Danaos pulled into the red on Hanjin collapse

Greek container shipowner Danaos was hit hard by the collapse of Hanjin this summer, and the company now presents an interim report which shows a third quarter deficit.

Photo: Mark Lennihan/AP/Polfoto/Arkiv

As a container shipowner, Danaos has been heavily impacted by the collapse of Hanjin in August/September of this year, as the South Korean carrier was one of Danaos' major customers.

"As a result of the bankruptcy, we did not recognize any operating revenues for the vessels that had been chartered to Hanjin during the quarter. This reduced our operating revenues by USD 24.8 million and was the main contributor to the USD 21 million reduction in our adjusted net income to USD 22.8 million," writes Danaos in the report.

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