Shanghai Time Shipping Co Ltd News

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.

Danaos Corporation has 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 today 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.

Danaos Corporation delivered the dry bulk vessels M/V Alexandra I and M/V Fivos to Shanghai Time Shipping Co. LTD according to schedule. The delivery of these first two drybulk vessels to their new owners brought proceeds of $50.5m to Danaos, while Danaos expects to book a profit for this part of the sale of about $31 million. The delivery comes as a consequence of the sale agreement Danaos signed in August 2006 for all of its six drybulk carriers in its fleet at that time. Danaos expects to deliver the four remaining drybulk carriers during the first half of 2007, in line with the existing agreement. D