Danaos to Acquire Five 2 Containerships

Danaos Corporation announced has signed contracts to acquire five 1997 built, 2,200 TEU containerships. These vessels, the H.Vladivostok, H.Advance, H. Stride, H. Future, and the H.Sprinter were built by Hyundai Heavy Industries. The size of the deal is slightly in excess of $150 million and the vessels are expected to be delivered to Danaos during July, August, September and October, 2007. 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 five vessels with Hyundai Merchant Marine at fixed daily rates which reflect current market conditions. Upon delivery to Danaos, all five vessels will have just concluded their five year dry-docking planned maintenance.