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Marine Log

June 9, 2008

Danaos sells 30 year old box ship for $15.8 million

Athens-headquartered Danaos Corporation (NYSE:DAC) today announced that on May 20, 2008, it sold the 30-year-old Maersk Constantia to an undisclosed and unrelated third party for approximately $15.8 million, booking profits of approximately $9.8 million as a result of this transaction.

The Maersk Constantia (originally the SA Waterberg) was one out of four Safmarine "Big Whites" that Danaos carried on its fleet on bareboat charter, three of which, including the Maersk Constantia, have now been sold. The vessel was already past its depreciable life and was fast approaching its expected scrapping date.

Safmarine announced last November that the Big Whites (the others are the SA Helderberg, SA Winterberg and SA Sederberg and SA Waterberg (presently Maersk Constantia) would bow out from its fleet during 2007/2008.

The four containerships had been on bare-boat charter to Safmarine since 2002 when Safmarine sold them for an undisclosed sum to overseas owners before chartering them back.

Built in French yards in the 70s the ships boasted several features not common in cargo ships at the time, including stabilizers, twin engines, air conditioning and extensive capacity for perishable cargo.

Safmarine is currently part-way through an extensive fleet renewal programme and will take delivery of seven new, owned vessels in 2008. These include two Hanjin-built 6,160 TEU post-Panamax ships that Safmarine has dubbed "Mega Whites."

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