Danaos (DAC) 6-K 30 Jul 14 2014 Q2 Current report (foreign) Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Jun. 30, 2014
Document and Entity Information	'
Entity Registrant Name	'Danaos Corp
Entity Central Index Key	'0001369241
Document Type	'6-K
Document Period End Date	30-Jun-14
Amendment Flag	'false
Current Fiscal Year End Date	'--12-31
Document Fiscal Year Focus	'2014
Document Fiscal Period Focus	'Q2

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
CURRENT ASSETS	'	'
Cash and cash equivalents	$51,506	$68,153
Restricted cash	3,250	14,717
Accounts receivable, net	8,743	8,038
Inventories	11,320	14,496
Prepaid expenses	694	819
Due from related parties	13,464	14,459
Other current assets	14,671	6,184
Total current assets	103,648	126,866
Fixed assets, net	3,730,498	3,842,617
Deferred charges, net	61,775	67,949
Restricted cash, net of current portion	55,151	'
Other non-current assets	27,600	29,120
Total non-current assets	3,875,024	3,939,686
Total assets	3,978,672	4,066,552
CURRENT LIABILITIES	'	'
Accounts payable	13,720	13,124
Accrued liabilities	29,203	30,911
Current portion of long-term debt	150,062	146,462
Current portion of vendor financing	57,388	57,388
Unearned revenue	7,862	7,305
Other current liabilities	90,897	114,698
Total current liabilities	349,132	369,888
LONG-TERM LIABILITIES	'	'
Long-term debt, net of current portion	2,886,006	2,965,641
Vendor financing, net of current portion	35,673	64,367
Other long-term liabilities	34,136	68,180
Total long-term liabilities	2,955,815	3,098,188
Total liabilities	3,304,947	3,468,076
Commitments and Contingencies	'	'
STOCKHOLDERS' EQUITY	'	'
Preferred stock (par value $0.01, 100,000,000 preferred shares authorized and not issued as of June 30, 2014 and December 31, 2013)	'	'
Common stock (par value $0.01, 750,000,000 common shares authorized as of June 30, 2014 and December 31, 2013. 109,669,429 and 109,653,363 issued and outstanding as of June 30, 2014 and December 31, 2013, respectively)	1,097	1,097
Additional paid-in capital	546,097	546,097
Accumulated other comprehensive loss	-182,498	-232,697
Retained earnings	309,029	283,979
Total stockholders' equity	673,725	598,476
Total liabilities and stockholders' equity	$3,978,672	$4,066,552

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Jun. 30, 2014	Dec. 31, 2013
CONDENSED CONSOLIDATED BALANCE SHEETS	'	'
Preferred stock, par value (in dollars per share)	$0.01	$0.01
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	0	0
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, shares authorized	750,000,000	750,000,000
Common stock, shares issued	109,669,429	109,653,363
Common stock, shares outstanding	109,669,429	109,653,363

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS	'	'	'	'
OPERATING REVENUES	$136,440	$146,580	$271,926	$292,668
OPERATING EXPENSES	'	'	'	'
Voyage expenses	-3,245	-2,822	-6,520	-5,879
Vessel operating expenses	-28,903	-31,621	-59,149	-60,914
Depreciation	-34,132	-34,164	-68,075	-68,147
Amortization of deferred drydocking and special survey costs	-1,155	-1,449	-2,157	-3,179
General and administrative expenses	-5,309	-4,746	-10,702	-9,663
Gain on sale of vessels	5,216	171	5,709	156
Income From Operations	68,912	71,949	131,032	145,042
OTHER INCOME (EXPENSE)	'	'	'	'
Interest income	3	521	18	1,013
Interest expense	-20,260	-23,292	-41,259	-46,156
Other finance costs	-4,922	-5,016	-9,913	-10,093
Other income (expense), net	233	232	287	231
Unrealized and realized losses on derivatives	-27,323	-24,855	-55,115	-57,066
Total Other (Expenses) Income, net	-52,269	-52,410	-105,982	-112,071
Net Income	$16,643	$19,539	$25,050	$32,971
EARNINGS PER SHARE	'	'	'	'
Basic and diluted net income per share (in dollars per share)	$0.15	$0.18	$0.23	$0.30
Basic and diluted weighted average number of common shares (in shares)	109,669	109,653	109,669	109,653

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME	'	'	'	'
Net income for the period	$16,643	$19,539	$25,050	$32,971
Other comprehensive income	'	'	'	'
Amortization of deferred realized losses on cash flow hedges	1,002	1,002	1,992	1,992
Reclassification of unrealized losses to earnings	23,189	29,501	48,207	58,819
Total Other Comprehensive Income	24,191	30,503	50,199	60,811
Comprehensive Income	$40,834	$50,042	$75,249	$93,782

CONDENSED_CONSOLIDATED_STATEME2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Cash Flows from Operating Activities	'	'
Net income	$25,050	$32,971
Adjustments to reconcile net income to net cash provided by operating activities	'	'
Depreciation	68,075	68,147
Amortization of deferred drydocking and special survey costs	2,157	3,179
Amortization of finance costs	7,564	7,754
Exit fee accrued on debt	1,874	1,882
Payments for drydocking/special survey costs deferred	-3,789	-422
Gain on sale of vessels	-5,709	-156
Amortization of deferred realized losses on interest rate swaps	1,992	1,992
Unrealized gains on derivatives	-10,207	-16,770
(Increase)/Decrease in	'	'
Accounts receivable	-705	-6,928
Inventories	3,176	2,326
Prepaid expenses	125	-2
Due from related parties	995	4,612
Other assets, current and long-term	-8,341	-1,296
Increase/(Decrease) in	'	'
Accounts payable	596	-1,409
Accrued liabilities	-1,708	240
Unearned revenue, current and long term	557	642
Other liabilities, current and long-term	1,615	1,787
Net Cash provided by Operating Activities	83,317	98,549
Cash Flows from Investing Activities	'	'
Vessels additions	-563	-17,757
Net proceeds from sale of vessels	50,602	29,875
Net Cash provided by Investing Activities	50,039	12,118
Cash Flows from Financing Activities	'	'
Payments of long-term debt	-77,625	-46,977
Payments of vendor financing	-28,694	-28,694
Increase of restricted cash	-43,684	-15,590
Net Cash used in Financing Activities	-150,003	-91,261
Net (Decrease)/Increase in Cash and Cash Equivalents	-16,647	19,406
Cash and Cash Equivalents at beginning of period	68,153	55,628
Cash and Cash Equivalents at end of period	$51,506	$75,034

