Danaos Corporation Announces Public Offering of Common Stock

Athens, Greece - Nov. 18, 2019

Danaos Corporation ("Danaos") (NYSE: DAC) announced today that it plans to offer $55 million of its common stock. Certain of our significant stockholders have indicated an interest in purchasing approximately $25 million of common stock in the offering at the public offering price, including approximately $17 million by Danaos Investment Limited, which is our largest stockholder and beneficially owned by Dr. John Coustas, our Chief Executive Officer. In connection with the offering, Danaos intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares of common stock offered in the public offering.

Danaos plans to use the net proceeds of the offering for capital expenditures, including vessel acquisitions, and for other general corporate purposes.

Citigroup and Jefferies are acting as joint book-running managers of the offering, which will be made pursuant to an effective shelf registration statement on Form F-3 filed with the Securities and Exchange Commission (the "SEC").

The offering is being made only by means of a prospectus supplement and accompanying base prospectus. When available, the prospectus supplement and accompanying base prospectus relating to the offering will be filed with the SEC and will be available on the SEC's website, and copies of such documents may be obtained from Citigroup, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: 1-800-831-9146; or from Jefferies, Attention: Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022 (or by email to Prospectus_Department@Jefferies.com).

This release does not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

About Danaos Corporation
Danaos Corporation is one of the largest independent owners of modern, large-size containerships. Our current fleet of 60 containerships aggregating 360,147 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. Danaos Corporation's shares trade on the New York Stock Exchange under the symbol "DAC".

Danaos Corporation press release