Contact Information: For further information please contact: Company Contact: Dimitri Andritsoyiannis Chief Financial Officer Danaos Corporation Athens, Greece Tel: +30 210 419 6481 E-Mail: cfo@danaos.com Iraklis Prokopakis Chief Operating Officer Danaos Corporation Athens, Greece Tel. +30 210 419 6400 E-Mail: coo@danaos.com Investor Relations and Financial Media: Nicolas Bornozis President Capital Link, Inc. New York Tel. 212-661-7566 E-Mail: nbornozis@capitallink.com
Danaos Corporation Secures Bareboat Charters for Two of Its 6,500TEU Containership Orders and Expands Contracted Revenue to USD 4.2 Billion
| Source: Danaos Corporation
ATHENS, GREECE -- (MARKET WIRE) -- May 24, 2007 -- Danaos Corporation (NYSE : DAC ) today
announced that it has secured 18 year bareboat charters for each of two
6,500 TEU containerships. These vessels are part of the recently placed
order with Hanjin Heavy Industries & Construction Co., Ltd. and are
expected to be delivered to Danaos in 2009 and 2010. Danaos Corporation
also announced today that it delivered the bulk carrier Achilleas to
Shanghai Time Shipping Co. LTD according to schedule. The delivery of this
drybulk vessel to their new owners brought proceeds of $25.5 million to
Danaos, while it expects to book a profit for this part of the sale of
$15.7 million.
"We are increasing our contracted revenues and further strengthening the
visibility of our earnings," said Dr. Coustas, Chief Executive Officer of
Danaos. "Following the recent deal we announced with Hanjin Heavy
Industries regarding orders for five Post-Panamax vessels and the immediate
chartering of three of these vessels for a period of 15 years each, we are
now happy to announce the chartering of the remaining two 6,500 TEU
containerships for a period of 18 years each on a bareboat basis, which
actually eliminates any operational expense risk. This chartering will
increase our aggregate contracted revenue to approximately $ 4.2 billion in
total."
About Danaos Corporation
Danaos Corporation is an international owner of containerships, chartering
its vessels to many of the world's largest liner companies. Its current
fleet of 31 containerships aggregating 138,931 TEUs ranks Danaos among the
largest containership charter owners in the world based on total TEU
capacity. Danaos is the largest US listed containership company based on
fleet size and market capitalization. Furthermore, the company has on order
28 additional containerships aggregating 147,524 TEU with scheduled
deliveries up to 2010. The company's shares trade on the New York Stock
Exchange under the symbol "DAC."
Visit our website at www.danaos.com