Basis_of_Presentation_and_Gene

Basis of Presentation and General Information	6 Months Ended
	Jun. 30, 2014
Basis of Presentation and General Information	'
Basis of Presentation and General Information	'
	1                              Basis of Presentation and General Information
	The accompanying condensed consolidated financial statements (unaudited) have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The reporting and functional currency of the Company is the United States Dollar.
	Danaos Corporation (“Danaos”), formerly Danaos Holdings Limited, was formed on December 7, 1998 under the laws of Liberia and is presently the sole owner of all outstanding shares of the companies listed below. Danaos Holdings Limited was redomiciled in the Marshall Islands on October 7, 2005. In connection with the redomiciliation, the Company changed its name to Danaos Corporation. On October 14, 2005, the Company filed and the Marshall Islands accepted Amended and Restated Articles of Incorporation. The authorized capital stock of Danaos Corporation is 750,000,000 shares of common stock with a par value of $0.01 and 100,000,000 shares of preferred stock with a par value of $0.01.
	In the opinion of management, the accompanying condensed consolidated financial statements (unaudited) of Danaos and subsidiaries contain all adjustments necessary to present fairly, in all material respects, the Company’s condensed consolidated financial position as of June 30, 2014, the condensed consolidated results of operations for the three and six months ended June 30, 2014 and 2013 and the condensed consolidated cash flows for the six months ended June 30, 2014 and 2013. All such adjustments are deemed to be of a normal, recurring nature. These financial statements should be read in conjunction with the consolidated financial statements and related notes included in Danaos’ Annual Report on Form 20-F for the year ended December 31, 2013. The results of operations for the three and six months ended June 30, 2014, are not necessarily indicative of the results to be expected for the full year.
	The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America.
	The Company’s principal business is the acquisition and operation of vessels. Danaos conducts its operations through the vessel owning companies whose principal activity is the ownership and operation of containerships that are under the exclusive management of a related party of the Company.
	The accompanying condensed consolidated financial statements (unaudited) represent the consolidation of the accounts of the Company and its wholly owned subsidiaries. The subsidiaries are fully consolidated from the date on which control is transferred to the Company. They are de-consolidated from the date that control ceases. Inter-company transaction balances and unrealized gains on transactions between the companies are eliminated.
	The Company also consolidates entities that are determined to be variable interest entities as defined in the authoritative guidance under U.S. GAAP. A variable interest entity is defined as a legal entity where either (a) equity interest holders as a group lack the characteristics of a controlling financial interest, including decision making ability and an interest in the entity’s residual risks and rewards, or (b) the equity holders have not provided sufficient equity investment to permit the entity to finance its activities without additional subordinated financial support, or (c) the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both and substantially all of the entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights.
	The condensed consolidated financial statements (unaudited) have been prepared to reflect the consolidation of the companies listed below. The historical balance sheets and results of operations of the companies listed below have been reflected in the condensed consolidated balance sheets and condensed consolidated statements of operations, cash flows and stockholders’ equity at and for each period since their respective incorporation dates.
	The consolidated companies are referred to as “Danaos,” or “the Company.”
	As of June 30, 2014, Danaos included the vessel owning companies (the “Danaos Subsidiaries”) listed below. All vessels are container vessels:
	Company	Date of Incorporation	Vessel Name	Year	TEU
				Built
	Megacarrier (No. 1) Corp.	September 10, 2007	Hyundai Together	2012	13,100
	Megacarrier (No. 2) Corp.	September 10, 2007	Hyundai Tenacity	2012	13,100
	Megacarrier (No. 3) Corp.	September 10, 2007	Hyundai Smart	2012	13,100
	Megacarrier (No. 4) Corp.	September 10, 2007	Hyundai Speed	2012	13,100
	Megacarrier (No. 5) Corp.	September 10, 2007	Hyundai Ambition	2012	13,100
	CellContainer (No. 6) Corp.	October 31, 2007	Hanjin Germany	2011	10,100
	CellContainer (No. 7) Corp.	October 31, 2007	Hanjin Italy	2011	10,100
	CellContainer (No. 8) Corp.	October 31, 2007	Hanjin Greece	2011	10,100
	Karlita Shipping Co. Ltd.	February 27, 2003	CSCL Pusan	2006	9,580
	Ramona Marine Co. Ltd.	February 27, 2003	CSCL Le Havre	2006	9,580
	Teucarrier (No. 5) Corp.	September 17, 2007	CMA CGM Melisande	2012	8,530
	Teucarrier (No. 1) Corp.	January 31, 2007	CMA CGM Attila	2011	8,530
	Teucarrier (No. 2) Corp.	January 31, 2007	CMA CGM Tancredi	2011	8,530
	Teucarrier (No. 3) Corp.	January 31, 2007	CMA CGM Bianca	2011	8,530
	Teucarrier (No. 4) Corp.	January 31, 2007	CMA CGM Samson	2011	8,530
	Oceanew Shipping Ltd.	January 14, 2002	CSCL Europe	2004	8,468
	Oceanprize Navigation Ltd.	January 21, 2003	CSCL America	2004	8,468
	Boxcarrier (No. 2) Corp.	June 27, 2006	CMA CGM Musset(1)	2010	6,500
	Boxcarrier (No. 3) Corp.	June 27, 2006	CMA CGM Nerval(1)	2010	6,500
	Boxcarrier (No. 4) Corp.	June 27, 2006	CMA CGM Rabelais(1)	2010	6,500
	Boxcarrier (No. 5) Corp.	June 27, 2006	CMA CGM Racine(1)	2010	6,500
	Boxcarrier (No. 1) Corp.	June 27, 2006	CMA CGM Moliere(1)	2009	6,500
	Expresscarrier (No. 1) Corp.	March 5, 2007	YM Mandate	2010	6,500
	Expresscarrier (No. 2) Corp.	March 5, 2007	YM Maturity	2010	6,500
	Federal Marine Inc.	February 14, 2006	Federal	1994	4,651
	Auckland Marine Inc.	January 27, 2005	SNL Colombo	2004	4,300
	Wellington Marine Inc.	January 27, 2005	YM Singapore	2004	4,300
	Continent Marine Inc.	March 22, 2006	Zim Monaco	2009	4,253
	Medsea Marine Inc.	May 8, 2006	OOCL Novorossiysk	2009	4,253
	Blacksea Marine Inc.	May 8, 2006	Zim Luanda	2009	4,253
	Bayview Shipping Inc.	March 22, 2006	Zim Rio Grande	2008	4,253
	Channelview Marine Inc.	March 22, 2006	Zim Sao Paolo	2008	4,253
	Balticsea Marine Inc.	March 22, 2006	OOCL Istanbul	2008	4,253
	Seacarriers Services Inc.	June 28, 2005	YM Seattle	2007	4,253
	Seacarriers Lines Inc.	June 28, 2005	YM Vancouver	2007	4,253
	Containers Services Inc.	May 30, 2002	Deva	2004	4,253
	Containers Lines Inc.	May 30, 2002	Derby D	2004	4,253
	Boulevard Shiptrade S.A.	September 12, 2013	Dimitris C	2001	3,430
	CellContainer (No. 4) Corp.	March 23, 2007	Hanjin Algeciras	2011	3,400
	CellContainer (No. 5) Corp.	March 23, 2007	Hanjin Constantza	2011	3,400
	CellContainer (No. 1) Corp.	March 23, 2007	Hanjin Buenos Aires	2010	3,400
	CellContainer (No. 2) Corp.	March 23, 2007	Hanjin Santos	2010	3,400
	CellContainer (No. 3) Corp.	March 23, 2007	Hanjin Versailles	2010	3,400
	Vilos Navigation Company Ltd.	May 30, 2013	Niledutch Zebra	2001	2,602
	Trindade Maritime Company	April 10, 2013	Amalia C	1998	2,452
	Sarond Shipping Inc.	January 18, 2013	Niledutch Palanca	2001	2,524
	Speedcarrier (No. 7) Corp.	December 6, 2007	Hyundai Highway	1998	2,200
	Speedcarrier (No. 6) Corp.	December 6, 2007	Hyundai Progress	1998	2,200
	Speedcarrier (No. 8) Corp.	December 6, 2007	Hyundai Bridge	1998	2,200
	Speedcarrier (No. 1) Corp.	June 28, 2007	Hyundai Vladivostok	1997	2,200
Speedcarrier (No. 2) Corp.	June 28, 2007	Hyundai Advance	1997	2,200
Speedcarrier (No. 3) Corp.	June 28, 2007	Hyundai Stride	1997	2,200
Speedcarrier (No. 5) Corp.	June 28, 2007	Hyundai Future	1997	2,200
Speedcarrier (No. 4) Corp.	June 28, 2007	Hyundai Sprinter	1997	2,200
Vessels sold during the six months ended June 30, 2014
Boxcarrier (No. 6) Corp.	June 27, 2006	Marathonas	1991	4,814
Boxcarrier (No. 7) Corp.	June 27, 2006	Messologi	1991	4,814
Boxcarrier (No. 8) Corp.	November 16, 2006	Mytilini	1991	4,814
Duke Marine Inc.	April 14, 2003	Duka	1992	4,651
Commodore Marine Inc.	April 14, 2003	Commodore	1992	4,651
(1)     Vessel subject to charterer’s option to purchase vessel after first eight years of time charter term for $78.0 million.

Significant_Accounting_Policie

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2014
Significant Accounting Policies	'
Significant Accounting Policies	'
	2                              Significant Accounting Policies
	All accounting policies are as described in the Company’s Annual Report on Form 20-F for the year ended December 31, 2013 filed with the Securities and Exchange Commission on February 28, 2014.

