Danaos Corp reported a revenue surge that pushed its adjusted earnings higher, but the New York-listed container ship owner saw its bottom line slump as its investment in Zim lost value.
The Greek tonnage provider reported net income of $8.22m during the second quarter, down from $373m in the same period of last year.
Its bottom line was hit by a $152m plunge in the value of Danaos’ shares in liner operator Zim, while the profit in the second quarter of 2021 had been helped by a $196m gain in that same investment, in addition to other financial items.
