RTTNews | Aug 18, 2021 11:12AM EDT

11:12 Wednesday, August 18, 2021 (RTTNews.com) - Greek container ship operating company Danaos Corporation (DAC) is trading 5% higher in the Wednesday market after the company reported a new charter agreement for ten of its vessels. According to the company, the charter will commence between January 2022 and August 2022 for one 8,500 TEU vessel, three 3,400 TEU vessels, and six 2,200 vessels. The charters are understood to range between three and four years. As per the deal, the company's revenue backlog will increase by around $378 million compared to an existing backlog of $1.75 billion. The contracted EBITDA will also increase by $280 million.

"We are very pleased to have significantly increased our contracted backlog by securing multi-year charters for 10 of our vessels. Not only have we achieved charter coverage for 100% of our operating days in 2021, we have already contracted 89% of our operating days for 2022 and 60% for 2023," said Dr. John Coustas, the CEO of the company.

The shares are currently dealing at $77.20, up $3.50 or 4.75% from their previous close at $73.70 on Tuesday. The shares opened at $74.55 and in the 52-week period, the shares have ranged between $4.51 and $79.49.

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