| Basis of Presentation and General Information |
1. Basis of Presentation and General Information
The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The reporting and functional currency of the Company is the United States Dollar.
Danaos Corporation ("Danaos"), formerly Danaos Holdings Limited, was formed on December 7, 1998 under the laws of Liberia and is presently the sole owner of all outstanding shares of the companies listed below. Danaos Holdings Limited was redomiciled in the Marshall Islands on October 7, 2005. In connection with the redomiciliation, the Company changed its name to Danaos Corporation. On October 14, 2005, the Company filed and the Marshall Islands accepted Amended and Restated Articles of Incorporation. The authorized capital stock of Danaos Corporation is 750,000,000 shares of common stock with a par value of $0.01 and 100,000,000 shares of preferred stock with a par value of $0.01. Refer to Note 21, Stockholders' Equity.
The Company's vessels operate worldwide, carrying containers for many established charterers.
The Company's principal business is the acquisition and operation of vessels. Danaos conducts its operations through the vessel owning companies whose principal activity is the ownership and operation of containerships (refer to Note 2, Significant Accounting Policies) that are under the exclusive management of a related party of the Company (refer to Note 13, Related Party Transactions).
The consolidated financial statements have been prepared to reflect the consolidation of the companies listed below. The historical balance sheets and results of operations of the companies listed below have been reflected in the consolidated balance sheets and consolidated statements of operation, consolidated statements of comprehensive income, cash flows and stockholders' equity at and for each period since their respective incorporation dates.
The consolidated companies are referred to as "Danaos," or "the Company."
As of December 31, 2014, Danaos consolidated the vessel owning companies (the "Danaos Subsidiaries") listed below. All vessels are container vessels:
|
Company
|
|
Date of Incorporation
|
|
Vessel Name
|
|
Year
Built
|
|
TEU(2)
|
|
|
Megacarrier (No. 1) Corp.
|
|
September 10, 2007
|
|
Hyundai Together
|
|
|
2012
|
|
|
13,100
|
|
|
Megacarrier (No. 2) Corp.
|
|
September 10, 2007
|
|
Hyundai Tenacity
|
|
|
2012
|
|
|
13,100
|
|
|
Megacarrier (No. 3) Corp.
|
|
September 10, 2007
|
|
Hyundai Smart
|
|
|
2012
|
|
|
13,100
|
|
|
Megacarrier (No. 4) Corp.
|
|
September 10, 2007
|
|
Hyundai Speed
|
|
|
2012
|
|
|
13,100
|
|
|
Megacarrier (No. 5) Corp.
|
|
September 10, 2007
|
|
Hyundai Ambition
|
|
|
2012
|
|
|
13,100
|
|
|
CellContainer (No. 6) Corp.
|
|
October 31, 2007
|
|
Hanjin Germany
|
|
|
2011
|
|
|
10,100
|
|
|
CellContainer (No. 7) Corp.
|
|
October 31, 2007
|
|
Hanjin Italy
|
|
|
2011
|
|
|
10,100
|
|
|
CellContainer (No. 8) Corp.
|
|
October 31, 2007
|
|
Hanjin Greece
|
|
|
2011
|
|
|
10,100
|
|
|
Karlita Shipping Co. Ltd.
|
|
February 27, 2003
|
|
CSCL Pusan
|
|
|
2006
|
|
|
9,580
|
|
|
Ramona Marine Co. Ltd.
|
|
February 27, 2003
|
|
CSCL Le Havre
|
|
|
2006
|
|
|
9,580
|
|
|
Teucarrier (No. 5) Corp.
|
|
September 17, 2007
|
|
CMA CGM Melisande
|
|
|
2012
|
|
|
8,530
|
|
|
Teucarrier (No. 1) Corp.
|
|
January 31, 2007
|
|
CMA CGM Attila
|
|
|
2011
|
|
|
8,530
|
|
|
Teucarrier (No. 2) Corp.
|
|
January 31, 2007
|
|
CMA CGM Tancredi
|
|
|
2011
|
|
|
8,530
|
|
|
Teucarrier (No. 3) Corp.
