SOURCE: Danaos Corporation

July 17, 2007 16:05 ET

Danaos Corporation Upgrades Vessel Sizes of Its Jiangnan Order to Four 8,400 TEU Post Panamax Containerships

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

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