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Thursday, January 18, 2018

Danaos Corporation News

Danaos Delivers Second Vessel to APL

Danaos Corporation announced that during the course of the last week it delivered the vessel APL Scotland back to its charterer, APL, for a total price of $44.5m. Further, Danaos Corporation also announced that APL has declared their purchase option regarding the APL Belgium according to their existing agreement with Danaos. This represents the last out of the four purchase options APL had with Danaos. Danaos now expects to sell this vessel back to APL at the end of its charter on or about January 2, 2008 for a total of $44.5 million.

Danaos Adds Containership to Fleet

Danaos Corporation, a containership owner, announces  it has taken delivery of one more 13,100 containership, the HYUNDAI SPEED, expanding its operational fleet to a total of 63 containerships aggregating 349,949 TEU. The Company expects delivery of its last 13,100 TEU vessel by the end of June, at which point its current new building program will be completed. The HYUNDAI SPEED, built at Hyundai Samho Heavy Industries Co. Ltd, has a carrying capacity of 13,100 TEU, is 366 meters long, 48.2 meters wide and has a speed of 24.70 knots. The vessel has already commenced its 12-year time charter with an expected annualized EBITDA run-rate contribution of approximately $18.8 mil.

VSTEP Delivers FMB Simulator to Danaos

Danaos Corporation purchased a NAUTIS DNV Class A FMB Simulator and Instructor Station for training of its fleet members. The simulator will be delivered and installed by VSTEP at Danaos Shipping Co Ltd. Headquarters in Piraeus, Greece. The simulator purchased by Danaos Corporation included a NAUTIS DNV Class A FMB simulator with 240° horizontal field of view and an Instructor Station. It will be used to train navigation and maneuvering with the container vessels of the Danaos fleet.

Danaos Secures Charters for Two Containership Orders

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 Orders Boxships from Chinese Shipyard

Danaos Corporation recently announced that it has signed shipbuilding contracts for four 6,800 TEU vessels with China Shipbuilding Trading Company, Limited. The vessels will be built by the Shanghai Jiangnan Changxing Heavy Industry Company Limited and they are expected to be delivered to Danaos during the second and third quarter of 2010. This new order increases Danaos’ total order-book to 19 containerships with a total carrying capacity of 102,324 TEU or 73% of its current fleet. Also Danaos Corporation announced on March 8th that it has signed an agreement with CMA-CGM to time charter three containerships for a period of 36 months and at a net charter rate of $ 22,950 per day. The charters will commence as of the date when the current employment of these vessels ends in 2007.

Danaos Corporation Reports Q4 & Full Year Results

Athens, Greece, March 17, 2011 – Danaos Corporation ("Danaos") (NYSE: DAC), an international owner of containerships, reported unaudited results for the period ended December 31, 2010. * We took delivery of one 3,400 TEU containership in October 2010, and two more newly built vessels with an aggregate carrying capacity of 13,500 TEU during 2011. * Operating revenues of $100.5 million and $359.7 million for the three months and year ended December 31, 2010, respectively. * Adjusted…

Danaos Corp Share Repurchase Program

Corporation (NYSE: DAC) announced that its Board of Directors has approved a share repurchase program and authorized the officers of the company to repurchase, from time to time, up to 1,000,000 shares of the company's common stock (par value $0.01). Danaos Corporation is an international owner of containerships. It currently has a fleet of 39 containerships, aggregating 156,275 TEUs. (www.danaos.com)

Danaos Takes Delivery of CMA CGM ATTILA

Containership owner Danaos Corporation announced that on July 8, 2011, it took delivery of one more newly built containership, the CMA CGM ATTILA, expanding its operational fleet to 56 containerships aggregating 265,559 TEU. The CMA CGM ATTILA, built at Shanghai Jiangnan Changxing Heavy Industry, has a carrying capacity of 8,530 TEU, is 335 meters long and 42.8 meters wide, and has a speed of 25.80 knots. This large post panamax vessel is the largest containership ever built in China and is the first of a series of 5 vessels due to be delivered to Danaos Corporation until the end of 2011. The CMA CGM ATTILA has commenced its 12-year time charter at a fixed charter rate immediately upon delivery.

Danaos Adds Containership

Danaos Corporation Adds One More 8,530 TEU Containership to its Fleet.   Danaos Corporation, an international owner of containerships, announced that on October 26, 2011, it took delivery of one more newly built containership, the CMA CGM BIANCA, expanding its operational fleet to a total of 58 containerships aggregating 282,619 TEU. The CMA CGM BIANCA, built at Shanghai Jiangnan Changxing Heavy Industry, has a carrying capacity of 8,530 TEU, is 335 meters long, 42.8 meters wide and has a speed of 25.80 knots. The CMA CGM BIANCA has commenced its 12-year time charter at a fixed charter rate immediately upon delivery.

