Danaos Corporation Announces Cancellation of Three Newbuildings
News Release
Danaos Corporation (Head Office)
May 28, 2010
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<DIV>Athens, Greece, May 26, 2010 - Danaos Corporation (NYSE: DAC), a leading
international owner of containerships, announced that it has entered into an
agreement with Hanjin Heavy Industries & Construction Co. Ltd. to cancel
three 6,500 TEU newbuilding containerships, initially expected to be delivered
in the first half of 2012. The agreement has been reached with the consent of
Yang Ming Line who was the charterer of these vessels. Danaos is building
another 6 large containerships with Hanjin Heavy Industries and Construction Co.
Ltd. all of which are fully funded by already committed loan facilities from
various commercial banks. The cancellation forms part of an overall plan to
address the total capex funding needs. <BR clear=all><BR
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<DIV>Athens, Greece, May 26, 2010 - Danaos Corporation (NYSE: DAC), a leading
international owner of containerships, announced that it has entered into an
agreement with Hanjin Heavy Industries & Construction Co. Ltd. to cancel
three 6,500 TEU newbuilding containerships, initially expected to be delivered
in the first half of 2012. The agreement has been reached with the consent of
Yang Ming Line who was the charterer of these vessels. Danaos is building
another 6 large containerships with Hanjin Heavy Industries and Construction Co.
Ltd. all of which are fully funded by already committed loan facilities from
various commercial banks. The cancellation forms part of an overall plan to
address the total capex funding needs. <BR clear=all><BR
clear=all></DIV></BODY></HTML>