Danaos Corporation (NYSE: DAC) a leading international owner of containerships, recently announced that it has now obtained waivers covering all prior breaches of financial covenants in its credit facilities as well as any subsequent breaches of these covenants until October 1, 2010.
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Danaos Corporation also announced that the charterer of six of its containerships, Zim Integrated Shipping Services Ltd., has stated that it is reducing, unilaterally, all of its long-term charterhire payments to ship-owners by 35% commencing September 1, 2009 and for an indicated period of three years. Danaos has not accepted this offer, nor acquiesced to this reduction, and it is in discussions with Zim and evaluating the situation. The vessels that Danaos charters to Zim are currently operating under 12-year time charters. Zim is not a charterer of any of Danaos' newbuilding containerships. Danaos Corporation is an international owner of containerships, chartering its vessels to many of the world's largest liner companies. Our current fleet of 41 containerships aggregating 165,933 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 28 additional containerships aggregating 217,950 TEU with scheduled deliveries up to 2012. The company's shares trade on the New York Stock Exchange under the symbol "DAC."
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