Danaos Secures Bareboat Charters for Containerships

Friday, May 25, 2007
Danaos Corporation secured 18 year bareboat charters for each of two 6,500 TEU containerships. These vessels are part of the recently placed order with Hanjin Heavy Industries & Construction Co., Ltd. and are expected to be delivered to Danaos in 2009 and 2010.

Danaos Corporation also announced that it delivered the bulk carrier Achilleas to Shanghai Time Shipping Co. Ltd. according to schedule. The delivery of this drybulk vessel to their new owners brought proceeds of $25.5 million to Danaos, while it expects to book a profit for this part of the sale of $15.7 million.

"We are increasing our contracted revenues and further strengthening the visibility of our earnings" said Dr. Coustas, Chief Executive Officer of Danaos. "Following the recent deal we announced with Hanjin Heavy Industries regarding orders for five Post- Panamax vessels and the immediate chartering of three of these vessels for a period of 15 years each, we are now happy to announce the chartering of the remaining two 6,500 TEU containerships for a period of 18 years each on a bareboat basis, which actually eliminates any operational expense risk. This chartering will increase our aggregate contracted revenue to approximately $ 4.2 billion in total".

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