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World-Class Shipping, Leading-Edge Expertise

Danaos by the Numbers Disclaimer

This presentation contains certain statements that may be deemed to be “forward-looking statements” within the meaning of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, that address activities, events or developments that Danaos Corporation (“Danaos” or the “Company”) expects, projects, believes or anticipates will or may occur in the future, including, without limitation, the outlook for fleet utilization and shipping rates, general industry conditions including bidding activity, future operating results of the Company’s vessels, future operating revenues and cash flows, vessel values, capital expenditures, asset sales, expansion and growth opportunities, bank borrowings, financing activities and other such matters, are forward-looking statements. Although the Company believes that its expectations stated in this presentation are based on reasonable assumptions, actual results may differ from those projected in the forward-looking statements. Important factors that could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies, general market conditions, including charter rates and vessel values, counterparty performance under existing charters, changes in operating expenses, ability to obtain financing and comply with covenants in financing arrangements, including the terms of its new credit facilities and agreements entered into in connection with the refinancing, the affects of the refinancing transactions and the Company’s ability to achieve the benefits of the refinancing, actions taken by regulatory authorities, potential liability from litigation and international political conditions. Danaos Corporation is listed in the New York Stock Exchange under the ticker symbol “DAC”. Before you invest, you should also read the documents Danaos Corporation has filed with the SEC for more complete information about the company. You may get these documents for free by visiting EDGAR on the SEC Website at www.sec.gov or via www.danaos.com Readers of this presentation should review our Annual Report on Form 20-F filed with the SEC on March 5, 2019, including the section entitled “Key Information – Risk Factors”, and our other filings with the SEC for a discussion of factors and circumstances that could affect our future financial results and our ability to realize the expectations stated herein. EBITDA, Adjusted EBITDA, Adjusted Net Income, Free Cash Flow, Net Leverage, and Adjusted EPS may be included in our presentations. EBITDA, Adjusted EBITDA, Adjusted Net Income, Free Cash Flow, Net Leverage, and Adjusted EPS are presented because they are used by management and certain investors to measure a company’s financial performance and underlying trends as they exclude certain items impacting overall comparability. EBITDA, Adjusted EBITDA, Adjusted Net Income, Free Cash Flow, Net Leverage, and Adjusted EPS are “non-GAAP financial measures” and should not be considered a substitute for net income, cash flow from operating activities and other

• perations or cash flow statement data prepared in accordance with accounting principles generally accepted in the United States or as a measure of profitability or liquidity.

Reconciliations to GAAP measures are included in the Appendix to this presentation. Certain shipping industry information, statistics and charts contained herein have been derived from industry sources. You are hereby advised that such information, statistics and charts have not been prepared specifically for inclusion in this presentation and the Company has not undertaken any independent investigation to confirm the accuracy

• r completeness of such information.

2

Danaos at a Glance

3

A LEADING CONTAINERSHIP PLATFORM

• 40+ year history in container shipping and third largest public owner globally by TEU
• $1,855 bn across 55 owned vessels as of September 30, 2019
• $414 mm net asset value, or $17 per share(1,2), pro-forma for the November 2019 equity offering
• Versatile fleet ranging from 2,200-13,000 TEU with a TEU-weighted average age of 11 years
• 65% of fleet focused on Post-Panamax / Wide Beam vessels, larger than 5,000 TEU
• History of high utilization 98.5% utilization over last twelve months and a 97.9% average over last five years
• Dedication to environmental leadership and corporate governance
• Pioneers in digitalization of shipping industry
• 38% management ownership(3); aligned with public shareholders
• Insiders invested $27mm in recent equity offering

EXPERIENCED AND ALIGNED MANAGEMENT TEAM

• Historically-low orderbook for containerships, concentrated in larger vessels, and idle fleet capacity of 3.2%,

including ships being retro-fitted for scrubbers

• No reduction in utilization despite global trade war headwinds over the past year

FAVORABLE INDUSTRY BACKDROP

Note: Fleet value includes value of charters; Asset value does not include vessels acquired after September 30, 2019, including Conti Champion. Asset value excludes the five Gemini JV vessels. (1) Please refer to page 16 for a calculation of net asset value; additional disclosure in Appendix. (2) On the basis of 24,371,470 shares outstanding as at November 26, 2019 (3) Inclusive of extended Coustas family interest. (4) Non-GAAP measure. See appendix for definition and reconciliations to the nearest GAAP measure. (5) Net leverage is a non-GAAP measure. Calculated as Net Adjusted Debt / Adjusted EBITDA. (6) Calculated as the sum of contractual principal debt repayment and lease repayments under sale leaseback structure.

STRONG FINANCIAL PROFILE POISED FOR RENEWED GROWTH PHASE

• $1.4 billion of contracted forward revenues as of September 30, 2019, with 4.3 years’ average remaining charter

duration

• 83% contracted revenue for 2020 and 72% for 2021
• $313 million adjusted EBITDA(4) (as of September 30, 2019 last twelve months) and $186(4) million of operating

free cash flow

• Modest net leverage of 4.9x(5) as of September 30, 2019
• No balloon payments until year-end 2023
• Minimum debt amortization of $300mm(6) through end 2021

• 1. Business Overview

Danaos by the Numbers 40+ Year Legacy of Leadership in Container Shipping

1972

Founded by Dimitris Coustas

1987

• Dr. John Coustas steps into

Chief Executive role

2005

Incorporation in Marshall Islands

2006

NYSE IPO Raised $200mm

2018

Refinancing and share split Publicly Traded Pure-Play Operators Financial / Independent Owners

Source: Clarksons Research. (1) Data as of November 2019. Includes Gemini Shipholdings Vessels, a joint venture in which Danaos owns a 49% stake: Suez Canal (5,610), Genoa (5,544), Lodestar (6,422), Leo C (6,422) and Belita (8,533).

Market Share(1) Among Top Public Containership Owners Globally

By TEU, thousands

5

2010

$200mm equity raise

910 474 360 207 203 183 472 462 396 338 306 253 238 226 223 219 209 206

Seaspan Costamare Danaos Navios Global Ship Lease MPC Group Offen, Claus Peter Shoei Kisen Kaisha Zodiac Maritime BoCom Peter Dohle Ship Finance Eastern Pacific Shpg Zeaborn Schulte Group Norddeutsche Minsheng Bank Nissen Kaiun

Danaos by the Numbers

Containership Lessors are Integral to the Global Trade Supply Chain

Containership lessors own more than 50% of the world’s fleet(1)…

Liners Lessors

Contracted TEU- Supply Charter Hire Earnings

… which is chartered predominantly to leading global liner companies The containership leasing model is favorable for both liners and lessors

Owners/Lessors Liners

✓ Longer-term charters with built-in earnings visibility ✓ Little to no fuel/commodity exposure in contract structure (pass- through to liners) ✓ Reduced capital intensity / balance sheet exposure ✓ Operational control

• f assets without ship

management

• verhead

✓ Deployment flexibility

6

Customers

Shipping Fees Shipping Services

Source: Maritime Strategies International (MSI).

