Danaos Corporation Receives Notice that Counterparty has Entered into Court Receivership

ATHENS, Greece, Sept. 1, 2016

"We are disappointed that the Korean Development Bank has failed to support an important participant in the global containership business," stated Dr. John Coustas, Chief Executive Officer of Danaos.  "Danaos actively supported Hanjin in its efforts to restructure its operations and we are hopeful that Hanjin will be able to achieve a restructuring of its business and emerge from court receivership as a financially stronger company.  We will closely monitor the process and seek to preserve the value of our assets for the benefit of our shareholders."

About Danaos Corporation
Danaos Corporation is one of the largest independent owners of modern, large-size containerships. Our current fleet of 59 containerships aggregating 353,586 TEUs, including four vessels owned jointly with Gemini Shipholdings Corporation, is predominantly chartered to many of the world's largest liner companies on fixed-rate, long-term charters. Our long track record of success is predicated on our efficient and rigorous operational standards and environmental controls. Danaos Corporation's shares trade on the New York Stock Exchange under the symbol "DAC".

Visit our website at www.danaos.com