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Danaos in talks for financing on 26 newbuildings at Asian yards

New York: Containership owner Danaos Corp is in discussions with banks, shipyards and export credit agencies over financing for 26 newbuildings it has on order at Asian yards. John Coustas ceo of Danaos said the company was facing significant new-building installment payments during 2010 and 2011, for which we its does not currently have financing finalized. "We have been in discussions with our current lenders, export credit agencies and the shipyards constructing the 26 new containerships, which are scheduled to be delivered to us between this spring and mid-2012," he said. The principal focus of the talks is addressing the cash requirements for 2010 and 2011. The shipowner has 26 panamax and post panamax boships on order. The orders comprise five newbuildings at Shanghai Jiangnan Changxing Heavy Industry; nine at Hanjin Heavy Industries and Construction; eight at Hyundai Samho Heavy Industries and two at Sungdong Shipyard. [31/03/10]

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