20% 23% 13% 45%

Other Lessors Top 30 Lessors (excl. top 5) Top 5 Lessors Liners

Diverse, High-Quality Fleet 2x

5,500 TEU

2x

6,500 TEU

1x

8,500 TEU

9x

6,400 – 6,500 TEU Average Age: 11.2 years Remaining Charter Term: 3.6 years

10x

4,300 – 5,500 TEU Average Age: 12.0 years Remaining Charter Term: 0.8 years

8x

3,500 TEU Average Age: 11.7 years Remaining Charter Term: 0.6 years

11x

2,200 – 2,600 TEU Average Age: 21.2 years Remaining Charter Term: 0.4 years

Note: Figures as of November 2019. Please refer to appendix for additional detail on pages 29 and 30. (1) Excludes Gemini Shipholdings Vessels (TEU), a joint venture in which Danaos owns a 49% stake: Suez Canal (5,610), Genoa (5,544), Lodestar (6,422), Leo C (6,422) and Bellta (8,533).

Fleet Overview(1)

7

5x

13,100 TEU Average Age: 7.4 years Remaining Charter Term: 4.6 years

7x

8,500 TEU Average Age: 9.9 years Remaining Charter Term: 4.1 years

5x

9,600 - 10,100 TEU Average Age: 10.2 years Remaining Charter Term: 2.8 years

Gemini Vessels

38% 9% 25% 23% 3% 1% 1%

Contracted Revenue Contribution(1)

Strong Charter Coverage

Note: Contracted Revenue assumes Gross Daily Charter Rate. Contracted Revenue and Charter Expiration Schedule exclude Gemini Shipholdings. (1) Assumes non-contracted vessels employed at current contracted charter rates. (2) Assumes contracted vessels operate on gross daily charter rate, accounts for revenue exclusively derived from long-term charter contracts.

Shorter charter durations limited to vessels in more liquid chartering markets

$ in mm

Revenue-Weighted Charter Coverage(1)

8

Contracted Revenue by Year(2)

$446 $384 $340 $575

2019 2020 2021 2022+

99% 83% 72% 58%

2019 2020 2021 2022+

Danaos by the Numbers Balanced Counterparty Concentration

Note: Distributed by TEU.

29% 18% 15% 10% 8% 7% 13%

9 (20 years) (25 years) (37 years) (15 years) (34 years) (40+ years)

Overview of Customer Base

• Long history chartering to most major global

liner companies

• Engaged with container alliances on

deployments across major and minor global routes

• Have collaborated with customers in ordering

46 newbuildings in excess of 300,000 TEU over

• ur history at a cost in excess of $4 billion

Close Alignment Working with Customers

• Consistently developing operating expertise to
• btain and retain customers
• Delivering on-time new ships to customers’

specifications

• Prioritizing reputation, customer service and

safety

• Maintain a strategic focus on regular

engagement with customers, particularly in regards to new customer needs and technological advancements Other Length of Customer Relationships Noted in Italics

10

Governance Independent Board Clear reporting of transactions with Danaos Shipping (Manager) − Amounts approved by independent board members Arms length cost arrangements, which are amongst lowest in industry and fixed through 2024

✓ ✓ ✓

Social Code of ethics and compliance policies published for Directors / Officers Accredited by Global Reporting Initiative (GRI) for sustainability best practices and socially responsible management

✓ ✓

Environmental Advanced solutions to reduce emissions through fuel efficiency optimization Scrubber installation on select vessels Low-sulfur fuel oil to be procured Ballast water system compliance Partnership with founders

• f Poseidon Principles

✓ ✓ ✓ ✓ ✓

Longstanding Champion of ESG Principles

Danaos Management is keenly focused on maintaining a strong ESG framework for company operations

11 HINDSIGHT:

• ‘Reflect and learn from past data’ through statistical processing and trend analysis
• Detection of hidden correlations among seemingly un-related data

INSIGHT: ‘Interpret data and respond efficiently to the present’

• KPls real-time monitoring (operational efficiency, safety performance, etc.)
• Vessel’s benchmarking against: theoretical curves, specifications, tests and trials, sister and competitor vessel monitoring
• Timely anomaly detection and alerting for abnormal behavior or deviation from predefined thresholds

FORESIGHT: ‘Predict and get ready for the future’ through scenario testing, system risk assessments and observational maintenance As well as Routines System Data monitoring …

• BCS, pMatrix, Power Mgmt, Steam Mgmt, ODA …
• Tanks Mgmt. Bunker Analysis, Bunker Surveys, Bunkering Monitoring ...
• Performance, Propulsion, Emissions ...

Data Analytics/Algorithmic Analysis (Operator-defined) of Fused Data across Monitoring Systems

System analytics provide deep knowledge on various aspects of vessel’s lifecycle

Workflow Management

Operator-defined workflows for timely and effective response to alarm events: what actions must take place, who from the crew should be involved, and what actions must be logged / other systems triggered

Waves Fleet Performance … Riding the Wave of Innovation!

Pioneers in Digitalization

Source: Company.

Experienced Senior Management

• Dr. John Coustas, President & CEO

Dimitris Vastarouchas, Technical Director & Deputy COO

• CEO since 1987
• Over 30 years of experience in the

shipping industry

• Vice Chairman of the board of directors of

The Swedish Club; member of the board

• f directors of the Union of Greek

Shipowners and the DNV Council

Evangelos Chatzis, Chief Financial Officer

• Joined Danaos in 2005
• Over 20 years of experience in corporate

finance and the shipping industry

• Formerly CFO of Globe Group of

Companies

• Danaos Technical Manager since 2005
• Has over 20 years of experience in the

shipping industry

• Formerly New Buildings Projects and Site

Manager supervising the construction of 4,250, 5,500 and 8,500 TEU containerships

Iraklis Prokopakis, Senior Vice President, Treasurer & COO

• Joined Danaos in 1998
• Over 40 years of experience in the shipping

industry

• Member of the Board of the Hellenic Chamber
• f Shipping and the Owners’ Committee of the

Korean Register of Shipping 12 12

• 2. Financial Overview

k

Financial Strategy Positioning Danaos for Success

Continued de-levering from strong contracted cash flows

• Minimum debt amortization of $300mm(1) through end 2021

Opportunistic vessel acquisition strategy

• Acquired two vessels in last six months
• Cooperation with customers on future orders/financing and entering into sale and leaseback

transactions Balanced chartering strategy to ensure cashflow visibility with 83% and 72% of 2020 and 2021 revenues contracted(3) Following consummation of recent equity offering the Company is permitted, under its loan agreements, to re-instate dividends ✓ ✓ ✓ ✓

32% reduction in leverage between 2014 and today(2)

13

Value of franchise provides enhanced access to financing ✓

7.2x 7.1x 4.9x 2014 2Q 2018 3Q 2019

(1) Calculated as the sum of contractual principal debt repayment and lease repayments under sale leaseback structure. (2) Net leverage is a non-GAAP measure. Calculated as Net Adjusted Debt / Adjusted EBITDA. Adjusted EBITDA is a non-GAAP measure. See appendix for definitions and reconciliations to the nearest GAAP measure. (3) Assumes contracted vessels operate on gross daily charter rate, accounts for revenue exclusively derived from long-term charter contracts.