|
|
January 31, 2007
|
|
CMA CGM Bianca
|
|
|
2011
|
|
|
8,530
|
|
|
Teucarrier (No. 4) Corp.
|
|
January 31, 2007
|
|
CMA CGM Samson
|
|
|
2011
|
|
|
8,530
|
|
|
Oceanew Shipping Ltd.
|
|
January 14, 2002
|
|
CSCL Europe
|
|
|
2004
|
|
|
8,468
|
|
|
Oceanprize Navigation Ltd.
|
|
January 21, 2003
|
|
CSCL America
|
|
|
2004
|
|
|
8,468
|
|
|
Boxcarrier (No. 2) Corp.
|
|
June 27, 2006
|
|
CMA CGM Musset(1)
|
|
|
2010
|
|
|
6,500
|
|
|
Boxcarrier (No. 3) Corp.
|
|
June 27, 2006
|
|
CMA CGM Nerval(1)
|
|
|
2010
|
|
|
6,500
|
|
|
Boxcarrier (No. 4) Corp.
|
|
June 27, 2006
|
|
CMA CGM Rabelais(1)
|
|
|
2010
|
|
|
6,500
|
|
|
Boxcarrier (No. 5) Corp.
|
|
June 27, 2006
|
|
CMA CGM Racine(1)
|
|
|
2010
|
|
|
6,500
|
|
|
Boxcarrier (No. 1) Corp.
|
|
June 27, 2006
|
|
CMA CGM Moliere(1)
|
|
|
2009
|
|
|
6,500
|
|
|
Expresscarrier (No. 1) Corp.
|
|
March 5, 2007
|
|
YM Mandate
|
|
|
2010
|
|
|
6,500
|
|
|
Expresscarrier (No. 2) Corp.
|
|
March 5, 2007
|
|
YM Maturity
|
|
|
2010
|
|
|
6,500
|
|
|
Actaea Company Limited
|
|
October 14, 2014
|
|
MOL Performance
|
|
|
2002
|
|
|
6,402
|
|
|
Asteria Shipping Company Limited
|
|
October 14, 2014
|
|
MOL Priority
|
|
|
2002
|
|
|
6,402
|
|
|
Federal Marine Inc.
|
|
February 14, 2006
|
|
Federal
|
|
|
1994
|
|
|
4,651
|
|
|
Auckland Marine Inc.
|
|
January 27, 2005
|
|
SNL Colombo
|
|
|
2004
|
|
|
4,300
|
|
|
Wellington Marine Inc.
|
|
January 27, 2005
|
|
YM Singapore
|
|
|
2004
|
|
|
4,300
|
|
|
Continent Marine Inc.
|
|
March 22, 2006
|
|
Zim Monaco
|
|
|
2009
|
|
|
4,253
|
|
|
Medsea Marine Inc.
|
|
May 8, 2006
|
|
OOCL Novorossiysk
|
|
|
2009
|
|
|
4,253
|
|
|
Blacksea Marine Inc.
|
|
May 8, 2006
|
|
Zim Luanda
|
|
|
2009
|
|
|
4,253
|
|
|
Bayview Shipping Inc.
|
|
March 22, 2006
|
|
Zim Rio Grande
|
|
|
2008
|
|
|
4,253
|
|
|
Channelview Marine Inc.
|
|
March 22, 2006
|
|
Zim Sao Paolo
|
|
|
2008
|
|
|
4,253
|
|
|
Balticsea Marine Inc.
|
|
March 22, 2006
|
|
OOCL Istanbul
|
|
|
2008
|
|
|
4,253
|
|
|
Seacarriers Services Inc.
|
|
June 28, 2005
|
|
YM Seattle
|
|
|
2007
|
|
|
4,253
|
|
|
Seacarriers Lines Inc.
|
|
June 28, 2005
|
|
YM Vancouver
|
|
|
2007
|
|
|
4,253
|
|
|
Containers Services Inc.
|
|
May 30, 2002
|
|
Deva
|
|
|
2004
|
|
|
4,253
|
|
|
Containers Lines Inc.