Restricted_Cash

Restricted Cash	6 Months Ended
	Jun. 30, 2014
Restricted Cash	'
Restricted Cash	'
	3                              Restricted Cash
	Restricted cash is comprised of the following (in thousands):
		As of		As of
		June 30, 2014		December 31, 2013
	Retention account	$	2,820	$	2,841
	Restricted deposits	55,581		11,876
	Total	$	58,401	$	14,717
	The Company was required to maintain cash of $2.8 million as of June 30, 2014 and December 31, 2013, respectively, in a retention bank account as collateral for the upcoming scheduled debt payments of its KEXIM and KEXIM-ABN Amro credit facilities, which were recorded under current assets in the Company’s Balance Sheets.
	Furthermore, the Company recorded current restricted cash of $0.4 million in relation to cash collateral for one of its outstanding swaps as of June 30, 2014 and December 31, 2013 (which swap expires within 2014). In addition, on March 27, 2013, the Company entered into an agreement with the lenders under the HSH Nordbank AG-Aegean Baltic Bank-Piraeus Bank credit facility. The agreement provided the Company the option to sell, for cash, up to 9 mortgaged vessels (the Henry, the Pride, the Independence, the Honour, the Elbe, the Hope, the Lotus, the Kalamata and the Komodo) with the sale proceeds less sale commissions from such vessels’ sales to be deposited in a restricted cash account and used to finance the acquisition of new containership vessels no later than December 31, 2013. Any funds remaining in this restricted cash account after that date were to be applied towards prepayment of the respective credit facility. As of December 31, 2013, the Company had concluded the sales of all vessels under the agreement. Furthermore, the Company had acquired a 2,452 TEU containership, the Amalia C, built in 1998 for a contract price of $6.6 million, a 2,602 TEU containership, the Niledutch Zebra, built in 2001 for a contract price of $10.1 million, a 2,524 TEU containership, the Niledutch Palanca, built in 2001 for a contract price of $11.9 million and a 3,430 TEU containership, the Dimitris C, built in 2001 for a contract price of $14.9 million. As of December 31, 2013, an amount of $11.4 million was recorded as current restricted cash, which was applied towards prepayment of the respective credit facility on February 18, 2014.
	As of June 30, 2014, the Company recorded non-current restricted cash of $55.2 million in relation to the sale proceeds less sale commissions of the Marathonas, the Commodore, the Duka, the Mytilini and the Messologi, representing collateral under the HSH Nordbank AG-Aegean Baltic Bank-Piraeus Bank credit facility.

Fixed_assets_net

Fixed assets, net	6 Months Ended
	Jun. 30, 2014
Fixed assets, net	'
Fixed assets, net	'
	4                              Fixed assets, net
	Fixed assets consist of vessels. Vessels’ cost, accumulated depreciation and changes thereto were as follows (in thousands):
			Vessel			Accumulated			Net Book
			Cost			Depreciation			Value
	As of January 1, 2013		$	4,576,106		$	(589,968	)	$	3,986,138
	Additions		46,839			(137,414		)	(90,575		)
	Disposals		(172,226		)	119,280			(52,946		)
	As of December 31, 2013		$	4,450,719		$	(608,102	)	$	3,842,617
	Additions		563			(68,075		)	(67,512		)
	Disposals		(120,376		)	75,769			(44,607		)
	As of June 30, 2014		$	4,330,906		$	(600,408	)	$	3,730,498
	i.	On February 26, 2014, the Company sold and delivered the Marathonas. The gross sale consideration was $11.5 million. The Marathonas was 23 years old. Refer to Note 15, Sale of Vessels.
	ii.	On April 25, 2014, the Company sold and delivered the Commodore. The gross sale consideration was $11.1 million. The Commodore was 22 years old. Refer to Note 15, Sale of Vessels.
	iii.	On May 15, 2014, the Company sold and delivered the Duka. The gross sale consideration was $11.0 million. The Duka was 22 years old. Refer to Note 15, Sale of Vessels.
	iv.	On May 15, 2014, the Company sold and delivered the Mytilini. The gross sale consideration was $12.0 million. The Mytilini was 23 years old. Refer to Note 15, Sale of Vessels.
	v.	On May 20, 2014, the Company sold and delivered the Messologi. The gross sale consideration was $12.1 million. The Messologi was 23 years old. Refer to Note 15, Sale of Vessels.
	The residual value (estimated scrap value at the end of the vessels’ useful lives) of the fleet was estimated at $370.0 million as of June 30, 2014 and $404.6 million as of December 31, 2013. The Company has calculated the residual value of the vessels taking into consideration the 10 year average and the 5 year average of the scrap. The Company has applied uniformly the scrap value of $300 per ton for all vessels. The Company believes that $300 per ton is a reasonable estimate of future scrap prices, taking into consideration the cyclicality of the nature of future demand for scrap steel. Although the Company believes that the assumptions used to determine the scrap rate are reasonable and appropriate, such assumptions are highly subjective, in part, because of the cyclical nature of future demand for scrap steel.

Deferred_Charges_net

Deferred Charges, net	6 Months Ended
	Jun. 30, 2014
Deferred Charges, net	'
Deferred Charges, net	'
	5                              Deferred Charges, net
	Deferred charges, net consisted of the following (in thousands):
		Drydocking and			Finance			Total
		Special Survey			and Other			Deferred
		Costs			Costs			Charges
	As of January 1, 2013	$	9,669		$	79,152		$	88,821
	Additions	283			187			470
	Written off amounts	(429		)	—			(429		)
	Amortization	(5,482		)	(15,431		)	(20,913		)
	As of December 31, 2013	$	4,041		$	63,908		$	67,949
	Additions	3,789			44			3,833
	Written off amounts	(286		)	—			(286		)
	Amortization	(2,157		)	(7,564		)	(9,721		)
	As of June 30, 2014	$	5,387		$	56,388		$	61,775
	The Company follows the deferral method of accounting for drydocking and special survey costs in accordance with accounting for planned major maintenance activities, whereby actual costs incurred are deferred and amortized on a straight-line basis over the period until the next scheduled survey, which is two and a half years.  If special survey or drydocking is performed prior to the scheduled date, the remaining unamortized balances are immediately written off. Furthermore, when a vessel is drydocked for more than one reporting period, the respective costs are identified and recorded in the period in which they were incurred and not at the conclusion of the drydocking.

Other_Current_and_Noncurrent_A

Other Current and Non-current Assets	6 Months Ended
	Jun. 30, 2014
Other Current and Non-current Assets	'
Other Current and Non-current Assets	'
	6                              Other Current and Non-current Assets
	Other current assets consisted of the following (in thousands):
		As of		As of
		June 30, 2014		December 31, 2013
	Claims receivable	$	9,849	$	2,815
	Other assets	4,822		3,369
	Total	$	14,671	$	6,184
	As of June 30, 2014 and December 31, 2013, claims receivable consists of insurance and other claims. As of June 30, 2014, the Company recorded a claim receivable of $8.1 million in relation to a collision incident of the Hanjin Italy outside Singapore.
	Other non-current assets consisted of the following (in thousands):
		As of		As of
		June 30, 2014		December 31, 2013
	Fair value of swaps	$	1,098	$	2,472
	Receivable from ZIM	25,765		25,765
	Other assets	737		883
	Total	$	27,600	$	29,120
	Israel Corporation Ltd., the parent company of ZIM Integrated Shipping Services Ltd. (“ZIM”), has announced that ZIM has reached an agreement in principle with its creditors, including the Company, for a restructuring of its obligations. This agreement includes a significant reduction in the charter rates payable by ZIM for the remaining life of its time charters, expiring in 2020 or 2021, for six of the Company’s vessels and the Company’s receipt of unsecured, interest bearing ZIM notes maturing in nine years and ZIM shares in exchange for such reductions and cancellation of ZIM’s other obligations to the Company. Based on these anticipated terms, the Company has written down the value of its long-term receivables from ZIM as of December 31, 2013 and recognized a $19.0 million impairment charge with respect thereto, resulting in an outstanding long-term receivable of $25.8 million as of June 30, 2014 and December 31, 2013. In July 2014, ZIM and its creditors entered into definitive documentation effecting ZIM’s restructuring (refer to Note 16, Subsequent Events).
	In respect of the fair value of swaps, refer to Note 10b, Financial Instruments — Fair Value Interest Rate Swap Hedges.

