Danaos plots Norwegian listing for bulker business

Greek owner Danaos is exploring a carve-out of its dry bulk business and the sale of a minority stake through a potential listing in Norway.

The New York-listed John Coustas-led company said it has mandated investment banks to advise on a possible equity placement and listing, describing the move as part of a wider push to create value and boost shareholder returns. Danaos cautioned that there is no certainty a transaction will proceed and gave no timetable.

The business sits under Danaos Bulk Inc and currently comprises 11 capesize bulkers on the water and four 211,000 dwt newcastlemaxes under construction for delivery in 2028.

Danaos has built the platform quickly after moving into dry bulk through the secondhand market in 2023.

Splash tracked the expansion earlier this year when the owner moved into bulker newbuildings for the first time and subsequently doubled the programme to four ships. The quartet, contracted at China’s Dajin Heavy Industry, carries an aggregate price tag of about $297.3m.

The latest addition to the operating fleet was the 2009-built, 182,425 dwt John Junior, formerly Hebei No.1, which joined Danaos in March. The remaining capesizes were built between 2009 and 2012, giving the proposed listed vehicle a mix of cash-generating secondhand tonnage and four much younger ships arriving in 2028.

A successful carve-out would leave Danaos with two more clearly defined shipping platforms, separating a bulker business that has grown to almost 2.8m dwt on a fully delivered basis from its much larger containership operation. As of the beginning of October, Danaos owned 78 boxships and had another 28 containerships under construction.

Danaos has not disclosed how large a minority stake could be sold or which Norwegian market it is targeting.

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