Greece: Danaos Corporation Takes Delivery of New Containership

Danaos Corporation, a leading international owner of containerships, announced that on August 22, 2011, it took delivery of one more newly built containership, the CMA CGM TANCREDI, expanding its operational fleet to a total of 57 containerships aggregating 274,089 TEU.

The CMA CGM TANCREDI, built at Shanghai Jiangnan Changxing Heavy Industry has a carrying capacity of 8,530 TEU, is 335 meters long, 42.8 meters wide and has a speed of 25.80 knots. The CMA CGM TANCREDI has commenced its 12-year time charter at a fixed charter rate immediately upon delivery. The annualized EBITDA run-rate contribution of the vessel is expected to be approximately $12.7 mil.

Iraklis Prokopakis, Senior Vice President and Chief Operating Officer of Danaos commented: “We are pleased to announce the addition of one more large post-panamax containership to our fleet, implementing our strategy of forming one of the largest independent containership companies worldwide. Over the next 3 quarters, we shall take delivery of our remaining 8 newbuilding containerships with carrying capacity in excess of 90,000 TEU. All of them are capable of being fuel efficient in all speed ranges from super slow steaming up to maximum power, and all have 12 year charters in place. We are steadily heading towards transforming the already strong and increasing cash flows into bottom line results, firmly on course to creating value for our shareholders.”

About Danaos Corporation

Danaos Corporation is an international owner of containerships, chartering its vessels to many of the world’s largest liner companies. Our current fleet of 57 containerships aggregating 274,089 TEUs ranks Danaos among the largest containership charter owners in the world based on total TEU capacity. Danaos is one of the largest US listed containership companies based on fleet size. Furthermore, the company has a contracted fleet of 8 additional containerships aggregating 91,090 TEU with scheduled deliveries up to 2012. The company’s shares trade on the New York Stock Exchange under the symbol “DAC”.

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Source: Danaos Corporation, August 23, 2011.