Background of 2018 Refinancing

Key Provisions of August 2018 Refinancing Agreements

• Successfully concluded $2.2bn consensual debt refinancing with

support from key lender group

• Extension of significant maturities through December 2023
• Management contributed $10mm in capital with no increase in equity
• wnership
• Agreements provided for raising of additional equity within 18 months
• Go-forward financial covenants in line with conservative operating

expectations

2.0x

Reduction in Net Leverage(1)

~$570mm

Reduction in Total Debt(1,2)

Significant Improvement of Financial Profile Timeline of Key Recent Events

August 2016: Hanjin declares bankruptcy, cancels charters for 8 Danaos vessels and $560 mm (20%) of contracted revenue September 2016: 3Q 2016 Revenue and EBITDA(3) decrease of 23% and 44% respectively relative to prior quarter trailing lost Hanjin Charters December 2016: Recorded impairment charge of $415mm on 25 vessels, of which $205mm was related to vessels formerly chartered to Hanjin August 2018: Closing of comprehensive debt refinancing; reduced debt by ~$570mm, extended maturities to December 2023 and issued new shares (47.5% of market cap) to

• debtholders. Danaos also committed to sell two vessels

via sale leaseback September 2017: No remaining borrowing ability under the current credit

• facilities. Company obtained temporary waivers on

breach of financial covenants

(1) Net leverage is a non-GAAP measure. Calculated as Net Adjusted Debt / Adjusted EBITDA. See appendix for definitions and reconciliations to the nearest GAAP measure. (2) Based on total adjusted debt, net of deferred finance costs and fair value adjustments, as of September 30, 2018. Includes repayment of Kexim-ABN Amro facility on the Closing Date. (3) Non-GAAP measure. See appendix for definitions and reconciliations to the nearest GAAP measure.

Today: Danaos acquired two new ships and reduced leverage by 35% since restructuring

14 2018 2017 2016

Capitalization Overview

Significant reduction in leverage Net Adjusted Debt and Adjusted EBITDA Multiple(1)

15

Capitalization

$ in millions 9/30/2019 Cash $83 Bank Debt 1,450 Long-term Leaseback Obligation 141 ExIm Financing

• Exit Fee

22 Deferred Finance Costs (36) Debt Fair Value Adjustment (21) Total Debt $1,555 Deferred Finance Cost Adj. $36 Debt Fair Value Adjustment $21 Total Adj. Debt $1,613 Net Debt 1,530 Book Value of Equity 792 Total Capitalization $2,405 Credit Statistics LTM Adj. EBITDA(2) $313 Debt / Adj. EBITDA(2) 5.2x Net Debt / Adj. EBITDA(2) 4.9x Net Debt / Equity(2) 1.9x

3,165 3,042 2,892 2,703 2,454 2,274 1,615 1,530 7.3x 7.0x 7.2x 6.5x 7.0x 7.3x 5.1x 4.9x 500 1,000 1,500 2,000 2,500 3,000 $3,500

2012 2013 2014 2015 2016 2017 2018 3Q 2019 LTM

(1) Based on total adjusted debt, net of deferred finance costs and fair value adjustments, as of September 30th 2019. (2) Non-GAAP measure. See appendix for definitions and reconciliations to the nearest GAAP measure.

Net Adjusted Debt

Charter Adjusted Net Asset Value

16

Charter-Adjusted Total Asset Value Net Debt Net Working Capital & Other Net Asset Value

(in US$ millions)

(3) (2)

NAV / Share: $17(4)

As of September 30, 2019, pro-forma for the November 2019 equity offering

• As calculated in accordance with the financial covenants contained in the Company’s credit facilities as of September 30, 2019, market value
• f the Company’s existing fleet of 55 containerships on a charter-inclusive basis was approximately $1.84 billion. Including $16 million carrying

value(5) in advances for installation of vessel scrubbers, which are not yet fully installed, this charter-inclusive value increases to $1.86 billion

−

Broker appraisals for charter-free asset value are as of June 30, 2019; charter adjustments are as of September 30, 2019

• Adjustments to calculate net asset value include:

−

Net debt, which is adjusted to include non-cash fair value adjustments and deferred finance costs

−

Net working capital & other, which includes DAC’s equity stake in the Gemini joint venture at carrying value

−

Proceeds from November 2019 equity offering

$1,855 ($1,478) $37 $414

Note: Asset value does not include vessels acquired after September 30, 2019, including Conti Champion. Includes proceeds from November 2019 equity offering. Refer to appendix for additional details regarding calculation of Net Asset Value. (1) Non-GAAP measure. See appendix for definitions and reconciliations to the nearest GAAP measure. (2) Net debt includes (1) $1,471.4 million of long-term debt, including current portion, which adds back deferred finance costs of $36.1 million and debt fair value adjustment of $21.4 million, and (2) $141.4 million of long-term leaseback obligations, including current portion, less (3) cash and cash equivalents of $134.9 million, pro-forma for the November 2019 equity offering. Please refer to Appendix. Does not include accumulated accrued interest of $201.8 million as of September 30, 2019. (3) Includes carrying value of investments in Gemini JV of $7.8 million and ZIM and HMM notes of $29.85 million, as well as net working capital and other assets and liabilities. Excludes assets and liabilities relating to accruals for certain non-cash items relating to straight-line revenue recognition and unearned revenue with respect to ZIM and HMM notes. Please refer to Appendix for further details. (4) Based on 24.371mm shares outstanding as of November 26, 2019

(1) (1)

Significant Management Stake Aligns Shareholders’ Interests

Source: Company filings. .

• Danaos founder and key management have personal commitment and investments

in ensuring the success of the Company

17

Continued Capital Investment from Key Management

✓

Supportive Lending Syndicate

✓

• Following the refinancing in 2018 and the November 2019 equity
• ffering, lenders hold a 26% ownership of the Company, aligning

interests with equity holders

Increased Public Float Through Recent Equity Offering

✓

• Dr. John Coustas, through Danaos Investment Limited, and the

Coustas family own a combined 36%; participated with approximately $20mm in recently concluded public offering

• Other significant insiders participated with approximately $7mm

36% 13% 26% 25% DIL & Coustas Family Interests Management, Directors & Other Insiders Banks Remaining Public Shareholders

Free Cash Flow

Source: Company filings as of 9/30/19. Note: Recurring Free Cash Flow calculated excluding non-recurring items such as Vessels Addition Capital Expenditures and Financing Costs. (1) Non-GAAP measure. See appendix for definitions and reconciliations to the nearest GAAP measure. LTM defined as Last Twelve Months.

