Danaos Corporation (NYSE: DAC) announced that on November 3, 2008, it took delivery of one more containership, the Zim Kingston. The vessel has a carrying capacity of 4,253 TEU, was built by Samsung Heavy Industries and was delivered on schedule. The Zim Kingston has already commenced its 12 year time charter at fixed rates immediately upon delivery.
Dr. Coustas, Chief Executive Officer of Danaos, said, "The vessel is chartered at an accretive fixed charter rate which provides Danaos with an effective hedge against market charter rate fluctuations. We expect that this addition to our fleet, along with another 31 vessels currently on order will contribute substantially to our distributable cash flow and net earnings and will continue to support a solid base for our dividend policy while boosting shareholder value.”
Danaos Corporation is an international owner of containerships, chartering its vessels to liner companies. It has a fleet of 39 containerships aggregating 156,275 TEUs. The company has a contracted fleet of 31 additional containerships aggregating 230,709 TEU with scheduled deliveries up to 2011. The company's shares trade on the New York Stock Exchange under the symbol "DAC".
(www.danaos.com)