Contact Information: For further information please contact: Company Contact: Dimitri Andritsoyiannis Chief Financial Officer Danaos Corporation Athens, Greece Tel: +30 210 419 6481 E-Mail: cfo@danaos.com Iraklis Prokopakis Chief Operating Officer Danaos Corporation Athens, Greece Tel. +30 210 419 6400 E-Mail: coo@danaos.com Investor Relations and Financial Media: Nicolas Bornozis President Capital Link, Inc. New York Tel. 212-661-7566 E-Mail: nbornozis@capitallink.com
Danaos Corporation Delivers Two Dry Bulk Vessels to Shanghai Time Shipping Co. LTD
| Source: Danaos Corporation
ATHENS, GREECE -- (MARKET WIRE) -- January 11, 2007 -- Danaos Corporation (NYSE : DAC ) today
announced that during the course of this week it 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 $50.5 million 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.
Dr. Coustas, Chief Executive Officer of Danaos Corporation, commented: "The
delivery of these two drybulk vessels is part of the final chapter to a
most profitable investment of Danaos. With an aggregate acquisition price
of $24.5 million back in 2002, these two vessels are now sold for a profit
of approximately $31 million. Our investment in the dry shipping sector has
been from the beginning an opportunistic one that also proved to be very
profitable. We are a containership owner with an extensive new building and
delivery program for the next three years. The proceeds of this sale will
be used to finance the deliveries of new additions to our containership
fleet scheduled for 2007."
About Danaos Corporation
Danaos Corporation is an international owner of containerships, chartering
its vessels to many of the world's largest liner companies. Its current
fleet of 31 containerships aggregating 140,137 TEUs ranks Danaos among the
largest containership charter owners in the world based on total TEU
capacity. Danaos is the largest US listed containership company based on
fleet size and market capitalization. Furthermore, the company has on order
15 additional containerships aggregating 75,124 TEU with scheduled
deliveries up to the end of 2009. The company's shares trade on the New
York Stock Exchange under the symbol "DAC."
Visit our website at www.danaos.com