Danaos delays newbuildings

Danaos Corp has delayed 15 newbuildings, and the owner reported a decline in quarterly profits that its chief executive still called “highly satisfactory.” The New York-listed containership owner forged a deal with China Shipbuilding Trading Co to delay five 8,530 TEU boxships by 200 days per ship.

Another deal with South Korea’s Hanjin Heavy Industries pushed back the deliveries of five 6,50 TEU units and five 3,400 TEU ships by about three months each.

The company is reportedly involved in further talks to delay construction payments and deliveries of more vessels. The owner is in discussions to source additional financing for its newbuilding program. It has enough to cover the $465m in capital expenditures for 2009, and part of the $875m for 2010, the CEO says. About $785m is due in 2011.

Piraeus-based Danaos owns 40 containerships totalling nearly 162,000 TEU in capacity and has a 29-ship orderbook.