"Apparently the banks didn't care as they extended the waivers anyway."
There's a BIG difference between banks waiving covenants on money already lent, and them lending out *MORE* money (which is what DAC needs in the next 2 years)
"So why would they have to cow-tow with Zim."
a) I never said anything about "cow-tow"ing to ZIM, i said they can't afford to laugh in ZIM's face. b) They must take ZIM seriously because they've already borrowed the money and bought the ships!! If the charters with ZIM happen to end they can't just return the ships for a full refund to end up as if they'd never contracted with ZIM in the first place.
It's kind of cute how you say Zim cannot breach the contract. Of course they "can" breach it, all that does is give DAC cause to (1) recharter the chips elsewhere (at a much lower rate of course) and (2) seek compensation in a long, expensive, and uncertain legal proceeding.
If ZIM sticks to their "we want a discount" attitude, the best case scenario is DAC gets full value for the charter 2+ years down the road, after souring their relationship with ZIM, (and coincidentally is after their capex is schedule to complete, i.e. after the time they really need the money the most.)
"How does that compare with the spot rate for a typical 4200 teu ship?"
I don't know about 4200teu specifically, but according to tradewinds.no, 2500teu is currently $5,102 and that's down over 75% over the past 16 months, as are 1100, 1700, and contex.
If you *really* think DAC can recharter the ZIM ships today for anything close to their contract rate with ZIM, you're dreaming.
As far as I can tell, they had about $10M revenue from Zim in the latest q. So if DAC goes along with the "greenmail" they lose around 4M in revenue which is less than 3% of their total revenue. Profits will take a hit but it does look like the end of the world considering that the hanging sword of the waivers was just removed. People might as well sell on the news tomorrow, but I doubt the 2M shares bought last couple of days were for a short term trade.