Accrued_Liabilities

Accrued Liabilities	6 Months Ended
	Jun. 30, 2014
Accrued Liabilities	'
Accrued Liabilities	'
	7                              Accrued Liabilities
	Accrued liabilities consisted of the following (in thousands):
		As of		As of
		June 30, 2014		December 31, 2013
	Accrued payroll	$	1,244	$	1,140
	Accrued interest	10,485		11,614
	Accrued expenses	17,474		18,157
	Total	$	29,203	$	30,911
	Accrued expenses mainly consisted of accrued realized losses on cash flow interest rate swaps of $13.8 million and $14.3 million as of June 30, 2014 and December 31, 2013, respectively, as well as other accruals related to the operation of the Company’s fleet of $3.7 million and $3.9 million as of June 30, 2014 and December 31, 2013, respectively.

Other_Current_and_Longterm_Lia

Other Current and Long-term Liabilities	6 Months Ended
	Jun. 30, 2014
Other Current and Long-term Liabilities	'
Other Current and Long-term Liabilities	'
	8                              Other Current and Long-term Liabilities
	Other current liabilities consisted of the following (in thousands):
		As of		As of
		June 30, 2014		December 31, 2013
	Fair value of swaps	$	85,214	$	109,431
	Other current liabilities	5,683		5,267
	Total	$	90,897	$	114,698
	As of June 30, 2014 and December 31, 2013, other current liabilities mainly consist of $4.9 million in relation to deferred fees accrued in accordance with the Bank Agreement (refer to Note 9, Long-Term Debt), which will be cash settled on December 31, 2014 and are recorded at amortized cost.
	Other long-term liabilities consisted of the following (in thousands):
		As of		As of
		June 30, 2014		December 31, 2013
	Fair value of swaps	$	23,790	$	59,077
	Other long-term liabilities	10,346		9,103
	Total	$	34,136	$	68,180
	In respect of the fair value of swaps, refer to Note 10a, Financial Instruments — Cash Flow Interest Rate Swap Hedges.

