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.
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).