Danaos secured fresh funding of $818 million to complete a comprehensive financial restructuring of the charter container shipowner.
As a result, the Athens-based company listed on the New York Stock Exchange has fully funded its construction program of 13 container ships with an aggregate capacity of 129,250 20-foot equivalent units scheduled for delivery up to mid-2012.
Danaos, which earned a slim profit in the fourth quarter but lost $102.3 million for the year on revenue of $359.7 million in 2010, is one of the world's largest container shipowners with a fleet of 52 vessels with a combined capacity of 233,429 TEUs.
The fresh financing includes $203 million from a consortium led by the Export-Import Bank of China, $190 million of vendor finance and $425 million from a consortium of 14 existing lenders.
"After a long period of negotiations Danaos is now back on track to continue with its growth strategy," said Danaos CEO John Coustas.
"What made this outcome possible was the commitment of the management and the faith that our lenders and partners have shown in us."
The strength of the container market combined with strong fundamentals further solidified the company's position, Coustas said.
-- Contact Bruce Barnard at firstname.lastname@example.org.