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Box rates and ship leasing rates are exploding higher in a spectacular reversal of fortunes for the containership lines and the containership leasing companies like Danaos.
High financial leverage which brought it close to bankruptcy in 2018 is now working in its favor for extremely high returns.
Charter coverage on large ships guarantees profitability and minimizes risks in 2021 while short contracts on 30 small ships provide huge upside in the near term.
Container shipping market fundamentals show that this could be the start of a longer trend of exceptional earnings.