Danaos Corporation

Danaos Corporation

Traded as	NYSE: DAC
Industry	Shipping
Founded	1972
Founder	Dimitris Coustas
Headquarters	Piraeus, Greece
Area served	Worldwide
Key people	Dr. John Coustas (CEO) Iraklis Prokopakis (COO)
Products	Container Shipping
Revenue	US$451.73 million (2017)[1]
Net income	US$83.90 million (2017)[2]
Total assets	US$2.986 billion (2017)[3]
Total equity	US$548.70 million (2017)[4]
Number of employees	1.145 (2017)[5]
Website	www.danaos.com

Danaos Corporation is a leading international owner of containerships, chartering vessels to many of the world's largest liner companies. Danaos as of June 6, 2013, Danaos has a fleet of 61 container ships aggregating 352,065 TEUs, making it among the largest container ship charter owners in the world.^[6]

Danaos charters its containerships to a geographically diverse group of liner companies, including most of the largest ones globally. Such customers include Hyundai Merchant Marine, CMA-CGM, Hanjin Shipping, Yang Ming, Zim Integrated Shipping Services, Mediterranean Shipping Company, Maersk, Simatech Shipping LLC, COSCO, Hapag-Lloyd, Neptune Orient Lines, Norasia Container Lines Ltd and Wan Hai Lines.^[7]

The headquarters are located in Piraeus Greece, but there is also a Branch Office in Pusan for Technical Support provided by own Riding Team. Moreover, a substantial part of Danaos chartering operations is carried out through Danaos Hamburg office, while the two offices based in Ukraine (Odessa, Mariupol), the one in Russia (St. Petersburg) and the one in Tanzania (Zanzibar), assist Crewing department with the task of globally coordinating manning of Danaos vessels.^[8]

History

Dimitris Coustas born in 1928 and worked professionally in the field of footwear. Managed to create a self-made one shoe industry employed 250 workers. In the early '60s D. Koustas with Nicholas Gregory founded the shipping company Roumeli Shipping and they bought their first vessel, which they named "Amalia". The company in 1966 ran three ships. The year 1970 D. Coustas bought the entire company and within five years has created a fleet of five ships with capacity of 35,000 tons. After the regime change, the company was renamed Danaos Shipping. In 1981, on the eve of the great maritime crisis D. Coustas kept a ship, 'John' (after his son) and proceeded to build three more ships, which were delivered in 1984.^[9]

In 1986 he founded together with his friend Dimitris Theodossiou company Danaos Management Consultants who created innovative and dynamic software navigation, essential for the functioning of companies and ships.^[10]

In 1987 his son, Dr. John Coustas took full control of the company. At that time fleet had only three bulk carriers. Three years later, in 1990, Dr. John Coustas decides to make the big turn. Bought seven containers ships of 2.700 teu, which were leased to the Korean company Hanjin for five years. In 2000 Danaos had 17 ships with a capacity of 720,000 tonnes. In 2003 he commissioned ships 8.100 teu. In 2006 entered the shipping company Danaos on the New York stock exchange market (trades in NYSE under the symbol DAC) and in a few years was able to dominate the field of containers. In 2007 the company had 40 ships, in 2010 51 ships, in 2012 65 ships and today in 2013 a Fleet of 61 vessels.^[11]

Having developed sea transport services throughout its history, Danaos forged a reputation for operational support to liner companies and other charterers throughout the world.^[12]

Fleet

Danaos containerships are deployed under multi-year, fixed-rate time charters that range from one to 18 years for vessels in current fleet, providing stable cash flows and high utilization rates. All containerships have low unscheduled off-hire days, which enhances company's reputation for safety and reliability in the industry. A comprehensive maintenance program is in place to ensure the continued high quality of the fleet.

In 2012, Danaos completed its extensive new-building program that has established the company as one of the largest containership operating lessors in the world. Since going public in 2006, Danaos has more than tripled its TEU carrying capacity, which has grown at a 21% compounded annual growth rate through the end of 2012. Today, Danaos fleet is one of the most modern in the industry and includes some of the largest containerships in the world, which are designed with certain technological advances and customized modifications that make them efficient with respect to both voyage speed and loading capability when compared to many existing vessels operating in the containership sector.^[13]

On December 7, 2012, Danaos received the "Ship of the Year" award at the Lloyd's List Greek Shipping Awards 2012. The prize was awarded for the Hyundai Ambition, a 13,100 TEU containership built at Hyundai Samho Heavy Industries and delivered on June 29, 2012. The Hyundai Ambition is the last of a series of five 13,100 TEU containerships delivered to Danaos in 2012 and chartered to Hyundai Merchant Marine for 12 years. The vessel is fitted with an electronically controlled main engine in compliance with Tier II International Maritime Organization ("IMO") nitrogen oxides ("NOx") emissions standards and the phase II IMO Energy Efficiency Design Index ("EEDI") equipped with turbocharger cut-out measures, and is capable of super slow steaming down to 10% of maximum engine load. It is equipped with an advanced performance monitoring system with on line analysis for power measurement and multi-stations alarm monitoring controls. The vessel has undergone extensive trim optimization tests to enhance its performance and is coated with the latest silyl SPC coatings.^[14]

Hyundai Ambition also has state of the art IT, Communication and Entertainment Systems on board, wired and wireless network offering Internet and Entertainment Systems to all Crew Cabins and messrooms, centralized video and music centre offering private selection of movies and music on board, as well as satellite TV at crew public spaces.^[15] As of June 6, 2013, Danaos has a fleet of 61 container ships aggregating 352,065 TEUs

Departments

• Headquarters: Technical ; R&D ; IT ; HR+T ; Crewing ; Operations ; SQE ; Legal ; Financial ; Treasury ; Administration
• Branch Offices: Chartering (Hamburg) ; Korea Branch Office Technical Support(Pusan) ; Crewing (Odessa, Mariupol, St. Petersburg, Zanzibar)

References

External links

• Danaos Corporation

See also

• List of largest container ships
• Danaus in Greek mythology