SOURCE: Danaos Corporation

March 06, 2007 16:05 ET

Danaos Corporation Orders Four 6,800 TEU Post Panamax Containerships

ATHENS, GREECE -- (MARKET WIRE) -- March 6, 2007 -- Danaos Corporation (NYSE: DAC) today announced that it has signed shipbuilding contracts for four 6,800 TEU vessels with China Shipbuilding Trading Company, Limited. The vessels will be built by the Shanghai Jiangnan Changxing Heavy Industry Company Limited and they are expected to be delivered to Danaos during the second and third quarter of 2010.

The capital expenditure commitment which is in the region of $400 million will be financed by existing credit facilities and own funds according to work in progress under the specific terms of the shipbuilding contracts.

This new order increases Danaos' total order-book to 19 containerships with a total carrying capacity of 102,324 TEU or 73% of its current fleet.

"This acquisition marks an important step in our development," said Dr. Coustas, Chief Executive Officer of Danaos. "On the back of this order we are initiating a relationship with the largest shipbuilding concern in China and potentially the largest shipbuilding facility in the world. Danaos will take delivery of these vessels half year into 2010 and will be powered by Korean built electronic engines providing improved efficiency and lower emissions. The vessels are designed to comply with the latest environmentally friendly fuel oil tank regulations and will have a design speed of 25.3 knots. The fact that these vessels have an excellent design with the highest intake of all vessels in their class gives us confidence we will secure attractive charters for these vessels at a later stage which is also consistent with our growth strategy and our constant focus on improving returns on deployed capital."

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 19 additional containerships aggregating 102,324 TEU with scheduled deliveries up to 2010. The company's shares trade on the New York Stock Exchange under the symbol "DAC."

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Contact Information

  • For further information please contact:

    Company Contact:

    Dimitri Andritsoyiannis
    Chief Financial Officer
    Danaos Corporation
    Athens, Greece
    Tel: +30 210 419 6481

    Iraklis Prokopakis
    Chief Operating Officer
    Danaos Corporation
    Athens, Greece
    Tel. +30 210 419 6400

    Investor Relations and Financial Media:
    Nicolas Bornozis
    Capital Link, Inc.
    New York
    Tel. 212-661-7566