 and as of the date of this report, we own 6,256,181 shares of common stock of Star Bulk Carriers Corp., a Nasdaq-listed owner and operator of drybulk vessels. We recognized a $29.5 million gain on marketable securities and dividend income on these securities amounting to $1.7 million in the year ended December 31, 2025. Investment in Alaska LNG Project On January 20, 2026, we announced a strategic partnership with Glenfarne Group to advance the Alaska LNG project. This partnership includes our $50.0 million development capital equity investment in Glenfarne Alaska Partners LLC. In addition, Danaos Corporation will also be the preferred tonnage provider to construct and operate at least six LNG carriers to deliver LNG to global customers for Glenfarne Alaska LNG, LLC, majority owner and developer of the Alaska LNG Project. See “Item 4. Our Business—Strategic Partnership with Gelfarne Group-Alaska LNG Project.” Impact of Inflation and Interest Rates Risk on our Business We continue to see near-term impacts on our business due to elevated inflation in the United States of America, Eurozone and other countries, including ongoing global prices pressures, which continue to affect our operating expenses to a moderate extent. Interest rates have increased rapidly and substantially as central banks in developed countries raised interest rates in an effort to subdue inflation. The eventual long-term implications of tight monetary policy, and higher long-term interest rates may continue to drive a higher cost of capital for our business, including because borrowings under our credit facilities are advanced at a floating rate based on SOFR and we do not have any interest rate hedging arrangements. Cash Flows ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ Year ended ​ Year ended ​ ​ ​ ​ December 31, 2025 ​ ​ ​ December 31, 2024 ​ ​ ​ December 31, 2023 ​ ​ (In thousands) Net cash provided by operating activities ​ $ 644,753 ​ $ 621,750 ​ $ 576,292 Net cash used in investing activities ​ $ (325,696) ​ $ (650,789) ​ $ (338,528) Net cash provided by/(used in) financing activities ​ $ 264,851 ​ $ 210,614 ​ $ (233,623) ​ Net Cash Provided by Operating Activities Net cash flows provided by operating activities increased by $23.0 million, to $644.8 million in the year ended December 31, 2025 compared to $621.8 million in the year ended December 31, 2024. The increase was attributed to: (i) $52.4 million increase in cash operating revenues, (ii) $10.9 million decrease in drydocking expenses, (iii) $7.4 million increase in interest income and (iv) $0.4 million decrease in commitment fees, partially offset by: (i) $23.8 million increase in total operating expenses principally due to the increased size of our drybulk and container vessel fleets, (ii) $12.5 million increase in net financing costs, (iii) $7.6 million decrease in dividend income, (iv) $2.1 million negative change in working capital, and (v) $2.1 million decrease in claims received. Net cash flows provided by operating activities increased by $45.5 million, to $621.8 million in the year ended December 31, 2024 compared to $576.3 million in the year ended December 31, 2023. The increase was attributed to: (i) $79.3 million increase in net operating revenues, (ii) $8.2 million increase in dividend income from investments, (iii) $24.9 million change in working capital between the two periods, and (iv) $2.1 million of cash collection from the bankruptcy trustee of Hanjin Shipping, which were partially offset by: (i) $47.5 million increase in operating expenses principally due to the increased size of our drybulk and container vessel fleets, (ii) $19.4 million increase in payments for drydocking and special survey costs, and (iii) $2.1 million increase in net finance costs. 78 Table of Contents Net Cash Used in Investing Activities Net cash flows used in investing activities decreased by $325.1 million, to $325.7 million used in investing activities in the year ended December 31, 2025 compared to $650.8 million used in investing activities in the year ended December 31, 2024. The decrease was due to: (i) $263.9 million lower payments for vessels under construction, (ii) $77.8 million lower payments for vessel acquisitions, and (iii) a $20.9 million decrease in vessel cost additions, partially offset by: (i) $29.0 million increase in investments in marketable securities and (ii) $8.5 million decrease in net proceeds and insurance proceeds from disposal of vessel. Net cash flows used in investing activities increased by $312.3 million, to $650.8 million used in investing activities in the year ended December 31, 2024, compared to $338.5 million used in investing activities in the year ended December 31, 2023. The increase was the result of: (i) $440.8 million increase in advance payments for vessels under construction including capitalized interest and (ii) $9.9 million increase in additions to vessel cost, which were partially offset by: (i) $72.7 million decrease in investments outflows, (ii) $59.4 million decrease in advances and payments for vessel acquisitions, and (iii) $6.3 million increase in net sale and insurance proceeds from disposal/sale of vessels. Net Cash Provided by/(Used in) Financing Activities Net cash flows provided by financing activities increased by $54.3 million, to $264.9 million provided by financing activities in the year ended December 31, 2025 compared to $210.6 million provided by financing activities in the year ended December 31, 2024. This increase was attributed to: (i) increase of $258.7 million in debt proceeds, partially offset by: (i) $154.1 million increase of early prepayments of long-term debt, (ii) $22.4 million increase in repurchase of our common stock, (iii) $18.5 million increase in finance costs, (iv) $8.7 million increase in amortization payments of long-term debt, and (v) $0.7 million increase in dividend payments on our common stock. Net cash flows provided by/used in financing activities increased by $444.2 million, to $210.6 million provided by financing activities in the year ended December 31, 2024 compared to $233.6 million used in financing activities in the year ended December 31, 2023. This increase was attributed to: (i) $362.0 million increase in proceeds from long-term debt, (ii) $72.4 million decrease in payments of long-term debt and leaseback obligations, and (iii) $17.3 million decrease in repurchase of common stock, which were partially offset by: (i) $5.4 million increase in finance costs, and (ii) $2.1 million increase in dividend payments on our common stock. Non-GAAP Financial Measures We report our financial results in accordance with U.S. generally accepted accounting principles (GAAP). Management believes, however, that certain non-GAAP financial measures used in managing the business may provide users of this financial information additional meaningful comparisons between current results and results in prior operating periods. Management believes that these non-GAAP financial measures can provide additional meaningful reflection of underlying trends of the business because they provide a comparison of historical information that excludes certain items that impact the overall comparability. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating our performance. See the table below for supplemental financial data and corresponding reconciliation to GAAP financial measures. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, our reported results prepared in accordance with GAAP. The non-GAAP financial measures as presented below may not be comparable to similarly titled measures of other companies in the shipping or other industries. EBITDA and Adjusted EBITDA EBITDA represents net income before interest income and expense, income taxes, depreciation, amortization of deferred drydocking & special survey costs, amortization of assumed time charters, amortization of deferred realized losses of cash flow interest rate swaps, amortization of deferred finance costs, debt discount and commitment fees. Adjusted EBITDA represents net income before interest income and expense, income taxes, depreciation, amortization of deferred drydocking & special survey costs, amortization of assumed time charters, amortization of deferred realized losses of cash flow interest rate swaps, amortization of deferred finance costs, debt discount and commitment fees, stock based compensation and one-off discretionary cash bonus of executives and employees, gain/loss on debt extinguishment, net gain on disposal/sale of vessels and gain/loss in fair value of investments. We believe that EBITDA and Adjusted EBITDA assist investors and analysts in comparing our performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. EBITDA and Adjusted EBITDA are also used: (i) by prospective and current customers as well as potential lenders to evaluate potential transactions; and (ii) to evaluate and price potential acquisition candidates. Our EBITDA and Adjusted EBITDA may not be comparable to that reported by other companies due to differences in methods of calculation. 