Danaos Corporation

W o r l d – C l a s s S h i p p i n g

L e a d i n g – E d g e E x p e r t i s e

Presentation

March 2011

2

Disclosures

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 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, 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. Danaos Corporation is listed in the New York Exchange under the ticker symbol “DAC”. Before you invest, you should also read other 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

EBITDA may be included in our presentations. EBITDA represents net income plus interest and finance costs plus depreciation and amortization and income taxes, if any, plus the restricted-stock portion of deferred stock-based compensation, which is a non-cash item. EBITDA is presented because it is used by certain investors to measure a company’s financial performance. EBITDA is a “non-GAAP financial measure” and should not be considered a substitute for net income, cash flow from operating activities and other operations 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.

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Key Business Aspects

■ Company founded in 1972■ Highly experienced executive team

■ Contracted revenue of $6bn through long term fixed time charters■ Strong contracted fleet growth■ Industry rebounded sharply in 2010■ Counterparties continued to perform even in 2009

■ Listed since 2006■ Management is majority shareholder and is aligned with all public

shareholders

Management

Sound Business Model

4

Fourth Quarter Highlights & Recent Developments

Took delivery of one newly built vessel on October 11, 2010

Took delivery of two more newly built vessel so far in 2011

Fleet stands at 52 vessels

Danaos order book includes 13 more vessels, all on long term charters

4Q fleet utilization 98.5%

Operations

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Fourth Quarter Highlights & Recent Developments

Finalized Comprehensive Financing Plan (CFP) in 1Q11

Secured $426 million of new debt facilities and expanded lending relationships

Received State approvals for an additional $203 million China-Exim bank financing

Reset and harmonised all covenants on commercial loan portfolio

Reduced and harmonised applicable margins over 3-month LIBOR

Revised and extended amortisation schedules on commercial debt

Together with recent capital increase of $200 million, secured fully funded order book

Adjusted 2010 EBITDA and Net income $244m and $28m respectively

Financial

6

Key Operational and Financial Highlights

One of the largest owners of modern large size containerships

Long record of success with experienced owner-management team

Long-term relationships with world’s leading liner companies

Operational excellence enhanced by technological innovation

Business model yields steadily increasing cash flowsas new ships deliver

The CFP funds our rapid fleet growth

Capitalizing on leading industry presence

94,317 94,317127,919

151,725 153,174172,433

219,929

299,679

33,602

23,806

19,259

47,496

79,750

63,000

94,317

127,919

151,725 153,174172,433

219,929

299,679

360,549

2005 2006 2007 2008 2009 2010 2011 2012

Cap

acity

(TEU

s)

0

100,000

200,000

300,000

400,000

Net capacity additions

7

Danaos Corporation

Owns, operates and charters vessels to Liner Companies under multi-year, fixed rate charters with no fuel or cargo risk

Global Sea Link

Liner companies – our clients

Source and aggregate cargo from shippers

Load and discharge containers

Land based logistics

8

Regional Container Activity (Lifts)

0100200300400500600700

1995

2000

2005

2010

(e)

Source: Clarkson Research Services

Mill

ion

TEU

-15%-10%-5%0%5%10%15%20%

Asia N.Am. Eur. Others

Containership Charter Rates

0

10,000

20,000

30,000

40,000

50,000

60,000

1995

2000

2005

2010

Source: Clarkson Research Services, Company data

US

D /D

ay

--- Forecast ---

3,500 TEU4,400 TEU9,500 TEU

Rapid Industry Recovery from 2009 Lows

Container box activity has been growing since 1979 with a 10%CAGR

Long Term Growth TrendsBased On

World demographics and social trends

World trade growth

Long distances between production/consumption

Containerization of transport

Economies of scale

Supply/Demand imbalances

Slow Steaming and rescheduling of routes

Shortage of modern, large containerships

Short Term Charter Rate Direction

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Strong Fundamentals

Industry has returned to normal high activity levels

N/Bs delivery delays cancellations and slow steaming have realigned supply to demand

Demand has recovered dramatically throughout 2010

Idle capacity is 2%, down from 12% in mid 2009 with only smaller vessels still in lay-up

Charter rates and vessel values have increased sharply as the industry recovers

Vessel value sharp rebound reflects expectations for continued industry growth

Charter rate recovery benefits up-coming re-chartering activity

0

50

100

150

200

250

2000

2002

2004

2006

2008

2010

0%

5%

10%

15%

Charter rate (base 2000=100)Cont/ship value (base 2000=100)Idle capacity as percentage on world fleet

Rates, values and Idle Capacity

10

Danaos in Leading Position with a 65 Vessel Fleet

KGs Independent Owners

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400,000

600,000

800,000C

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Capacity on Order Current Capacity

A market leader among the large charter owners

Increased desire by liners to outsource vessel ownership provides growth opportunities to Danaos

