Danaos News

The SafeNav (Safer Navigation) maritime safety project, co-funded by the European Commission and UK Research and Innovation (UKRI), was officially launched on September 1.The EUR 8 million project aims to beat a path towards safer and more secure bridge navigation today while moving toward tomorrow’s world of remote operations and autonomous shipping. “The ambition and objective of the project is to develop and test a highly innovative collision-prevention solution that will significantly reduce the probability of collisions and groundings…

Bureau Veritas (BV) announced the development of a new notation, CII REALTIME, supporting shipowners to provide reliable and up to date data related to DCS and CII of their ships/fleet in a simplified and consistent process.Shipowners have less than a year to prepare their vessels to comply before the new EEXI and CII regulations come into effect, on January 1, 2023. BV Noted monitoring the evolution of the CII during the year can helpavoid any surprises with the ship’s energy rating and to make early and informed decisions on operational measures. Danaos Management Consultants S.A.

Greek shipowner Danaos Corporation announced Monday that it has ordered four 7,200 TEU containerships from Daehan Shipbuilding in South Korea. The neo-panamax newbuilds are slated for delivery in the first half of 2024.The vessels will be methanol fuel ready, will come with open loop scrubbers and will be built in accordance with the latest requirements of the International Maritime Organization (IMO) in relation to Tier III emission standards and Energy Efficiency Design Index (EEDI) Phase III, said New York-listed Danaos, one of the world's largest charterers of containerships.“These vessels are at the forefront of new technology, come with the latest specifications on emissions requirements and are methanol ready.

Bad weather off Canada's Pacific Coast on Monday prevented a salvage crew from boarding a cargo ship where several containers of chemicals burned over the weekend, the coast guard said.Sixteen crew members were evacuated from the MV Zim Kingston on Saturday. Five remained onboard to fight the fire, which was largely under control by late Sunday.The company has appointed a salvage crew "but due to the current weather, (they) have been unable to board the container ship", the coast…

A container fire that broke out on Saturday on a cargo ship carrying mining chemicals off British Columbia is smoldering and appears to be under control, Canadian Coast Guard officials said on Sunday.Sixteen crew members were evacuated from the MV Zim Kingston on Saturday, while five remained onboard to fight the fire.The ship is anchored several kilometers off the southern coast of Vancouver Island. Residents of the island are not in danger, officials said, and transit of commercial…

Supply chain issues tied to liner shipping have been front page news throughout 2021; just about everyone agrees that there’s a problem. The underlying cause is right out of Economics 101: a surge in demand for moving containerized cargo, in the face of “inelastic” throughput capacity (which includes vessels and their landside interfaces to surface transportation, trucks and rail) that could not handle the swell, attributable to re-stocking of containerized cargo as economic activity recovered from the pandemic induced jolts.

Danaos Corporation on Wednesday announced it has entered into an agreement to acquire six secondhand 5,466 TEU container vessels en bloc for $260 million.The vessels, which have an average age of 6.8 years, were built at Hanjin Subic Bay shipyard and are on time charter contracts with a weighted average charter duration of approximately two years.The acquired vessels, which are expected to be gradually delivered to the company by the end of the third quarter of 2021, are eco-design wide beam vessels with improved fuel consumption and load efficiency characteristics when compared to conventional designs, the company said.The acquisition…

Q88 LLC, a provider of SaaS technology to the maritime industry, and Danaos, a provider of specialized software for shipping, announced the automated integrations to questionnaire management data for shipowners, charterers and operators.This new data-driven integration combines Danaos software's power with the efficiency of the Q88 tanker information management platform to support commercial and operational decisions that positively impact shipping digitalization. By automating routine tasks and centralizing previously distributed information…

Oil is no longer leaking from the cracked hull of a containership moored in the Port of New Yok and New Jersey, the U.S. Coast Guard said Wednesday.A sheen around the Danaos-owned YM Mandate was first reported to the Coast Guard on Monday after the ship arrived at the Global Container Terminal in Bayonne, N.J., from Halifax, N.S.A unified command team consisting of the Coast Guard, New Jersey Department of Environmental Protection and Gallagher Marine Systems is responding since after the Coast Guard confirmed the Liberian-flagged vessel was leaking oil from a crack in its hull.Oil containment boom and absorbent pads are deployed around the 300 meter long, 6,572 TEU capacity YM Mandate, and skimming vessels continue to remove oil from the water.