18

Illustrative Walk to LTM Free Cash Flow(1)

LTM FCF excludes CapEx and one-time / unusual items

(1) (1)

Drivers of 2020 – 2021 FCF Uses of FCF ✓ Lower interest rates ✓ Charter escalations ✓ Fleet acquisitions ✓ Further debt amortization ✓ Return of capital to shareholders ✓ Fleet acquisitions

$313 $186 $62 ($81) ($1) ($28) ($11) ($7) ($124) LTM EBITDA Net Cash Interest JV Earnings Revenue Recognition (Non- Cash) Other Dry Docking Operating Cash Flow Debt Amortization LTM FCF

$ / Day $ in 000's

2019 -2020 Vessel Current Avg. MSI Base MSI Base Avg. Vessels Size Charter Rate Case Avg. Earnings p MSI-10% MSI+10% 8 2,200 TEU $10,713 $9,868 $4,888 $2,748 $7,029 3 2,500 TEU 9,430 11,541 1,450 598 2,302 8 3,400 TEU 13,256 11,325 (2,468) (4,295) (642) 8 4,250 TEU 17,304 13,761 (3,204) (5,234) (1,173) 2 6,500 TEU 15,853 26,929 7,021 5,491 8,552 1 8,500 TEU

• 30,000

6,256 5,450 7,061 30 $13,944 $4,758 $23,129

$22.3 $22.3 $22.3 $16.4 $1.0 $31.8 $38.6 $23.3 $54.0 MSI Base Case MSI-10% MSI+10% 19

Near-Term Potential Re-Charter Upside

$ / Day $ in 000's

2019 - 2021 Vessel Current Avg. MSI Base MSI Base Avg. Vessels Size Charter Rate Case Avg. Earnings p MSI-10% MSI+10% 8 2,200 TEU $10,713 $9,868 $4,856 $2,057 $7,655 3 2,500 TEU 9,430 11,541 1,937 711 3,162 8 3,400 TEU 13,256 11,325 (817) (4,097) 2,463 10 4,250 TEU 16,942 13,761 (4,935) (9,679) (190) 3 6,500 TEU 22,157 26,929 7,011 4,764 9,258 1 8,500 TEU

• 30,000

8,331 7,258 9,404 33 $16,383 $1,014 $31,752

Earnings Delta to Current Portfolio Illustrative Potential Increase in Earnings(1)

$ in millions

2019 – 2020 Earnings Upside 2019 – 2021 Earnings Upside

Illustrative Re-Charter at MSI Base Case Rates Contracted Charter Escalations

(2,3) (2,3) (2,3)

$14.4 $14.4 $14.4 $13.9 $4.8 $23.1 $28.4 $19.2 $37.5 MSI Base Case MSI-10% MSI+10%

• Danaos has 9 vessels being fitted with scrubbers which will benefit from contractual rate escalations in 2020 – 2021; these

escalations add $14.4mm to 2020 cash flow and $22.3mm in 2021

• Additionally, there are 32 vessels subject to re-chartering in 2020 – 2021 and one new vessel in the fleet – if these vessels

were re-chartered at current 1-year TCE rates they would add $14mm to 2020 cash flow and $16mm to 2021

Source: Company filings, Maritime Strategies International Ltd. Note: As of September 30, 2019. MSI base case rates provided as of November 14, 2019. Refer to Appendix slide “Time Charter Market Rates” for additional detail (1) Certain shipping industry information, statistics and charts by Maritime Strategies International Ltd. contained herein has been prepared using current rates and other information and is not a guarantee of what the charter market will be in future years. (2) Net of assumed increase in annual operating expenses of $3.1mm and $5.1mm upon re-instatement of time-charter rate for the Hyundai Honour and Hyundai Respect (currently on bareboat charter). (3) Illustrative assumption approximates run-rate earnings for Conti Champion $2.4mm operating expenses per annum, adjusted for forecasted ownership days.

(2,3) (2,3) (2,3)

• 3. Industry Overview

Container Industry Overview

Container Trade Growth Orderbook as % of Fleet

21

• Containerization is an ongoing process alongside global trade growth
• Orderbook constrained by market uncertainty, financial tightening, and demise of German KG model
• Regulatory uncertainty in terms of IMO 2020 and greenhouse gas emission policies further undermines new vessel

investment

50 100 150 200 250

• 10%
• 5%

0% 5% 10% 15% 20% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019* 2020* Index, 2000 = 100 % YoY Container Trade Growth Containership Fleet Growth Containership Spot Market Charter Rate Index, Fixture Count Weighted (RH Axis) * Forecast 0% 10% 20% 30% 40% 50% 60% 70% 5 10 15 20 25 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 9M Orderbook as % Fleet Mn TEU 12+ k TEU 7.6-12 k TEU 5.2-7.6 k TEU 3.9-5.2 k TEU 2.9-3.9 k TEU 1.3-2.9 k TEU 0.1-1.3 k TEU Orderbook as % of Fleet (RH Axis)

Source: Maritime Strategies International (MSI).

Trade Distribution and Growth Areas

22

Source: Maritime Strategies International (MSI).

• Trade distribution outside of Main Lanes with shifting trades requires medium sized and smaller vessels
• Minimal orderbook of this size
• Supply for growth trades from cascading and existing fleet
• IMO 2020 cost jump will push for upsizing and speed reduction
• Conclusion: Demand for mid-sized vessels expected to remain strong

Demand v. Supply YoY Cargo Volume Growth by Trade

0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 2013 2014 2015 2016 2017 2018 2019F 2020F % YoY Demand Growth Supply Growth 0% 1% 2% 3% 4% 5% 6% 7% Mainlanes Non-mainlane East-West North-South Intra-Regional (excl. intra-Asia) Intra-Asia % YoY 2016 2017 2018 2019(F) 2020(F)

Containership Deployment by Trade

23

Source: Maritime Strategies International (MSI). Note: Post Panamax / Wide Beam defined as anything larger than 5,000 TEU.

