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Maersk, Danaos in $130 million sale, lease-back of 4,814-TEU ships

Maersk, Danaos in $130 million sale, lease-back of 4,814-TEU ships

Denmark's A.P. Moller-Maersk Group has signed a sale and lease-back agreement with Greek ship owner Danaos Corp. for three 'M' class 4,814-TEU vessels built in 1991 at its own Odense shipyard.

   Danaos has agreed to pay $43.15 million for each vessel, and will then charter them back to Maersk at a rate of $23,450 per vessel per day over a five-year agreement. Thereafter, the Copenhagen-based company will have four consecutive one-year options to recharter each ship at daily rates of $22,400, $21,400, $20,400 and $20,400, respectively.

   The three ships being sold to Danaos are 'McKinney Maersk,' 'Mayview Maersk' and 'Madison Maersk,' which will be renamed upon delivery during next month as 'Maersk Marathon,' 'Maersk Messologi' and 'Maersk Mytilini,' respectively.

   Danaos said the ship purchases are being financed through existing credit facilities and its own funds, and expects each vessel to contribute about $8.4 million in incremental revenues in the first 12 months.

   Danaos' total fleet will increase to 31 containerships aggregating 140,137 TEUs with another 15 new vessels totaling 75,124 TEUs scheduled for delivery up to the end of 2009.

   'It is Danaos plan to continue to grow our business through accretive acquisitions in order to grow our distributable cash flow and this acquisition demonstrates our commitment to our corporate goals,' said John Coustas, chief executive officer of Danaos.

   In October, Maersk signed a similar contract with Seaspan Corp. for another four 'M'-class ships built in 1989 for a total of $160 million. Maersk agreed to chartered those ships back for five years at a rate of $23,500 per day.