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history

History

Danaos Corporation and its majority shareholders have a long history of operating and investing in the shipping industry. Our goal has always been to seek to provide superior customer service and be disciplined and opportunistic in our approach to managing our business.

1963-1976 | Our Founder, “The Father of Danaos”

Dimitris Coustas, born in 1928, had already been a successful entrepreneur before ever setting his sights on shipping.

It wasn’t until the early 1960’s that Dimitris was drawn towards shipping and began making his first investments. In 1963 he purchased his first ship, a 3,600 dwt single-deck freighter that he subsequently renamed “Amalia” to honor his wife, Amalia Coustas.

By 1966, Dimitris, along with a business partner, owned 3 vessels.

In 1972, Dimitris assumed sole control of the company, which began operating as Danaos Shipping, an entity that survives to this day and acts as our operations manager. Three years later, the fleet totaled 5 vessels with an agrgegate capacity of 35,000 tons.

Mythology: Danaos was a Greek mythological figure who is credited to be the builder of the very first ship as well as regarded as the first to explore the field of navigation.

1977-1986 | Efficiency and Innovation

As the shipping industry went through a cyclical downturn, Danaos Shipping reduced the size of its fleet and committed itself to developing superior operational expertise and producing technological innovation.

By 1981, Dimitris Coustas had reduced the company’s fleet to a single vessel, 'John,' named after his son. He proceeded to order three new vessels, which were delivered in 1984.

In 1986, Danaos Management Consultants was co-founded by Dr. John Coustas. This company has been responsible for the creation of innovative and dynamic vessel navigation and management systems that are deployed throughout the industry.

Danaos Corporation prides itself on having a distinct edge in technology and information systems. To this day, our affiliate software house Danaos Management Consultants is regarded as a world leader in technology solutions for the shipping industry.

1987 - 1992| Dr. John Coustas Assumes the Role of CEO

In 1987, Dimitris Coustas appointed his son, Dr. John Coustas as Managing Director and CEO of Danaos. Dimitris remained involved in the company as a non-executive advisor until the age of 82, when he retired in his country house at the seaside of Porto Rafti, outside Athens.

After assuming management of Danaos, John began to implement a strategy focused on acquiring large, modern containerships which would then be chartered to international liner companies.

When John assumed the position of CEO, the Danaos fleet consisted of three bulk carriers. In the early 1990s, John began to dramatically expand the fleet, beginning with the acquisition of 7 2,700 TEU containerships, which were subsequently leased to the Korean company Hanjin for on long-term charters.

1993 - 2005 | Expansion

Danaos’ containership capacity grew at a 32% annual compound rate from 1993 to 2005.

This growth occurred through multiple shipping cycles and was aided by the broad range of relationships we have developed and the quality of service provided to our customers, as well as our ability to exploit market opportunities during periods when there have been lower market demand and prices for containerships.

Shipping operations were consolidated under a single entity in 1998. Our named was changed to Danaos Corporation in connection with our incorporation in the Republic of the Marshall Islands in 2005.

By now, after more than 30 years of operation, this still privately-owned corporation is well established in the shipping industry and proud to claim its name as one of its most valuable assets.

2006 – Present | Present Day

On October 6, 2006, Danaos Corporation began trading on the New York Stock Exchange under the symbol ‘DAC.’

Since then, Danaos’ fleet has grown from 27 containerships with an aggregate capacity of 116,115 TEUs to 68 containerships with an aggregate capacity of 421,293 TEUs.

The company’s strategy is simple. First and foremost, we are dedicated to serving the needs of our customers. We accomplish this by remaining committed to the quality of our service, the safety of our crews, and the pursuit of technological innovation. Our disciplined and focused business model has allowed us to survive and prosper through multiple economic cycles, and we believe we are wellpositioned to participate in each growth cycle and continue to be an industry consolidator.

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Corporate

C/O Danaos Shipping Co Ltd.
3, Christaki Kompou Street Peters House 3011, Limassol Cyprus
Tel:  +30 210 419 6480
+30 213 017 6480
Fax: +30 210 419 6489

Athens Branch
14, Akti Kondyli, Piraeus Athens, 18545 Greece

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