• Danaos fleet is flexible to be deployed in most trades
• Maximum ship size indicates trend towards larger vessels
• Of Danaos’ fleet, Post-Panamax / Wide Beam vessels make up 65% of capacity
• Charter roll-offs in near term are primarily Danaos’ smaller vessels

Containership Deployment by Trade Orderbook by Segment

5000 10000 15000 20000 25000 F East-Europe Transpacific Transatlantic Pendulum

• N. Am-ME/ISC

Eur-ME/ISC F East-ME/ISC F East-L. Am Europe-L. Am F East-Africa F East-Oceania

• N. Am-Oceania

Europe-Africa

• N. Am-L. Am
• N. Am-Africa

Intra-N. Am Intra-L. Am Intra-ME/ISC Intra-Europe Intra-Asia Intra-Africa Intra-Oceania Mainlane Non-Mainlane E/W North-South Intra-Regional TEU Average Ship Size Maximum Ship Size 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 0.1-1.3 k TEU 1.3-2.9 k TEU 2.9-3.9 k TEU 3.9-5.2 k TEU 5.2-7.6 k TEU 7.6-12 k TEU 12+ k TEU Mn TEU Orderbook

Danaos fleet ranges from 2,200 TEU – 13,100 TEU

5% 14% 4% 6% 25%

% of Global Fleet

Charter Rate Improvement Across Segments but Specific to Larger Vessels

24

Source: Maritime Strategies International (MSI), Company filings.

• Current delta between secondhand and newbuild asset values of 78% does not justify new orders
• Recent uptick in 2019 time charter earnings as more vessels out of service for scrubber installation
• Charter rates faring well across segments but Post Panamax vessels faring better

Long-Term Time Charter Rates and Asset Values Average TEUs Since Q4 2018 to Present

50 100 150 200 250 300 Average Q4 18 Week 2 Week 4 Week 6 Week 8 Week 10 Week 12 Week 14 Week 16 Week 18 Week 20 Week 22 Week 24 Week 26 Week 28 Week 30 Week 32 Week 34 Week 36 Week 38 Week 40 Week 42 Week 44 Week 46 Index, 100 = Q4 18 4.3 k TEU Gls 6.5 k TEU Gls 8.5 k TEU Gls 20 40 60 80 100 120 140 160 180 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Index, 100 = Average Since 2000 (Weighted) Newbuild Price Index Secondhand Price Index Timecharter Rate Index

Since 2000, the secondhand index is on average 20% lower than newbuild prices. However, the current discount of secondhand to newbuild prices is 78%

Industry Trends Supporting Vessel Supply

25

Source: Maritime Strategies International (MSI).

• Containership scrapping rates seeing an uptick in

2019, as some smaller and older capacity is removed

• Adhering to IMO 2020 standards will reinforce
• rdering of new vessels
• Idle vessels relative to fleet increasing somewhat

due to scrubber installation, among other factors Scrapping Trends Average Vessel Age Idle Fleet

0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 Jan-09 Jun-09 Nov-09 Apr-10 Sep-10 Feb-11 Jul-11 Dec-11 May-12 Oct-12 Mar-13 Aug-13 Jan-14 Jun-14 Nov-14 Apr-15 Sep-15 Feb-16 Jul-16 Dec-16 May-17 Oct-17 Mar-18 Aug-18 Jan-19 Jun-19 % Fleet Idle Mn TEU 12+ k TEU 7.6-12 k TEU 5.2-7.6 k TEU 3.9-5.2 k TEU 2.9-3.9 k TEU 1.3-2.9 k TEU 0.1-1.3 k TEU Idle % of Total Fleet (RH Axis) 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 100 200 300 400 500 600 700 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 9M k TEU 5.2+ k TEU 3.9-5.2 k TEU 2.9-3.9 k TEU 1.3-2.9 k TEU 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 0.1-1.3 k TEU 1.3-2.9 k TEU 2.9-3.9 k TEU 3.9-5.2 k TEU 5.2-7.6 k TEU 7.6-12 k TEU 12+ k TEU 16.0 12.9 11.7 11.6 13.3 8.2 4.5 % Share 25+ Yrs 20-24 Yrs 15-19 Yrs 10-14 Yrs 5-9 Yrs 0-4 Yrs

• Avg. Age

(Yrs.)

Investment Overview

27

A LEADING CONTAINERSHIP PLATFORM

• 40+ year history in container shipping and third largest public owner globally by TEU
• $1,855 bn across 55 owned vessels as of September 30, 2019
• $414 mm net asset value, or $17 per share(1,2), pro-forma for the November 2019 equity offering
• Versatile fleet ranging from 2,200-13,000 TEU with a TEU-weighted average age of 11 years
• 65% of fleet focused on Post-Panamax / Wide Beam vessels, larger than 5,000 TEU
• History of high utilization 98.5% utilization over last twelve months and a 97.9% average over last five years
• Dedication to environmental leadership and corporate governance
• Pioneers in digitalization of shipping industry
• 38% management ownership(3); aligned with public shareholders
• Insiders invested $27mm in recent equity offering

EXPERIENCED AND ALIGNED MANAGEMENT TEAM

• Historically-low orderbook for containerships, concentrated in larger vessels, and idle fleet capacity of 3.2%,

including ships being retro-fitted for scrubbers

• No reduction in utilization despite global trade war headwinds over the past year

FAVORABLE INDUSTRY BACKDROP

Note: Fleet value includes value of charters; Asset value does not include vessels acquired after September 30, 2019, including Conti Champion. Asset value excludes the five Gemini JV vessels. (1) Please refer to page 16 for a calculation of net asset value; additional disclosure in Appendix. (2) On the basis of 24,371,470 shares outstanding as at November 26, 2019 (3) Inclusive of extended Coustas family interest. (4) Non-GAAP measure. See appendix for definition and reconciliations to the nearest GAAP measure. (5) Net leverage is a non-GAAP measure. Calculated as Net Adjusted Debt / Adjusted EBITDA. (6) Calculated as the sum of contractual principal debt repayment and lease repayments under sale leaseback structure.

STRONG FINANCIAL PROFILE POISED FOR RENEWED GROWTH PHASE

• $1.4 billion of contracted forward revenues as of September 30, 2019, with 4.3 years’ average remaining charter

duration

• 83% contracted revenue for 2020 and 72% for 2021
• $313 million adjusted EBITDA(4) (as of September 30, 2019 last twelve months) and $186(4) million of operating

free cash flow

• Modest net leverage of 4.9x(5) as of September 30, 2019
• No balloon payments until year-end 2023
• Minimum debt amortization of $300mm(6) through end 2021

Appendix

2018 2019 2020 2021 2022 2023 2024 2025 Hyundai Honour Hyundai Respect Maersk Enping Maersk Exeter MSC Ambition Pusan C Le Havre Express Berlin Express Rome Express Athens Europe America CMA CGM Attila CMA CGM Tancredi CMA CGM Bianca CMA CGM Samson CMA CGM Melisande Performance Dimitra C CMA CGM Moliere CMA CGM Musset CMA CGM Nerval YM Mandate CMA CGM Rabelais CMA CGM Racine YM Maturity

Substantial Fleet Employment and Coverage

(1) Age as of September 30, 2019. (2) Data as of November 2019. Contracted revenue derived from vessels on long-term charter contracts.

