• 2018 June 21 16:02

    Danaos Corporation announces comprehensive debt refinancing agreement

    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. Ltd., the Company will strengthen its financial position through a significant debt reduction, resetting of financial and certain other covenants in credit facilities, modified interest rates and amortization profiles and an extension of existing debt maturities by approximately five years to December 31, 2023. The closing of the transaction is subject to definitive documentation and certain closing conditions and commitments by the Company and DIL.

    In connection with this debt refinancing, the Company will issue 99,342,271 new shares of Danaos common stock to certain of the Company's lenders, which will represent 47.5% of the Company's outstanding common stock after giving effect to such issuance and will dilute existing shareholders ratably.

    DIL has made various financial and operational commitments as part of the contemplated refinancing transactions, including a commitment to make a further capital contribution to the Company at completion for which it will receive no additional shares. Danaos Investment Limited, will remain the Company's largest stockholder following completion of the transaction.

    The transactions contemplated by the RA, which are subject to final documentation and other conditions, are expected to be consummated by July 31, 2018.

    The RA and the transactions contemplated thereby were approved by the Company's Board of Directors, upon the recommendation of an independent committee comprised solely of independent and disinterested members of the Company's Board of Directors, which was advised by an independent financial advisor and independent counsel.

    About Danaos Corporation
    Danaos Corporation's fleet of 59 containerships aggregating 352,600 TEUs, including four vessels owned by Gemini Shipholdings Corporation, a joint venture, ranks Danaos among the largest containership charter owners in the world based on total TEU capacity.




2018 July 18

18:31 Naval Group posts H1 2018 performance results
18:00 BC Ferries announces sponsorship of the Nicholas Sonntag Marine Education Centre
17:36 DP World announces closing of Continental Warehousing Corporation (India) transaction
17:12 Marine Technics to participate in International Far East Maritime Show-2018
16:44 Oleg Bukin elected as Chairman of Tuapse Commercial Seaport BoD
16:23 Transocean and Chevron Australia ink 11-well contract
15:45 Stena Bulk positions itself in crude oil
15:19 Transocean announces 13-well contract for Transocean 712
14:57 AGCS issued Safety & Shipping Review 2018
14:43 Scandlines Helsingborg-Helsingör kicks off the holiday traffic season without delay
14:18 Intermarine UK promotes Portland Port to Government minister
14:00 Szczecin to become the capital of Baltic seaports in September
13:31 OHT to order ULSTEIN-designed heavy lift transport and installation vessel
12:59 Ports of Szczecin and Świnoujście announce 12-pct increase of cargo handling in HI’18
12:22 Dorian LPG confirms receipt of director nominations from BW LPG
11:50 Throughput of Ukraine’s seaports in HI’18 fell by 3.1% Y-o-Y to 53.8 million tonnes
11:25 TTS Colibri 3D compensated crane passes FAT
11:03 Overseas Shipholding Group places order for cemical tanker duo with Hyundai Mipo Dockyard
10:41 Yaroslavsky Shipbuilding Plant launches Svetlyak-class patrol boat Balaklava
10:32 Brent Crude futures price down 0.35% to $71.91, Light Sweet Crude – down 0.36% to $66.92
10:16 ICS encouraged by IMO progress on 2020 global sulphur cap implementation issues
09:59 Bunker prices continue going down at the Port of Saint-Petersburg, Russia (graph)
09:40 Throughput of Russian seaports in 6M’18 grew by 2.8% Y-o-Y to 394.8 million tonnes (detalization)
09:16 Baltic Dry Index up to 1,721 points

2018 July 17

18:24 North P&I Club and 24Vision ink partnership agreement
18:07 Lockheed Martin awarded Navy's contract worth more than $450 million in FMS funding for MMSC project
17:55 TransContainer announced its operating results for the second quarter and the first half of 2018
17:27 Equinor buys shares for use in the group's Share saving plan
17:11 Vigor Marine LLC gets Navy's contract for USNS Mercy mid-term availability
16:56 Okskaya Sudoverf puts into operation Belmax 4, fourth non-self-propelled barge of Project ROB20
16:34 Prosafe awarded important contract in Brazil
15:47 Orsted opts for Tekmar's CPS for Borssele 1 and 2 offshore wind farm projects
15:28 Port of Rotterdam places a bee colony in the port area
14:44 Baltic Ports Conference 2018 will focus on financing, economy and energy supply
14:23 Jan De Nul launches ultra-low emission vessel Diogo Cão in China
13:41 Severnaya Verf will lay down a longline factory vessel Gandvik-1 on July 20
13:16 Tidewater and GulfMark to combine to create global offshore leader
12:48 Containership MOL Truth earned 'Ship of the Year 2017'
12:19 15,000 TEU container ship “Afif” named in London Gateway
11:27 Huntington Ingalls begins post-delivery work on USS Gerald R. Ford (CVN 78)
11:17 Boskalis secures contract of total value of $65 million
10:53 Fuel oil prices are flat at the Far East ports of Russia (graph)
10:29 ABS to class FSRU for Turkey’s oil and gas distributor
10:00 Brent Crude futures price up 0.28% to $72.04, Light Sweet Crude – down 0.01% to $67.06
09:14 Baltic Dry Index up to 1,695 points

2018 July 16

18:31 APL adds port calls to West Asia Express Service
18:16 Diana Shipping announces signing and drawdown of a US$75M Term Loan Facility with BNP Paribas
17:55 Director Kopczynska addresses WMU students and faculty on maritime Europe
17:40 Great Lakes announces receipt of $70 million San Jacinto award
17:33 Bollinger Shipyards commits USCG icebreaker program to Florida
17:31 New vehicle terminal announced at the Port of Southampton
17:18 Hapag-Lloyd hikes rates for East Asia-Arabian Gulf trade
17:08 ING Bank signed a USD 80 million syndicated loan agreement with NIBULON
16:43 Minimum training standards for fishers under review
16:25 USCG rescues 7 people from capsized boat near Horn Island
16:20 Port of Antwerp sets new records with best half year ever
15:56 Freeport of Riga showed good growth in the first half of 2018
15:32 Maersk Drilling secures two contract extensions in the North Sea
15:19 Container throughput of port Hong Kong (China) down 3.6% to 9.88 million TEUs in Jan-June’18
15:03 Van Oord will acquire MPI Offshore