LongTerm_Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2014
Long-Term Debt	'
Long-Term Debt	'
	9                              Long-Term Debt
	Long-term debt consisted of the following (in thousands):
	Lender		As of			Current		Long-term			As of		Current		Long-term
			June 30,			portion		portion			December 31,		portion		portion
			2014								2013
	The Royal Bank of Scotland		$	681,677		$	7,069	$	674,608		$	683,614	$	4,628	$	678,986
	HSH Nordbank AG-Aegean Baltic Bank-Piraeus Bank		646,713			—		646,713			658,160		11,447		646,713
	HSH Nordbank		30,166			4,614		25,552			31,163		2,545		28,618
	The Export-Import Bank of Korea (“KEXIM”)		23,757			10,369		13,388			28,942		10,369		18,573
	The Export-Import Bank of Korea & ABN Amro		62,484			11,250		51,234			68,109		11,250		56,859
	Deutsche Bank		176,905			4,487		172,418			177,968		3,251		174,717
	Credit Agricole		147,922			7,188		140,734			151,239		6,770		144,469
	Credit Suisse		211,715			7,472		204,243			215,613		7,026		208,587
	ABN Amro-Lloyds TSB-National Bank of Greece		243,037			7,921		235,116			247,001		7,537		239,464
	Commerzbank-Credit Suisse-[Credit Agricole]		281,408			14,108		267,300			288,474		13,489		274,985
	The Royal Bank of Scotland (January 2011 Credit Facility)		89,912			10,210		79,702			94,245		9,226		85,019
	HSH Nordbank AG-Aegean Baltic Bank-Piraeus Bank (January 2011 Credit Facility)		102,994			20,834		82,160			110,396		15,503		94,893
	ABN Amro-Lloyds TSB-National Bank of Greece (January 2011 Credit Facility)		29,306			5,536		23,770			31,953		5,415		26,538
	Sinosure CEXIM-Citi-ABN Amro Credit Facility		152,550			20,340		132,210			162,720		20,340		142,380
	Club Facility (January 2011 Credit Facility)		71,887			13,440		58,447			78,001		12,618		65,383
	Citi—Eurobank Credit Facility (January 2011 Credit Facility)		72,348			5,224		67,124			74,808		5,048		69,760
	Comprehensive Financing Plan exit fee accrued		9,991			—		9,991			8,117		—		8,117
	Fair value hedged debt		1,296			—		1,296			1,580		—		1,580
	Total long-term debt		$	3,036,068		$	150,062	$	2,886,006		$	3,112,103	$	146,462	$	2,965,641
	Hyundai Samho Vendor Financing		$	93,061		$	57,388	$	35,673		$	121,755	$	57,388	$	64,367
	All floating rate loans discussed above are collateralized by first and second preferred mortgages over the vessels financed, general assignment of all hire freights, income and earnings, the assignment of their insurance policies, as well as any proceeds from the sale of mortgaged vessels and the corporate guarantee of Danaos Corporation.
	Maturities of long-term debt for the next five years and thereafter subsequent to June 30, 2014, are as follows (in thousands):
	Payment due by period ended		Fixed			Variable		Final Payment			Total
			principal			principal		due on			principal
			repayments			payments		December 31, 2018*			payments
								[and other
								payments
								thereafter]
	June 30, 2015		$	142,861		$	7,201	$	—		$	150,062
	June 30, 2016		168,810			58,236		—			227,046
	June 30, 2017		192,367			94,126		—			286,493
	June 30, 2018		170,538			99,532		—			270,070
	June 30, 2019 and thereafter		178,406			17,402		1,895,302			2,091,110
	Total long-term debt		$	852,982		$	276,497	$	1,895,302		$	3,024,781
	* The last payment due on December 31, 2018, includes the unamortized remaining principal debt balances under the Bank Agreement, as such amount will be determinable following the fixed and variable amortization.
	The maturities of long term debt for the twelve month periods subsequent to June 30, 2014 are based on the terms of the Bank Agreement, under which the Company was not required to repay any outstanding principal amounts under its credit facilities, other than the KEXIM and KEXIM ABN Amro credit facilities which are not covered by the Bank Agreement, until May 15, 2013; thereafter until December 31, 2018 it is required to make quarterly principal payments in fixed amounts. In addition, the Company is required to make an additional payment in such amount that, together with the fixed principal payment, equals a certain percentage of its Actual Free Cash Flow of the preceding financial quarter. The table above includes both the fixed payments for which the Company has a contractual obligation, as well as the Company’s estimate of the future Actual Free Cash Flows and resulting variable amortization. The last payment due on December 31, 2018, will also include the unamortized remaining principal debt balances, as such amount will be determinable following the fixed and variable amortization.
	Maturities of Hyundai Samho vendor financing for the next periods subsequent to June 30, 2014, are as follows (in thousands):
	Payment due by period ended
	June 30, 2015		$	57,388
	June 30, 2016		35,673
	Total vendor financing		$	93,061
	As of September 12, 2013, the Company signed a supplemental letter extending the terms of the February 9, 2012 supplemental letter through November 20, 2018 (the maturity of the respective credit facility), which amended the interest rate margin and the financial covenants of its KEXIM  ABN Amro credit facility. More specifically, under the February 9, 2012 supplemental letter the financial covenants were aligned with those set forth in the Bank Agreement (see below), and the interest rate margin was increased by 0.5 percentage points.
	Bank Agreement
	On January 24, 2011, the Company entered into a definitive agreement, which became effective on March 4, 2011, referred to as the Bank Agreement, that superseded, amended and supplemented the terms of each of the Company’s then existing credit facilities (other than its credit facilities with KEXIM and KEXIM ABN Amro which are not covered thereby), and provided for, among other things, revised amortization schedules, maturities, interest rates, financial covenants, events of defaults, guarantee and security packages and approximately $425 million of new debt financing. Subject to the terms of the Bank Agreement and the intercreditor agreement (the “Intercreditor Agreement”), which the Company entered into with each of the lenders participating under the Bank Agreement to govern the relationships between the lenders thereunder, under the January 2011 Credit Facilities (as described and defined below) and under the Hyundai Samho Vendor Financing described below, the lenders participating thereunder continued to provide the Company’s then outstanding credit facilities and amended the covenants under such credit facilities in accordance with the terms of the Bank Agreement.
	Under the terms of the Bank Agreement, borrowings under each of the Company’s then oustanding credit facilities, other than the KEXIM and KEXIM ABN Amro credit facilities which were not covered by the Bank Agreement, bear interest at an annual interest rate of LIBOR plus a margin of 1.85%.
	The Company is required to pay an amendment fee of $5.0 million on December 31, 2014. This amendment fee was accrued under the “Other current liabilities” in the condensed consolidated balance sheet and is deferred and amortized over the life of the respective credit facilities with the effective interest method. In addition, the Company is required to pay exit fees, which are discussed in detail below.
	Principal Payments
	Under the terms of the Bank Agreement (other than the KEXIM and KEXIM ABN Amro credit facilities, which are not covered by the Bank Agreement), the Company is required to make quarterly principal payments in fixed amounts, in relation to the Company’s total debt commitments from the Company’s lenders under the Bank Agreement and the January 2011 Credit Facilities, as specified in the table below:
			February 15,		May 15,		August 15,	November 15,		December 31,		Total
	2014		22,722,970		21,942,530		22,490,232	24,654,040		—		91,809,772
	2015		26,736,647		27,021,750		25,541,180	34,059,102		—		113,358,679
	2016		30,972,971		36,278,082		32,275,598	43,852,513		—		143,379,164
	2017		44,938,592		36,690,791		35,338,304	31,872,109		—		148,839,796
	2018		34,152,011		37,585,306		44,398,658	45,333,618		65,969,274		227,438,867
	*           The Company may elect to make the scheduled payments shown in the above table three months earlier.
	Furthermore, an additional variable payment in such amount that, together with the fixed principal payment (as disclosed above), equals 92.5% of Actual Free Cash Flow for such quarter until the earlier of (x) the date on which the Company’s consolidated net leverage is below 6:1 and (y) May 15, 2015; and thereafter through maturity, which will be December 31, 2018 for each covered credit facility, it will be required to make fixed quarterly principal payments in fixed amounts as specified in the Bank Agreement and described above plus an additional payment in such amount that, together with the fixed principal payment, equals 89.5% of Actual Free Cash Flow for such quarter. In addition, any additional amounts of cash and cash equivalents, but during the final principal payment period described above only such additional amounts in excess of the greater of (1) $50 million of accumulated unrestricted cash and cash equivalents and (2) 2% of the Company’s consolidated debt, would be applied first to the prepayment of the January 2011 Credit Facilities and after the January 2011 Credit Facilities are repaid, to the oustanding credit facilities covered by the Bank Agreement. The last payment due on December 31, 2018, will also include the unamortized remaining principal debt balances, as such amount will be determinable following the fixed and variable amortization.
	Under the Bank Agreement, “Actual Free Cash Flow” with respect to each credit facility covered thereby is equal to revenue from the vessels collateralizing such facility, less the sum of (a) interest expense under such credit facility, (b) pro rata portion of payments under its interest rate swap arrangements, (c) interest expense and scheduled amortization under the Hyundai Samho Vendor Financing and (d) per vessel operating expenses and pro rata per vessel allocation of general and administrative expenses (which are not permitted to exceed the relevant budget by more than 20%), plus (e) the pro rata share of operating cash flow of any Applicable Second Lien Vessel (which will mean, with respect to an existing facility, a vessel with respect to which the participating lenders under such facility have a second lien security interest and the first lien credit facility has been repaid in full).
	Under the terms of the Bank Agreement, the Company continues to be required to make any mandatory prepayments provided for under the terms of its existing credit facilities and is required to make additional prepayments as follows:
·                     50% of the first $300 million of net equity proceeds (including convertible debt and hybrid instruments), after entering into the Bank Agreement and 25% of any additional net equity proceeds; and
·                     any debt proceeds (after repayment of any underlying secured debt covered by vessels collateralizing the new borrowings) (excluding the January 2011 Credit Facilities, the Sinosure CEXIM Credit Facility and the Hyundai Samho Vendor Financing),
