Danaos Secures Fund to Increase Fleet

12 August 2010 (Last Updated August 12th, 2010 18:30)

Danaos Corporation said its bank lenders have agreed to fund $426m to complete a shipbuilding programme. The programme includes 18 container vessels scheduled for delivery in 2012. The company said it will also raise $200m by issuing about 54.05 million shares to help finance th

Danaos Corporation said its bank lenders have agreed to fund $426m to complete a shipbuilding programme.

The programme includes 18 container vessels scheduled for delivery in 2012.

The company said it will also raise $200m by issuing about 54.05 million shares to help finance the construction of the ships aggregating 159,150teu.

Danaos has a fleet of 47 container ships totalling 203,529teu.

The company said it has a bank debt of nearly $3bn, which will be restructured by rescheduling maturities and reducing the interest rate margin.