Danaos linked to $218m boxship order in China

Greek owner Danaos has been linked to another $218m newbuilding investment in China, with brokers placing the John Coustas-led company behind a pair of 9,200 teu boxships at Shanghai Waigaoqiao Shipbuilding (SWS).

According to Xclusiv Shipbrokers, the New York-listed owner has lined up two ships at the CSSC-controlled yard, priced at around $109m each, with delivery scheduled for 2029.

Neither Danaos nor the shipbuilder has publicly confirmed the deal. If finalised, it would mark the Greek owner’s first newbuilding contract at Waigaoqiao.

Danaos has been a regular customer of Chinese shipyards in recent years, spreading orders across several builders as it renews and expands its containership fleet.

The company already has seven 9,200 teu vessels under construction at other Chinese yards under contracts placed in 2024, with deliveries scheduled between 2027 and 2028.

Its more recent investments include six 1,800 teu feeder vessels booked in November last year for delivery through 2029, followed by four 5,300 teu ships at CSSC Huangpu Wenchong, disclosed in February.

Danaos’ latest corporate update, issued at the beginning of October, put its operating container fleet at 78 vessels totalling 502,265 teu, with another 28 newbuildings representing 177,776 teu of additional capacity.

Beyond containers, Danaos has also been building a sizeable position in dry bulk. It owns 11 capesizes and has another four 211,000 dwt newcastlemaxes under construction at China’s Dajin Heavy Industry, representing an investment of about $297m.

The group had been exploring a separate Oslo listing for its 15-ship bulker business, including a potential minority stake sale, as part of efforts to unlock value from the fleet.

However, those plans have reportedly been put on hold after investor soundings failed to produce a satisfactory valuation amid weaker dry bulk freight rates and stock market conditions.

Danaos has not formally confirmed the postponement or disclosed a revised timetable. The company had warned in its October 9 US securities filing that there was no guarantee the proposed listing would proceed.

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