Mile by mile better and more efficient: With the new GEA marine Separator 35 GEA supports its long-standing customer and partner Danaos Shipping, Greece. With a fleet of 60 container ships, Danaos Shipping ranks among the top 3 in the Greek shipping business. The company was founded in 1972 by Dr. Dimitris Koustas. Today, his son, Dr John Koustas, who also has more than 30 years of extensive experience in the shipping industry, is President and CEO. Danaos shipping is very active in researching innovations in ship operation and has participated in several EU-funded projects.

The provider of seaborne transportation services, Danaos Corporation has concluded a $150m sale-and-leaseback deal for two of its biggest boxships with the alternative investment firm EnTrust Global.Watson Farley & Williams (WFW) has advised EnTrust Global’s (ETG) Blue Ocean Funds on the transaction of the two container vessels “HYUNDAI RESPECT” and “HYUNDAI HONOUR” acquired from and chartered back to two subsidiaries of Danaos, said a press release.This is the Blue Ocean Funds’ first sale and leaseback in the Greek shipping market, with the US$150m made available to Danaos, a NYSE-listed global shipping company maintaining a fleet of large size container vessels…

The international owner of containerships Danaos Corporation  has partnered with iMarine Software, fully integrating the maritime e-procurement solution 'SeaProc eProcurement' platform into their system.Danaos Web Enterprise Suite is a web-enabled maritime software suite that automates all the daily functions of any shipping company, said a press release from the developers of marine information systems.Combining comprehensive maritime domain knowledge with advanced technology expertise, Danaos provides maritime software for the ship owner, ship manager, broker, operator, charterer or accountant, it said.Danaos’ web-enabled software solutions encompass the full spectrum of the shipping industry’s processes…

Verifavia Shipping claimed success in the independent certification of IT systems and solutions designed to support compliance with the International Maritime Organisation’s (IMO) Data Collection System (DCS) regulation and European Union (EU) Monitoring Reporting and Verification (MRV).With both regulations now in force, increasing numbers of IT systems are available to assist ship owners and operators in collating and reporting emissions data, all of which need to strictly adhere to the relevant legal requirements."More than 30 of these systems have now been certified or are currently undergoing certification by Verifavia," the emissions verification company for the transport sector (aviation and shipping) said in a press release.According to the release…

Global law firm Norton Rose Fulbright has advised Citigroup and other lenders of Danaos on a $2.2 billion restructuring of NYSE-listed Danaos Corp (DAC), one of the world’s largest independent owners of modern, large-size containerships.Norton Rose Fulbright’s Athens, London and New York offices advised Citigroup and certain other lenders (including China Exim Bank and Eurobank) on new money, take out and refinancing facilities, restructuring support agreements, debt for equity arrangements, debt trading, Chinese ECA aspects and complex shared security and other intercreditor agreements.The transaction, which completed out of court,…

Danaos Corporation, a leading international owner of containerships, has announced the consummation of its previously announced debt refinancing , significantly strengthening the Company's capital structure and reducing its outstanding debt by approximately USD 551 million.The debt refinancing strengthens the Company's financial position through the significant debt reduction, reset financial and certain other credit facility covenants, modified interest rates and amortization profiles and the extension of existing debt maturities by approximately five years to December 31, 2023. Danaos' CEO Dr. John Coustas said: "We are pleased to announce the closing of our comprehensive debt refinancing agreement…

Danaos Corporation, a leading international owner of containerships, has reached an agreement with certain of its lenders currently holding approximately $2.2 billion of debt maturing on December 31, 2018, that will significantly strengthen the Company's capital structure and result in a debt reduction of approximately $551 million. Pursuant to a comprehensive debt re-financing agreement (RA) with certain of its lenders, as well as Danaos Investment Limited as Trustee of the 883 Trust (DIL), its largest stockholder, and its manager, Danaos Shipping Co. Ltd., the Company will strengthen its financial position through a significant debt reduction…

Speedcast International Limited, the provider of remote communication and IT solutions, and Danaos Peripherals announced a strategic alliance agreement under which the two companies will combine maritime communications with advanced application management developed by Danaos. Within 2017, the two companies will jointly release a remote and autonomous IT system on board a vessel, leveraging key technologies such as big data analytics, internet of things (IoT) and cyber security. The system will enable the remote deployment of third party services and applications, allowing for the swift and simple implementation of new capabilities to a ship.

