Danaos to Acquire Three Containerships

Wednesday, November 29, 2006
Danaos Corporation announced that it has signed contracts to acquire three 4,814 TEU vessels from A.P. Moller-Maersk Group. These vessels, the MC Kinney Maersk, the Mayview Maersk and the Madison Maersk, were delivered to A.P. Moller-Maersk Group from the Odense Staalskibsverft shipyards in 1991. Upon delivery to Danaos these vessels will be renamed to Maersk Marathon, Maersk Messologi and Maersk Mytilini respectively. The acquisition cost will be $43.15 million per vessel and they are expected to be delivered to Danaos on December 11, December 17, and December 21, 2006 respectively. The acquisition will be financed through existing credit facilities and own funds. Subsequent to the acquisition of these three vessels, Danaos' total fleet will increase to 31 containerships aggregating 140,137 TEU. Furthermore, the company has on order 15 additional containerships aggregating 75,124 TEU with scheduled deliveries up to the end of 2009.

Danaos also announced that it has arranged five-year time charter agreements for all three vessels with A.P. Moller-Maersk Group at the rate of $23,450 per vessel per day. After the initial five-year time charter periods, A.P. Moller-Maersk Group will have four consecutive one-year options to re-charter each ship for $22,400 per day, $21,400 per day, $20,400 per day and $20,400 per day respectively. Each new vessel is expected to contribute, in the first twelve months following acquisition, approximately $8.4 million in incremental revenues and approximately $6 million in incremental EBITDA. For this purpose, EBITDA, a non-GAAP measure, shall mean net earnings before interest, un-drawn credit facility fees, taxes, depreciation and amortization of deferred financing fees. All three vessels have already performed their five-year dry-docking planned maintenance in 2006.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Light at the End of the Tunnel Distant for Multipurpose Shipping

The demand outlook for the multipurpose fleet has not improved since the first quarter of 2016. The breakbulk and project cargo sector remain weak, with little

Star Bulk Carriers Reports 1Q Loss, Adds 3 Vessels.

The Athens, Greece-based Star Bulk Carriers Corp. (SBLK) has reported a loss of $48.8 million in its first quarter. The shipping company posted revenue of $46.

Jinhui Sells Supramax

Jinhui Shipping and Transportation has agreed to sell another supramax dry bulk carrier, having just made a similar deal earlier this month.   The purchaser is a company incorporated in Hong Kong.

Container Ships

UASC Shareholding States Vote to Back Hapag-Lloyd Merger

United Arab Shipping Company (UASC) said its six shareholding states backed a merger deal with German container shipping line Hapag-Lloyd AG at a meeting on Wednesday.

FMC's Doyle Addresses VGM Rules

U.S. Federal Maritime Commission (FMC) Commissioner William P. Doyle issued a statement on the upcoming implementation of the SOLAS Convention’s verified gross mass (VGM) requirements:   On Friday,

Essberger Fleet Moves to Marlink’s Sealink VSAT Service

The Hamburg headquartered John T. Essberger (JTE) Group will migrate the primary communication systems of its entire fleet to Sealink, Marlink’s global maritime broadband VSAT service.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Pipelines Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0866 sec (12 req/sec)