ATHENS, Greece, May 18, 2020 /PRNewswire/ — Danaos Corporation (“Danaos”) (NYSE: DAC), one of the world’s largest independent owners of containerships, today reported unaudited results for the quarter ended March 31, 2020.

Highlights for the First Quarter Ended March 31, 2020:

Adjusted net income1 of $33.3 million, or $1.34 per share, for the three months ended March 31, 2020 compared to $38.6 million, or $2.53 per share, for the three months ended March 31, 2019, a decrease of 13.7%.

Operating revenues of $106.2 million for the three months ended March 31, 2020 compared to $112.9 million for the three months ended March 31, 2019, a decrease of 5.9%.

Adjusted EBITDA1 of $71.9 million for the three months ended March 31, 2020 compared to $77.5 million for the three