which amounts would first be applied to repayment of amounts outstanding under the January 2011 Credit Facilities and then to the existing credit facilities. Any equity proceeds retained by the Company and not used within 12 months for certain specified purposes would be applied for prepayment of the January 2011 Credit Facilities and then to the credit facilities covered by the Bank Agreement. The Company would also be required to prepay the portion of a credit facility attributable to a particular vessel upon the sale or total loss of such vessel; the termination or loss of an existing charter for a vessel, unless replaced within a specified period by a similar charter acceptable to the lenders; or the termination of a newbuilding contract. The Company’s respective lenders under its credit facilities covered by the Bank Agreement and the January 2011 Credit Facilities may, at their option, require the Company to repay in full amounts outstanding under such respective credit facilities, upon a “Change of Control” of the Company, which for these purposes is defined as (i) Dr. Coustas ceasing to be its Chief Executive Officer, (ii) its common stock ceasing to be listed on the NYSE (or Nasdaq or other recognized stock exchange), (iii) whilst an event of default is continuing, a change in the ultimate beneficial ownership of the capital stock of any of its subsidiaries or ultimate control of the voting rights of those shares, (iv) Dr. Coustas and members of his family ceasing to collectively own over one third of the voting interest in its outstanding capital stock or (v) any other person or group controlling more than 20% of the voting power of its outstanding capital stock.
Covenants and Events of Default
On January 24, 2011, the Company entered into the Bank Agreement that superseded, amended and supplemented the terms of each of its then oustanding credit facilities (other than its credit facilities with KEXIM and KEXIM ABN Amro) and provided for, among other things, revised financial covenant levels under such credit facilities as described below, with which the Company was in compliance as of June 30, 2014 and December 31, 2013.
Under the Bank Agreement, the financial covenants under each of the Company’s then oustanding credit facilities (other than under the KEXIM ABN Amro credit facility which is not covered thereby, but which has been aligned with those covenants until maturity of the respective facility under the supplemental letter dated September 12, 2013 and the KEXIM credit facility, which contains only a collateral coverage covenant of 130%), have been reset to require the Company to:
·                     maintain a ratio of (i) the market value of all of the vessels in the Company’s fleet, on a charter inclusive basis, plus the net realizable value of any additional collateral, to (ii) the Company’s consolidated total debt above specified minimum levels gradually increasing from 90% through December 31, 2011 to 130% from September 30, 2017 through September 30, 2018;
·                     maintain a minimum ratio of (i) the market value of the nine vessels (Hyundai Smart, Hyundai Speed, Hyundai Ambition, Hyundai Together, Hyundai Tenacity, Hanjin Greece, Hanjin Italy, Hanjin Germany and CMA CGM Rabelais) collateralizing the New Credit Facilities, calculated on a charter-free basis, plus the net realizable value of any additional collateral, to (ii) the Company’s aggregate debt outstanding under the New Credit Facilities of 100% from September 30, 2012 through September 30, 2018;
·                     maintain minimum free consolidated unrestricted cash and cash equivalents, less the amount of the aggregate variable principal amortization amounts, described above, of $30.0 million at the end of each calendar quarter;
·                     ensure that the Company’s (i) consolidated total debt less unrestricted cash and cash equivalents to (ii) consolidated EBITDA (defined as net income before interest, gains or losses under any hedging arrangements, tax, depreciation, amortization and any other non-cash item, capital gains or losses realized from the sale of any vessel, finance charges and capital losses on vessel cancellations and before any non-recurring items and excluding any accrued interest due to us but not received on or before the end of the relevant period; provided that non-recurring items excluded from this calculation shall not exceed 5% of EBITDA calculated in this manner) for the last twelve months does not exceed a maximum ratio gradually decreasing from 12:1 on December 31, 2010 to 4.75:1 on September 30, 2018;
·                     ensure that the ratio of the Company’s (i) consolidated EBITDA for the last twelve months to (ii) net interest expense (defined as interest expense (excluding capitalized interest), less interest income, less realized gains on interest rate swaps (excluding capitalized gains) and plus realized losses on interest rate swaps (excluding capitalized losses)) exceeds a minimum level of 1.50:1 through September 30, 2013 and thereafter gradually increasing to 2.80:1 by September 30, 2018; and
·                     maintain a consolidated market value adjusted net worth (defined as the amount by which the Company’s total consolidated assets adjusted for the market value of the Company’s vessels in the water less cash and cash equivalents in excess of the Company’s debt service requirements exceeds the Company’s total consolidated liabilities after excluding the net asset or liability relating to the fair value of derivatives as reflected in the Company’s financial statements for the relevant period) of at least $400 million.
For the purpose of these covenants, the market value of the Company’s vessels will be calculated, except as otherwise indicated above, on a charter-inclusive basis (using the present value of the “bareboat-equivalent” time charter income from such charter) so long as a vessel’s charter has a remaining duration at the time of valuation of more than 12 months plus the present value of the residual value of the relevant vessel (generally equivalent to the charter free value of such a vessel at the age such vessel would be at the expiration of the existing time charter). The market value for newbuilding vessels, all of which currently have multi-year charters, would equal the lesser of such amount and the newbuilding vessel’s book value.
Under the terms of the Bank Agreement, the covered credit facilities also contain customary events of default, including those relating to cross-defaults to other indebtedness, defaults under its swap agreements, non-compliance with security documents, material adverse changes to its business, a Change of Control as described above, a change in its Chief Executive Officer, its common stock ceasing to be listed on the NYSE (or Nasdaq or another recognized stock exchange), a breach of the management agreement for the vessels securing the respective credit facilities and cancellation or amendment of the time charters (unless replaced with a similar time charter with a charterer acceptable to the lenders) for the vessels securing the respective credit facilities.
Under the terms of the Bank Agreement, the Company generally will not be permitted to incur any further financial indebtedness or provide any new liens or security interests, unless such security is provided for the equal and ratable benefit of each of the lenders party to the Intercreditor Agreement, other than security arising by operation of law or in connection with the refinancing of outstanding indebtedness, with the consent, not to be unreasonably withheld, of all lenders with a lien on the security pledged against such outstanding indebtedness. In addition, the Company would not be permitted to pay cash dividends or repurchase shares of its capital stock unless (i) its consolidated net leverage is below 6:1 for four consecutive quarters and (ii) the ratio of the aggregate market value of its vessels to its outstanding indebtedness exceeds 125% for four consecutive quarters and provided that an event of default has not occurred and the Company is not, and after giving effect to the payment of the dividend, in breach of any covenant.
Collateral and Guarantees
Each of the Company’s existing credit facilities and swap arrangements, to the extent applicable, continue to be secured by their previous collateral on the same basis, and received, to the extent not previously provided, pledges of the shares of the Company’s subsidiaries owning the vessels collateralizing the applicable facilities, cross-guarantees from each subsidiary owning the vessels collateralizing such facilities, assignment of the refund guarantees in relation to any newbuildings funded by such facilities and other customary shipping industry collateral.
New Credit Facilities (Aegean Baltic Bank—HSH Nordbank—Piraeus Bank, RBS, ABN Amro Club facility, Club Facility and Citi-Eurobank)
On January 24, 2011, the Company entered into agreements for the following new term loan credit facilities (“January 2011 Credit Facilities”):
(i)	a $123.8 million credit facility provided by HSH, which is secured by the Hyundai Speed, the Hanjin Italy and the CMA CGM Rabelais and customary shipping industry collateral related thereto (the $123.8 million amount includes principal commitment of $23.75 million under the Aegean Baltic Bank—HSH Nordbank—Piraeus Bank credit facility already drawn as of December 31, 2010, which was transferred to the new facility upon finalization of the agreement in 2011);
(ii)	a $100.0 million credit facility provided by RBS, which is secured by the Hyundai Smart and the Hanjin Greece and customary shipping industry collateral related thereto;
(iii)	a $37.1 million credit facility with ABN Amro and lenders participating under the Bank Agreement which is secured by Hanjin Germany and customary shipping industry collateral related thereto;
(iv)	a $83.9 million new club credit facility to be provided, on a pro rata basis, by the other existing lenders participating under the Bank Agreement, which is secured by Hyundai Together and Hyundai Tenacity and customary shipping industry collateral related thereto; and
(v)	a $80.0 million credit facility with Citibank and Eurobank, which is secured by the Hyundai Ambition and customary shipping industry collateral related thereto ((i)-(v), collectively, the “January 2011 Credit Facilities”).
As of June 30, 2014, $366.4 million was outstanding under the above January 2011 Credit Facilities and there were no remaining borrowing availability under the remaining credit facilities.
Borrowings under each of the January 2011 Credit Facilities above bear interest at an annual interest rate of LIBOR plus a margin of 1.85%, subject, on and after January 1, 2013, to increases in the applicable margin to: (i) 2.50% if the outstanding indebtedness thereunder exceeds $276 million, (ii) 3.00% if the outstanding indebtedness thereunder exceeds $326 million and (iii) 3.50% if the outstanding indebtedness thereunder exceeds $376 million.