79 Table of Contents EBITDA and Adjusted EBITDA have limitations as analytical tools, and should not be considered in isolation or as a substitute for analysis of our results as reported under U.S. GAAP. Some of these limitations are: (i) EBITDA/Adjusted EBITDA does not reflect changes in, or cash requirements for, working capital needs; and (ii) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and EBITDA/Adjusted EBITDA do not reflect any cash requirements for such capital expenditures. In evaluating Adjusted EBITDA, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. Because of these limitations, EBITDA/Adjusted EBITDA should not be considered as principal indicators of our performance. Net Income Reconciliation to EBITDA and Adjusted EBITDA ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ Year ended ​ Year ended ​ ​ ​ ​ December 31, 2025 ​ ​ ​ December 31, 2024 ​ ​ ​ December 31, 2023 ​ ​ (In USD in thousands) Net income ​ $ 494,614 ​ $ 505,073 ​ $ 576,299 Depreciation ​ ​ 163,366 ​ ​ 148,344 ​ ​ 129,287 Amortization of deferred drydocking & special survey costs ​ ​ 44,074 ​ ​ 29,161 ​ ​ 18,663 Amortization of assumed time charters ​ ​ — ​ ​ (4,534) ​ ​ (21,222) Amortization of deferred realized losses of cash flow interest rate swaps ​ ​ 3,622 ​ ​ 3,632 ​ ​ 3,622 Amortization of finance costs, debt discount and commitment fees ​ ​ 5,694 ​ ​ 4,905 ​ ​ 5,136 Interest income ​ ​ (19,548) ​ ​ (12,890) ​ ​ (12,133) Interest expense ​ ​ 39,355 ​ ​ 23,859 ​ ​ 18,262 Income taxes ​ ​ — ​ ​ — ​ ​ — EBITDA ​ $ 731,177 ​ $ 697,550 ​ $ 717,914 (Gain)/Loss on investments ​ ​ (29,541) ​ ​ 25,179 ​ ​ (17,867) Loss on debt extinguishment ​ ​ 2,499 ​ ​ — ​ ​ 2,254 Net gain on disposal/sale of vessels ​ ​ — ​ ​ (8,332) ​ ​ (1,639) Stock based compensation and one-off discretionary cash bonus of executives and employees ​ ​ 15,241 ​ ​ 8,218 ​ ​ 6,340 Adjusted EBITDA ​ $ 719,376 ​ $ 722,615 ​ $ 707,002 ​ EBITDA increased by $33.7 million, to $731.2 million in the year ended December 31, 2025, from $697.5 million in the year ended December 31, 2024. This increase was attributed to: (i) $32.9 million increase in operating revenues (excluding $4.5 million decrease in amortization of assumed time-charters), (ii) $54.7 million increase in fair value gain on investments and (iii) $0.6 million decrease in loss on equity investments, which were partially offset by: (i) $34.0 million increase in total operating expenses, (ii) $8.3 million decrease in gain from disposal of vessel, (iii) $7.6 million decrease in dividends received, (iv) $2.5 million increase in loss on debt extinguishment and (v) $2.1 million decrease in claims received. EBITDA decreased by $20.4 million, to $697.5 million in the year ended December 31, 2024, from $717.9 million in the year ended December 31, 2023. This decrease is primarily attributed to: (i) a $56.3 million increase in total operating expenses and (ii) a $34.8 million change in fair value of our investment and dividend income, which were partially offset by: (i) a $57.2 million increase in operating revenues, (ii) a $6.7 million increase in net gain on disposal/sale of vessels, (iii) a $2.4 million decrease in loss on equity investments, (iv) a $2.3 million decrease in loss on debt extinguishment and (v) a $2.1 million cash collection of common benefit claim from the bankruptcy trustee of Hanjin Shipping. Adjusted EBITDA decreased by $3.2 million, to $719.4 million in the year ended December 31, 2025, from $722.6 million in the year ended December 31, 2024. This decrease was attributed to: (i) $27.0 million increase in total operating expenses, (ii) $7.6 million decrease in dividends received, and (ii) $2.1 million decrease in claims received, which were partially offset by: (i) $32.9 million increase in operating revenues (excluding $4.5 million decrease in amortization of assumed time-charters), and (ii) $0.6 million decrease in loss on equity investments. 80 Table of Contents Adjusted EBITDA increased by $15.6 million, to $722.6 million in the year ended December 31, 2024, from $707.0 million in the year ended December 31, 2023. This increase is primarily attributed to: (i) a $57.2 million increase in operating revenues, (ii) a $8.2 million increase in dividends received, (iii) a $2.4 million decrease in loss on equity investments and (iv) a $2.1 million cash collection of common benefit claim from the bankruptcy trustee of Hanjin Shipping, which were partially offset by a $54.3 million increase in total operating expenses. Net Income Reconciliation to Adjusted EBITDA per segment (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ ​ Year Ended ​ ​ December 31, 2025 ​ December 31, 2024 ​ ​ ​ ​ Container ​ ​ ​ Drybulk ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Container ​ Drybulk ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vessels ​ Vessels ​ Other ​ Total ​ Vessels ​ Vessels ​ Other ​ Total Net income/(loss) ​ $ 460,946 ​ $ 3,353 ​ $ 30,315 ​ $ 494,614 ​ $ 518,129 ​ $ 4,429 ​ $ (17,485) ​ $ 505,073 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 finance costs, commitment fees and debt discount ​ 5,694 ​ — ​ — ​ 5,694 ​ 4,905 ​ — ​ — ​ 4,905 Amortization of deferred realized losses on interest rate swaps ​ 3,622 ​ — ​ — ​ 3,622 ​ 3,632 ​ — ​ — ​ 3,632 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 Change in fair value of investments ​ — ​ — ​ (29,541) ​ (29,541) ​ — ​ — ​ 25,179 ​ 25,179 Stock based compensation and one-off discretionary cash bonus of executives and employees ​ 14,242 ​ 999 ​ — ​ 15,241 ​ 7,657 ​ 561 ​ — ​ 8,218 Loss on debt extinguishment ​ 2,499 ​ — ​ — ​ 2,499 ​ — ​ — ​ — ​ — Net 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ ​ Year Ended ​ ​ December 31, 2024 ​ December 31, 2023 ​ ​ ​ ​ Container ​ ​ ​ Drybulk ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Container ​ Drybulk ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vessels ​ Vessels ​ Other ​ Total ​ Vessels ​ Vessels ​ Other ​ Total Net income/(loss) ​ $ 518,129 ​ $ 4,429 ​ $ (17,485) ​ $ 505,073 ​ $ 563,279 ​ $ (1,910) ​ $ 14,930 ​ $ 576,299 Depreciation ​ ​ 137,823 ​ ​ 10,521 ​ ​ — ​ ​ 148,344 ​ ​ 128,097 ​ ​ 1,190 ​ ​ — ​ ​ 129,287 Amortization of deferred drydocking & special survey costs ​ ​ 27,167 ​ ​ 1,994 ​ ​ — ​ ​ 29,161 ​ ​ 18,663 ​ ​ — ​ ​ — ​ ​ 18,663 Amortization of assumed time charters ​ ​ (4,534) ​ ​ — ​ ​ — ​ ​ (4,534) ​ ​ (21,222) ​ ​ — ​ ​ — ​ ​ (21,222) Amortization of finance costs and commitment fees ​ ​ 4,905 ​ ​ — ​ ​ — ​ ​ 4,905 ​ ​ 5,136 ​ ​ — ​ ​ — ​ ​ 5,136 Amortization of deferred realized losses on interest rate swaps ​ ​ 3,632 ​ ​ — ​ ​ — ​ ​ 3,632 ​ ​ 3,622 ​ ​ — ​ ​ — ​ ​ 3,622 Interest income ​ ​ (12,843) ​ ​ — ​ ​ (47) ​ ​ (12,890) ​ ​ (12,096) ​ ​ (37) ​ ​ — ​ ​ (12,133) Interest expense excluding amortization of finance costs ​ ​ 23,859 ​ ​ — ​ ​ — ​ ​ 23,859 ​ ​ 18,262 ​ ​ — ​ ​ — ​ ​ 18,262 Change in fair value of investments ​ ​ — ​ ​ — ​ ​ 25,179 ​ ​ 25,179 ​ ​ — ​ ​ — ​ ​ (17,867) ​ ​ (17,867) Stock based compensation of executives and employees ​ ​ 7,657 ​ ​ 561 ​ ​ — ​ ​ 8,218 ​ ​ 6,120 ​ ​ 220 ​ ​ — ​ ​ 6,340 Loss on debt extinguishment ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,254 ​ ​ — ​ ​ — ​ ​ 2,254 Net gain on disposal/sale of vessels ​ ​ (8,332) ​ ​ — ​ ​ — ​ ​ (8,332) ​ ​ (1,639) ​ ​ — ​ ​ — ​ ​ (1,639) Adjusted EBITDA ​ $ 697,463 ​ $ 17,505 ​ $ 7,647 ​ $ 722,615 ​ $ 710,476 ​ $ (537) ​ $ (2,937) ​ $ 707,002 ​ 81 Table of Contents Time Charter Equivalent Revenues and Time Charter Equivalent US$/day per segment Time charter equivalent revenues represent operating revenues less voyage expenses excluding commissions presented per container vessels segment and drybulk vessels segment separately. Time charter equivalent US$/per day (“TCE rate”) represents the average daily TCE rate of our container vessels segment and drybulk vessels segment calculated dividing time charter equivalent revenues of each segment by operating days of each segment. Operating days of each segment is calculated by deducting vessels off-hire days of each segment from total ownership days of each segment. TCE rate is a measure of the average daily net revenue performance of our vessels in each segment. TCE rate is a standard shipping industry performance measure used primarily to compare period to period changes in a shipping company’s performance despite changes in the mix of charter types i.e., voyage charters, time charters, bareboat charters under which its vessels may be employed between the periods. Our method of computing TCE rate may not necessarily be comparable to TCE rates of other companies due to differences in methods of calculation. We include TCE rate, a non-GAAP measure, as it provides additional meaningful information in conjunction with operating revenues, the most directly comparable GAAP measure. TCE rate is useful to investors because it enables them to evaluate our operating performance across different periods on a comparable basis regardless of changes in charter type mix and to compare our performance against industry peers. TCE rate assists our management in making decisions regarding the deployment and use of our operating vessels and assists investors and our management in evaluating our financial performance. