Danaos considers spinning off its bulk carrier fleet for Oslo listing

Danaos Corp, a company listed on the New York Stock Exchange and owner of around 120 vessels between containerships and bulk carriers, is considering splitting its fleet into two independent companies. The company, led by CEO John Coustas, is looking to list its fleet of capesize and newcastlemax bulk carriers in Oslo, Norway.

The bulk carrier business operates under Danaos Bulk Inc and currently has 11 capesize vessels in operation, along with four 211,000 dwt newcastlemax units under construction, with delivery expected in 2028. The company built up this platform rapidly after entering the dry bulk segment through the secondhand vessel market in 2023.

Danaos has mandated investment banks to advise on a possible share placement and an eventual listing on the Norwegian market, as part of a broader effort to create value and improve shareholder returns. The company cautioned that there is no certainty the transaction will go ahead and gave no timeline for the deal.

As of early October, Danaos owned 78 containerships and had another 28 under construction, while its bulk carrier fleet would reach nearly 2.8 million dwt once fully delivered. Taken together, the company is described as owner of around 120 vessels between containerships and bulk carriers.

According to Lloyd's List, CEO John Coustas noted that current containership speeds are equivalent to a 10% increase in supply, and that this could help cushion a potential market downturn at some point in the future.