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 Reporter January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

NewLead Holdings Acquire 5 Vessels

NewLead Holdings Ltd. announced today that it recently added five bitumen tanker vessels to its fleet. The Company has expanded its fleet to 10 vessels in less

Port of Antwerp Throughput up 4.3%

The port of Antwerp handled 199,012,082 tonnes of freight in 2014, a rise of 4.3% compared with the previous year. The new record that was already announced

NewLead Expands Fleet to 10 Vessels

NewLead Holdings Ltd. announced that it recently added five bitumen tanker vessels, expanding its fleet to 10 vessels in less than a year while performing on its

Container Ships

CakeBoxx, Globe Tracker Partner for Asset Tracking

Globe Tracker International, a company in global autonomous asset tracking, monitoring, remote management and data sharing services, and CakeBoxx Technologies,

ZIM Launches Monitoring and Tracking Service

ZIM integrated shipping services has announced the launching of a new monitoring, tracking and security services package, specifically designed for valuable and

Maersk Line to Increase Asia-Europe Rates

Maersk Line, part of Denmark's A. P. Moller-Maersk, plans to increase shipping freight rates for transporting containers from ports in Asia to Northern Europe by

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Pod Propulsion Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1239 sec (8 req/sec)