5x

13,100 TEU

5x

9,600 TEU - 10,100 TEU

7x

8,500 TEU

9x

6,400 – 6,500 TEU

Charterer Age (1) Vessel

7.6 7.6 7.4 7.3 7.3 13.1 12.9 8.6 8.5 8.4 15.1 14.9 8.2 8.1 7.9 7.8 7.6 17.6 17.3 10.0 9.6 9.4 9.4 9.3 9.1 9.1

Contracted Charter Revenue Contribution(2)

29

2028

38% 9% 25% 23%

Substantial Fleet Employment and Coverage

Charterer Age (1) Vessel

10x

4,300 – 5,500 TEU

8x

3,500 TEU

11x

2,200 – 2,600 TEU 15.6 15.4 12.1 11.8 11.2 11.0 10.9 10.7 10.5 10.3 18.6 15.6 15.0 9.4 9.2 9.0 8.7 8.5 22.5 22.3 22.2 22.1 22.1 21.6 21.6 21.6 21.5 18.3 17.8

3% 1% 1%

2018 2019 2020 2021 2022 2023 2024 ANL Tongala Derby D YM Seattle YM Vancouver Zim Rio Grande Zim Sao Paolo Zim Kingston Zim Monaco Zim Dalian Zim Luanda Dimitris C Colombo Singapore Express Argentina Express Brazil Express France Express Spain Express Black Sea Future Sprinter Vladivostok Advance Stride Progress C Amalia C Highway Bridge Danae C MSC Zebra

30

Contracted Charter Revenue Contribution(2)

(1) Age as of September 30, 2019. (2) Data as of November 2019. Contracted revenue derived from vessels on long-term charter contracts.

Adjusted EBITDA

Source: Company filings (1) Excludes amortization of finance costs of $2,506, $3,223 and $11,653 and debt discount amortization of $1,392, $1,207, and $6,605 for the three months ended Sept. 30, 2019, the three months ended Sept. 30, 2018, and the last twelve months ended Sept. 30, 2019, respectively.

Reconciliation of Net Income to EBITDA and Adjusted EBITDA September 30, 2019

31 Three Months Three Months Last Twelve Months ended ended ended ($ In thousands)

• Sept. 30, 2019
• Sept. 30, 2018
• Sept. 30, 2019

Net income / (Loss) from Continuing Operations (unadjusted) $33,855 $127,217 ($83,547) Adjustments: Depreciation 24,336 26,995 99,146 Amortization of deferred drydocking & special survey costs 2,271 2,636 8,874 Amortization of deferred realized losses of cash flow interest rate swaps 913 931 3,640 Amortization of deferred finance costs 4,027 4,834 18,854 Interest income (1,586) (1,505) (6,234) Interest expense(1) 14,317 16,079 55,972 EBITDA $78,133 $177,187 $96,705 Impairment loss

• 210,715

Gain on debt extinguishment

• (116,365)

Refinancing professional fees

• 21,766

(154) Accelerated amortization of accumulated other comprehensive loss

• 1,443

Stock based compensation 1,195 157 3,909 ADJUSTED EBITDA $79,328 $82,745 $312,618

Historical Adjusted EBITDA

Source: Company filings.

Historical Reconciliation of Net Income to EBITDA and Adjusted EBITDA Years ended 2012 - 2018

32

Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended ($ In thousands) December 31, 2012 December 31, 2013 December 31, 2014 December 31, 2015 December 31, 2016 December 31, 2017 December 31, 2018 Net income / (Loss) from Continuing Operations (unadjusted) ($105,204) $37,523 ($3,920) $117,016 $(366,195) $83,905 (32,936) Adjustments: Depreciation 143,938 137,414 137,061 131,783 129,045 115,228 107,757 Amortization of deferred drydocking & special survey costs 6,070 5,482 4,387 3,845 5,528 6,748 9,237 Amortization of deferred realized losses of cash flow interest rate swaps 3,524 4,017 4,016 4,017 4,028 3,694 3,694 Amortization of finance costs 14,314 15,431 15,070 14,038 12,652 11,153 14,957 Finance costs accrued (Exit Fees under our Bank Agreement) 2,762 3,763 3,745 3,639 3,447 3,169 2,059 Interest income (1,642) (2,210) (1,703) (3,419) (4,682) (5,576) (5,781) Interest expense 87,340 91,185 79,980 70,397 70,314 75,403 70,749 EBITDA $151,102 $292,605 $238,636 $341,316 ($145,863) $293,724 169,736 Gain on Debt Extinguishment

• (116,365)

(Gain)/loss on sale of vessels (830) 449 (5,709)

• 36
• Refinancing professional fees
• 14,297

51,313 Loss on sale of securities

• 12,906

2,357

• Impairment loss

129,630 19,004 75,776 41,080 415,118

• 210,715

Impairment loss on securities

• 29,384
• Impairment loss component of equity loss on investments
• 14,642
• Bad debt expense
• 15,834
• Accelerated amortization of accumulated other comprehensive loss
• 7,706
• 1,443

Stock based compensation 139 75 638 88 76

• 1,006

Realized loss on derivatives 150,910 144,254 119,612 52,125 5,397

• Unrealized gain on derivatives

739 (22,121) (24,915) (16,285) (4,649)

• ADJUSTED EBITDA

$431,690 $434,266 $404,038 $418,324 $350,587 $310,378 $317,848

Adjusted Net Income

Source: Company filings.

Reconciliation of Net Income to Adjusted Net Income and Adjusted Earnings per Share September 30, 2019

33 Three Months Three Months Last Twelve Months ended ended ended ($ In thousands, except per share items)

• Sept. 30, 2019
• Sept. 30, 2018
• Sept. 30, 2019

Net income / (Loss) from Continuing Operations $33,855 $127,217 ($83,547) Adjustments: Impairment loss

• 210,715

Refinancing professional fees

• 21,766

(154) Amortization of deferred finance costs 4,027 4,834 18,854 Gain on debt extinguishment

• (116,365)

Accelerated amortization of accumulated other comprehensive loss

• 1,443

ADJUSTED NET INCOME $37,882 $37,452 $147,311 ADJUSTED EARNINGS PER SHARE Diluted net income per share $2.46 $3.17 $9.63 Diluted weighted average number of shares 15,373 11,828 15,291

Historical Adjusted Net Income

Source: Company filings.

