Danaos to Acquire Three Containerships

Monday, January 14, 2008
Danaos Corporation has signed contracts to acquire three 1998 built, 2,200 TEU containerships. These vessels, the Hyundai Progress, the Hyundai Bridge, and the Hyundai Highway were built by Hyundai Heavy Industries.

The size of this deal is in the region of $90m and the vessels are expected to be delivered to Danaos on February 11, March 17 and March 18, 2008. The acquisition will be financed by existing credit facilities and own funds. Danaos also announced that subsequent to the acquisition agreement it has arranged ten-year charter agreements for these three vessels with Hyundai Merchant Marine at fixed daily rates which reflect current market conditions. Upon delivery to Danaos, all three vessels will have just concluded their five year dry-docking planned maintenance.

For the first full year of operation, this block addition to Danaos’ fleet of containers is expected to contribute approximately $12 million of 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.

Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Equinox Class Scrubber Systems Receive Certification

Algoma Central Corporation (“Algoma”), the largest Canadian shipowner and operator of domestic Great Lakes vessels announces that it has received all requisite

Arctic Oil: Bourbon to Enter Arctic Market in 2016

Bourbon plans to enter the growing Arctic Offshore market in 2016 with a new Anchor Handling Tug Supply (AHTS) vessel built by the Vard shipyard. This AHTS (Anchor

Mitsubishi Exits Cruise Business; Books $357m Loss

Mitsubishi Heavy Industries, Ltd. (MHI) announced its decision to book an extraordinary loss from its cruise ship business in the company's consolidated financial

Container Ships

Asia-Euro Box Rates Jump 88 pct

Shipping freight rates for transporting containers from ports in Asia to Northern Europe jumped 88.2 percent to $1,312 per 20-foot container (TEU) in the week ended on Friday,

Seaspan Receives 5th 10K TEU Boxship

Seaspan Corporation announced yesterday that it accepted delivery of a 10000 TEU containership, the MOL Brightness.   The new containership, which was constructed

CMA CGM to Retrofit 10 More Bulbous Bows

The CMA CGM Group said it will retrofit 10 of its vessels’ bulbous bows to achieve improved energy efficiency for slow steaming. The modifications are in addition

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Navigation Port Authority Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar Winch
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: 0.1030 sec (10 req/sec)