Danaos Corporation is an international owner of containerships, chartering
its vessels to many of the world's largest liner companies. We are a corporation
domesticated in the Republic of The Marshall Islands on October 7, 2005, under
the Marshall Islands Business Corporations Act, after having been incorporated
as a Liberian company in 1998 in connection with the consolidation of our assets
under Danaos Holdings Limited. In connection with our domestication in the Marshall
Islands we changed our name from Danaos Holdings Limited to Danaos Corporation.
Our manager, Danaos Shipping Company Limited, or Danaos Shipping, was founded
by Dimitris Coustas in 1972 and since that time it has continuously provided
seaborne transportation services under the management of the Coustas family.
Dr. John Coustas, our chief executive officer, assumed responsibility for our
management in 1987. Dr. Coustas has focused our business on chartering containerships
to liner companies and has overseen the expansion of our fleet from three multi-purpose
vessels in 1987 to the 56 containerships comprising our fleet. In October 2006,
we completed an initial public offering of our common stock in the United States
and our common stock began trading on the New York Stock Exchange. Our principal
executive offices are c/o Danaos Shipping Co. Ltd., 14 Akti Kondyli, 185 45
Piraeus, Greece. Our telephone number at that address is +30 210 419 6480.
We are an international owner of containerships, chartering our vessels to
many of the world's largest liner companies. We had a fleet of 56 containerships
aggregating 334,239 TEUs, making us among the largest containership charter
owners in the world, based on total TEU capacity. Our strategy is to charter
our containerships under multi-year, fixed-rate period charters to a diverse
group of liner companies, including many of the largest such companies globally,
as measured by TEU capacity. As of February 27, 2015, these customers included
China Shipping, CMA-CGM, Hanjin, Hyundai Merchant Marine, Niledutch, MSC, Yang
Ming and ZIM Israel Integrated Shipping Services. We believe our containerships
provide us with contracted stable cash flows as they are deployed under multi-year,
fixed-rate charters with initial terms that range from less than one to 18 years.
Our Fleet
Following the completion of our extensive new-building program, Danaos has
been established as one of the largest containership operating lessors in the
world. Since going public in 2006, we have almost tripled our TEU carrying capacity.
Today, our fleet is one of the most modern in the industry and includes some
of the largest containerships in the world, which are designed with certain
technological advances and customized modifications that make them efficient
with respect to both voyage speed and loading capability when compared to many
existing vessels operating in the containership sector. During 2014 we sold
five of our older vessels, the Marathonas, the Messologi, the Mytilini, the
Commodore and the Duka, and we acquired two secondhand 6,402 TEU containerships
built in 2002, the MOL Performance and the MOL Priority.
We deploy our containership fleet principally under multi-year charters with
major liner companies that operate regularly scheduled routes between large
commercial ports. Our containership fleet was comprised of 54 containerships
deployed on time charters and two containerships deployed on bareboat charter.
The average age (weighted by TEU) of the 56 vessels in our containership fleet
was approximately 6.6 years.
5.39%