KG market retraction benefits independent charter owners like Danaos

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Contracted Fleet Growth

172,433219,929

299,679

47,496

79,750

63,000

50 vls 60 vls 65 vls

2010 2011 2012

Cap

acity

(TEU

s)

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

Net capacity additions

Further growing an already large fleet

CAPEX

Growth of 65%Next two years

$563 m $680 m $451 m

12

Young Fleet with Longer Charters

Improving the fleet age and charter length

Fleet Age

6

7

8

9

10

11

2010 2011 2012 2013

Year

s

Charter Average Length

6

7

8

9

10

11

2010 2011 2012 2013

Year

s

13

Financial Overview

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Current Financial Status and Capital Structure

Unlocking the intrinsic value of Danaos

All N/Bs will be delivered to Danaos

Aligns debt amortization and N/B commitments to the corporate free cash generation

Eliminates refinancing risks for the next 10 years

Facilitates further equity raises for accretive new projects

(in USD million) 2010

Cash $ 230

2,274

904

Other assets 81

Other Liabilities & OCI 94

Debt 2,566

Equity net of OCI 829

Vessels net of depreciation

Advances to yards

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2011 Revenue by charterer

$ 6 billion contracted revenue from long term fixed rate diversified charters

Hanjin18%

ZIM11%

Yang Ming14%

MAERSK7%

HMM15%

CMA-CGM20%

MSC2%

Other3% CSCL

10%

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Contracted Revenue

Strong revenue growth and visibility

■ $6 billion in contracted revenue■ Charter cover 70% during next 8 years■ Charter cover 18 years ahead■ Staggered re-chartering reduces risks

Contracted Revenue

95% 89% 87% 85% 83% 82% 79% 73%

11% 13% 15% 17% 18% 21% 27%

5%

2011 2012 2013 2014 2015 2016 2017 2018

Contracted Revenue Non Contracted Revenue

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Significant Contracted Cash from Operations

Solid EBITDA growth with low sensitivity on re-chartering assumptions

■ $4.6 billion in contracted EBITDA■ More than 80% of our annual EBITDA is contracted during next 8 years■ 2011-2012 deliveries increase EBITDA run-rate by approx. 90% from 2010 levels■ Re-chartering assumptions have relatively limited weight on operating cash flow projections

Number of re-charterings (1)

Contracted EBITDA

97% 94% 92% 90% 88% 88% 84% 79%

3% 6% 8% 10% 12% 12% 16% 21%

2011 2012 2013 2014 2015 2016 2017 2018

Non Contracted Cash from OperationsContracted Cash from Operations

11 3 3 1 0 2 6 4

(1) At the earliest possible end of charter not including any options

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Historical Financials

Revenue and cash from operations build up as new vessels enter the fleet

More aggressive growth in the years to follow as the larger and more profitable new buildings are delivered

2011-2012 deliveries contribute to an approximately 90% boost of the current annual EBITDA

Revenue (1)

$259$299 $320

$360

2007 2008 2009 2010

EBITDA (2)

$173$189 $204

$244

2007 2008 2009 2010

(1) Revenue from continuing operations(2) Adjusted for non cash and one time items

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Fleet Value

The charter attached value per share is significant and reflects the cash generating capacity of the operations and the high value long term charter contracts Danaos has already secured for its fleet

Charter Attached Gross and Net Asset Value (1)

4,0454,502 4,389 4,279

1,024 1,203 1,310 1,427

9 p/s 11 p/s 12 p/s 13 p/s0

5001,0001,5002,0002,5003,0003,5004,0004,5005,000

2011 2012 2013 2014

USD

Mill

ion

Charter Attached Value of Vessels (including advances to yards at nominal value and cash) Net Asset Value (Charter Attached) NAV per share

(1) Charter attached value for vessels in operation @8% discount rate over the duration of the charters plus advances to yards at nominal value less net debt

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Our Future is Bright

Our new capital structure allows us to profitably and prudently expand the company

Contracted fleet growth during 2010-2012 will significantly increase our EBITDA and restore net income at high levels

Long term fixed rate charters provide cash flow visibility

Excellent long term customer relationships tested during the last crisis

We are well positioned to grow beyond our current contracted N/Bs and be an industry consolidator

Management retains significant shareholding interest in Danaos

Danaos Corporation

W o r l d – C l a s s S h i p p i n g

L e a d i n g – E d g e E x p e r t i s e

Investor RelationsDIMITRI J. ANDRITSOYIANNISChief Financial OfficerDanaos CorporationAthens, GreeceTel: +30 210 419 6481E-Mail: cfo@danaos.com

Company ContactsIRAKLIS PROKOPAKISChief Operating OfficerDanaos CorporationAthens, GreeceTel: +30 210 419 6400E-Mail: coo@danaos.com

NICOLAS BORNOZISPresidentCapital Link, Inc.New York, USATel: +1212-661-7566E-Mail: nbornozis@capitallink.com