Danaos Corporation has signed a US$450 million post-delivery senior secured term loan facility with a group of four shipping banks, to finance eight newbuild vessels under construction in China and South Korea.

The vessels, being built at the Daehan, Dalian and Qingdao yards, will be delivered in 2024 and 2025. They are designed to be the most efficient in Danaos’ fleet.

The ships are  being built in accordance with the latest International Maritime Organization requirements in relation to Tier III emission standards and the Energy Efficiency Design Index (EEDI) Phase III, with high carbon credit cost savings, making the transaction innovative in terms of achieving a more sustainable shipping environment. Danaos was advised by Watson Farley & Williams.

Established in 1972, Greece-based Danaos is one of the world’s largest independent owners of diversified containerships and dry bulk vessels, chartering its vessels to leading liner companies. It is listed on the New York Stock Exchange.

The company currently has an orderbook for 14 newbuild, fuel-efficient container vessels in the 6,000 to 8.000 TEU (20-foot equivalent units) range.