Danaos targets the Athens Stock Exchange But only if terms and conditions of entry are acceptable

by Kevin Oates

Danaos Holdings Ltd is the corporate entity of one of Greece’s foremost container shipping companies. Although established in the 1970′s as a bulk carrier tramp operator, Danaos has concentrated on the containership trade since 1983 and, according to recent Clarkson Research Studies, the company is now fifth in terms of independent global containership operators without their own liner service. Total TEU capacity is just over 50,000 and on order with delivery from 2001 are four 5,500 TEU containerships adding another 22,000TEU.

The stated objectives of the company are to provide “safe ship operation and to optimize performance in terms of efficiency and effectiveness as well as to ensure that both shore side and shipboard side, (all) international regulations are fully implemented.”

The performance story is good. Growth through re-investment of operational profits together with acceptable levels of gearing. Term employment with quality charterers. Steady upward development in terms of profitability and net worth. It all has the pleasant fragrance of the ingredients desired by the capital markets. And indeed the target of Danaos Holdings Ltd is just that – a flotation on the Athens Stock Exchange (“ASE”), probably during 2001. However Danaos is a very successful private company and states it will go public only if the terms and conditions of entry to the ASE are acceptable to the company.

This is only an excerpt of Danaos targets the Athens Stock Exchange But only if terms and conditions of entry are acceptable

Content is restricted to subscribers. To continue reading please Log-In or view our subscription options.