Danaos Corp improved its first-quarter results, thanks mostly to reining in finance costs.
The New York-listed owner posted a $33.4m net income versus a $15m profit during the same period last year.
Adjusted earnings came in at $38.6m compared to $28m a year earlier.
Adjusted earnings per share fell to $2.53 from $3.56 due to a 1-for-14 reverse stock split done 2 May, but still beat analysts' estimates by $0.29.
The $10.6m gain in adjusted net income is mainly due to net finance costs falling $7.6m and operating expenses dropping $2m, helped by a $1m upswing in operating revenues to $113m.
Results also benefited from a $150m sale-and-leaseback deal for two 13,100-teu vessel, fulfilling a refinancing obligation to repay $145m to credit facilities that financed the vessels.
Danaos will reacquire the ships at the end of five-year lease periods.
"The recently concluded refinancing transaction further enhances our ability to pursue growth opportunities and our goal of delivering value to our shareholders," Coustas said.
