Danaos delivers dry bulk vessels to Shanghai Time Shipping

Danaos delivers dry bulk vessels to Shanghai Time Shipping Greek ship chartering company Danaos Corp. has delivered the first two of its six-strong fleet of dry bulk vessels it is selling to finance its growing containership fleet.
   In August, Danaos agreed to sell the six vessels to Shanghai Time Shipping Co. Ltd. for about $143.5 million. The first two ships delivered, the 'Alexandra I' and 'Fivos,' will provide Danaos with a profit of about $31 million, the Piraeus-based company said.
   Danaos will deliver the four remaining dry bulk carriers during the first half of the year.
   'The delivery of these two dry bulk vessels is part of the final chapter to a most profitable investment of Danaos,' said John Coustas, Danaos' chief executive officer.
   'Our investment in the dry shipping sector has been from the beginning an opportunistic one that also proved to be very profitable. We are a containership owner with an extensive new building and delivery program for the next three years. The proceeds of this sale will be used to finance the deliveries of new additions to our containership fleet scheduled for 2007.'
   Danaos has a fleet of 31 containerships aggregating 140,137 TEUs and has 15 more, totaling 75,124 TEUs, scheduled for delivery up to the end of 2009.