Danaos Corporation receives notice that counterparty has entered into Court receivership
Danaos Corporation, one of the world's largest independent owners of containerships, has received notice that Hanjin Shipping Co. Ltd. ("Hanjin") has filed for receivership with the Seoul Central District Court and requested that the court freeze its assets. Danaos currently charters eight of its vessels to Hanjin on long term, fixed rate time charters. The time charters associated with these vessels represent approximately $560 million of Danaos' $2.8 billion contracted revenue backlog as of June 30, 2016. The vessels contracted to Hanjin include three 10,100 TEU vessels built in 2011 and five 3,400 TEU vessels built in 2010 and 2011.
About Danaos Corporation
Danaos Corporation is one of the largest independent owners of modern, large-size containerships. Danaos current fleet of 59 containerships aggregating 353,586 TEUs, including four vessels owned jointly with Gemini Shipholdings Corporation, is predominantly chartered to many of the world's largest liner companies on fixed-rate, long-term charters. Danaos Corporation's shares trade on the New York Stock Exchange under the symbol "DAC".