Danaos Partners with iMarine Software
The international owner of containerships Danaos Corporation has partnered with iMarine Software, fully integrating the maritime e-procurement solution 'SeaProc eProcurement' platform into their system.Danaos Web Enterprise Suite is a web-enabled maritime software suite that automates all the daily functions of any shipping company, said a press release from the developers of marine information systems.Combining comprehensive maritime domain knowledge with advanced technology expertise…
Verifavia Shipping Leads in EU MRV and IMO DCS IT System Certification
Verifavia Shipping claimed success in the independent certification of IT systems and solutions designed to support compliance with the International Maritime Organisation’s (IMO) Data Collection System (DCS) regulation and European Union (EU) Monitoring Reporting and Verification (MRV).With both regulations now in force, increasing numbers of IT systems are available to assist ship owners and operators in collating and reporting emissions data, all of which need to strictly adhere…
Norton Rose Fulbright, Citibank on USD 2.2bln Danaos Corp Restructuring
Global law firm Norton Rose Fulbright has advised Citigroup and other lenders of Danaos on a $2.2 billion restructuring of NYSE-listed Danaos Corp (DAC), one of the world’s largest independent owners of modern, large-size containerships.Norton Rose Fulbright’s Athens, London and New York offices advised Citigroup and certain other lenders (including China Exim Bank and Eurobank) on new money, take out and refinancing facilities, restructuring support agreements, debt for equity arrangements…
Danaos Corporation Slashes Debt
Danaos Corporation, a leading international owner of containerships, has announced the consummation of its previously announced debt refinancing , significantly strengthening the Company's capital structure and reducing its outstanding debt by approximately USD 551 million.The debt refinancing strengthens the Company's financial position through the significant debt reduction, reset financial and certain other credit facility covenants, modified interest rates and amortization profiles and the extension of existing debt maturities by approximately five years to December 31, 2023.
Danaos Corporation Refinances USD 2.2bln in Debt
Danaos Corporation, a leading international owner of containerships, has reached an agreement with certain of its lenders currently holding approximately $2.2 billion of debt maturing on December 31, 2018, that will significantly strengthen the Company's capital structure and result in a debt reduction of approximately $551 million. Pursuant to a comprehensive debt re-financing agreement (RA) with certain of its lenders, as well as Danaos Investment Limited as Trustee of the 883 Trust (DIL), its largest stockholder, and its manager, Danaos Shipping Co.
Speedcast, Danaos Partner on Maritime Digitalization
Speedcast International Limited, the provider of remote communication and IT solutions, and Danaos Peripherals announced a strategic alliance agreement under which the two companies will combine maritime communications with advanced application management developed by Danaos. Within 2017, the two companies will jointly release a remote and autonomous IT system on board a vessel, leveraging key technologies such as big data analytics, internet of things (IoT) and cyber security.
Full Ahead: New Generation of Carrier Alliances
Full ahead: new generation of carrier alliances and slot/vessel sharing arrangements; SM’s (Bullet) Line; FWE for Hanjin. On April 1, 2017, the new generation of carrier alliances became reality. In the run up to April 1 there was a flurry of activity with ocean carriers entering into arrangements with other carriers in competing alliances and with other carriers not signatory to any of the alliances. The 2M Alliance is an existing alliance made up of Maersk Line and Mediterranean Shipping Company (MSC).
No Operating Income from Hanjin Vessels: Danaos Corporation
Danaos Corporation reports its results for the third quarter of 2016 in the aftermath of the bankruptcy of Hanjin Shipping, one of Danaos' large customers. Danaos' CEO Dr. John Coustas says: "As a result of the bankruptcy, we did not recognize any operating revenues for the vessels that had been chartered to Hanjin during the quarter. As a result of the Hanjin bankruptcy we also recorded a write-off of $15.8 million, representing the outstanding charter hire owed to us by Hanjin as of June 30, 2016.
Ince to Advise Danaos on HMM Restructuring
Ince & Co’s London and Piraeus corporate, finance and shipping teams have advised long-standing client Danaos Corporation on Korean container line Hyundai Merchant Marine Co. (HMM), Ltd.’s US$2.1 billion restructuring. New York Stock Exchange listed Danaos Corporation is a leading international owner of container ships, chartering vessels to many of the world's largest liner companies. The restructuring completed on 23rd July 2016 when HMM issued 151,292,727 new shares to creditors as part of a debt for equity swap.