Principal Payments
Under the Bank Agreement, the Company was not required to repay any outstanding principal amounts under its January 2011 Credit Facilities until May 15, 2013 and thereafter it is required to make quarterly principal payments in fixed amounts as specified in the Bank Agreement plus an additional quarterly variable amortization payment, all as described above under “—Bank Agreement—Principal Payments.”
Covenants, Events of Default and Other Terms
The January 2011 Credit Facilities contain substantially the same financial and operating covenants, events of default, dividend restrictions and other terms and conditions as applicable to the Company’s then oustanding credit facilities as revised under the Bank Agreement described above.
Collateral and Guarantees
The collateral described above relating to the newbuildings financed by the respective credit facilities, will be (other than in respect of the CMA CGM Rabelais) subject to a limited participation by Hyundai Samho in any enforcement thereof until repayment of the related Hyundai Samho Vendor financing (described below) for such vessels. In addition lenders participating in the $83.9 million club credit facility described above received a lien on Hyundai Together and Hyundai Tenacity as additional security in respect of the pre-existing credit facilities the Company had with such lenders. The lenders under the other January 2011 Credit Facilities also received a lien on the respective vessels securing such January 2011 Credit Facilities as additional collateral in respect of its pre-existing credit facilities and interest rate swap arrangements with such lenders and Citibank and Eurobank also received a second lien on Hyundai Ambition as collateral in respect of its previously unsecured interest rate arrangements with them.
In addition, Aegean Baltic—HSH Nordbank—Piraeus Bank also received a second lien on the Deva , the CSCL Europe and the CSCL Pusan as collateral in respect of all borrowings from Aegean Baltic—HSH Nordbank—Piraeus Bank and RBS also received a second lien on the Derby D, CSCL America and the CSCL Le Havre as collateral in respect of all borrrowings from RBS.
The Company’s obligations under the January 2011 Credit Facilities are guaranteed by its subsidiaries owning the vessels collateralizing the respective credit facilities. The Company’s Manager has also provided an undertaking to continue to provide the Company with management services and to subordinate its rights to the rights of its lenders, the security trustee and applicable hedge counterparties.
Sinosure-CEXIM-Citi-ABN Amro Credit Facility
On February 21, 2011, the Company entered into a bank agreement with Citibank, acting as agent, ABN Amro and the Export-Import Bank of China (“CEXIM”) for a senior secured credit facility (the “Sinosure-CEXIM Credit Facility”) of up to $203.4 million, in three tranches each in an amount equal to the lesser of $67.8 million and 60.0% of the contract price for the newbuilding vessels, CMA CGM Tancredi, CMA CGM Bianca and CMA CGM Samson, securing such tranche for post-delivery financing of these vessels. The Company took delivery of the respective vessels in 2011. The China Export & Credit Insurance Corporation, or Sinosure, covers a number of political and commercial risks associated with each tranche of the credit facility.
Borrowings under the Sinosure-CEXIM Credit Facility bear interest at an annual interest rate of LIBOR plus a margin of 2.85% payable semi-annually in arrears. The Company is required to repay principal amounts drawn under each tranche of the Sinosure-CEXIM Credit Facility in consecutive semi-annual installments over a ten-year period commencing after the delivery of the respective newbuilding being financed by such amount through the final maturity date of the respective tranches and repay the respective tranche in full upon the loss of the respective newbuilding.
As of June 30, 2014, $152.6 million was outstanding under the credit facility and there were no undrawn funds available.
Covenants, Events of Default and Other Terms
The Sinosure-CEXIM credit facility was amended and restated, effective on June 30, 2013, to align its financial covenants with the Company’s Bank Agreement (except for the minimum ratio of the charter free market value of certain vessels, as described in the Bank Agreement, which is not applicable) described above and continues to require the Company to maintain a minimum ratio of the market value of the vessel collateralizing a tranche of the facility to debt outstanding under such tranche of 125%.
The Sinosure-CEXIM credit facility also contains customary events of default, including those relating to cross-defaults to other indebtedness, defaults under its swap agreements, non-compliance with security documents, material adverse changes to its business, a Change of Control as described above, a change in its Chief Executive Officer, its common stock ceasing to be listed on the NYSE (or Nasdaq or another recognized stock exchange), a breach of the management agreement for the mortgaged vessels and cancellation or amendment of the time charters (unless replaced with a similar time charter with a charterer acceptable to the lenders) for the mortgaged vessels.
The Company will not be permitted to pay cash dividends or repurchase shares of its capital stock unless (i) its consolidated net leverage is below 6:1 for four consecutive quarters and (ii) the ratio of the aggregate market value of its vessels to its outstanding indebtedness exceeds 125% for four consecutive quarters and provided that an event of default has not occurred and the Company is not, and after giving effect to the payment of the dividend is not, in breach of any covenant.
Collateral
The Sinosure-CEXIM Credit Facility is secured by customary pre-delivery and post-delivery shipping industry collateral with respect to the newbuilding vessels, CMA CGM Tancredi, CMA CGM Bianca and CMA CGM Samson, securing the respective tranche.
Hyundai Samho Vendor Financing
The Company entered into an agreement with Hyundai Samho Heavy Industries (“Hyundai Samho”) for a financing facility of $190.0 million in respect of eight of its newbuilding containerships built by Hyundai Samho, the Hyundai Speed, the Hyundai Smart, the Hyundai Ambition, the Hyundai Together, the Hyundai Tenacity, the Hanjin Greece, the Hanjin Italy and the Hanjin Germany, in the form of delayed payment of a portion of the final installment for each such newbuilding. As of June 30, 2014, the outstanding balance of the this credit facility was $93.1 million
Borrowings under this facility bear interest at a fixed interest rate of 8%. The Company is required to repay principal amounts under this financing facility in six consecutive semi-annual installments commencing one and a half years, in the case of three of the newbuilding vessels being financed, and in seven consecutive semi-annual installments commencing one year, in the case of the other five newbuilding vessels, after the delivery of the respective newbuilding being financed. This financing facility does not require the Company to comply with financial covenants, but contains customary events of default, including those relating to cross-defaults. This financing facility is secured by second priority collateral related to the newbuilding vessels being financed.
Exit Fees
The Company is required to pay an Initial Exit Fee of $15.0 million. Furthermore, the Company is required to pay an Additional Exit Fee of $10.0 million (as it has not repaid at least $150.0 million in the aggregate with equity proceeds by December 31, 2013). Both Exit Fees, in the respective proportion to facilities covered by the Bank Agreement and the January 2011 Credit Facilities, are payable the earlier of (a) December 31, 2018 and (b) the date on which the respective facilities are repaid in full. The Exit Fees will accrete in the condensed consolidated Statement of Operations over the life of the respective facilities (with the effective interest rate method) and are reported under “Long-term debt, net of current portion” in the condensed consolidated Balance Sheets. The Company has recognized an amount of $10.0 million and $8.1 million as of June 30, 2014 and December 31, 2013, respectively.
Credit Facilities Summary Table
Lender		Outstanding			Collateral Vessels
		Principal
		Amount
		(in millions)(1)
The Royal Bank of Scotland(2)		$	681.7		The Hyundai Progress, the Hyundai Highway, the Hyundai Bridge, the Federal (ex Hyundai Federal), the Zim Monaco, the Hanjin Buenos Aires, the Hanjin Versailles, the Hanjin Algeciras, the CMA CGM Racine and the CMA CGM Melisande
Aegean Baltic Bank—HSH Nordbank—Piraeus Bank(3)		$	646.7		The Hyundai Vladivostok, the Hyundai Advance, the Hyundai Stride, the Hyundai Future, the Hyundai Sprinter, the Amalia C, the Niledutch Zebra, the Niledutch Palanca, the Dimitris C,
Credit Agricole		$	147.9		The CMA CGM Moliere and the CMA CGM Musset
Deutsche Bank		$	176.9		The Zim Rio Grande, the Zim Sao Paolo and the OOCL Istanbul (ex Zim Kingston)
Credit Suisse		$	211.7		The Zim Luanda, the CMA CGM Nerval and the YM Mandate
ABN Amro—Lloyds TSB—National Bank of Greece		$	243		The SNL Colombo, the YM Seattle, the YM Vancouver and the YM Singapore
Commerzbank—Credit Suisse—Credit Agricole		$	281.4		The OOCL Novorossiysk (ex ZIM Dalian), the Hanjin Santos, the YM Maturity, the Hanjin Constantza and the CMA CGM Attila
HSH Nordbank		$	30.2		The Deva and the Derby D
KEXIM		$	23.8		The CSCL Europe and the CSCL America
KEXIM-ABN Amro		$	62.5		The CSCL Pusan and the CSCL Le Havre
January 2011 Credit Facilities
Aegean Baltic—HSH Nordbank—Piraeus Bank(3)		$	103		The Hyundai Speed, the Hanjin Italy and the CMA CGM Rabelais
RBS(2)		$	89.9		The Hyundai Smart and the Hanjin Germany
ABN Amro Club Facility		$	29.3		The Hanjin Greece
Club Facility		$	71.9		The Hyundai Together and the Hyundai Tenacity
Citi-Eurobank		$	72.3		The Hyundai Ambition
Sinosure-CEXIM-Citi-ABN Amro		$	152.6		The CMA CGM Tancredi, the CMA CGM Bianca and the CMA CGM Samson
Vendor Financing
Hyundai Samho		$	93.1		Second priority liens on the Hyundai Smart, the Hyundai Speed, the Hyundai Ambition, the Hyundai Together, the Hyundai Tenacity, the Hanjin Greece, the Hanjin Italy and the Hanjin Germany
(1)                     As of June 30, 2014.
(2)                     Pursuant to the Bank Agreement, this credit facility is also secured by a second priority lien on the Derby D, the CSCL America and the CSCL Le Havre.
(3)                     Pursuant to the Bank Agreement, this credit facility is also secured by a second priority lien on the Deva, the CSCL Europe and the CSCL Pusan.
As of June 30, 2014, there was no remaining borrowing availability under the Company’s credit facilities. The Company was in compliance with the covenants under its Bank Agreement and its other credit facilities as of June 30, 2014.

