SOURCE: Danaos Corporation

March 10, 2008 09:06 ET

Danaos Corporation Arranges Charters Even for Fully Depreciated Vessels

ATHENS, GREECE--(Marketwire - March 10, 2008) - Danaos Corporation (NYSE: DAC) today announced that it has signed an agreement with MCC, a subsidiary of MAERSK, and has already time-chartered the 30-year-old S.A. Helderberg, a 3,100 TEU containership, for a period of 12 months beginning December 2007 at fixed daily rates. Danaos also time-chartered its sister ship, the S.A. Sederberg, to CMA-CGM at a fixed one-year accretive rate. The Company also sold the other 30-year-old sister ship to the above-mentioned vessels, the S.A Winterberd, to an undisclosed and unrelated third party for approximately $11m booking profits in excess of $5.5m as a result of this transaction. Further, Danaos announced that it has re-chartered the 30-year-old Eagle Express to MSC and the Pacific Bridge to Senator Lines both for two years at accretive rates.

"We are very pleased to have managed to arrange these charters," said Dr. John Coustas, Chief Executive Officer of Danaos. "The specific charters are very important to Danaos as they demonstrate that well-maintained containership vessels can secure accretive charter arrangements for periods beyond their depreciable life when market conditions permit."

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 36 containerships aggregating 145,318 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 36 additional containerships aggregating 247,868 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

Contact Information

  • Contact:

    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