Enter your email address:

Delivered by FeedBurner

feedburner count

Thursday, April 30, 2009

Danaos delays delivery of 15 boxship newbuilds

By Marcus HDanaos delays delivery of 15 boxship newbuilds and in Singapore - Wednesday 29 April 2009


GREEK containership owning company Danaos has delayed the delivery of 15 newbuildings from Chinese and Korean shipbuilders.
In its quarterly results announcement, Danaos said that it had agreed with China Shipbuilding and Trading to delay the delivery of a quintet of 8,350 teu vessels by 200 days each on average.
The company has also agreed with Hanjin Heavy Industries & Construction to delay the delivery of 10 containerships by about three months each, comprising five 6,500 teu vessels and five 3,400 teu vessels.
The shipowner is now expecting to take delivery of six vessels this year; 12 in 2010, although three due in December 2010 may be delivered the following year; and another 11 in 2011.
Should the three vessels due to be delivered in December 2010 be delivered in 2011, annual capital expenditure will be roughly $465m for the remainder of this year, $875m in 2010 and $785m in 2011.
Danaos has a total of 29 boxship newbuildings on order.
“We wish to reiterate that our vessels, both operating and those under construction, are under long time charters with some of the largest counterparties in the shipping industry. Although the current economic conditions are presenting everybody in our trade with new challenges, our chartering arrangements do not allow for unilateral modification of the prevailing terms,” said Danaos chief executive John Coustas.
Danaos reported a net profit of $20m for the first quarter of 2009, compared to $25.9m in the same period a year earlier.