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ ​ Year ended ​ ​ December 31, ​ December 31, Container vessels segment TCE rate ​ 2025 ​ 2024 Ownership Days ​ 27,039 ​ 25,684 Less Off-hire Days: ​ ​ ​ ​ Scheduled Off-hire Days ​ (430) ​ (525) Other Off-hire Days ​ (44) ​ (198) Operating Days ​ 26,565 ​ 24,961 ​ ​ ​ ​ ​ ​ ​ Operating Revenues (in ‘000s of US$) ​ $ 955,433 ​ $ 937,077 Less: Voyage Expenses excluding commissions (in ‘000s of US$) ​ (1,972) ​ 746 Time Charter Equivalent Revenues (in ‘000s of US$) ​ $ 953,461 ​ $ 937,823 Time Charter Equivalent US$/per day ​ $ 35,892 ​ $ 37,572 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ Year ended ​ ​ December 31, ​ December 31, Drybulk vessels segment TCE rate ​ ​ ​ 2025 ​ ​ ​ 2024 Ownership Days ​ 3,650 ​ 3,164 Less Off-hire Days: ​ ​ ​ ​ Scheduled Off-hire Days ​ (56) ​ (378) Other Off-hire Days ​ ​ (16) ​ ​ (33) Operating Days ​ 3,578 ​ 2,753 ​ ​ ​ ​ ​ ​ ​ Operating Revenues (in ‘000s of US$) ​ $ 87,023 ​ $ 77,033 Less: Voyage Expenses excluding commissions (in ‘000s of US$) ​ (21,992) ​ (27,075) Time Charter Equivalent Revenues (in ‘000s of US$) ​ $ 65,031 ​ $ 49,958 Time Charter Equivalent US$/per day ​ $ 18,175 ​ $ 18,147 ​ 82 Table of Contents Credit Facilities We, as borrower, and certain of our subsidiaries, as guarantors, have entered into a number of credit facilities in connection with financing the acquisition of certain vessels in our fleet. Our existing credit facilities are secured by, among other things, certain of our vessels (as described below). The following summarizes certain terms of our existing credit facilities and our Senior Notes: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding ​ ​ ​ ​ ​ ​ Principal ​ ​ ​ ​ Amount ​ ​ ​ ​ as of December 31, ​ ​ ​ ​ 2025 ​ ​ Credit Facility ​ (in millions of US$) ​ Collateral Vessels and Under Construction Hulls Syndicated $450.0 mil. Facility ​ $ 335.2 Catherine C, Greenland, Greenville, Greenfield, Interasia Accelerate and Interasia Amplify Citibank $382.5 mil. Revolving Credit Facility ​ $ — Express Berlin, Express Rome, Express Athens, Kota Plumbago, Speed, Ambition, Pusan C, Le Havre, Europe, America, CMA CGM Musset, Racine, CMA CGM Rabelais, CMA CGM Nerval, YM Maturity and YM Mandate Syndicated $850.0 mil. Facility ​ $ — Hull No. YZJ2023-1556, Hull No. YZJ2023-1557, Hull No. YZJ2024-1612, Hull No. YZJ2024-1613, Hull No. YZJ2024-1625, Hull No. YZJ2024-1626, Hull No. YZJ2024-1668, Hull No. C9200-7, Hull No. C9200-8, Hull No. C9200-9, Hull No. C9200-10, Hull No. C9200-11, Hull No. H2596 and Hull No. H2597 JOLCO Greenhouse Facility(1) ​ $ — Greenhouse JOLCO Phoebe Facility ​ $ 79.8 Phoebe 2028 Senior Notes ​ $ 262.8 None 2032 Senior Notes ​ $ 500.0 None (1) On January 15, 2026, we drew down the full amount of $80.0 million under the JOLCO Greenhouse facility. As of December 31, 2025, there was $247.5 million of remaining borrowing availability under our Citibank $382.5 mil. Revolving Credit Facility, $850.0 million under the Syndicated $850.0 mil. Facility and $80.0 million under the JOLCO Greenhouse Facility. As of December 31, 2025, 77 of our vessels were unencumbered. See Note 10 “Long-Term Debt, net” to our consolidated financial statements included elsewhere in this report for additional information regarding our outstanding debt and the related repayment schedule. The weighted average interest rate on our borrowings for the years ended December 31, 2025, 2024 and 2023 was 6.9%, 7.7% and 7.8%, respectively (including leaseback obligations). On October 16, 2025, we consummated the offering of $500.0 million of 6.875% senior unsecured notes due in 2032, and we will redeem in full the $262.8 million outstanding principal amount of our existing 8.500% Senior Notes due 2028 on March 2, 2026. On December 1, 2025, we prepaid in full the outstanding principal amount under our BNP Paribas/Credit Agricole $130.0 million Secured Credit Facility and our Alpha Bank $55.25 million Secured Credit Facility. JOLCO Greenhouse Facility In December 2025, we entered into a Japanese operating lease agreement (the “JOLCO Greenhouse Facility”) with a call option for a total facility of up to $80.0 million, with the purpose of financing the container vessel Greenhouse. Although legal title to the vessel was transferred to the lessor as part of the arrangement, the transaction did not qualify as a sale under the sale-leaseback guidance in ASC 842 (which incorporates the sale criteria in ASC 606) and is therefore accounted for as a financing arrangement in accordance with ASC 470. The facility provides total funding of up to $80.0 million and has an eight-year term. The facility includes a call option that allows the Company to repurchase the vessel at specified dates during the term of the arrangement. On January 15, 2026, the Company drew down the full amount of $80.0 million. The vessel will be continued to be recognized under “Fixed assets, net” on the Company’s consolidated balance sheets and to be depreciated over its remaining useful life. 83 Table of Contents JOLCO Phoebe Facility In October 2025, we entered into a Japanese Operating Lease with Call Option (“JOLCO Phoebe Facility”) structure to finance the container vessel Phoebe (previously financed and mortgaged under the Syndicated $450.0 million Facility). Although legal title to the vessel was transferred to the lessor as part of the arrangement, the transaction did not qualify as a sale under the sale-leaseback guidance in ASC 842 (which incorporates the sale criteria in ASC 606) and is therefore accounted for as a financing arrangement in accordance with ASC 470. The facility provides total funding of up to $80.0 million and has an eight-year term. The facility includes a call option that allows the Company to repurchase the vessel at specified dates during the term of the arrangement. On October 30, 2025, we received the full $80.0 million in proceeds, which recognized as a financing liability. The vessel continues to be recognized under “Fixed assets, net” on the Company’s consolidated balance sheets and to be depreciated over its remaining useful life. Syndicated $850.0 mil. Senior Secured Credit Facility On February 7, 2025, we, as borrower, and our subsidiaries that have entered into the relevant shipbuilding contracts for the vessels that will collateralize the facility, as guarantors, entered into an up to $850 million Syndicated Senior Secured Credit Facility (the “Syndicated $850 mil. Facility”) with a syndicate of banks, consisting of fourteen tranches, seven of up to $57.75 million, two of up to $63.75 million and five of up to $63.68 million, each committed to finance and to be secured by one of our newbuilding vessels under construction at the time of entry into the credit facility and other customary collateral. Each of the tranches is repayable over 5 years from the date such tranche is drawn down in 20 consecutive quarterly repayment installments of $0.77 million, together with a balloon payment of $43.35 million at maturity, for the seven $57.75 million tranches; 20 consecutive quarterly repayment installments of $0.85 million, together with a balloon payment of $46.675 million at maturity, for the two $63.675 million tranches and 20 consecutive quarterly repayment installments of $0.85 million each, together with a balloon payment of $46.68 million at maturity, for the five $63.68 million tranches. This facility bears interest at SOFR plus a margin of 1.65% and commitment fee of 0.495% on any undrawn amount. We do not expect to draw any amounts under this facility until the third quarter of 2026 when the first of the newbuildings financed thereunder is expected to be delivered to us. Syndicated $450.0 mil. Senior Secured Credit Facility In March 2024, we, as borrower, and our subsidiaries owning the vessels collateralizing the facility, as guarantors, entered into a syndicated secured loan facility agreement providing for a maximum principal amount of up to $450.0 million (the “Syndicated $450.0 mil. Facility”). The facility was initially secured by eight of the Company’s container vessels, including the vessel Greenhouse, which was under construction and delivered to the Company in the fourth quarter of 2025. In September 2025, the Company submitted to the bank a cancellation notice related to the undrawn tranche for this vessel. In connection with this cancellation, we recorded a loss on debt extinguishment of $1.1 million, representing the write-off of unamortized deferred financing costs and commitment fee charges associated with the undrawn portion of the facility. The facility was structured in separate vessel tranches, each drawn upon delivery of the respective vessel. As of December 31, 2025, all seven remaining vessel tranches had been fully utilized. Each drawn vessel tranche is repayable in 20 equal quarterly instalments ranging from $0.6 million to $0.9 million per tranche, followed by a balloon payment due on the fifth anniversary of each tranche, ranging from $31.8 million to $45.5 million, with final maturities extending through September 2030. Borrowings under the facility bear interest at SOFR plus a margin of 1.85% and are subject to a commitment fee of 0.74% on undrawn amounts. On October 1, 2025, we prepaid the outstanding principal amount of $42.78 million related to the newbuilding vessel Phoebe, which had been drawn in January 2025. In connection with this prepayment, unamortized deferred financing costs of $0.7 million were written off and recognized as “Loss on debt extinguishment, net” in the Consolidated Statements of Income. In February 2026, we notified the bank that on March 2, 2026 together with the quarterly instalments under the Syndicated $450.0 million Facility for the tranches relating to the vessels Catherine C, Greenland, Interasia Accelerate, and Interasia Amplify, amounting to $3.3 million, we would also prepay in full the outstanding principal amount of $213.8 million, resulting in a total cash outflow of $217.1 million. Citibank $382.5 mil. Senior Secured Revolving Credit Facility In December 2022, we, as borrower, and our subsidiaries owning the vessels collateralizing the facility, as guarantors, entered into a $382.5 mil. Senior Secured Revolving Credit Facility with Citibank (the “Citibank $382.5 mil. Revolving Credit Facility”) and with Alpha Bank $55.25 mil. Facility (as defined below). As of December 31, 2025, no amounts were drawn down under Citibank $382.5 mil. Revolving Credit Facility and $247.5 million remained available for borrowing as of December 31, 2025. The Citibank $382.5 million Revolving Credit Facility is a reducing facility and is repayable over five years through 20 quarterly commitment reductions of $11.25 million each, followed by a final reduction of $157.5 million at maturity in December 2027. Borrowings under this facility bear interest at SOFR plus a margin of 2.0%, and a commitment fee of 0.8% is payable on the undrawn portion. The facility is secured by sixteen of the Company’s vessels. 