Danaos to Acquire Three Containerships

Monday, December 04, 2006
EDanaos 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 Today

The Maritime Industry's original and most viewed E-News Service

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

People & Company News

Crowley Opens Government Services Office

Crowley Maritime Corp. has opened a new government services office in downtown Norfolk, Va. to help the company better serve government agencies such as the Military Sealift Command (MSC) and the U.

Interview: Mike Petters - President & CEO, HII

Last month Mike Petters, president and CEO of Huntington Ingalls Industries (NYSE:HII), was honored by the Coast Guard Foundation at the 35th Annual Salute to the United States Coast Guard,

McAllister Towing – 150 Years of Family Business

“Early in 1864, a young man names James McAllister stood on board a sailing vessel where he served as a mate. The boat was about to set sail from the Red Bay of

Container Ships

Port of Bronka Prepares for Opening

Technical plant and equipment installation for the first stage of Bronka’s port facilities is now complete with the Liebherr LHM 800 mobile port crane installed at the end of September,

Ecoslops Produces First Marine Fuel Prodcuts

Ecoslops' refinery in the Port of Sinès, Portugal, has commenced industrial production and delivered the first volume of marine fuel products compliant with ISO8217,

Adrift Cargo Ship Taken in Tow

The Barbados-registered cargo vessel Skog, which was adrift off Orkney after encountering engine problems, is now under tow, the U.K. Maritime and Coastguard Agency (MCA) reported.

Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Navigation Port Authority Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar
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: 0.1026 sec (10 req/sec)