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
Danaos Corporation Orders Five 3,400 TEU Panamax Containerships and Secures 10 Year Charters
| Source: Danaos Corporation
ATHENS, GREECE -- (MARKET WIRE) -- April 11, 2007 -- Danaos Corporation (NYSE : DAC ) today
announced that it has signed shipbuilding contracts for five 3,400 TEU
vessels with Hanjin Heavy Industries & Construction Co., Ltd. These
containerships are expected to be delivered to Danaos from November 2009
through June 2010.
The capital expenditure commitment which is in the region of $300 million
will be financed by existing credit facilities and own funds according to
the work in progress schedule as specified in the shipbuilding contracts.
This new order increases Danaos' total contracted fleet to 28
containerships with an aggregate carrying capacity of 147,524 TEU or 106%
of its current fleet.
"This acquisition is one more step within the context of our fleet
expansion strategy," said Dr. Coustas, Chief Executive Officer of Danaos.
"Following the recent deal we announced with Hanjin Heavy Industries
regarding orders for five Post-Panamax vessels, we now conclude one more
deal for five additional Panamax vessels. Danaos will take delivery of
these vessels from November of 2009 until June 2010, at a time when
building berths for large containerships around the world are becoming
increasingly hard to find. We have also arranged for 10 year charters for
all of these vessels at accretive rates with a major liner company. This
will add approximately another $400 million to our currently aggregate
contracted revenue of $3.5 billion, increasing it to $3.9 billion in total.
Although we have in the past provided details regarding our charter
arrangements, for competitive reasons and also at the request of our
customers, we have decided to no longer immediately disclose exact charter
arrangements, as well as the identity of the liner company to safeguard our
customer's deployment strategy. The vessels will be powered by Korean built
electronic engines providing improved efficiency, lower emissions and with
a design speed of 23 Knots."
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 138,931 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
28 additional containerships aggregating 147,524 TEU with scheduled
deliveries up to 2010. The company's shares trade on the New York Stock
Exchange under the symbol "DAC".
Visit our website at www.danaos.com