SOURCE: Danaos Corporation

January 11, 2007 16:21 ET

Danaos Corporation Delivers Two Dry Bulk Vessels to Shanghai Time Shipping Co. LTD

ATHENS, GREECE -- (MARKET WIRE) -- January 11, 2007 -- Danaos Corporation (NYSE: DAC) today announced that during the course of this week it delivered the dry bulk vessels M/V Alexandra I and M/V Fivos to Shanghai Time Shipping Co. LTD according to schedule. The delivery of these first two drybulk vessels to their new owners brought proceeds of $50.5 million to Danaos, while Danaos expects to book a profit for this part of the sale of about $31 million. The delivery comes as a consequence of the sale agreement Danaos signed in August 2006 for all of its six drybulk carriers in its fleet at that time. Danaos expects to deliver the four remaining drybulk carriers during the first half of 2007, in line with the existing agreement.

Dr. Coustas, Chief Executive Officer of Danaos Corporation, commented: "The delivery of these two drybulk vessels is part of the final chapter to a most profitable investment of Danaos. With an aggregate acquisition price of $24.5 million back in 2002, these two vessels are now sold for a profit of approximately $31 million. Our investment in the dry shipping sector has been from the beginning an opportunistic one that also proved to be very profitable. We are a containership owner with an extensive new building and delivery program for the next three years. The proceeds of this sale will be used to finance the deliveries of new additions to our containership fleet scheduled for 2007."

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 31 containerships aggregating 140,137 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 15 additional containerships aggregating 75,124 TEU 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

  • For further information please contact:

    Company Contact:

    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