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: danaos@capitallink.com
Danaos Announces Bank Waivers and Operations Update
| Source: Danaos Corporation
ATHENS, GREECE--(Marketwire - September 22, 2009) - Danaos Corporation (NYSE : DAC ) a leading
international owner of containerships, announced today that it has now
obtained waivers covering all prior breaches of financial covenants in its
credit facilities as well as any subsequent breaches of these covenants
until October 1, 2010.
Danaos Corporation also announced that the charterer of six of its
containerships, Zim Integrated Shipping Services Ltd., has stated that it
is reducing, unilaterally, all of its long-term charterhire payments to
ship-owners by 35% commencing September 1, 2009 and for an indicated period
of three years. Danaos has not accepted this offer, nor acquiesced to this
reduction, and it is in discussions with Zim and evaluating the situation.
The vessels that Danaos charters to Zim are currently operating under
12-year time charters. Zim is not a charterer of any of Danaos' newbuilding
containerships.
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 41 containerships aggregating 165,933 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 28
additional containerships aggregating 217,950 TEU with scheduled deliveries
up to 2012. The company's shares trade on the New York Stock Exchange under
the symbol "DAC."
Visit our website at www.danaos.com