Danaos Corporation Announces Completion of New-building Program with the Addition of the Fifth and Final 13,100 TEU Vessel to its Fleet
News Release
Danaos Corporation (Head Office)
July 13, 2012
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<DIV>Athens, Greece, July 9, 2012 - Danaos Corporation (NYSE: DAC), a leading
international owner of containerships, 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. <BR><BR>Dr. John Coustas, President and Chief Executive
Officer of Danaos, commented: <BR><BR>"We are proud to announce the landmark
completion of our new-building program that has established Danaos as one of the
largest and most reliable containership operating lessors in the world with a 64
vessel fleet and a 363,049 TEU carrying capacity. <BR><BR>"Since going public in
2006 we have more than tripled our TEU carrying capacity, which has been growing
at a 21% Compounded Annual Growth Rate. Today, Danaos has one of the most modern
fleets in the industry that includes some of the largest containerships in the
world. <BR><BR>"At the same time, our $5.4 billion of contracted revenues for
the coming years ensures earnings and cash flow visibility with significant
downside protection, safeguarding returns for our shareholders across the
economic cycle. <BR><BR>"Our ambitious growth strategy, executed to a large
extent during one of the most challenging periods in economic history has been
transformative for the Company and is proof of the resilience of our business
model. This growth will now be translated in bottom line results while we will
focus to transform these results into increased value for our shareholders."
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<DIV>Athens, Greece, July 9, 2012 - Danaos Corporation (NYSE: DAC), a leading
international owner of containerships, 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. <BR><BR>Dr. John Coustas, President and Chief Executive
Officer of Danaos, commented: <BR><BR>"We are proud to announce the landmark
completion of our new-building program that has established Danaos as one of the
largest and most reliable containership operating lessors in the world with a 64
vessel fleet and a 363,049 TEU carrying capacity. <BR><BR>"Since going public in
2006 we have more than tripled our TEU carrying capacity, which has been growing
at a 21% Compounded Annual Growth Rate. Today, Danaos has one of the most modern
fleets in the industry that includes some of the largest containerships in the
world. <BR><BR>"At the same time, our $5.4 billion of contracted revenues for
the coming years ensures earnings and cash flow visibility with significant
downside protection, safeguarding returns for our shareholders across the
economic cycle. <BR><BR>"Our ambitious growth strategy, executed to a large
extent during one of the most challenging periods in economic history has been
transformative for the Company and is proof of the resilience of our business
model. This growth will now be translated in bottom line results while we will
focus to transform these results into increased value for our shareholders."
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