Reconciliation of Adjusted Net Income Years ended December 2012 – December 2018

34

Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended ($ In thousands) December 31, 2012 December 31, 2013 December 31, 2014 December 31, 2015 December 31, 2016 December 31, 2017 December 31, 2018 Net income / (Loss) from Continuing Operations (unadjusted) $(105,204) $37,523 $(3,920) $117,016 $(366,195) $83,905 $(32,936) Adjustments: Impairment loss 129,630 19,004 75,776 41,080 415,118

• 210,715

Gain on debt extinguishment

• (116,365)

Amortization of finance costs 14,314 15,431 15,070 14,038 12,652 11,153 11,771 Debt discount amortization

• 3,186

Finance costs accrued (Exit Fees under our Bank Agreements) 2,762 3,763 3,745 3,639 3,447 3,169 2,059 Re-financing professional fees

• 14,297

51,314 Accelerated amortization of accumulated other comprehensive loss

• 7,705
• 1,443

Unrealized (Gain) / Loss on fair value of derivatives 739 (22,121) (24,915) (16,285) (4,648)

• Realized loss on over-hedging portion of derivatives

19,042

• Bad debt expense
• 15,834
• Impairment loss component of equity loss on investments
• 14,642
• Loss on sale of HMM securities
• 12,906

2,357

• Impairment loss on securities
• 29,384
• (Gain) / Loss on sale of vessels

(830) 449 (5,709)

• 36
• ADJUSTED Net Income

$60,453 $54,049 $60,047 $159,488 $140,881 $114,881 $131,188

LTM Free Cash Flow

Source: Company filings.

Reconciliation of LTM Free Cash Flow Years ended March 2018 – September 2019

35

Three Months Three Months Last Twelve Ended Ended Months ($ In thousands) September 31, 2019 September 31, 2018

• Sept. 30, 2019

Net income / (Loss) from Continuing Operations (unadjusted) $33,856 $127,217 $(83,547) Adjustments: Depreciation 24,336 26,995 99,145 Amortization of deferred drydocking & special survey costs 2,270 2,636 8,874 Amortization of deferred realized losses on cash flow interest rate swaps 913 931 3,640 Amortization of finance costs and debt discount 3,898 4,430 18,258 Finance costs accrued (Exit Fees under our Bank Agreements) 129 404 595 Interest Income (1,585) (1,506) (6,233) Interest Expense 14,318 16,078 55,973 EBITDA $78,134 $177,186 $96,706 Adjusted For: Impairment loss

• 210,715

Gain on debt extinguishment

• (116,365)
• Re-financing professional fees
• 21,766

(154) Accelerated amortization of accumulated other comprehensive loss

• 1,443

Stock based compensation 1,195 157 3,908 ADJUSTED EBITDA $79,329 $82,744 $312,620 Net cash interest (20,862) (14,755) (80,980) Equity income / (loss) on investments (559) (728) (961) Revenue recognition (non-cash) (6,802) (6,739) (27,564) Other working capital (374) 18,106 (10,625) Payments for dry-docking & special survey costs deferred (3,524) (1,554) (6,615) OPERATING CASH FLOW $47,209 $77,075 $185,875 Debt Amortization (28,641) (32,874) (123,898) ADJUSTED FREE CASH FLOW $18,568 $44,201 $61,977

Source: Company filings. LTM ended September 30, 2019. (1) Non-GAAP measure. See appendix for definitions and reconciliations to the nearest GAAP measure.

Third Quarter 2019 Earnings

Summary of Results

thousands $, except per share figures

Third Quarter Highlights

36

Nine months ended September 30 L 12 2019 2018 % yoy Months Operating Revenue $337,040 $343,101

• 1.8%

$452,671 Adjusted EBITDA(1) $232,447 $237,677

• 2.2%

$312,618 Adjusted Net Income $110,706 $94,581 17.0% $147,311 Adjusted Earnings per Share, diluted(1) $7.23 $10.30

• 29.8%

$9.63

• Fleet utilization for three months ended September 30, 2019 was 98.7%, an increase of ~130 bps versus the prior year
• $0.4 million increase in adjusted net income in the three months ended September 30, 2019 compared to prior year

due to decrease in total operating expenses and net finance expenses, partially offset by decrease in operating revenues

• Charter contract coverage of 89% in terms of operating revenues and 75% in terms of operating days over the next 12

months

Danaos Capital Structure as of September 30, 2019

(1) Danaos refinanced $2.2bn of debt due December 31, 2018 to reduce its total debt and extend maturities to December 2023. (2) LTM Adj. EBITDA of $313mm. Please refer to Adjusted EBITDA disclosure on page 16.

37 Actual June 30, 2018 Refinancing Adjustments Pro-forma for refinancing Actual Sept. 30, 2019

Cash $75 $10 $85 $83 Bank Debt: Royal Bank of Scotland $655 (179) $476 $462 Promontoria, Davidson Kempner, Aegean Baltic Bank 634 (251) 383 376 Citi $120 mil. facility (ex ABN Amro Club facility) 204 (84) 120 103 Club Facility 214 (7) 206 146 Credit Suisse Facility 172

• 172

119 Citi $114.1 mil. facility 114

• 114

77 Citi $123.9 mil. facility (ex Deutsche Bank facility) 153 (29) 124 90 Citi - Eurobank facility 38

• 38

29 Sinosure facility (China Exim, Citi, ABN Amro) 71

• 71

47 Korea Exim Bank, ABN Amro facility 17 (17)

• Long-term Leaseback Obligation
• 141

Exit Fee 23 (1) 21 22 Deferred Finance Costs (6) (45) (51) (36) Debt Fair Value Adjustment

• (29)

(29) (21) Total Debt $2,288 ($644) $1,644 $1,555 adjusted for Deferred Finance Costs $6 $45 $51 $36 Debt Fair Value Adjustment

• $29

$29 $21 Total Debt (1) $2,294 ($570) $1,724 $1,613 Net Debt (1) 2,219 (580) 1,639 1,530 Book Value of Equity 574 273 847 792 Total Capitalization $2,868 ($296) $2,571 $2,405 Diluted shares outstanding 7,843 7,395 15,237 15,373 Credit Statistics: LTM Adj. EBITDA $315 $315 $313 Debt / Adj. EBITDA 7.3x 5.5x 5.2x Net Debt / Adj. EBITDA 7.0x 5.2x 4.9x Net Debt / Book Equity 3.9x 1.9x 1.9x

Capitalization mm $

Commentary

• 7.1 mm new shares

(47.5%) issued to certain lenders in the refinancing, 0.3 mm new RSUs issued to management

Note: LTM Adj. EBITDA of $313mm. Please refer to Adjusted EBITDA disclosure on page 33. (1) Danaos refinanced $2.2bn of debt due December 31, 2018 to reduce its total debt and extend maturities to December 2023.