84 Table of Contents BNP Paribas/Credit Agricole $130 mil. Senior Secured Revolving Credit Facility In June 2022, we put in place a $130.0 million senior secured term loan facility with BNP Paribas and Credit Agricole (the “BNP Paribas/Credit Agricole $130 mil. Facility”), which was secured by six 5,466 TEUs sister vessels acquired in 2021. The facility was repayable in eight quarterly instalments of $5.0 million followed by twelve quarterly instalments of $1.9 million, together with a balloon payment of $67.2 million payable at maturity of the facility’s five year term in June 2027. The facility bore interest at SOFR plus a margin of 2.16%. On December 1, 2025, we prepaid the outstanding principal amounts of $78.6 million under the BNP Paribas/Credit Agricole $130.0 million Facility. In connection with this prepayment, unamortized deferred financing costs of $0.6 million were written off and recognized as “Loss on debt extinguishment, net” in the Consolidated Statements of Income. Alpha Bank $55.25 mil. Senior Secured Revolving Credit Facility In December 2022, as discussed above, we also entered into a $55.25 million secured credit facility with Alpha Bank, which was fully utilized (the “Alpha Bank $55.25 mil. Facility”). The Alpha Bank $55.25 mil. Facility was repayable over five years in 20 consecutive quarterly installments of $1.875 million each, with a balloon payment of $17.75 million due at maturity in December 2027. This facility bore interest at SOFR plus a margin of 2.3% and was secured by two of the Company’s vessels. On December 1, 2025, we prepaid the outstanding principal amount of $32.8 million under the Alpha Bank $55.25 mil. Facility. In connection with this prepayment, unamortized deferred financing costs of $0.1 million were written off and recognized as “Loss on debt extinguishment, net” in the Consolidated Statements of Income. Covenants, Events of Default, Collateral and Other Terms The Syndicated $850 mil. Facility, Syndicated $450 mil. Facility and Citibank $382.5 mil. Revolving Credit Facility each contain a requirement to maintain a minimum fair market value of collateral vessels to loan value coverage of 120%. Additionally, these facilities, and the JOLCO Phoebe Facility and JOLCO Greenhouse Facility, require us to maintain the following financial covenants: (i)minimum liquidity of $30.0 million; (ii)maximum consolidated debt (less cash and cash equivalents) to consolidated EBITDA ratio of 6.5x; and (iii)minimum consolidated EBITDA to net interest expense ratio of 2.5x. Each of our credit facilities, but not our unsecured Senior Notes, are collateralized by first preferred mortgages over the vessels specified above, general assignment of all hire freights, income and earnings, the assignment of their insurance policies, as well as any proceeds from the sale of mortgaged vessels, stock pledges and benefits from corporate guarantees. Twenty-four of our vessels having a net carrying value of $1,736.3 million as of December 31, 2025, were subject to first preferred mortgages as collateral to our credit facilities; no vessels were subject to mortgages under our unsecured 2028 Senior Notes or 2032 Senior Notes. Each of our credit facilities also contain certain restrictive covenants and customary events of default, including those relating to cross-acceleration and cross-defaults to other indebtedness, non-compliance or repudiation of security documents, material adverse changes to our business, the Company’s common stock ceasing to be listed on the NYSE (or another recognized stock exchange), foreclosure on a vessel in our fleet, a breach of the undertaking from the Manager and a material breach or (for the purposes of the Citibank $382.5 mil. Revolving Credit Facility) change to an existing charter or cancellation of a charter (unless replaced with a similar charter acceptable to the lenders) for the vessels securing such credit facilities. Our credit facilities also require that the vessels mortgaged under the relevant facility are at all times managed by our Manager. In addition, we and our subsidiaries will not be permitted under our credit facilities to pay dividends if there is a breach of covenant or an event of default, including if the minimum collateral coverage requirement is not satisfied, or such a breach or event of default would result from such dividend payment. Our credit facilities also contain customary covenants that will require us to maintain adequate insurance coverage and obtain the consent of the lenders thereunder before we incur any new indebtedness that is secured by the mortgaged vessels. For the purpose of these covenants in the Syndicated $450.0 mil. Facility and the Syndicated $850.0 mil. Facility the market value of our vessels is calculated on a charter-free basis based on broker valuations. For the purpose of these covenants in the Citibank $382.5 mil. Revolving Credit Facility, the market value of our vessels is calculated on a charter-inclusive basis (using the present value of the “bareboat-equivalent” time charter income from such charter) so long as a vessel’s charter has a remaining duration at the time of valuation of more than twelve months plus the present value of the residual value of the relevant vessel (generally equivalent to the charter free value of an equivalent vessel today at the age such vessel would be at the expiration of the existing time charter). The market value of any newbuilding vessels would equal the lesser of such amount and the newbuilding vessel’s book value. 85 Table of Contents A “Change of Control” will give the lenders under each of our credit facilities the right to cancel any remaining commitments thereunder and to declare all amounts outstanding under such credit facility immediately due and payable. A “Change of Control” of the Company for these purposes includes the occurrence of the following: (i) Dr. Coustas ceases to be both the Company’s Chief Executive Officer and a director of the Company, unless this is due to his death or disability and, in such case, a replacement person is appointed by the Company’s board of directors, (ii) the existing members of the board of directors and the directors appointed following nomination by the existing board of directors collectively do not constitute a majority of the board of directors of the Company, (iii) Dr. Coustas and members of his family cease to collectively control at least 15% and one share of the voting interest in the Company’s outstanding capital stock or to beneficially own at least 15% and one share of the Company’s outstanding capital stock, (iv) any person or persons acting in concert (other than the Coustas family) controls the Company, (v) Dr. Coustas and/or DIL cease to own 80% of the capital stock and/or voting rights in our Manager and/or cease to control the Manager, and/or (vi) any guarantor of the applicable credit facility ceases to be a wholly owned subsidiary of (and controlled by) Danaos Corporation. We were in compliance with the financial covenants and collateral coverage requirements contained in the credit facility agreements as of December 31, 2025 and December 31, 2024. Senior Notes 2028 Senior Notes On February 11, 2021, we consummated an offering of $300 million aggregate principal amount of 8.500% Senior Notes due 2028 of Danaos Corporation, which we refer to as the 2028 Senior Notes or the 8.500% Senior Unsecured Notes Due 2028. The 2028 Senior Notes are general senior unsecured obligations of Danaos Corporation. The 2028 Senior Notes were issued pursuant to an Indenture, dated as of February 11, 2021, between the Company and Citibank, N.A., London Branch, as trustee, paying agent, registrar and transfer agent. The 2028 Senior Notes bear interest at a rate of 8.500% per year, payable in cash on March 1 and September 1 of each year, commencing September 1, 2021. The 2028 Senior Notes would mature on March 1, 2028. We will redeem in full the $262.8 million outstanding principal amount of our 2028 Senior Notes due in March 2028 on March 2, 2026. In December 2022, we repurchased $37.2 million aggregate principal amount of our 2028 Senior Notes in a privately negotiated transaction. As described above, we will redeem in full the $262.8 million outstanding principal amount of our 2028 Senior Notes on March 2, 2026. 