Danaos Orders Five Containerships

Wednesday, October 24, 2007
Danaos Corporation (NYSE: DAC) announced that it has ordered five 12,600 TEU containerships. All five Post Panamax containerships will be built by Hyundai Samho Heavy Industries and are expected to be delivered to Danaos gradually starting from January until August of 2011. Danaos has also arranged for a large international liner company to charter all these vessels for 12 years each, at accretive rates. The deal increases Danaos’ contracted fleet to 32 vessels with a total carrying capacity of 217,421 TEU or 150% of its current fleet. The total contract deal size is approximately $830m and will be financed by funds and debt. For the first full year of operation, this five vessel block addition to Danaos’ fleet of containerships is expected to contribute approximately $92m of EBITDA, annually upon delivery of all 5 vessels. 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 dry-docking charges and financing fees.

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

Container Ships

MSC Jade Sails with MAN's Biggest Engine

The largest and most powerful engine from MAN Diesel & Turbo’s portfolio ever designed and built has entered service.   Built by Doosan Engine in Korea and rated at 75,

Slowing Shipping Fleet Growth to Ease Officer Shortage

Slowing growth in the size of the shipping fleet will reduce the shortage of officers over the coming years, according to the latest Manning report published by global shipping consultancy Drewry.

Kuriyama Joins Matson Board of Directors

The Board of Directors of Matson, Inc. has appointed Stanley Kuriyama as a director of the company, effective June 23, 2016.   Kuriyama is the Executive Chairman of Alexander & Baldwin, Inc.

Marine Science

Seven Indonesian Sailors Kidnapped in Philippines

Seven Indonesian sailors have been taken hostage in the Sulu Sea in the southern Philippines, Indonesia's foreign minister said on Friday, the latest in a string

Admiral of the Ocean Sea Award Recipients Named

The United Seamen's Service (USS) 2016 Admiral of the Ocean Sea Awards (AOTOS) will be presented to Arthur E. Imperatore, Founder and President of New York Waterways; Donald Marcus,

Ocean Cleanup Prototype Set for a Test Run

The first ocean cleanup system ever tested at sea will soon be deployed for trials 23 kilometers (12 NM) off the Dutch coast. The goal of the test is to see how

 
 
Maritime Contracts Maritime Standards Navigation Pod Propulsion Port Authority Ship Electronics Ship Repair 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: 0.0655 sec (15 req/sec)