SOURCE: Danaos Corporation

May 24, 2007 16:05 ET

Danaos Corporation Secures Bareboat Charters for Two of Its 6,500TEU Containership Orders and Expands Contracted Revenue to USD 4.2 Billion

ATHENS, GREECE -- (MARKET WIRE) -- May 24, 2007 -- Danaos Corporation (NYSE: DAC) today announced that it has secured 18 year bareboat charters for each of two 6,500 TEU containerships. These vessels are part of the recently placed order with Hanjin Heavy Industries & Construction Co., Ltd. and are expected to be delivered to Danaos in 2009 and 2010. Danaos Corporation also announced today that it delivered the bulk carrier Achilleas to Shanghai Time Shipping Co. LTD according to schedule. The delivery of this drybulk vessel to their new owners brought proceeds of $25.5 million to Danaos, while it expects to book a profit for this part of the sale of $15.7 million.

"We are increasing our contracted revenues and further strengthening the visibility of our earnings," 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 and the immediate chartering of three of these vessels for a period of 15 years each, we are now happy to announce the chartering of the remaining two 6,500 TEU containerships for a period of 18 years each on a bareboat basis, which actually eliminates any operational expense risk. This chartering will increase our aggregate contracted revenue to approximately $ 4.2 billion in total."

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

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