ATHENS, GREECE -- (MARKET WIRE) -- February 7, 2007 -- Danaos Corporation (NYSE: DAC) today
announced that during the course of the last week it delivered the bulk
carrier Dimitris C to Shanghai Time Shipping Co. LTD according to schedule.
The delivery of this drybulk vessel to their new owners brought net
proceeds of $21.8 million to Danaos, while Danaos expects to book a profit
for this part of the sale of $13.8 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 three remaining drybulk carriers during the first half of 2007,
in line with the existing agreement. Further, Danaos Corporation also
announced that APL has declared their purchase option regarding the APL
Scotland and APL Holland according to their existing agreement with Danaos.
Danaos Corporation now expects to sell these vessels back to APL at the end
of their respective charter on or about June 15 and July 20, 2007
respectively for a total of $88 million.
Dr. Coustas, Chief Executive Officer of Danaos, commented: "We have
successfully delivered to their new owner another drybulk vessel as part of
the sale agreement with Shanghai Time Shipping Co. With an acquisition
price of $10.9 million back in 2002, this vessel is now sold for a profit
of $13.8 million. The expected delivery of three of our vessels to APL in
2007, following the declaration of the purchase options attached to them --
which include the APL England for which the option was declared in 2006 --
will bring to our company another $132 million. The expected additions of
four new containerships, scheduled for 2007, all of which are already
chartered for 12 years each, will lower the average age and increase the
average time charter duration profile of our fleet while at the same time
increasing our revenues. The proceeds of these sales will be used to partly
finance our extensive new building and delivery program we already have in
place for the next three years. The company expects to continue enjoying a
low leverage balance sheet which provides us with effective ammunition for
further accretive growth."
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
Contact Information: For further information please contact:
Company Contacts:
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