Greek ship owner Danaos Corp. has entered the market for mega-containerships with a $830 million order for five 12,600-TEU vessels from Hyundai Samho Heavy Industries.
The ships will be delivered to the New York Stock Exchange listed company from January until August of 2011.
Danaos said that it has arranged 12-year charter deals for all of the vessels at accretive rates with "one of the largest liner companies in the world."
In the first full year of operation, Danaos expects the five ships combined to contribute approximately $92 million of net earnings before interest, un-drawn credit facility fees, taxes, depreciation and amortization of deferred dry-docking charges and financing fees.
The deal increases Danaos contracted fleet to 32 vessels with a total carrying capacity of 217,421 TEUs.
"We have ordered the largest size containerships available," said John Coustas, Danaos' chief executive officer. "With this order Danaos is reaffirming its position as one of the major players in the containership market worldwide. Our contracted revenue has now reached $6.5 billion."
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