DAC Danaos Corp

Shares of the ocean transport operators ZIM Integrated Shipping Services (NYSE:ZIM) and Danaos Corporation (NYSE:DAC) have lost about 60% and 32% of their value in six months, respectively (refer to the graph below). The normalization of demand following the last year’s peak is taking a toll on these marine shipping companies.  During the Q3 conference call, DAC’s CEO John Coustas said, “This quarter marked the retreat of the container market from unsustainable stratospheric highs to more normalized levels, albeit still well above 2019 levels.”  Economic uncertainty, easing supply-chain challenges, and high inflation led to a moderation in containerized freight, thus negatively impacting their stock price.
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