SOURCE: Danaos Corporation

July 16, 2007 16:05 ET

Danaos Corporation Re-Charters the Norasia-Hamburg Ahead of 2008 Redelivery

ATHENS, GREECE--(Marketwire - July 16, 2007) - Danaos Corporation (NYSE: DAC) today announced that it has signed an agreement with the United Arab Shipping Corporation to time charter the 3,908 TEU Norasia-Hamburg for a period of 36 months. During the first 12 months of the charter, the charterer has the option to convert the three-year charter to a five-year charter, at lower rate. The charter will commence as of the date when the current employment of this vessel ends in the first quarter of 2008. The Norasia-Hamburg is currently on time charter with CSAV.

"We are very pleased to have arranged this charter with the United Arab Shipping Corporation," said Dr. Coustas, Chief Executive Officer of Danaos. "The specific combination of the rate and charter duration we have achieved for our vessel is very attractive, underlining the fact that the charter market has gained visible momentum during the first half of 2007. We believe that this charter with the United Arab Shipping Corporation marks the beginning of yet one more successful and long term chartering relationship for Danaos. We are very happy to add the United Arab Shipping Corporation to our diverse portfolio of customers at a time of high economic growth and increasing trade volumes for the Gulf region."

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 30 containerships aggregating 133,425 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

Contact Information

  • 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