Danaos Net Asset Value(1)

38

(1) Net Asset Value (NAV) is used to assess compliance with our credit facility covenants, and management believes that many investors use NAV as a reference point in assessing valuation of fleets of ships and similar assets. (2) As calculated in accordance with the financial covenants contained in the Company’s credit facilities as of September 30, 2019, on a charter-inclusive basis, as follows: (1) for any vessel having a charter with more than 12 months remaining duration, the present value of the “bareboat-equivalent” time charter income from such charter (contracted revenue thereunder less forecasted operating expenses, insurances and dry- docking costs), plus (2) the present value of the residual charter-free value of any vessel (estimated based on June 30, 2019 broker valuations using vessel age as of the end of applicable charter, if any), each discounted to present value using a discount rate 7.0%. See “Item 5. Operating and Financial Review and Prospects” in the Company’s Annual Report on Form 20-F filed with the SEC on March 5, 2019. These calculations of vessel value may not be comparable to other methods of determining vessel values or reported book value ($2.4 billion as of September 30, 2019). Vessel values are highly volatile and contracted charter revenue is subject to counterparty performance and may not be transferable upon sale of a vessel. As such, the Company’s estimates of market value may not be indicative of the current or future value of its vessels, or prices that the Company could achieve if it were to sell the vessels. (3) Represents advances for scrubber installations. Included in Other non-current assets on the Company’s balance sheet. (4) Consists of (i) Current portion of long term debt, net of $115.551 million and (ii) Long-term debt, net of $1,298.271 million plus deferred finance costs, net, of $36.1 million and debt fair value adjustment of $21.4

• million. Does not include accumulated accrued interest of $201.8 million.

(5) Excludes the following non-cash items included on the Company’s balance sheet, as of September 30, 2019: (i) unearned revenue liabilities totaling $45.277 million relating to an accounting charge recognized upon the Company’s receipt of the ZIM and HMM notes in respect of charter amendments ($31.235 million Unearned revenue, net of current portion and $14.042 million included in Unearned revenue, current portion), (ii) Other current assets ($2.851 million) and Other non-current assets ($31.910 million) related to straight-line revenue recognition totaling $34.761 million and (iii) liabilities related to straight-line revenue recognition totaling $1.178 million (Other current liabilities of $0.468 million and $0.710 million included in Other long-term liabilities). (6) Represents investment in Gemini JV, of which Danaos owns a 49% stake. (7) Included in Other non-current assets on the Company’s balance sheet. (8) Pro-forma for net cash proceeds of $52.1 million pursuant to the November 2019 equity offering. Charter Adjusted Asset Value Charter Adjusted Fleet Value(2) $ 1,838,468 Advances for vessels additions(3) 16,466 Total Charter Adjusted Asset Value $ 1,854,934 Less: Net Debt Bank debt(4) $ 1,471,412 Long-term leaseback obligation (including current portion) 141,374 Less: Cash and cash equivalents(8) (134,930) Total Net Debt $ 1,477,856 Plus: Net Working Capital & Other(5) Accounts receivable, net $ 7,637 Inventories 8,966 Prepaid Expenses 899 Due from related parties 20,409 Other current assets 4,003 Investments in affiliates(6) 7,871 Zim(7) 20,706 HMM notes(7) 9,149 Less: Accounts payable (12,414) Accrued liabilities (9,692) Unearned revenue (5,375) Other current liabilities (14,849) Total Net Working Capital & Other $ 37,310 Net Asset Value(8): $ 414,388

(in US$ thousands)

Time Charter Market Rates

38

The table below shows market charter rates, as of September 30, 2019, for a time charter of one year for a containership of generally equivalent TEU capacity, age and certain other characteristics to those vessels in Danaos Corporation's current fleet. These charter rates are based on recently concluded fixtures in the containership charter market, which in some cases may involve a limited number of relevant transactions and vessels that are not entirely comparable to those in Danaos Corporation's fleet, and reflect charter rates which may have been influenced by other relevant factors. Containership time charter rates are volatile and can be expected to fluctuate significantly, depending upon general economic and market conditions affecting the containership industry, and therefore there can be no assurance that time charters at the market rates set forth in the below table would be available for such vessels when they become available for re-chartering or at any other particular time.

Vessel Name Year Built Vessel Size (TEU) Current Market Timecharter Rate ($/day) Scrubber Fitted Rate (open loop, today) ($/day) Scrubber Fitted Rate (open loop, 2020) ($/day)

MSC Ambition 2012 13,100

$

45,772 $ 55,529 $ 59,168 Maersk Exeter 2012 13,100 45,772 55,529 59,168 Maersk Enping 2012 13,100 45,772 55,529 59,168 Hyundai Respect 2012 13,100 45,772 55,529 59,168 Hyundai Honour 2012 13,100 45,772 55,529 59,168 Express Rome 2011 10,100 34,811 — — Express Berlin 2011 10,100 34,811 — — Express Athens 2011 10,100 34,811 — — Le Havre 2006 9,580 33,248 42,152 45,460 Pusan C 2006 9,580 33,248 42,152 45,460 CMA CGM Melisande 2012 8,530 30,090 — — CMA CGM Attila 2011 8,530 30,090 — — CMA CGM Tancredi 2011 8,530 30,090 — — CMA CGM Bianca 2011 8,530 30,090 — — CMA CGM Samson 2011 8,530 30,090 — — America 2004 8,468 29,954 38,530 41,711 Europe 2004 8,468 29,954 38,530 41,711 CMA CGM Moliere 2009 6,500 27,118 — — CMA CGM Musset 2010 6,500 27,118 — — CMA CGM Nerval 2010 6,500 27,118 — — CMA CGM Rabelais 2010 6,500 27,118 — — CMA CGM Racine 2010 6,500 27,118 — — YM Mandate 2010 6,500 27,118 — — YM Maturity 2010 6,500 27,118 — — Dimitra C 2002 6,402 26,267 — — Performance 2002 6,402 26,267 — — ZIM Rio Grande 2008 4,253 13,761 — — ZIM Sao Paolo 2008 4,253 13,761 — — ZIM Kingston 2008 4,253 13,761 — — ZIM Monaco 2009 4,253 13,761 — — ZIM Dalian 2009 4,253 13,761 — — ZIM Luanda 2009 4,253 13,761 — — YM Seattle 2007 4,253 13,761 — — YM Vancouver 2007 4,253 13,761 — — Derby D 2004 4,253 13,761 — — ANL Tongala 2004 4,253 13,761 — —

Vessel Name Year Built Vessel Size (TEU) Current Market Timecharter Rate ($/day) Scrubber Fitted Rate (open loop, today) ($/day) Scrubber Fitted Rate (open loop, 2020) ($/day)

Dimitris C 2001 3,430

$

11,353 — — Express Argentina 2010 3,400 11,353 — — Express Brazil 2010 3,400 11,353 — — Express France 2010 3,400 11,353 — — Express Spain 2011 3,400 11,353 — — Express Black Sea 2011 3,400 11,353 — — Singapore 2004 3,314 11,243 — — Colombo 2004 3,314 11,243 — — MSC Zebra 2001 2,602 11,675 — — Danae C 2001 2,524 11,537 — — Amalia C 1998 2,452 11,410 — — Vladivostok 1997 2,200 9,868 — — Stride 1997 2,200 9,868 — — Sprinter 1997 2,200 9,868 — — Future 1997 2,200 9,868 — — Advance 1997 2,200 9,868 — — Bridge 1998 2,200 9,868 — — Highway 1998 2,200 9,868 — — Progress C 1998 2,200 9,868 — —

Source: Maritime Strategies International (MSI).