Athens, Greece – (COMMERCIAL THREAD) – Danaos Corporation (the “Company”) (NYSE: DAC) announced today that it has exercised its option to acquire the remaining interests in its joint venture Gemini Shipholdings Corporation (“Gemini”). The purchase price for the 51% of Gemini that is not already owned by the Company is $ 86.7 million in cash, while the Company’s net cash outflow will be approximately $ 72.3 million. , being the net purchase price of $ 14.4 million of Gemini’s cash balance as of June 30, 2021.

Gemini has a fleet of five container ships, with a total capacity of 32,531 TEU, each of which is employed on time charter. Contractual coverage of Gemini vessels is 100% for the next 12 months while the weighted average duration of Gemini fleet contracts is 3.8 years, weighted by contractual revenues.

Upon completion of the acquisition, the Company will own 100% of Gemini and consolidate Gemini in its financial results. The consolidation of Gemini will increase the Company’s contractual revenue by approximately $ 160 million and the Company’s contractual EBITDA by approximately $ 117 million in total. Over the next 12 months, all Gemini vessels are employed on time charters and are expected to contribute a contractual EBITDA of $ 31 million through June 30, 2022. Gemini’s total debt and net debt, which will be assumed and consolidated by the company, amounted to $ 45 million. and $ 30.6 million, respectively, as of June 30, 2021.

Gemini has a strong credit and business profile with a Net Debt / EBITDA NTM ratio of 1x and strong contract coverage that provides significant stability and visibility.

Clarksons Platou Securities acted as financial advisor to an independent committee composed only of independent and disinterested members of the board of directors of the company, which approved the transaction.

About Danaos Corporation

Danaos Corporation is one of the largest independent owners of modern large container ships. Our fleet of 65 container ships totaling 403,793 TEUs, including five vessels owned by Gemini Shipholdings Corporation, ranks Danaos among the largest container ship charter owners in the world based on total TEU capacity. Our fleet is chartered to many of the world’s largest shipping lines on fixed rate charters. Danaos Corporation’s shares are listed on the New York Stock Exchange under the symbol “DAC”.

Forward-looking statements

The matters discussed in this press release may constitute forward-looking statements within the meaning of the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements reflect current opinions. by Danaos Corporation. (including subsidiaries, unless the context otherwise requires or the “Company”, “we”, “us” and “our”) with respect to future events and financial performance and may include statements regarding our operations, cash flows, financial condition, including with respect to the value of vessels and other assets, plans, objectives, goals, strategies, future events, performance or business outlook, changes and trends in our business and the markets in which we operate, and underlying assumptions and other statements, which are other than statements of historical fact. The forward-looking statements contained in this press release are based on various assumptions. Although we believed these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you. that we will achieve or achieve those expectations, beliefs or projections. Significant factors which, in our opinion, could cause actual results to differ materially from those discussed in the forward-looking statements include the impact of the novel coronavirus pandemic 2019 (“COVID-19”) and the efforts made in the around the world to contain its spread, including the effects on global economic activity, the demand for sea transport of containerized goods, the ability and willingness of charterers to meet their obligations to us, container ship charter rates , the shipyards carrying out washing facilities, the drydocking and repairs, the change of crew of the vessels and the availability of financing, the effects of its debt refinancing operations, the ability of the Company to obtain the benefits expected from its refinancing operations and to comply with the terms of its credit facilities and other agreements entered into under of this refinancing, the strength of global economies and currencies, market conditions including changes in charter rental rates and vessel values, performance of charter counterparties, changes in demand that may affect the attitude of time charterers towards scheduled and unplanned dry-docking, changes in our operating expenses, including bunker prices, dry-docking and insurance costs, ability to obtain funding and comply with commitments from our funding arrangements, actions taken by regulatory authorities, potential liability for pending or future litigation, national and international political conditions, potential disruption of shipping routes due to accidents and political events or terrorist acts.

The risks and uncertainties are further described in reports filed by Danaos Corporation with the United States Securities and Exchange Commission.

The forward-looking statements and information contained in this announcement are made as of the date hereof and the Company assumes no obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws.



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