|
|
May 30, 2002
|
|
Derby D
|
|
|
2004
|
|
|
4,253
|
|
|
Boulevard Shiptrade S.A
|
|
September 12, 2013
|
|
Dimitris C
|
|
|
2001
|
|
|
3,430
|
|
|
CellContainer (No. 4) Corp.
|
|
March 23, 2007
|
|
Hanjin Algeciras
|
|
|
2011
|
|
|
3,400
|
|
|
CellContainer (No. 5) Corp.
|
|
March 23, 2007
|
|
Hanjin Constantza
|
|
|
2011
|
|
|
3,400
|
|
|
CellContainer (No. 1) Corp.
|
|
March 23, 2007
|
|
Hanjin Buenos Aires
|
|
|
2010
|
|
|
3,400
|
|
|
CellContainer (No. 2) Corp.
|
|
March 23, 2007
|
|
Hanjin Santos
|
|
|
2010
|
|
|
3,400
|
|
|
CellContainer (No. 3) Corp.
|
|
March 23, 2007
|
|
Hanjin Versailles
|
|
|
2010
|
|
|
3,400
|
|
|
Vilos Navigation Company Ltd.
|
|
May 30, 2013
|
|
MSC Zebra
|
|
|
2001
|
|
|
2,602
|
|
|
Trindade Maritime Company
|
|
April 10, 2013
|
|
Amalia C
|
|
|
1998
|
|
|
2,452
|
|
|
Sarond Shipping Inc.
|
|
January 18, 2013
|
|
Niledutch Palanca
|
|
|
2001
|
|
|
2,524
|
|
|
Speedcarrier (No. 7) Corp.
|
|
December 6, 2007
|
|
Hyundai Highway
|
|
|
1998
|
|
|
2,200
|
|
|
Speedcarrier (No. 6) Corp.
|
|
December 6, 2007
|
|
Hyundai Progress
|
|
|
1998
|
|
|
2,200
|
|
|
Speedcarrier (No. 8) Corp.
|
|
December 6, 2007
|
|
Hyundai Bridge
|
|
|
1998
|
|
|
2,200
|
|
|
Speedcarrier (No. 1) Corp.
|
|
June 28, 2007
|
|
Hyundai Vladivostok
|
|
|
1997
|
|
|
2,200
|
|
|
Speedcarrier (No. 2) Corp.
|
|
June 28, 2007
|
|
Hyundai Advance
|
|
|
1997
|
|
|
2,200
|
|
|
Speedcarrier (No. 3) Corp.
|
|
June 28, 2007
|
|
Hyundai Stride
|
|
|
1997
|
|
|
2,200
|
|
|
Speedcarrier (No. 5) Corp.
|
|
June 28, 2007
|
|
Hyundai Future
|
|
|
1997
|
|
|
2,200
|
|
|
Speedcarrier (No. 4) Corp.
|
|
June 28, 2007
|
|
Hyundai Sprinter
|
|
|
1997
|
|
|
2,200
|
|
|
Vessels sold during 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
Boxcarrier (No. 6) Corp.
|
|
June 27, 2006
|
|
Marathonas
|
|
|
1991
|
|
|
4,814
|
|
|
Boxcarrier (No. 7) Corp.
|
|
June 27, 2006
|
|
Messologi
|
|
|
1991
|
|
|
4,814
|
|
|
Boxcarrier (No. 8) Corp.
|
|
November 16, 2006
|
|
Mytilini
|
|
|
1991
|
|
|
4,814
|
|
|
Duke Marine Inc.
|
|
April 14, 2003
|
|
Duka
|
|
|
1992
|
|
|
4,651
|
|
|
Commodore Marine Inc.
|
|
April 14, 2003
|
|
Commodore
|
|
|
1992
|
|
|
4,651
|
|
|
(1)
|
Vessel subject to charterer's option to purchase vessel after first eight years of time charter term for $78.0 million.
|
|
(2)
|
Twenty-foot equivalent unit, the international standard measure for containers and containership capacity.
|
|