Greek shipowner Danaos is considering separating its dry bulk operation and selling a minority interest through a possible Norwegian listing, Splash 247 reported. The New York-listed group, led by John Coustas, has appointed investment banks to advise on an equity placement and listing as it examines options for the business.
Danaos presented the initiative as part of its broader efforts to unlock value and improve returns to shareholders. However, the company said a transaction was not assured and provided no schedule for proceeding. It has also not identified the Norwegian market it would seek to join or disclosed the size of the minority holding that could be offered.
The operation, held under Danaos Bulk Inc, consists of 11 capesize vessels already in service and four newcastlemax bulkers being built for delivery in 2028. Each of the new ships will have a deadweight capacity of 211,000 tonnes. According to Splash 247, the four vessels were ordered at China’s Dajin Heavy Industry for a combined price of approximately $297.3m.
Danaos entered dry bulk in 2023 by buying secondhand vessels and has since expanded into newbuilding orders. Splash 247 said it had followed the company’s first bulker newbuilding commitments earlier this year and the subsequent expansion of that programme to four ships. The latest vessel to join the operating fleet was John Junior in March. Previously named Hebei No.1, the 182,425 dwt capesize was built in 2009; the other operating capesizes date from 2009 to 2012.
If completed, the separation would distinguish a dry bulk fleet approaching 2.8m dwt once all contracted ships are delivered from Danaos’s substantially larger container shipping business. At the start of October, the group owned 78 containerships and had a further 28 under construction, Splash 247 reported. The proposed bulk vehicle would therefore combine existing secondhand tonnage with the four vessels scheduled to arrive in 2028.