Contact Information: For further information please contact: Company Contact: Dimitri J. 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 Sells 30-Year-Old Vessel for $15.8 Million, Booking Gains of $9.8 Million
| Source: Danaos Corporation
ATHENS, GREECE--(Marketwire - June 9, 2008) - Danaos Corporation (NYSE : DAC ) today
announced that on May 20, 2008, it sold the 30-year-old Maersk Constantia
to an undisclosed and unrelated third party for approximately $15.8
million, booking profits of approximately $9.8 million as a result of this
transaction.
The Maersk Constantia was one out of four so called big whites that Danaos
carried on its fleet on bareboat charter, three of which, including the
Maersk Constantia, have now been sold. The vessel was already past its
depreciable life and was fast approaching its expected scrapping date.
About Danaos Corporation
Danaos Corporation is an international owner of containerships, chartering
its vessels to many of the world's largest liner companies. Our current
fleet of 37 containerships aggregating 146,617 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. Furthermore, the company has a contracted fleet of 34
additional containerships aggregating 243,468 TEU with scheduled deliveries
up to 2011. The company's shares trade on the New York Stock Exchange under
the symbol "DAC."
Forward-Looking Statement
Matters discussed in this release may constitute forward-looking statements
within the meaning of the safeharbor provisions of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of
1934. Forward-looking statements reflect our current views with respect to
future events and financial performance and may include statements
concerning plans, objectives, goals, strategies, future events or
performance, and underlying assumptions and other statements, which are
other than statements of historical facts. The forward-looking statements
in this release are based upon various assumptions, many of which are
based, in turn, upon further assumptions, including without limitation,
management's examination of historical operating trends, data contained in
our records and other data available from third parties. Although Danaos
Corporation believes that these assumptions were reasonable when made,
because these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to
predict and are beyond our control, Danaos Corporation cannot assure you
that it will achieve or accomplish these expectations, beliefs or
projections. Important factors that, in our view, could cause actual
results to differ materially from those discussed in the forward-looking
statements include the strength of world economies and currencies, general
market conditions, including changes in charter hire rates and vessel
values, shipyard performance, changes in demand that may affect attitudes
of time charterers to scheduled and unscheduled drydocking, changes in
Danaos Corporation's operating expenses, including bunker prices,
dry-docking and insurance costs, actions taken by regulatory authorities,
potential liability from pending or future litigation, domestic and
international political conditions, potential disruption of shipping routes
due to accidents and political events or acts by terrorists.
Risks and uncertainties are further described in reports filed by Danaos
Corporation with the U.S. Securities and Exchange Commission.
Visit our website at www.danaos.com