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Danaos Corporation Announces Formation Of Joint Venture And Acquisition Of 3 Containerships

The following excerpt is from the company's SEC filing.

Athens, Greece, September 23, 2015 Danaos Corporation (NYSE: DAC), one of the worlds largest independent owners of containerships, announced today the acquisition of three vessels through a newly-formed joint venture, capitalizing on depressed asset prices in the resale market.

The vessels were acquired by Gemini Shipholdings Corporation, a newly-formed entity (Gemini) beneficially owned by Danaos and its largest stockholder. Danaos initial 49% ownership interest in Gemini was acquired through an investment of $7.35 million.

The vessels acquired are:

The 6,422 TEU

NYK Lodestar,< br>
built in 2001 at Samsung Heavy Industries, which has already commenced a 2 year time charter with NYK.

The 5,610 TEU

Suez Canal

, built in 2002 at Hyundai Heavy Industries, which is on a 7 year bareboat charter to Gemini with a purchase obligation at the end of the charter.

The 5,544 TEU


built in 2002 at Imabari Shipbuilding, which is on a 7 year bareboat charter to Gemini with a purchase...