Danaos Corporation reports its results for the third quarter of 2016 in the aftermath of the bankruptcy of Hanjin Shipping, one of Danaos' large customers. Danaos' CEO Dr. John Coustas says: "As a result of the bankruptcy, we did not recognize any operating revenues for the vessels that had been chartered to Hanjin during the quarter. As a result of the Hanjin bankruptcy we also recorded a write-off of $15.8 million, representing the outstanding charter hire owed to us by Hanjin as of June 30, 2016. Additionally, principally as a result of the effects of the cancellation of the Hanjin charters, the Company was in breach of certain financial covenants as at September 30, 2016 for which we have obtained waivers until April 1, 2017.

Danaos Corporation, one of the world's largest independent owners of containerships, today received notice that Hanjin Shipping Co. Ltd. (Hanjin) has filed for receivership with the Seoul Central District Court and requested that the court freeze its assets. Danaos currently charters eight of its vessels to Hanjin on long term, fixed rate time charters. The time charters associated with these vessels represent approximately $560 million of Danaos' $2.8 billion contracted revenue backlog as of June 30, 2016. The vessels contracted to Hanjin include three 10,100 TEU vessels built in 2011 and five 3,400 TEU vessels built in 2010 and 2011. "We are disappointed that the Korean Development Bank has failed to support an important participant in the global containership business," stated Dr.

Ince & Co’s London and Piraeus corporate, finance and shipping teams have advised long-standing client Danaos Corporation on Korean container line Hyundai Merchant Marine Co. (HMM), Ltd.’s US$2.1 billion restructuring. New York Stock Exchange listed Danaos Corporation is a leading international owner of container ships, chartering vessels to many of the world's largest liner companies. The restructuring completed on 23rd July 2016 when HMM issued 151,292,727 new shares to creditors as part of a debt for equity swap. With 13 vessels on long-term charter to HMM, Danaos is the largest single shipowner in HMM’s fleet. Along with other container shipowners…

Danaos Corporation, one of the world's largest independent owners of containerships, has reported net income of $47.7 million for the three months ended June 30, 2016 compared to $38.0 million, for the three months ended June 30, 2015, an increase of 25.5% for the period ended June 30, 2016. Adjusted net income of $94.9 million, or $0.86 per share, for the six months ended June 30, 2016 compared to $68.6 million, or $0.62 per share, for the six months ended June 30, 2015, an increase of 38.3%. Operating revenues of $137.0 million for the three months ended June 30, 2016 compared to $141.5 million for the three months ended June 30, 2015, a decrease of 3.2%.

According to a latest report in Korea Times, South Korea's biggest container carrier Hanjin Shipping's efforts to settle the rescheduling deadlines for financing ships and reducing charter fees before the end of July has not yet be resolved. This situation is raising concerns over the possibility that the nation's top shipping line may go into court receivership. Or, Hanjin may get a month's extension from creditor banks of an August 4 deadline of a voluntary restructuring agreement, giving the shipping major more time to comply with conditions that will prevent it from seeking court receivership. As on Tuesday, Hanjin Shipping has failed to conclude negotiations with foreign ship owners and creditors in a bid to lower charter fees and prolong looming deadlines for financing its shipping.

Danaos Corporation today reported unaudited results for the period ended June 30, 2016. * Adjusted net income1 of $47.7 million, or $0.43 per share, for the three months ended June 30, 2016 compared to $38.0 million, or $0.35 per share, for the three months ended June 30, 2015, an increase of 25.5%. Adjusted net income1 of $94.9 million, or $0.86 per share, for the six months ended June 30, 2016 compared to $68.6 million, or $0.62 per share, for the six months ended June 30, 2015, an increase of 38.3%. * Operating revenues of $137.0 million for the three months ended June 30, 2016 compared to $141.5 million for the three months ended June 30, 2015, a decrease of 3.2%.