SOURCE: Danaos Corporation

March 08, 2007 09:16 ET

Danaos Corporation Recharters Three Containerships Expanding Its Fleet Charter Coverage to 100% for 2007

ATHENS, GREECE -- (MARKET WIRE) -- March 8, 2007 -- Danaos Corporation (NYSE: DAC) today announced that it has signed an agreement with CMA-CGM to time charter three containerships for a period of 36 months and at a net charter rate of $ 22,950 per day. The charters will commence as of the date when the current employment of these vessels ends in 2007.

Specifically, the 3,039 TEU Henry and the 3,045 TEU Independence are currently on time charter with Wan Hai with expiration dates during the second quarter 2007, while the 3,098 Victory I is currently under time charter with Norasia with an expiration date during the third quarter 2007.

These are the only vessels in Danaos fleet which were becoming available for rechartering in 2007 and following the above mentioned agreements Danaos has secured 100% charter coverage for its fleet in 2007.

"We are pleased to further expand our long relationship with CMA-CGM, the third largest liner company in our market and to secure 100% charter cover for 2007," said Dr. Coustas, Chief Executive Officer of Danaos. "The rates and charter duration we have achieved for these three of our vessels are almost identical to the terms they were deployed so far, which underlines the fact that the charter market is gaining some momentum after a period of relative softness."

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 134,631 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

  • 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