Danaos secures 18 year charters for new container ships
And delivers bulk carrier to Shanghai Time Shipping

Danaos Corporation (NYSE: DAC) today announced that it 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.

"We are increasing our contracted revenues and further strengthening the visibility of our earnings" said Dr. Coustas, Chief Executive Officer of Danaos. "Following the recent deal we announced with Hanjin Heavy Industries regarding orders for five Post- Panamax vessels and the immediate chartering of three of these vessels for a period of 15 years each, we are now happy to announce the chartering of the remaining two 6,500 TEU containerships for a period of 18 years each on a bareboat basis, which actually eliminates any operational expense risk. This chartering will increase our aggregate contracted revenue to approximately $ 4.2 billion in total".


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 138,931 TEUs ranks Danaos among the largest containership charter owners in the world based on total TEU capacity.