Danaos Corp (DAC)

[grantastic]

I read the conference call transcript.

Costas said the discussion of a dividend was postponed until the next board meeting. "Board Discussion" is of course a necessary step to issuing a dividend, but it alone doesn't make it guaranteed or even likely.

I personally don't think Costas is going to fire up a dividend right now when he's shown a propensity for buying up more ships ahead of all other uses of capital.

If Costas has learned any lessons from the last decade he'll hold off on the dividend OR ship purchases, and continue to pay down debt. But I'm not sure that's a lesson he's learned.

The past 7 years isn't "irrelevant" to the long-term shareholders who saw the market value of their DAC shares drop over 90%.