Danaos buys three containerships from Maersk
Danaos Enters into agreement to acquire three containerships expanding its fleet to 31 vessels Co announces it has signed contracts to acquire three 4,814 TEU vessels from A.P. Moller-Maersk Group. These vessels, the MC Kinney Maersk, the Mayview Maersk and the Madison Maersk, were delivered to A.P. Moller-Maersk Group from the Odense Staalskibsverft shipyards in 1991. Upon delivery to the co these vessels will be renamed to Maersk Marathon, Maersk Messologi and Maersk Mytilini respectively. The acquisition cost will be $43.15 mln per vessel and they are expected to be delivered to the co on Dec 11, Dec 17, and Dec 21, 2006 respectively. Furthermore, the co has on order 15 additional containerships aggregating 75,124 TEU with scheduled deliveries up to the end of 2009. Each new vessel is expected to contribute, in the first twelve months following acquisition, approx $8.4 mln in incremental revenues and approx $6 mln in incremental EBITDA. "This acquisition will be immediately accretive to cash flow upon vessel delivery. "