Leading container ship owner Danaos Corporation is exploring a carve-out and sale of a minority stake in its dry bulk segment.
The New York-listed company has mandated investment banking firms to advise on a potential equity placement and listing in the Norwegian market.
In a US securities and exchange commission filing, the shipowner said Friday the move is being undertaken as part of the company’s broader strategy focused on value creation and shareholder returns.
The company’s dry bulk business, for which Danaos Bulk Inc. acts as the holding company, currently comprises 11 capesize vessels on-the-water and four newcastlemaxes under construction scheduled to be delivered in 2028.
Danaos indicated that there can be no assurance that any transaction or listing will be pursued or completed, or as to its terms or timing.
At the start of October, Danaos owned 78 boxships, aggregating 502,265 TEUs, and had a further 28 containerships under construction, aggregating 177,776 TEUs.
Danaos has also invested in the dry bulk sector through the acquisition of 11 capesize dry bulk vessels and the order of four newcastlemax dry bulk newbuildings, which, on a fully delivered basis, will aggregate approximately 2,787,286 dwt of capacity.
