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
Danaos Corporation Upgrades Vessel Sizes of Its Jiangnan Order to Four 8,400 TEU Post Panamax Containerships
| Source: Danaos Corporation
ATHENS, GREECE--(Marketwire - July 17, 2007) - Danaos Corporation (NYSE : DAC ) announced
today that it has agreed with China Shipbuilding Trading Company Limited
the upgrading of its earlier order for four 6,800 TEU containerships to
four 8,400 TEU vessels and signed the amendments to the relevant
shipbuilding contracts. These vessels will be built by the Shanghai
Jiangnan Changxing Heavy Industry Company Limited and are expected to be
delivered to Danaos during 2010.
The total capital expenditure commitment for this project is in the region
of $500 million and is expected be financed by existing credit facilities
and own funds according to the work in progress schedule under the specific
terms of the shipbuilding contracts.
"We believe we negotiated a very good deal," said Dr. Coustas, Chief
Executive Officer of Danaos. "We have been able to upgrade the size of the
vessels on order with Shanghai Jiangnan Changxing Heavy Industry Company
Limited as we expect that we will be able to achieve improved returns when
we market these vessels with our clients."
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 153,924 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