2032 Senior Notes On October 16, 2025, we consummated an offering of $500 million aggregate principal amount of 6.875% Senior Notes due 2032, which we refer to as the 2032 Senior Notes or the 6.875% Senior Unsecured Notes Due 2032. The 2032 Senior Notes are general senior unsecured obligations of Danaos Corporation. The 2032 Senior Notes were issued pursuant to an Indenture, dated as of October 16, 2025, between Danaos Corporation and Citibank, N.A., London Branch, as trustee, paying agent, registrar and transfer agent (the “Indenture”). The 2032 Senior Notes bear interest at a rate of 6.875% per year, payable in cash on March 1 and September 1 of each year, commencing March 1, 2026. The 2032 Senior Notes will mature on October 15, 2032. We may redeem some or all of the 2032 Senior Notes at any time or from time to time for cash: (i) prior to October 15, 2028, at 100.00% of the principal amount of such 2032 Senior Notes, plus an applicable “make-whole premium,” plus accrued and unpaid interest; (ii) on or after October 15, 2028 and prior to October 15, 2029, at 103.438% of the principal amount of such Senior Notes, plus accrued and unpaid interest; (iii) on or after October 15, 2029 and prior to October 15, 2030, at 101,719% of the principal amount of such 2032 Senior Notes, plus accrued and unpaid interest; and (iv) on or after October 15, 2030 and prior to maturity, at 100.000% of the principal amount of such 2032 Senior Notes, in each case plus accrued and unpaid interest to, but not including, the redemption date. Subject to certain conditions, at any time and from time to time prior to October 15, 2028 we may redeem up to 40% of the original aggregate principal amount of the 2032 Senior Notes with the net cash proceeds of public equity offerings of the Company and certain contributions to the Company’s equity at a redemption price of 106.875% of their principal amount, plus accrued and unpaid interest, if any, to but excluding the redemption date; provided that at least 60% of the original aggregate principal amount of the 2032 Senior Notes remain outstanding. 86 Table of Contents If a “Change of Control” (as defined in the Indenture) of the Company occurs, the Company must make a “Change of Control Offer” (as defined in the Indenture) to each holder of the notes to repurchase all or any part of such holder’s 2032 Senior Notes at a purchase price in cash in an amount equal to 101% of the principal amount, plus accrued and unpaid interest to, but excluding, the repurchase date. In the event of certain developments affecting taxation, we may redeem the 2032 Senior Notes in whole, but not in part, at any time, at a redemption price of 100% of their principal amount, plus accrued and unpaid interest, if any, to the date of redemption. The Indenture contains covenants that limit, among other things, our ability and the ability of certain of our existing and future subsidiaries to: ● pay dividends, make distributions, redeem or repurchase capital stock and make certain other restricted payments of investments; ● incur additional indebtedness or issue certain equity interests; ● merge, consolidate or sell all or substantially all assets; ● issue or sell capital stock of some of the Company’s subsidiaries; ● sell or exchange assets or enter into new businesses; ● create any restrictions on the payment of dividends, the making of distributions, the making of loans and the transfer of assets; ● create liens on assets; ● sell or exchange assets or enter into new businesses; ● create any restrictions on the payment of dividends, the making of distributions, the making of loans and the transfer of assets; and ● enter into certain transactions with affiliates or related persons. The 2032 Senior Notes are listed on the Official List of The International Stock Exchange (the “ISE”). The ISE is not a regulated market for the purposes of Directive 2004/39/EC. There are no assurances that the 2032 Senior Notes will remain admitted for trading on the ISE. The 2032 Senior Notes and the Indenture contain customary events of default, including failure to pay principal or interest, breach of covenants, cross-acceleration to other debt in excess of $75 million and bankruptcy events, all subject to terms, including notice and cure periods, set forth in the Indenture. The Indenture and the 2032 Senior Notes are governed by New York law. Principal Payments The scheduled debt maturities of our credit facilities, including our unsecured Senior Notes, as of December 31, 2025 are as follows (in millions of US$): ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal ​ ​ Repayments Payments due by year ending ​ (in millions of US$) December 31, 2026* ​ $ 285.4 December 31, 2027 ​ 23.4 December 31, 2028* ​ 23.5 December 31, 2029 ​ 278.5 December 31, 2030 ​ 3.8 December 31, 2031 and thereafter ​ 563.2 Total long‑term debt ​ $ 1,177.8 *As described above, we will redeem in full the $262.8 million outstanding principal amount of our 2028 Senior Notes due in March 2028 on March 2, 2026. 87 Table of Contents Interest Rate Swaps In the past, we entered into interest rate swap agreements converting floating interest rate exposure into fixed interest rates in order to hedge some of our exposure to fluctuations in prevailing market interest rates, as well as interest rate swap agreements converting the fixed rate we paid in connection with certain of our credit facilities into floating interest rates in order to economically hedge the fair value of the fixed rate credit facilities against fluctuations in prevailing market interest rates. All of these interest rate swap agreements have expired and we do not currently have any outstanding interest rate swap agreements. See “Note 13. Financial Instruments” to our audited financial statements included in this annual report and “—Factors Affecting our Results of Operations—Unrealized gain/(loss) and realized loss on derivatives.” Contractual Obligations Our contractual obligations as of December 31, 2025 were: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payments Due by Period ​ ​ Less than ​ ​ ​ ​ ​ 1 year ​ 2-3 years ​ 4-5 years ​ 6-8 years ​ ​ ​ ​ Total ​ ​ ​ (2026) ​ ​ ​ (2027-2028) ​ ​ ​ (2029-2030) ​ ​ ​ (2031-2033) ​ ​ in thousands of US$ Long-term debt obligations of contractual fixed debt principal repayments (1) ​ $ 1,177,782 ​ ​ 285,448 ​ ​ 46,897 ​ ​ 282,289 ​ 563,148 Interest on long-term debt obligations (2) ​ $ 336,056 ​ ​ 62,400 ​ ​ 110,029 ​ ​ 87,959 ​ 75,668 Commitment fees (3) ​ $ 3,228 ​ ​ 1,858 ​ ​ 1,370 ​ ​ — ​ ​ — Payments to our Manager and Danaos Chartering (4) ​ $ 74,122 ​ ​ 74,122 ​ ​ — ​ ​ — ​ ​ — Payments to shipyards for newbuilding vessels (5) ​ $ 1,548,115 ​ ​ 502,414 ​ ​ 1,003,151 ​ ​ 42,550 ​ — Payments for acquisition of drybulk vessel (6) ​ $ 21,250 ​ ​ 21,250 ​ ​ — ​ ​ — ​ ​ — Total ​ $ 3,160,553 ​ $ 947,492 ​ $ 1,161,447 ​ $ 412,798 $ 638,816 (1) These long-term debt obligations reflect our existing debt obligations and our 2028 Senior Notes and 2032 Senior Notes as of December 31, 2025. As described above, we intend to redeem in full the $262.8 million outstanding principal amount of our 2028 Senior Notes on March 2, 2026. (2) The interest payments in this table reflect our existing debt obligations as of December 31, 2025. The calculation of interest is based on outstanding debt balances as of December 31, 2025 amortized by the contractual fixed amortization payments. The interest payments on debt obligations in this table are based on an assumed average SOFR rate of 3.48% in the year ending December 31, 2026, up to 3.40% in the twenty-four months ending December 31, 2028 and up to a maximum of 4.31% thereafter. The actual amortization we pay may differ from management’s estimates, potentially materially, which would result in different interest payment obligations. These interest payment obligations are gross of amounts, which will be capitalized to the cost of the vessels under construction under (5) below. (3) The commitment fees represent maximum fee payable on our reducing $382.5 mil. Revolving Credit Facility with Citibank calculated at 0.8% rate on the undrawn amount over the remaining two year term of this facility. 