Hanjin Heavy receive orders for five 3,400 TEU ships

Danaos Corporation has announced it has ordered five 3,400-TEU vessels valued at 300 million dollars from Hanjin Heavy Industries for delivery November 2009 to June 2010.

"The money for the 23-knot vessels will come from existing credit facilities and the company? own funds paid out?according to the work in progress as specified in the shipbuilding contracts.

Danaos CEO John Coustas said, ?his is one more step in our fleet expansion strategy. We have arranged 10-year charters for all. This will add 400 million dollars to our aggregate contracted revenue of 3.5 billion dollars, increasing it to 3.9 billion dollars.?But Dr. Coustas said Danaos would no longer provide details on charter arrangements because charterers wished to safeguard deployment strategies.

The new orders increase Danaos' total contracted fleet to 28 containerships with an aggregate carrying capacity of 147,524 TEU or 106 percent of its current fleet.

"Following the recent deal we announced with Hanjin Heavy Industries regarding orders for five post-panamax vessels, we now conclude one more deal for five additional panamax vessels? said Dr. Coustas.