- Significant $100 million increase in Danaos Corporation's share repurchase program.
- High execution rate of previous buyback initiative, with $196 million already utilized.
- Enhanced shareholder value through a $300 million total repurchase program.
Danaos Corporation (DAC, Financial) has announced an expansion of its common stock repurchase program by an additional $100 million, raising the total program size to $300 million. This strategic move reflects the company's confidence in its financial position and aims to enhance shareholder value through continued stock repurchases.
The company has already executed approximately $196 million of the initial $200 million program. Under the expanded initiative, DAC can purchase shares via open market transactions or privately negotiated deals at times and prices deemed appropriate. The program maintains flexibility, allowing for suspension or discontinuation at the company's discretion.
Danaos Corporation, a leading independent owner of large-size containerships, operates a fleet comprising 74 containerships, aggregating 471,477 TEUs, with an additional 15 under construction. This positions Danaos among the world's largest containership charter owners based on total TEU capacity.
As part of its recent ventures, Danaos also entered the dry bulk sector, acquiring 10 capesize bulk carriers aggregating 1,760,861 DWT. The company's shares trade on the New York Stock Exchange under the ticker "DAC".