88 Table of Contents (4) Under our management agreement with Danaos Shipping Company Limited, we pay a daily vessel management fee of $550 per vessel for vessels on bareboat charter and $1,100 per vessel for vessels on time charter and voyage charter. Under our separate brokerage services agreement with Danaos Chartering Services Inc., an affiliate of the Manager, we pay a fee of 1.25% of gross freight, demurrage and charter hire collected from the employment of our ships, and 1.0% of the contract price of any vessels bought or sold on our behalf. As of December 31, 2025, we had a fleet of 75 containerships held for use, out of which 73 were on time charter and 2 on bareboat charter, and 25 newbuilding containerships scheduled to be delivered to us from 2026 through 2029. Additionally, as of December 31, 2025, we owned 11 Capesize drybulk vessels, including one expected to be delivered in March 2026. We also will pay the Manager $850 thousand per newbuilding vessel for the on-premises supervision of any newbuilding contracts, an annual management fee of $2.5 million and 100,000 shares of the Company’s common stock payable annually in the fourth quarter of each year. We will also pay the Manager a fee of $1 per Emission Allowance required to be surrendered by the responsible entity under the EU Emissions Trading System or any other applicable emission scheme in any calendar year. As the amount of this fee depends on future regulatory requirements and vessel trading patterns, it has not been included in the table above. We will be obligated to make the payments set forth in the above table under our management agreements, based on our contracted revenue as of December 31, 2025 for periods subsequent thereto, as reflected above under “—Factors Affecting Our Results of Operations—Operating Revenues” with respect to the fee of 1.25%, and assuming no change to the number of vessels in our fleet with respect to the per vessel per day fees described above other than the planned deliveries of the newbuilding vessels in 2026 through 2029. In addition to the amounts set forth in the table, we will also be obligated to pay the 1.25% fee on revenue generated by our vessels with uncontracted days during these periods under contracts that have not yet been arranged. (5) Payments to shipyards for newbuilding vessels relate to remaining contracted payments for 25 of our vessels under construction, as of December 31, 2025, which are expected to be delivered to us in 2026 through 2029. These amounts do not reflect construction contracts for two containerships and four Newcastlemax dry bulk carriers under construction that were entered into after December 31, 2025 and prior to the date of this Annual Report. (6) Payment related to the acquisition of the drybulk capesize vessel that is expected to be delivered to us in March 2026. Research and Development, Patents and Licenses We have not incurred expenditures relating to research and development, patents or licenses for the last three years. Trend Information Our results of operations depend primarily on the charter hire rates that we are able to realize. Charter hire rates paid for containerships and drybulk carriers are primarily a function of the underlying balance between vessel supply and demand and, in particular with respect to containerships which are generally deployed on longer charters, the respective charter terms, including contracted charter-hire rates and duration. The demand for containerships is determined by the underlying demand for goods which are transported in containerships and the demand for Capesize and Newcastlemax drybulk carriers is determined by the underlying demand for commodities transported in Capesize and Newcastlemax drybulk carriers. Containerships Charter rates for containerships have experienced marked volatility in recent years. Container freight rates were volatile and the containership charter market declined significantly in the first half of 2020 as a result of the onset of the COVID-19 pandemic before quickly reversing course and improving significantly, reaching all-time highs around the end of 2021, into the first half of 2022, subsequent to which charter rates declined to pre-COVID-19 levels in late 2022 and 2023, before strengthening in 2024 and remaining broadly elevated through 2025. The daily charter hire rate for a one-year time charter for a 4,300–4,400 TEU Panamax containership stood at approximately $56,000 per day at the end of 2025, compared to $56,000 per day at the end of 2024, $17,100 per day at the end of 2023, $24,300 per day at the end of 2022, and $100,000 at the end of 2021. Overall, charter rates across all containership size segments remain significantly elevated relative to historical averages: as of December 2025, 4,300 TEU Panamax rates stood approximately 405% above their 2010–2019 average, 6,500 TEU rates approximately 268% above, and 8,500 TEU rates approximately 194% above their respective 2010–2019 averages. Global containerized trade is estimated to have expanded by approximately 5.0% in 2025, reaching approximately 237 million TEU, following an 6.6% expansion in 2024. Growth is currently forecast to moderate to approximately 2.1% in 2026, equivalent to approximately 242 million TEU. This slowdown reflects a normalization following above-average expansion in 2024–2025, and is subject to revision as conditions evolve. 89 Table of Contents Global containerized trade flows in 2025 were significantly affected by the U.S. tariff environment and the resulting diversion of Chinese exports to alternative markets. U.S. containerized imports from the Far East were broadly flat on a full-year basis in 2025 (−0.1% year-on-year), but declined sharply in Q4 2025, falling approximately −7.7% versus Q4 2024, as U.S. importers had front-loaded cargo earlier in the year in anticipation of tariff measures. In contrast, Far East TEU exports to the Middle East, Indian Subcontinent, and African regions grew by approximately +15.1% over the first 11 months of 2025 versus the same period in 2024, and exports to Latin America grew by approximately +10.0%. In 2024, China accounted for approximately 39% of U.S. TEU imports, and the U.S. represented approximately 18% of China’s total TEU exports, underscoring the scale of the trade relationship and the potential for ongoing disruption. Available tonnage in the containership sector remains tight. The volume of idle containership capacity stood at approximately 0.8% of total fleet capacity at end-December 2025, remaining well below the historical average and the peak of approximately 11% recorded in May 2020. The composition of idle capacity has also shifted materially: while tonnage providers (non-operating owners) accounted for approximately 72% of idle capacity in 2015–2017, this share declined to approximately 19% in 2023–2025, with liner companies bearing a significantly greater share of idle risk on their own vessels. New containership deliveries totaled approximately 484,000 TEU in Q4 2025, above the long-run quarterly average of approximately 374,000 TEU per quarter (Q1 2015 to Q4 2025). Demolitions remain negligible, at approximately 1,000 TEU in Q4 2025 compared to a historical quarterly average of approximately 47,000 TEU. The industry orderbook-to-fleet ratio increased to approximately 35.4% as of January 2026. The sub-12,000 TEU orderbook-to-fleet ratio stood at approximately 20.0%, with the sub-12,000 TEU fleet having an average age of approximately 15.8 years, compared to just 6.2 years for the 12,000+ TEU fleet. The orderbook, both in absolute terms and as a percentage of the existing fleet, remains highest in the segment for vessels over 12,000 TEU. Red Sea diversions remain extensive. The number of unique containerships transiting the Bab-al Mandeb Strait recovered slightly in Q4 2025 but stood at approximately 168 vessels per month in December 2025, far below the 516 vessels per month recorded in November 2023 prior to the onset of Houthi attacks, and also below the 152 vessels per month recorded in December 2024. These diversions continue to absorb meaningful vessel capacity. Major liner companies remain cautious about a full return to the Suez Canal route; a large-scale normalization of Red Sea transits would release a substantial amount of capacity currently tied up in longer Cape of Good Hope routings and represents a significant supply-side risk to charter rates. In recent years a number of liner companies entered into consolidating mergers or formed cooperative alliances. As of 2025, 10 major global liner companies operate (compared to 20 in 2015), and 3 alliances operate on mainlane trades. The 2M alliance between Maersk and MSC dissolved in 2025, with Maersk forming the new Gemini Cooperation with Hapag-Lloyd. Liner companies have also increased the percentage of their total fleet capacity that is directly owned rather than chartered-in from tonnage providers; the top 10 liner companies currently operate approximately 86% of the total liner fleet. U.S. and Chinese port fees, which had been proposed as a near-term measure, have been postponed until Q4 2026, but continue to represent a potential source of disruption from late 2026 onwards. All of these developments may decrease the demand for chartered-in containership tonnage should demand for seaborne trade of containerized cargo decline. The ‘slow-steaming’ of services since 2009, particularly on longer trade routes, enabled containership operators to moderate the impact of high bunker costs while absorbing additional fleet capacity. This has proved to be an effective approach and it currently appears likely that this will remain in place in the coming year. The effective supply of vessels has also been impacted by the trade pattern disruptions and resulting longer sailing distances from geopolitical conditions, including diversions of vessels away from the Red Sea due to attacks by Houthi rebels on ships, which may not continue. Capesize Drybulk Vessels Charter rates in the drybulk sector have been very volatile over the past 25 years. Trade expansion slowed materially from the highs of the 2000s and early 2010s, with cargo volumes growing at an average of approximately 1.8% per year in the 10-year period between 2014 and 2023. Seaborne drybulk trade contracted by approximately 0.6% in 2022, before recovering to approximately 3.2% in 2023 and an estimated 2.0% in 2024. The Baltic Capesize 5TC (C5TC) weekly average for full-year 2025 was approximately $21,151 per day, compared to $22,493 per day in 2024 and $16,609 per day in 2023. 