Greek shipping giant expands fleet with more Capesize vessels

AL Circle

Danaos, a Greek-owned company led by John Coustas and renowned for its container ship fleet, has extended its presence in the dry bulk sector by acquiring additional Capesize vessels. The company, which already operates seven such vessels, has purchased two more, built-in 2010 and 2011, for a total of $52.8 million. These vessels, known as Xin Hang from Jiangsu Steamship and Guo May from Foremost, are scheduled for delivery in April and July 2024, respectively.

Greek shipping giant expands fleet with more Capesize vessels

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Danaos Corporation stands out as a prominent entity in large-size containership ownership, operating independently. Its primary business model involves leasing these vessels to major liner companies under secure, long-term agreements at predetermined rates.

Distinguished by its cutting-edge shipping technology and an extensive history marked by safety, efficiency, and environmental stewardship, Danaos has cultivated enduring partnerships with its clientele.

In the fourth quarter of 2023, Danaos finalised the delivery of all its previous cape acquisitions, with CEO Coustas expressing the company's intention to pursue further promising prospects within this sector.

The CEO added, "The Capesize vessels market shows unusual seasonal strength as Brazilian iron ore exports increase, the coal trade remains elevated, and demand for minor bulks like bauxite and agricultural commodities is following a global recovery. Recent stimulus measures in China aimed at supporting construction, infrastructure projects, and consumer demand is expected to keep demand steady as fleet growth begins to slow over the next two years."

In container shipping, Danaos, boasting a fleet of 68 vessels, announced the expansion of its order book, including two new buildings capable of handling methanol, each with a capacity of 8,258 TEU (twenty-foot equivalent unit). This brings the total number of vessels on order to 12, scheduled for delivery between 2024 and 2027.

According to the latest industry-focused report, "Global Aluminium Industry Outlook 2024", it is revealed that bauxite production in 2024 is forecasted to grow from the previous year, predominantly propelled by the significant contributions of the top two global bauxite producers, namely Australia and Guinea. The surge in production is attributed to capacity expansions and substantial investments in the industry. Guinea exports almost most of the bauxite it produces in its mines and stands as the largest exporter of bauxite worldwide.

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