Danaos Corporation delivered the dry bulk vessels M/V Alexandra I and M/V Fivos to Shanghai Time Shipping Co. LTD according to schedule. The delivery of these first two drybulk vessels
to their new owners brought proceeds of $50.5m to Danaos, while Danaos expects to book a profit for this part of the sale of about $31 million. The delivery comes as a consequence of the sale agreement Danaos signed in August 2006 for all of its six drybulk carriers in its fleet at that time. Danaos expects to deliver the four remaining drybulk carriers during the first half of 2007, in line with the existing agreement.