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. Following a spike in earnings in early December 2025, rates eased but remained at firm levels heading into the seasonally weaker period ahead of the Lunar New Year. 90 Table of Contents Capesize vessels are primarily involved in the shipment of iron ore (approximately 75% of cargoes carried) and coal (approximately 20% of cargoes carried), with bauxite, grains, and minor bulks comprising the residual share. Chinese iron ore imports totaled approximately 1,249 million tonnes in 2025, an increase of approximately 0.8% year-on-year. Chinese bauxite imports grew strongly, reaching approximately 201 million tonnes in 2025, up approximately 26% year-on-year, driven primarily by shipments from Guinea. The long-haul nature of Guinea-to-China bauxite routes provides meaningful support to Capesize tonne-mile demand. Overall, Capesize tonne-miles in Q4 2025 expanded by approximately +7.2% year-on-year, reflecting these trade developments as well as the ongoing impact of vessel re-routings away from the Red Sea and Suez Canal. Fleet inefficiencies in recent years — first from COVID-19 disruptions, then from Red Sea re-routing and Panama Canal restrictions — pushed tonne-mile demand above what underlying cargo growth alone would have implied. These tailwinds partially remain in place, though any normalization of Red Sea transit conditions or resolution of geopolitical disruptions could release absorbed capacity and weigh on rates. In addition, excess capacity in other drybulk vessel classes could impact Capesize charter rates, as drybulk cargoes can be divided for transport in smaller vessels when economically viable. Any unexpected global economic downturn, as well as increased barriers to trade from protectionism and tariffs, could negatively impact the outlook for Capesize drybulk charter rates. The Capesize orderbook-to-fleet ratio stood at approximately 11.4% at end-2025, compared to 8.9% at end-2020. The fleet age profile has shifted materially: the share of the Capesize fleet under 10 years old declined from approximately 64.9% at end-2020 to approximately 37.3% at end-2025, meaning an increasing share of the fleet is approaching or entering the age range where scrapping decisions become more economically relevant. At the same time, scrapping volumes in recent years have been negligible given the elevated earnings environment. Deliveries totaled approximately 7.7 million DWT in 2024, and the orderbook for 2025 deliveries stood at approximately 7.6 million DWT based on orderbook data. In the medium term, structural changes to China’s economy — including a shift away from steel-intensive growth and a move towards cleaner energy production — suggest that seaborne iron ore and coal volumes should first peak and then slowly decline later in the decade. Incremental growth is expected to be driven in particular by India and Southeast Asia. Heightened charter rate volatility is likely to continue, especially in the spot market, which typically experiences higher peaks in strong markets and lower troughs in weak markets. Critical Accounting Estimates We prepare our consolidated financial statements in accordance with U.S. GAAP, which requires us to make estimates in the application of our accounting policies based on our best assumptions, judgments and opinions. We base these estimates on the information currently available to us and on various other assumptions we believe are reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions. Following is a discussion of the critical accounting estimates that involve a high degree of judgment and the methods of their application. Impairment of Vessels We evaluate the net carrying value of our vessels for possible impairment when events or conditions exist that cause us to question whether the carrying value of the vessels will be recovered from future undiscounted net cash flows. If any such indication exists, the Company performs step one of the impairment test by comparing the undiscounted projected net operating cash flows for each vessel to its carrying value. An impairment charge would be recognized in a period if the fair value of the vessels was less than their carrying value and the carrying value was not recoverable from future undiscounted cash flows. Considerations in making such an impairment evaluation would include comparison of current carrying value to anticipated future operating cash flows, vessel market values, expectations with respect to future operations, and other relevant factors. 91 Table of Contents As of December 31, 2025 and December 31, 2024, we concluded that events occurred and circumstances had changed, which may trigger the existence of potential impairment of some of our container vessels. These indicators included volatility in the charter market and the vessels’ market values, as well as the potential impact the current marketplace may have on our future operations. As a result, we performed an impairment assessment of certain of our container vessels, for which an impairment indicator existed as of December 31, 2025, by comparing the undiscounted projected net operating cash flows for each vessel to their carrying value. Our strategy is to charter our vessels under multi-year, fixed rate period charters that have initial terms up to 18 years for our container vessels, providing us with contracted stable cash flows. The factors and assumptions we used in our undiscounted projected net operating cash flow analysis included operating revenues, off-hire revenues, dry docking costs, operating expenses and management fees estimates. As of December 31, 2025 and December 31, 2024, our revenue assumptions were based on contracted time charter rates up to the end of life of the current contract of each vessel as well as the estimated time charter equivalent rates for the remaining life of the vessel after the completion of its current contracts i.e. non-contracted revenue days. The estimated daily time charter equivalent rate used for non-contracted revenue days of each vessel is considered a significant assumption. Recognizing that the container transportation industry is cyclical and subject to significant volatility based on factors beyond our control we believe that the most recent 5 to 15 years historical average time charter rates represent a reasonable benchmark for the estimated time charter equivalent rates for the non-contracted revenue days, as such averages take into account the volatility and cyclicality of the market and the remaining economic useful life of the respective vessel. In addition, we used annual operating expenses escalation factors and estimations of scheduled and unscheduled off-hire revenues based on historical experience. All estimates used and assumptions made were in accordance with our internal budgets and historical experience of the shipping industry. The more significant factors that could impact management’s assumptions regarding time charter equivalent rates include (i) loss or reduction in business from significant customers, (ii) unanticipated changes in demand for transportation of containers, (iii) greater than anticipated levels of containership newbuilding orders or lower than anticipated levels of containership scrapings, and (iv) changes in rules and regulations applicable to the shipping industry, including legislation adopted by international organizations such as IMO and the EU or by individual countries. Although management believes that the assumptions used to evaluate potential impairment were reasonable and appropriate at the time they were made, such assumptions are highly subjective and likely to change, possibly materially, in the future. There can be no assurance as to how long charter rates and vessel values will remain at their low levels or whether they will improve by a significant degree. As of December 31, 2025 and December 31, 2024, our assessment concluded that step two of the impairment analysis was not required for any vessel in our fleet held and used, as their undiscounted projected net operating cash flows exceed their carrying value. Impairment Sensitivity Analysis As of December 31, 2025, an internal analysis, which is based on our vessel’s market valuation as described in our credit facilities and accepted by our lenders as of December 31, 2025, concludes that six of our container vessels may have current market values below their carrying values. We believe that each of the six container vessels identified as having estimated market values less than their carrying values, all of which are currently under long-term charters expiring between March 2027 and October 2030, will recover their carrying values through the end of their useful lives, based on their undiscounted net cash flows calculated in accordance with our impairment assessment. While the Company intends to hold and operate its vessels, the following table presents information with respect to the carrying amount of the Company’s vessels. The carrying value of each of the Company’s vessels does not represent its market value or the amount that could be obtained if the vessel were sold. The Company’s estimates of market values are based on charter-free vessel values provided by the third-party independent brokers. Charter-free vessel values are highly volatile and these estimates may not be indicative of either the current or future prices that the Company could achieve if it were to sell any of the vessels. The Company would not record a loss for any of the vessels for which the market value is below its carrying value unless and until the Company either determines to sell the vessel for a loss or determines that the vessel’s carrying value is not recoverable as discussed above. 