Is Hanjin Shipping Going Into Court Receivership?
According to a latest report in Korea Times, South Korea's biggest container carrier Hanjin Shipping's efforts to settle the rescheduling deadlines for financing ships and reducing charter fees before the end of July has not yet be resolved. This situation is raising concerns over the possibility that the nation's top shipping line may go into court receivership. Or, Hanjin may get a month's extension from creditor banks of an August 4 deadline of a voluntary restructuring agreement…
Maersk Fights to Stay on top as Containership Downturn Deepens
Denmark's Maersk Line is fighting to remain the world's no.1 container shipping carrier as a wave of mergers and acquisitions, particularly in Asia, creates new challengers trying to grab a bigger share of a depressed market. Maersk itself hasn't made a major acquisition for more than a decade but says it might be open to "the right opportunity", although doubters believe such deals risk accumulating ships without securing enough customers. A unit of oil and shipping group A.P. Moller-Maersk , the line has a 15 percent share of the overall container market.
Greek Shipping Frets Over Higher Taxes
Greece's cash-strapped government is proposing to end increase taxes m the country's key shipping sector in order to boost revenues, but some shipping owners are threatening to move their ships abroad as a result, says a report in BBC. The Greek shipping fleet has since become the biggest in the world, with almost 4,000 ships representing 19% of global shipping capacity. It contributes more than 7% towards the struggling economy, but the country's creditors say it can do more.
Global Maritime take Center Stage @ Danish Forum
The second Annual Danish Maritime Forum, scheduled for October 7-8, 2015, in Copenhagen, brings together a wealth of global maritime leaders to address present and long-term challenges for industry. Discussions at this year’s Danish Maritime Forum are influenced by volatility in global markets and uncertainties about future growth and will focus on how the maritime industry can address these challenges in both the short and long term. Other topical issues will include the New Chinese Silk Road, the global energy outlook and the future of ocean governance.
Impact of Financial Crisis on Greek Shipping
Though international analysts like Morgan Stanley said that the Greek crisis will not have a direct impact on shipping companies, Greek shipping companies listed on U.S. stock exchanges sank on Monday. Greeks have said No to austerity terms imposed by international creditors, which could have led to the releasing a package of fresh financial aid which could help in the long battle to keep Greece afloat. The vast majority of ship-owners and other members of the maritime community…
Danaos Corp. 3Q & 9M Results
Danaos Corporation, a leading international owner of containerships, today reported unaudited results for the period ended September 30, 2014. * Operating revenues of $139.5 million for the three months ended September 30, 2014 compared to $148.4 million for the three months ended September 30, 2013, a decrease of 6.0%. Operating revenues of $411.4 million for the nine months ended September 30, 2014 compared to $441.1 million for the nine months ended September 30, 2013, a decrease of 6.7%.
Delivering a Maritime Single Window
As part of the European Union’s drive to streamline and standardize the reporting formalities for ships arriving in and/or departing from ports of the Member States, it has introduced wide-ranging legislation. EU Directive 2010/65/EU, commonly known as the Reporting Formalities Directive, mandating that Member States must adopt a “Single Window” system as soon as possible and, at the latest, by June 1, 2015. A “Single Window" is a system that allows parties involved in trade and transport to submit once…
Greece's Danaos Maintains Last Year's Profitability
Danaos Corporation reports fourth quarter and full year results for the year ended December 31, 2012. Operating revenues of $151.8 million for the three months ended December 31, 2012 compared to $128.3 million for the three months ended December 31, 2011, an increase of 18.3%. Operating revenues of $589.0 million for the year ended December 31, 2012 compared to $468.1 million for the year ended December 31, 2011, an increase of 25.8%. Adjusted EBITDA1 of $112.4 million for the three months ended December 31…
ILS & Danaos Collaborate on Network Shipping Management Services
Inventory Locator Service sign MOU with Danaos Management Consultants to develop cloud-based procurement & management services. Together the companies will develop a platform called MarineHubsm, a network of companies in the marine industry that will facilitate planned maintenance and procurement of spares for ship owners, managers and suppliers worldwide using cloud technology. George Zdravecky, ILS vice president of Supply Chain Solutions, recently spoke about the benefits of creating such a network at the International Marine Purchasing Association (IMPA) conference in London.
