RTTNews | Jan 18, 2022 01:34PM EST

13:34 Tuesday, January 18, 2022 (RTTNews.com) - The Greek shipping company, Danaos Corporation (DAC), is trading 8% higher in the market after the company announced that it has arranged $1 billion in incremental contracted revenue and sales proceeds for 11 vessels.

The fresh charters will be in play after the present charters for the vessels end in April 2023 with an option to extend till May 2028. The revenue weighted average contract duration for the agreement is reported to be around 4.7 years.

The company has also agreed to sell two 20-year-old 6,422 TEU vessels for around $130 million. The deal will be completed in November 2022.

The stock is currently trading at $78.63, up $4.58 or 6.19% since the previous close at $74.05. The stock opened at $75.00. In the 52-week period, the stock has ranged between $24.20 and $89.41 per share.

Read the original article on RTTNews ( https://www.rttnews.com/3255680/danaos-up-7-on-new-charter-arrangement-deal.aspx)

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