Danaos Corporation Re-charters the Norasia Hamburg Ahead of 2008 Redelivery

Athens, Greece, July 16, 2007 – Danaos Corporation (NYSE: DAC) today announced that it has signed an agreement with the United Arab Shipping Corporation to time charter the 3,908 TEU Norasia-Hamburg for a period of 36 months. During the first 12 months of the charter, the charterer has the option to convert the three year charter to a 5 year charter, at lower rate. The charter will commence as of the date when the current employment of this vessel ends in the first quarter of 2008. The Norasia-Hamburg is currently on time charter with CSAV.