Revenues Up in Danaos' Latest Financial Report
Greece-based container ship owners, Danaos Corp., reports Q3 & nine months results for period ended September 30, 2012. Operating revenues of $156.3 million for the three months ended September 30, 2012 compared to $126.0 million for the three months ended September 30, 2011, an increase of 24.0%. Operating revenues of $437.2 million for the nine months ended September 30, 2012 compared to $339.8 million for the nine months ended September 30, 2011, an increase of 28.7%. Adjusted EBITDA1 of $116.2 million for the three months ended September 30…
Greek Containership Owners, Danaos, Report Growth
Danaos Corporation reports (unaudited) Second Quarter and Half Year results for the period ended June 30, 2012. • Operating revenues of $146.7 million for the three months ended June 30, 2012 compared to $114.8 million for the three months ended June 30, 2011, an increase of 27.8%. Operating revenues of $280.9 million for the six months ended June 30, 2012 compared to $213.8 million for the six months ended June 30, 2011, an increase of 31.4%. • Adjusted EBITDA1 of $106.7 million for the three months ended June 30…
Danaos Adds Containership
Danaos Corporation, a leading international owner of containerships, announced that on February 28, 2012, it took delivery of one more newly built containership, the CMA CGM MELISANDE, expanding its operational fleet to a total of 61 containerships aggregating 312,779 TEU. The CMA CGM MELISANDE, built at Shanghai Jiangnan Changxing Heavy Industry has a carrying capacity of 8,530 TEU, is 335 meters long, 42.8 meters wide and has a speed of 25.80 knots. The CMA CGM MELISANDE has begun its 12-year time charter at a fixed charter rate immediately upon delivery.
Greeces's Danaos Reports 2011 Results
Greek-based containership owner Danaos Corporation (NYSE: DAC) reported unaudited results for the quarter and full year ended December 31, 2011. - Operating revenues of $128.3 million for the three months ended December 31, 2011 compared to $100.5 million for the three months ended December 31, 2010, an increase of 27.7%. - Operating revenues of $468.1 million for the year ended December 31, 2011 compared to $359.7 million for the year ended December 31, 2010, an increase of 30.1%.
Danaos Adds Containership to Fleet
Danaos Corporation (NYSE: DAC), took delivery of a new containership, the CMA CGM SAMSON, expanding its operational fleet to a total of 59 containerships aggregating 291,149 TEU. The CMA CGM SAMSON, built at Shanghai Jiangnan Changxing Heavy Industry has a carrying capacity of 8,530 TEU, is 335 meters long, 42.8 meters wide and has a speed of 25.80 knots. The CMA CGM SAMSON has commenced its 12-year time charter at a fixed charter rate immediately upon delivery.
Danaos Adds 8,530 TEU Containership
Danaos Corporation (NYSE: DAC) on August 22, 2011 took delivery of a new containership, the CMA CGM TANCREDI, expanding its operational fleet to a total of 57 containerships aggregating 274,089 TEU. The CMA CGM TANCREDI, built at Shanghai Jiangnan Changxing Heavy Industry has a carrying capacity of 8,530 TEU, is 335 meters long, 42.8 meters wide and has a speed of 25.80 knots. The CMA CGM TANCREDI has commenced its 12-year time charter at a fixed charter rate immediately upon delivery. The annualized EBITDA run-rate contribution of the vessel is expected to be approximately $12.7 mil.
Danaos Adds Two More Newbuilds to Fleet
Danaos Corporation (NYSE: DAC), on May 17, 2010 and May 19, 2010, took delivery of two newly built containerships, the CMA CGM Nerval and the YM Mandate, expanding its operational fleet to a total of 44 containerships aggregating 190,229 TEU. The CMA CGM Nerval, built at Sungdong Shipbuilding & Marine Engineering and the YM Mandate, built at Hanjin Heavy Industries & Construction Co. have both a carrying capacity of 6,500 TEU, are 984 ft long, 131 ft wide and have a speed of 25,60 knots.
Danaos Appoints Chatzis as CFO
Danaos Corporation (NYSE: DAC), an owner of containerships, announced that the Board of Directors of the Company has appointed Evangelos Chatzis to the position of Chief Financial Officer, effective July 22, 2011. Chatzis has more than 16 years of experience in corporate finance and the shipping industry and has been with Danaos since early 2005 where he has served as Treasurer and Deputy Chief Financial Officer. During his years with Danaos he has been actively engaged in the company's financial management…