Britain To Build A ‘National Flagship’ To Promote Maritime Trade
by Alistair Smout (Reuters) – Britain is to build a new flagship to promote its business and trade interests around the world, the government said on Saturday, in a move it...
ATHENS – Greek containership owner, Danaos Corporation (NYSE: DAC), announced today that on June 29, 2012, it took delivery of its fifth and final 13,100 containership, the HYUNDAI AMBITION, expanding its operational fleet to a total of 64 containerships aggregating 363,049 TEU.
The HYUNDAI AMBITION, built at Hyundai Samho Heavy Industries Co. Ltd, has a carrying capacity of 13,100 TEU, is 366 meters long, 48.2 meters wide and has a speed of 24.7 knots. The vessel has already commenced its 12-year time charter with an expected annualized EBITDA run-rate contribution of approximately $18.8 million.
Dr. John Coustas, President and Chief Executive Officer of Danaos, commented:
“We are proud to announce the landmark completion of our new-building program that has established Danaos as one of the largest and most reliable containership operating lessors in the world with a 64 vessel fleet and a 363,049 TEU carrying capacity.
Since going public in 2006 we have more than tripled our TEU carrying capacity, which has been growing at a 21% Compounded Annual Growth Rate. Today, Danaos has one of the most modern fleets in the industry that includes some of the largest containerships in the world.
At the same time, our $5.4 billion of contracted revenues for the coming years ensures earnings and cash flow visibility with significant downside protection, safeguarding returns for our shareholders across the economic cycle.
Our ambitious growth strategy, executed to a large extent during one of the most challenging periods in economic history has been transformative for the Company and is proof of the resilience of our business model. This growth will now be translated in bottom line results while we will focus to transform these results into increased 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. Their current fleet of 64 containerships, aggregating 363,049 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. The company’s shares trade on the New York Stock Exchange under the symbol “DAC.”
Join the 70,446 members that receive our newsletter.
Have a news tip? Let us know.