Danaos is a Greek-controlled, Marshall Islands-incorporated owner and lessor of containerships and drybulk vessels. Containerships are the core business: Danaos owns 75 containerships totaling roughly 477,000 TEUs, with another 27 on order, and leases them to major liner companies — including CMA CGM, MSC, Hapag-Lloyd, Maersk, and ZIM — on long-term, fixed-rate time charters. Under this model, the liner company pays a fixed daily hire rate and bears voyage costs like fuel and port fees, while Danaos covers vessel operating expenses. Revenue is driven by fleet size, contracted charter rates, and utilization. Danaos has a $4.3B contracted revenue backlog with an average remaining charter duration of 4.3 years. Danaos also operates a smaller drybulk segment: 11 Capesize bulk carriers, re-entered in 2023 after a roughly 15-year absence, plus 4 Newcastlemax newbuilds on order. Drybulk vessels run on short-term spot market charters, making that segment more volatile and directly exposed to Chinese iron ore and coal demand cycles. Danaos does not manage its fleet internally — technical and commercial management is outsourced to affiliated Coustas family entities under long-term service agreements. On capital allocation, Danaos orders newbuildings only when paired with committed long-term charters, and has been active in buybacks and dividends. In early 2026, Danaos made a $50M equity investment in the Alaska LNG Project and secured a role as preferred vessel provider for at least 6 LNG carriers on anticipated 20-year charters, representing a potential new vertical consistent with its core long-duration charter model.