Danaos Adds Another New Build to Fleet

Danaos Corporation (NYSE: DAC) announced that on October 11, 2010, it took delivery of one more newly built containership, the Hanjin Versailles, expanding its operational fleet to a total of 50 containerships aggregating 219,929 TEU.

The Hanjin Versailles, built at Hanjin Heavy Industries & Construction Co. Ltd. has a carrying capacity of 3,400 TEU, is 730-ft long, 105.6-ft wide and has a speed of 23 knots. The Hanjin Versailles has commenced its 10-year time charter at a fixed charter rate immediately upon delivery.

"We enthusiastically welcome our latest delivery," said Dr. Coustas, Chief Executive Officer of Danaos. "The Hanjin Versailles is the 50th containership in our fleet solidifying Danaos' position among the largest players in the industry and underlining the leadership position of our company. The ship is delivered at a time of a sharp recovery in the containership market with fundamental supply and demand trends pointing to even better times ahead for our industry. We believe Danaos is well positioned for take advantage of this opportunity with its large fleet of modern containerships and the additional 15 new vessels we expect to gradually integrate into our fleet during the next 18 months."