92 Table of Contents The below table sets out the net book value of each of our vessels and we have indicated which of those have a net book value which exceeds its estimated market value as of December 31, 2025 and 2024. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Book Value ​ Net Book Value ​ ​ ​ ​ ​ ​ December 31, 2025 ​ December 31, 2024 ​ ​ Capacity in ​ Year ​ (In thousands ​ (In thousands Vessel ​ ​ ​ TEUs/DWT ​ ​ ​ Built ​ ​ ​ of Dollars) ​ ​ ​ of Dollars) Kota Peony (2)(3) ​ 13,100 ​ 2012 ​ $ 107,212 ​ $ 113,029 Kota Primrose (2)(3) ​ 13,100 ​ 2012 ​ ​ 107,349 ​ ​ 113,149 Kota Plumbago (2)(3) ​ 13,100 ​ 2012 ​ ​ 108,579 ​ ​ 114,406 Speed (2)(3) ​ 13,100 ​ 2012 ​ ​ 109,354 ​ ​ 115,217 Ambition (2)(3) ​ 13,100 ​ 2012 ​ ​ 109,875 ​ ​ 115,774 Express Berlin (2) ​ 10,100 ​ 2011 ​ ​ 84,868 ​ ​ 89,678 Express Rome (2) ​ 10,100 ​ 2011 ​ ​ 86,118 ​ ​ 91,001 Express Athens (2)(3) ​ 10,100 ​ 2011 ​ ​ 86,304 ​ ​ 91,176 Le Havre ​ 9,580 ​ 2006 ​ ​ 41,302 ​ ​ 43,058 Pusan C ​ 9,580 ​ 2006 ​ ​ 40,441 ​ ​ 43,192 Bremen ​ 9,012 ​ 2009 ​ ​ 26,652 ​ ​ 27,604 C Hamburg ​ 9,012 ​ 2009 ​ ​ 26,650 ​ ​ 26,834 Niledutch Lion ​ 8,626 ​ 2008 ​ ​ 22,784 ​ ​ 23,775 Kota Manzanillo ​ 8,533 ​ 2005 ​ ​ 19,259 ​ ​ 20,171 Belita ​ 8,533 ​ 2006 ​ ​ 43,997 ​ ​ 46,396 CMA CGM Melisande (2) ​ 8,530 ​ 2012 ​ ​ 74,170 ​ ​ 77,144 CMA CGM Attila (2) ​ 8,530 ​ 2011 ​ ​ 70,163 ​ ​ 72,915 CMA CGM Tancredi (2) ​ 8,530 ​ 2011 ​ ​ 71,611 ​ ​ 74,518 CMA CGM Bianca (2) ​ 8,530 ​ 2011 ​ ​ 72,232 ​ ​ 75,059 CMA CGM Samson (2) ​ 8,530 ​ 2011 ​ ​ 72,670 ​ ​ 74,530 America ​ 8,468 ​ 2004 ​ ​ 31,279 ​ ​ 33,686 Europe ​ 8,468 ​ 2004 ​ ​ 30,542 ​ ​ 32,913 Kota Santos ​ 8,463 ​ 2005 ​ ​ 20,799 ​ ​ 21,910 Catherine C ​ 8,010 ​ 2024 ​ ​ 97,597 ​ ​ 100,705 Greenland ​ 8,010 ​ 2024 ​ ​ 97,978 ​ ​ 100,639 Greenville ​ 8,010 ​ 2024 ​ ​ 98,852 ​ ​ 101,987 Greenfield ​ 8,010 ​ 2024 ​ ​ 99,849 ​ ​ 102,980 Interasia Accelerate ​ 7,165 ​ 2024 ​ ​ 83,730 ​ ​ 86,420 Interasia Amplify ​ 7,165 ​ 2024 ​ ​ 84,902 ​ ​ 87,610 CMA CGM Moliere (2) ​ 6,500 ​ 2009 ​ ​ 50,420 ​ ​ 53,428 CMA CGM Musset (2) ​ 6,500 ​ 2010 ​ ​ 51,338 ​ ​ 54,380 CMA CGM Nerval (2) ​ 6,500 ​ 2010 ​ ​ 51,872 ​ ​ 54,921 CMA CGM Rabelais (2) ​ 6,500 ​ 2010 ​ ​ 52,489 ​ ​ 55,536 Racine (2) ​ 6,500 ​ 2010 ​ ​ 53,026 ​ ​ 55,216 YM Mandate (2) ​ 6,500 ​ 2010 ​ ​ 53,719 ​ ​ 56,940 YM Maturity (2) ​ 6,500 ​ 2010 ​ ​ 54,635 ​ ​ 57,867 Savannah ​ 6,402 ​ 2002 ​ ​ 8,663 ​ ​ 8,730 Dimitra C ​ 6,402 ​ 2002 ​ ​ 8,754 ​ ​ 8,821 Phoebe ​ 6,014 ​ 2025 ​ ​ 62,356 ​ ​ — Greenhouse ​ 6,014 ​ 2025 ​ ​ 65,271 ​ ​ — Suez Canal (2) ​ 5,610 ​ 2002 ​ ​ 27,337 ​ ​ 30,458 Kota Lima ​ 5,544 ​ 2002 ​ ​ 27,815 ​ ​ 30,888 Wide Alpha ​ 5,466 ​ 2014 ​ ​ 47,081 ​ ​ 49,301 Stephanie C ​ 5,466 ​ 2014 ​ ​ 47,246 ​ ​ 49,478 Euphrates ​ 5,466 ​ 2014 ​ ​ 47,041 ​ ​ 49,221 Wide Hotel ​ 5,466 ​ 2015 ​ ​ 48,683 ​ ​ 50,904 Wide India ​ 5,466 ​ 2015 ​ ​ 48,665 ​ ​ 50,866 Wide Juliet ​ 5,466 ​ 2015 ​ ​ 48,702 ​ ​ 50,898 Seattle C ​ 4,253 ​ 2007 ​ ​ 9,164 ​ ​ 9,510 Vancouver ​ 4,253 ​ 2007 ​ ​ 9,263 ​ ​ 9,613 Rio Grande ​ 4,253 ​ 2008 ​ ​ 10,378 ​ ​ 10,788 Paolo (ex Merve A) ​ 4,253 ​ 2008 ​ ​ 10,790 ​ ​ 11,226 Kingston ​ 4,253 ​ 2008 ​ ​ 11,075 ​ ​ 11,539 Monaco ​ 4,253 ​ 2009 ​ ​ 11,274 ​ ​ 11,756 Dalian ​ 4,253 ​ 2009 ​ ​ 11,686 ​ ​ 12,188 Jamaica (ex Luanda) ​ 4,253 ​ 2009 ​ ​ 12,130 ​ ​ 12,652 Derby D ​ 4,253 ​ 2004 ​ ​ 5,346 ​ ​ 5,381 Tongala ​ 4,253 ​ 2004 ​ ​ 5,284 ​ ​ 5,315 Dimitris C ​ 3,430 ​ 2001 ​ ​ 4,864 ​ ​ 4,933 Express Brazil ​ 3,400 ​ 2010 ​ ​ 6,240 ​ ​ 6,398 Express France ​ 3,400 ​ 2010 ​ ​ 6,276 ​ ​ 6,395 Express Spain ​ 3,400 ​ 2011 ​ ​ 6,477 ​ ​ 6,634 Express Argentina ​ 3,400 ​ 2010 ​ ​ 6,213 ​ ​ 6,369 Express Black Sea ​ 3,400 ​ 2011 ​ ​ 6,573 ​ ​ 6,737 Colombo ​ 3,314 ​ 2004 ​ ​ 7,590 ​ ​ 7,959 Singapore ​ 3,314 ​ 2004 ​ ​ 7,723 ​ ​ 8,084 Zebra ​ 2,602 ​ 2001 ​ ​ 3,884 ​ ​ 3,949 Artotina ​ 2,524 ​ 2001 ​ ​ 3,769 ​ ​ 3,851 Advance ​ 2,200 ​ 1997 ​ ​ 2,777 ​ ​ 2,822 Future ​ 2,200 ​ 1997 ​ ​ 2,745 ​ ​ 2,793 Sprinter ​ 2,200 ​ 1997 ​ ​ 2,763 ​ ​ 2,808 Progress C ​ 2,200 ​ 1998 ​ ​ 2,802 ​ ​ 2,849 Bridge ​ 2,200 ​ 1998 ​ ​ 2,794 ​ ​ 2,837 Highway ​ 2,200 ​ 1998 ​ ​ 2,793 ​ ​ 2,833 Phoenix D ​ 2,200 ​ 1997 ​ ​ 2,802 ​ ​ 2,869 Integrity (1) ​ 175,966 ​ 2010 ​ ​ 18,988 ​ ​ 20,052 Achievement (1) ​ 175,966 ​ 2011 ​ ​ 19,059 ​ ​ 20,113 Ingenuity (1) ​ 176,022 ​ 2011 ​ ​ 20,659 ​ ​ 21,744 Genius (1) ​ 175,580 ​ 2012 ​ ​ 21,271 ​ ​ 22,342 Peace (1) ​ 175,858 ​ 2010 ​ ​ 18,297 ​ ​ 19,340 W Trader (1) ​ 175,879 ​ 2009 ​ ​ 17,569 ​ ​ 18,594 E Trader (1) ​ 175,886 ​ 2009 ​ ​ 17,659 ​ ​ 18,679 Gouverneur (1) ​ 178,043 ​ 2010 ​ ​ 26,036 ​ ​ 27,419 Valentine (1) ​ 175,125 ​ 2011 ​ ​ 26,641 ​ ​ 28,217 Danaos (1) ​ 176,536 ​ 2011 ​ ​ 25,818 ​ ​ 27,392 Total ​ ​ ​ ​ ​ $ 3,269,703 ​ $ 3,290,309 93 Table of Contents (1) Capesize bulk carriers’ capacity is expressed in dead weight tons (DWT). (2) Indicates 21 container vessels, for which the aggregate carrying values exceeded their aggregate estimated market value by approximately $226.3 million as of December 31, 2024. (3) Indicates six container vessels, for which the aggregate carrying values exceeded their aggregate estimated market value by approximately $40.3 million as of December 31, 2025. As discussed above, we believe that the appropriate historical period to use as a benchmark for impairment testing of our vessels is the most recent 5 to 15 years, to the extent available, as such averages take into account the volatility and cyclicality of the market and the remaining economic useful life of the respective vessel. Charter rates are, however, subject to change based on a variety of factors that we cannot control and we note that for all vessel categories, charter rates for the last one year have been greater than their ten and fifteen year historical averages. In connection with the impairment testing of our vessels as of December 31, 2025, our internal analysis concludes that six of our container vessels may have current market values below their carrying values. We performed a sensitivity analysis on the most sensitive and/or subjective assumption – the estimated daily time charter equivalent rates used for non-contracted revenue days that has the potential to affect the outcome of the test, the projected charter rate used to forecast future cash flows for non - contracted days. The following table summarizes information about these six container vessels, including the breakeven charter rates and the one - year charter rate historical average for the last 1, 3, 5, 10 and 15 years, respectively. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assumed ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rechartering ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rate(4)/Percentage ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ difference ​ Historical ​ Historical ​ Historical ​ Historical ​ Historical ​ ​ ​ ​ ​ between break ​ average ​ average ​ average ​ average ​ average ​ ​ ​ ​ ​ even and ​ of 1-year ​ of 1-year ​ of 1-year ​ of 1-year ​ of 1-year ​ ​ Break Even ​ assumed ​ charter rates ​ charter rates ​ charter rates ​ charter rates ​ charter rates ​ ​ re‑chartering ​ re‑chartering ​ over the ​ over the ​ over the ​ over the ​ over the ​ ​ rates(3) ​ rates(5) ​ last 1 year ​ last 3 years ​ last 5 years ​ last 10 years ​ last 15 years Vessel/Year Built ​ ​ ​ ($ per day) ​ ​ ​ ($ per day)/(%) ​ ​ ​ ($ per day) ​ ​ ​ ($ per day) ​ ​ ​ ($ per day) ​ ​ ​ ($ per day) ​ ​ ​ ($ per day) 5 × 13,100 TEU vessels (2012)(1) ​ $ 28,108 ​ $ 73,500 / 61.8 % $ 113,375 ​ $ 90,675 ​ $ 118,385 ​ $ 73,540 ​ $ 64,842 1 × 10,100 TEU vessels (2011)(2) ​ $ 24,537 ​ $ 57,200 / 57.1 % $ 88,350 ​ $ 70,667 ​ $ 92,280 ​ $ 57,220 ​ $ 50,472 (1) Our five 13,100 TEU vessels are under long - term time charter contracts with the earliest expiration dates of the charters being as follows: the Kota Peony in March 2027, the Kota Primrose in April 2027, the Kota Plumbago in July 2027, the Speed in March 2027 and the Ambition in April 2027. (2) Our one 10,100 TEU vessel is under long - term time charter contract with the earliest expiration date of its charter being as follows: the Express Athens in October 2030. (3) The breakeven re-chartering rate is the charter rate that if used in step one of the impairment testing will result in the undiscounted total cash flows being equal to the carrying value of the vessel. (4) Re-chartering rate used in our impairment testing as of December 31, 2025, to estimate the revenues for the remaining life of the respective vessels after the expiration of their existing charter contracts. (5) The variance in percentage points of the breakeven re-chartering rate per day compared to the per day re-chartering assumption used in our impairment testing analysis as of December 31, 2025. Furthermore, as discussed above, our internal analysis concludes that 79 of our vessels had a market value in excess of its net book value as of December 31, 2025. Newly Implemented Accounting Principles: None. ​ 94 Table of Contents