Danaos : Corporate Presentation

Investor Presentation

November 2022

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 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, capital expenditures, vessel market values, 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 impact of the COVID-19 pandemic and efforts throughout the world to contain its spread, the strength of world economies, high inflation and high interest rate environment, geopolitical conflicts, 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 3, 2022, including the section entitled "Key Information" and "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, Adjusted EPS and Free Cash Flow may be included in our presentations. EBITDA, Adjusted EBITDA, Adjusted Net Income, Adjusted EPS and Free Cash Flow 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, Adjusted EPS and Free Cash Flow are "non-GAAP financial measures" 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. 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 or completeness of such information.

Business Highlights

	Business Model
✓	Provides Strong &
	Stable Cash Flow
Leading	Profile

• Containership Owner
• • Operator

✓	Demand & Supply
	Side Dynamics	Robust Capital
	✓	Structure &
		Conservative
		Financial Strategy

• Diverse & High
  Quality Fleet

Pioneers in

• Digitalisation &
  Champion of ESG
  Principles

1

Key Business Highlights

A	Leading Containership
Owner and Operator

Business Model Provides

B Strong and Stable Cash

Flow Profile

C	Diverse and High
Quality Fleet

Pioneers in Digitization &

D Longstanding Champion

of ESG Principles

	Healthy and Robust
E	Capital Structure and
Conservative Financial
	Strategy
F	Demand & Supply Side
Dynamics

• One of the largest publicly-listedowners of modern containerships with 50 year history in the shipping market
• One of the most efficient operators in the industry with highly competitive breakeven levels
• Charter backlog of $2.3 billion through to 2028(1) with world leading liner companies provides good cash flow visibility
• Strong operating days contract coverage of 100% for 2022, 88% for 2023 and 62% for 2024 limits downside risk and provides solid contracted income base
• Ownership of vessels, across all core segments from 2,100 TEU - 13,100 TEU to meet diverse set of customer needs
• Signed agreements to build two 7,100 TEU and four 8,000 TEU methanol ready fuel-efficient container vessels
• A leader in ship management innovation, through the award-winningWAVES data analytics platform
• Danaos met the IMO 2030 carbon intensity targets 11 years ahead of requirements in 2019 and continues to meet the target with a 45% reduction in CO2 emissions per ton miles for year 2020 compared with base year 2008.
• Net Debt / LTM Q3 2022 Adjusted EBITDA ratio of 0.5x as of September 30, 2022
• $382.5 million Revolving Credit Facility expected to be put in place within Q4 2022 will further reduce debt, to extent not drawn down to repay existing facility, and provide additional flexibility on capital allocation strategy
• We have repurchased 466,955 shares in the open market for $28.6 million since inception of $100 million authorized share repurchase program
• We expect the charter rates will remain above historical averages despite softening of container shipping markets in Q3 2022
• The current order-book, of about 29.9% of TEU capacity with deliveries through 2025, is expected to be mitigated by anticipated speed reduction of the global fleet due to environment regulations from 2023 onwards

(1) Cash Contracted Revenue as of September 30, 2022 after receipt of $191.3 million of charter hire prepayment , representing partial prepayment of charter hire payable from September 30, 2022 through January 2027 and on the basis of concluded

2 charter contracts through November 7, 2022, and assuming at the earliest charter expiry.

Danaos by the Numbers

$2.3bn

Cash Contracted revenue through 2028(1)

0.5x

Net Debt / LTM Q3 2022 Adjusted EBITDA(2)

$834mn

LTM Q3 2022 Adjusted EBITDA

$556mn

Cash and Cash Equivalents as of Q3 2022

~$1.6bn

Enterprise value(3)

~6.8x

Reduction in leverage since end 2017

1. Cash Contracted Revenue as of September 30, 2022 after receipt of $191.3 million of charter hire prepayment , representing partial prepayment of charter hire payable from September 30, 2022 through January 2027 and on the basis of concluded charter contracts through November 7, 2022, and assuming at the earliest charter expiry. (2) Net debt of $399mn and LTM Q3 2022 Adjusted EBITDA of $834mn as of September 30, 2022. (3) Enterprise value calculated using the November 4, 2022

3 market capitalization of ~$1.2bn ($60.8 price, 20.25mn shares).