Contact Information: For further information please contact: Dimitri Andritsoyiannis Vice President and Chief Financial Officer Danaos Corporation Athens, Greece Tel: +30 210 419 6481 E-Mail: cfo@danaos.com Iraklis Prokopakis Vice President and 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 Orders With Hyundai Five 12,600 TEU Post Panamax Containerships and Agrees 12 Year Charters for All
| Source: Danaos Corporation
ATHENS, GREECE--(Marketwire - October 22, 2007) - Danaos Corporation (NYSE : DAC ) today
announced that it has ordered five 12,600 TEU containerships. All five Post
Panamax containerships will be built by Hyundai Samho Heavy Industries and
are expected to be delivered to Danaos gradually starting from January
until August of 2011.
Danaos has also arranged for a large international liner company to charter
all these vessels for 12 years each, at accretive rates. The deal increases
Danaos' contracted fleet to 32 vessels with a total carrying capacity of
217,421 TEU or 150% of its current fleet.
The total contract deal size is approximately $830 million and will be
financed by own funds and debt. For the first full year of operation, this
five vessel block addition to Danaos' fleet of containerships is expected
to contribute approximately $92 million of EBITDA, annually upon delivery
of all 5 vessels. For this purpose, EBITDA, a non-GAAP measure, shall mean
net earnings before interest, un-drawn credit facility fees, taxes,
depreciation and amortization of deferred dry-docking charges and financing
fees.
"We have ordered the largest size containerships available," said Dr.
Coustas, Chief Executive Officer of Danaos. "In addition we have arranged
12 year charters at accretive rates with one of the largest liner companies
in the world for all five of these vessels scheduled to be delivered to us
in 2011. With this order Danaos is reaffirming its position as one of the
major players in the containership market worldwide. With this deal we have
not only managed to increase our contracted fleet to 32 containerships, but
also secure long term charters for all of our vessels currently comprising
our contracted fleet. Our contracted revenue has now reached $ 6.5
billion."
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 36 containerships aggregating 147,472 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 32
additional containerships aggregating 217,421 TEU with scheduled deliveries
up to 2011. The company's shares trade on the New York Stock Exchange under
the symbol "DAC."
Visit our website at www.danaos.com.