Danaos expected to reinstate dividend on charter coverage

Danaos Corp may have a nice present under the Christmas tree for its shareholders, according to a prominent analyst.

The Greek owner of 63 boxships should reinstate a $0.25 dividend next year based on charter coverage that stands at 100% for 2021 and 83% for 2022, Jefferies' Randy Giveans wrote in a note on Tuesday.

Danaos shares, which trade on the New York Stock Exchange under the ticker symbol DAC, gained 2.2%