Danaos Corporation Adds a New 4,253 TEU Containership to Its Fleet: Financial News

Danaos Corporation Adds a New 4,253 TEU Containership to Its Fleet
Tuesday November 4, 2008 4:05 pm ET

ATHENS, GREECE--(MARKET WIRE)--Nov 4, 2008 -- Danaos Corporation (NYSE:DAC - News) announced that yesterday, November 3, 2008, it took delivery of one more containership, the Zim Kingston. The vessel has a carrying capacity of 4,253 TEU, was built by Samsung Heavy Industries and was delivered on schedule. The Zim Kingston has already commenced its 12 year time charter at fixed rates immediately upon delivery.

"We enthusiastically welcome the latest delivery," said Dr. Coustas, Chief Executive Officer of Danaos. "We are pleased to have taken delivery, of our latest containership from Samsung Heavy Industries. The vessel has already commenced its 12 year time charter with Zim Line, one of the largest containership liner companies in the world. The vessel is chartered at an accretive fixed charter rate which provides Danaos with an effective hedge against market charter rate fluctuations. We expect that this addition to our fleet, along with another 31 vessels currently on order will contribute substantially to our distributable cash flow and net earnings and will continue to support a solid base for our dividend policy while boosting shareholder value."

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 39 containerships aggregating 156,275 TEUs ranks Danaos among the largest containership charter owners in the world based on total TEU capacity. Danaos is the largest US listed containership company based on fleet size. Furthermore, the company has a contracted fleet of 31 additional containerships aggregating 230,709 TEU with scheduled deliveries up to 2011. The company's shares trade on the New York Stock Exchange under the symbol "DAC."

Visit our website at www.danaos.com.