Danaos Corporation Announces Share Repurchases

Rhea-AI Summary

Danaos Corporation (NYSE: DAC) has successfully repurchased 4,339,271 shares of its common stock for a total of $31.1 million in private transactions. This includes 2,517,013 shares acquired from the Royal Bank of Scotland and 1,822,258 shares from Sphinx Investment Corp. Following this move, the company will terminate its previously announced share repurchase program.

Positive

• Completed buyback of 4,339,271 shares, enhancing shareholder value.
• Total repurchase amount of $31.1 million indicates strong financial health.

Negative

• None.

ATHENS, Greece, Oct. 12, 2020 /PRNewswire/ -- Danaos Corporation (NYSE: DAC) announced it has repurchased 4,339,271 shares of its common stock for an aggregate purchase price of $31.1 million in privately negotiated transactions, including 2,517,013 shares from the Royal Bank of Scotland and 1,822,258 shares from Sphinx Investment Corp. These transactions will result in the Company's previously announced share repurchase program being terminated.

About Danaos Corporation
Danaos Corporation is one of the largest independent owners of modern, large-size containerships. Our current fleet of 63 containerships aggregating 385,769 TEUs, including five vessels owned by Gemini Shipholdings Corporation, a joint venture, ranks Danaos among the largest containership charter owners in the world based on total TEU capacity. Our fleet is chartered to many of the world's largest liner companies on fixed-rate charters. Our long track record of success is predicated on our efficient and rigorous operational standards and environmental controls. Danaos Corporation's shares trade on the New York Stock Exchange under the symbol "DAC".

Visit our website at www.danaos.com

 

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SOURCE Danaos Corporation

FAQ

What is the significance of Danaos Corporation's recent share repurchase?

Danaos Corporation's repurchase of 4,339,271 shares for $31.1 million signifies a commitment to enhance shareholder value and reflects confidence in the company's future prospects.

How will the share repurchase affect Danaos Corporation's stock price?

The share repurchase may create upward pressure on Danaos Corporation's stock price by reducing the number of shares outstanding, thereby potentially increasing earnings per share (EPS).

When did Danaos Corporation announce the share repurchase?

Danaos Corporation announced the share repurchase on October 12, 2020.

How many shares did Danaos Corporation buy back from Sphinx Investment Corp.?

Danaos Corporation repurchased 1,822,258 shares from Sphinx Investment Corp.

What will happen to the previously announced share repurchase program after this buyback?

The previously announced share repurchase program will be terminated following the completion of these transactions.