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Marine Log

December 10, 2007

Danaos orders three at Hyundai Samho

Athens-headquartered Danaos Corporation (NYSE:DAC) has ordered three 10,100 TEU containerships. They will be built by Hyundai Samho Heavy Industries with deliveries set for January, February and March of 2011.

Danaos reports that a large international liner company is to charter the trio for 12 years each, at accretive rates.

The deal takes the Danaos contracted fleet of newbuildings to 34 ships with a total carrying capacity of 243,468 TEU or 160% of its current fleet.

Danaos says the total contract deal size for these three vessels is approximately $450 million and will be financed by own funds and debt. Upon delivery, this three vessel block addition to Danaos' fleet of containerships is expected to contribute annually approximately $ 51 million of additional EBITDA.

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