SOURCE: Danaos Corporation

October 09, 2006 09:00 ET

Danaos Corporation Commences Trading on the New York Stock Exchange and Rings the Opening Bell

ATHENS, GREECE -- (MARKET WIRE) -- October 9, 2006 -- The shares of Danaos Corporation (NYSE: DAC) commenced trading on the New York Stock Exchange as of Friday, October 6, 2006.

With a market capitalization of approximately $1.2 billion and a current fleet of 27 containerships aggregating 116,115 TEUs, Danaos becomes the largest US listed containership company in terms of fleet size and market capitalization and ranks among the largest containership charter owners in the world. Furthermore, the company has on order 16 additional containerships aggregating 84,704 TEUs with scheduled deliveries up to the end of 2009, all of which are already chartered to major companies for 12 years.

On Thursday, October 5, 2006, the company successfully priced its Initial Public Offering of 10,250,000 shares of common stock at $21.00 per share representing the mid point of the filing range and raising approximately $198.2 million net of underwriting discounts and commissions and the estimated offering expenses. Danaos has granted the underwriters a 30-day option to purchase up to an additional 1,537,500 shares of common stock to cover over allotments, if any, in which case the net proceeds of the offering may increase up to $228.4 million. Following the offering, there will be 54,557,500 shares outstanding which may increase up to 56,095,000 shares, if the underwriters option is exercised in full.

Merrill Lynch & Co. and Citigroup Corporate and Investment Banking served as joint book-running managers of the offering. Dahlman Rose & Company, Jefferies & Company, Fortis Securities LLC and Nomura International served as co-managers.

Dr. John Coustas, President and CEO of Danaos Corporation, commented, "The listing of our shares on the New York Stock Exchange marks a strategic milestone in the development of our company. Becoming a public company is not only a recognition of our successful track record so far but is also expected to contribute significantly to the continued growth of our company. The New York Stock Exchange is the dominant market of choice for leading companies from all over the world and we are particularly pleased to join its ranks. We thank the investment community for the very positive response to our Initial Public Offering. We will strive to maximize shareholder value by focusing not only on the quality of our shipping operations but also on the quality of our corporate governance and investor relations."

"We welcome Danaos Corporation, one of the largest containership charter owners in the world, to our family of listed companies," said NYSE CEO John A. Thain. "The New York Stock Exchange is home to many of the world's leading shipping companies, and we look forward to providing a global platform to Danaos that will enable it to achieve its growth objectives."

To celebrate this special occasion, Dr. John Coustas, President and Chief Executive Officer, Mr. Iraklis Prokopakis, Vice President and Chief Operating Officer, Mr. Dimitri J. Andritsoyiannis, Vice President and Chief Financial Officer visited the New York Stock Exchange on Friday, October 6, 2006 and rang the Opening Bell.

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 27 containerships aggregating 116,115 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 16 additional containerships aggregating 84,704 with scheduled deliveries up to the end of 2009. The company's shares trade on the New York Stock Exchange under the symbol "DAC."

Visit our website at www.danaos.com

Contact Information

  • Company Contacts:

    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