Danaos (Danaos) led by John Coustas is considering the separation of its dry cargo business and is looking to sell a minority stake through a listing in Norway. The company, which is listed in New York, has announced that it has hired investment banks for advice on this possibility.
Details of the Dry Cargo Business
The dry cargo business operates under the name Danaos Bulk Inc and includes 11 large operating bulk carriers and four vessels with a capacity of 211,000 tons currently under construction for delivery in 2028. Danaos has rapidly built this platform after entering the dry cargo market through the second-hand market in 2023.
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Fleet Development and Expansion
The company experienced significant growth in this sector earlier this year by entering the construction of new bulk carriers, doubling its program to reach four vessels. These four vessels, contracted with Dajin Heavy Industry in China, have a total cost of approximately $297.3 million.
A successful separation of this segment will leave Danaos with two clearer shipping platforms and will separate the bulk segment, which has reached nearly 2.8 million tons of full delivery capacity, from the larger operations of container ships. As of early October, Danaos had 78 container ships and 28 additional container ships under construction.
Danaos has not yet announced the size of the minority stake that will be sold or which Norwegian market it is targeting.
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