Danaos reported second-quarter earnings of 45 cents, below the Street forecast of 47 cents. Analysts link Danaos' shortcomings to the decline of markets in the main Transpacific, which dropped by approximately 2% to 3% and the slow down in Europe Far-East trades whose growth dropped from 20% in the first half of 2007 to 10% in the first half of 2008. http://biz.yahoo.com/iw/080728/0419695.html
During the first quarter, Danaos increased revenue about 13% year over year, lower than the 21% growth rate that was expected. This difference stems from 6% fewer operating days than projected, leading to 95% vessel utilization (versus our 99% assumption).
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