Danaos Re-charters Norasia Hamburg Ahead of 2008 Redelivery

Danaos Corporation has signed an agreement with the United Arab Shipping Corporation to time charter the 3,908 TEU Norasia-Hamburg for a period of 36 months. During the first 12 months of the charter, the charterer has the option to convert the three year charter to a 5 year charter, at lower rate. The charter will begin as of the date when the current employment of this vessel ends in the first quarter of 2008. The Norasia-Hamburg is currently on time charter with CSAV.

Danaos Takes Delivery of 40th Containership

Danaos Corporation (NYSE: DAC) announced on April 8, 2009, that it took delivery of one more containership, the Zim Dalian, expanding its operational fleet to a total of 40 containerships aggregating 161,680 TEU. The Zim Dalian has a carrying capacity of 4,253 TEU, built at Samsung Heavy Industries and was delivered on schedule. It is 853 ft long, 105 ft wide and has a speed of 24.5 knots (about 45 Km/h). The Zim Dalian has already commenced its 12-year time charter at fixed rates immediately upon delivery. (www.danaos.com)

Danaos Sells Vessel for $15.8m

Danaos Corporation announced that on May 20, 2008, it sold the 30-year old Maersk Constantia to an undisclosed and unrelated third party for approximately $15.8 million, booking profits of approximately $9.8 million as a result of this transaction. The Maersk Constantia was one out of four so called big whites that Danaos carried on its fleet on bareboat charter, three of which, including the Maersk Constantia have now been sold. The vessel was already past its depreciable life and was fast approaching its expected scrapping date.

Danaos Upgrades Vessel Sizes

Danaos Corporation agreed with China Shipbuilding Trading Company Limited the upgrading of its earlier order for four 6,800 TEU containerships to four 8,400 TEU vessels and signed the amendments to the relevant shipbuilding contracts. These vessels will be built by the Shanghai Jiangnan Changxing Heavy Industry Company Limited and are expected to be delivered to Danaos during 2010. The total capital expenditure commitment for this project is in the region of $500 million and is expected be financed by existing credit facilities and own funds according to the work in progress schedule under the specific terms of the shipbuilding contracts.

Ince to Advise Danaos on HMM Restructuring

Photo: Danaos Corporation

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.

Danaos Secures Bareboat Charters for Containerships

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 Adds 4,253 TEU Containership

Danaos Corporation (NYSE: DAC) announced that on November 3, 2008, it took delivery of one more containership, the Zim Kingston. The vessel has a carrying capacity of 4,253 TEU, was built by Samsung Heavy Industries and was delivered on schedule. The Zim Kingston has already commenced its 12 year time charter at fixed rates immediately upon delivery. Dr. Coustas, Chief Executive Officer of Danaos, said, "The vessel is chartered at an accretive fixed charter rate which provides Danaos with an effective hedge against market charter rate fluctuations. Danaos Corporation is an international owner of containerships, chartering its vessels to liner companies. It has a fleet of 39 containerships aggregating 156,275 TEUs.

Danaos Takes Delivery of Fifth New Containership

Danaos Corporation, containership owners, announced that on June 29, 2012, it took delivery of its fifth and final 13,100 containership, the HYUNDAI AMBITION, expanding its operational fleet to a total of 64 containerships aggregating 363,049 TEU. The HYUNDAI AMBITION, built at Hyundai Samho Heavy Industries Co. Ltd, has a carrying capacity of 13,100 TEU, is 366 meters long, 48.2 meters wide and has a speed of 24.7 knots. The vessel has already commenced its 12-year time charter with an expected annualized EBITDA run-rate contribution of approximately $18.8 mil. Dr. John Coustas, President and Chief Executive Officer of Danaos, commented…

Danaos Delivers Dry Bulk Vessel

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

Danaos Orders Five Containerships

Danaos Corporation (NYSE: DAC) announced that it has ordered five 12,600 TEU containerships. All five Post Panamax containerships will be built by Hyundai Samho Heavy Industries and are expected to be delivered to Danaos gradually starting from January until August of 2011. Danaos has also arranged for a large international liner company to charter all these vessels for 12 years each, at accretive rates. The deal increases Danaos’ contracted fleet to 32 vessels with a total carrying capacity of 217,421 TEU or 150% of its current fleet. The total contract deal size is approximately $830m and will be financed by funds and debt. For the first full year of operation…

Danaos to Acquire Three Containerships

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.

Danaos Receives Notice of Hanjin Entering into Court Receivership

Dr. John Coustas. Photo: Danaos Corporation

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.

Danaos Bank Restructuring, Refinancing, Sale of Stock

Danaos Corporation (NYSE: DAC), aninternational owner of containerships, announced that it received written commitments from all 14 of its bank lenders agreeing to the terms of Danaos’ previously announced arrangement with its lenders to modify its existing debt obligations and provide new credit facilities. Under the agreed terms, which are subject to final documentation and other conditions, Danaos will receive $426.0 million of new debt financing from existing bank lenders as funding toward its current newbuilding orderbook. Additionally, under Danaos' existing bank debt facilities, representing approximately $3.0 billion of indebtedness…

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.

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