Financial_Instruments

Financial Instruments	6 Months Ended
	Jun. 30, 2014
Financial Instruments	'
Financial Instruments	'
	10                       Financial Instruments
	The principal financial assets of the Company consist of cash and cash equivalents, trade receivables and other assets. The principal financial liabilities of the Company consist of long-term bank loans, accounts payable and derivatives.
	Derivative Financial Instruments:  The Company only uses derivatives for economic hedging purposes. The following is a summary of the Company’s risk management strategies and the effect of these strategies on the Company’s condensed consolidated financial statements.
	Interest Rate Risk:  Interest rate risk arises on bank borrowings. The Company monitors the interest rate on borrowings closely to ensure that the borrowings are maintained at favorable rates.
	Concentration of Credit Risk:  Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash, trade accounts receivable and derivatives. The Company places its temporary cash investments, consisting mostly of deposits, with established financial institutions. The Company performs periodic evaluations of the relative credit standing of those financial institutions that are considered in the Company’s investment strategy. The Company is exposed to credit risk in the event of non-performance by counterparties to derivative instruments, however, the Company limits this exposure by diversifying among counterparties with high credit ratings. The Company depends upon a limited number of customers for a large part of its revenues. Credit risk with respect to trade accounts receivable is generally managed by the selection of customers among the major liner companies in the world and their dispersion across many geographic areas. The Company’s maximum exposure to credit risk is mainly limited to the carrying value of its derivative instruments. The Company is not a party to master netting arrangements.
	Fair Value:  The carrying amounts reflected in the accompanying condensed consolidated balance sheets of financial assets and liabilities excluding long-term bank loans approximate their respective fair values due to the short maturity of these instruments. The fair values of long-term floating rate bank loans approximate the recorded values, generally due to their variable interest rates. The fair value of the swap agreements equals the amount that would be paid by the Company to cancel the swaps.
	Interest Rate Swaps:  The off-balance sheet risk in outstanding swap agreements involves both the risk of a counter-party not performing under the terms of the contract and the risk associated with changes in market value. The Company monitors its positions, the credit ratings of counterparties and the level of contracts it enters into with any one party. The counterparties to these contracts are major financial institutions. The Company has a policy of entering into contracts with parties that meet stringent qualifications and, given the high level of credit quality of its derivative counter-parties, the Company does not believe it is necessary to obtain collateral arrangements.
	a.  Cash Flow Interest Rate Swap Hedges
	The Company, according to its long-term strategic plan to maintain relative stability in its interest rate exposure, has decided to swap part of its interest expense from floating to fixed. To this effect, the Company has entered into interest rate swap transactions with varying start and maturity dates, in order to pro-actively and efficiently manage its floating rate exposure.
	These interest rate swaps are designed to economically hedge the variability of interest cash flows arising from floating rate debt, attributable to movements in three month USD$ LIBOR. According to the Company’s Risk Management Accounting Policy, and after putting in place the formal documentation required by hedge accounting in order to designate these swaps as hedging instruments, as from their inception, these interest rate swaps qualified for hedge accounting, and, accordingly, from that time until June 30, 2012, only hedge ineffectiveness amounts arising from the differences in the change in fair value of the hedging instrument and the hedged item were recognized in the Company’s earnings. Assessment and measurement of prospective and retrospective effectiveness for these interest rate swaps were performed on a quarterly basis. For qualifying cash flow hedges, the fair value gain or loss associated with the effective portion of the cash flow hedge was recognized initially in stockholders’ equity, and recognized to the Statement of Operations in the periods when the hedged item affects profit or loss.
	On July 1, 2012, the Company elected to prospectively de designate cash flow interest rate swaps for which it was obtaining hedge accounting treatment due to the compliance burden associated with this accounting policy. As a result, all changes in the fair value of the Company’s cash flow interest rate swap agreements are recorded in earnings under “Unrealized and Realized Losses on Derivatives” from the de designation date forward. The Company evaluated whether it is probable that the previously hedged forecasted interest payments are probable to not occur in the originally specified time period. The Company has concluded that the previously hedged forecasted interest payments are probable of occurring. Therefore, unrealized gains or losses in accumulated other comprehensive loss associated with the previously designated cash flow interest rate swaps will remain in accumulated other comprehensive loss and recognized in earnings when the interest payments will be recognized. If such interest payments were to be identified as being probable of not occurring, the accumulated other comprehensive loss balance pertaining to these amounts would be reversed through earnings immediately.
	The interest rate swap agreements converting floating interest rate exposure into fixed were as follows (in thousands):
	Counter-party	Contract		Effective		Termination		Notional		Fixed Rate		Floating Rate	Fair Value			Fair Value
		Trade		Date		Date		Amount		(Danaos pays)		(Danaos receives)	June 30,			December 31,
		Date						on					2014			2013
								Effective
								Date
	RBS	3/9/07		3/15/10		3/15/15		$	200,000	5.07	% p.a.	USD LIBOR 3M BBA	$	(6,934	)	$	(11,586	)
	RBS	3/16/07		3/20/09		3/20/14		$	200,000	4.922	% p.a.	USD LIBOR 3M BBA	—			(2,052		)
	RBS	9/13/07		9/15/09		9/15/14		$	200,000	4.9775	% p.a.	USD LIBOR 3M BBA	(2,030		)	(6,732		)
	RBS	11/15/07		11/19/10		11/19/15		$	100,000	5.12	% p.a.	USD LIBOR 3M BBA	(6,685		)	(8,919		)
	RBS	11/16/07		11/22/10		11/22/15		$	100,000	5.07	% p.a.	USD LIBOR 3M BBA	(6,661		)	(8,869		)
	HSH Nordbank	12/6/06		12/8/09		12/8/14		$	400,000	4.855	% p.a.	USD LIBOR 3M BBA	(8,259		)	(17,298		)
	CITI	4/17/07		4/17/08		4/17/15		$	200,000	5.124	% p.a.	USD LIBOR 3M BBA	(7,859		)	(12,520		)
	CITI	4/20/07		4/20/10		4/20/15		$	200,000	5.1775	% p.a.	USD LIBOR 3M BBA	(8,027		)	(12,738		)
	CITI	10/23/07		10/25/09		10/27/14		$	250,000	4.9975	% p.a.	USD LIBOR 3M BBA	(3,936		)	(9,797		)
	CITI	11/2/07		11/6/10		11/6/15		$	250,000	5.1	% p.a.	USD LIBOR 3M BBA	(16,228		)	(21,774		)
	CITI	11/26/07		11/29/10		11/30/15		$	100,000	4.98	% p.a.	USD LIBOR 3M BBA	(6,607		)	(8,754		)
	CITI	2/7/08		2/11/11		2/11/16		$	200,000	4.695	% p.a.	USD LIBOR 3M BBA	(13,940		)	(17,870		)
	Eurobank	12/6/07		12/10/10		12/10/15		$	200,000	4.8125	% p.a.	USD LIBOR 3M BBA	(12,942		)	(17,067		)
	Eurobank	2/11/08		5/31/11		5/31/15		$	200,000	4.755	% p.a.	USD LIBOR 3M BBA	(8,275		)	(12,532		)
													$	(108,383	)	$	(168,508	)
	ABN Amro	6/6/13		1/4/16		12/31/16		$	325,000	1.4975	% p.a.	USD LIBOR 3M BBA	$	(470	)	$	382
	ABN Amro	5/31/13		1/4/16		12/31/16		$	250,000	1.4125	% p.a.	USD LIBOR 3M BBA	(151		)	504
	Total fair value of swap liabilities												$	(109,004	)	$	(167,622	)
	The Company recorded in the condensed consolidated statements of operations unrealized gains of $58.6 million and $76.0 million in relation to fair value changes of interest rate swaps for the six months ended June 30, 2014 and 2013, respectively. Furthermore, unrealized losses of $48.2 million and $58.8 million were reclassified from Accumulated Other Comprehensive Loss to earnings for the six months ended June 30, 2014 and 2013, respectively (following the hedge accounting discontinuance as of July 1, 2012). The Company expects to reclassify from Accumulated Other Comprehensive Loss to earnings within the next twelve months unrealized losses of $62.2 million.
	The variable-rate interest on specific borrowings was associated with vessels under construction and was capitalized as a cost of the specific vessels. In accordance with the accounting guidance on derivatives and hedging, the amounts in accumulated other comprehensive income/(loss) related to realized gains or losses on cash flow hedges that have been entered into and qualify for hedge accounting, in order to hedge the variability of that interest, were classified under other comprehensive income/(loss) and are reclassified into earnings over the depreciable life of the constructed asset, since that depreciable life coincides with the amortization period for the capitalized interest cost on the debt. An amount of $2.0 million was reclassified into earnings for the six months ended June 30, 2014 and 2013, respectively, representing its amortization over the depreciable life of the vessels.
		Three months			Three months
		ended			ended
		June 30,			June 30,
		2014			2013
		(in millions)
	Total realized losses	$	(31.0	)	$	(36.6	)
	Amortization of deferred realized losses	(1.0		)	(1.0		)
	Unrealized gains	4.6			12.6
	Unrealized and realized losses on cash flow interest rate swaps	$	(27.4	)	$	(25.0	)
		Six months			Six months
		ended			ended
		June 30,			June 30,
		2014			2013
		(in millions)
	Total realized losses	$	(63.8	)	$	(72.5	)
	Amortization of deferred realized losses	(2.0		)	(2.0		)
	Unrealized gains	10.4			17.2
	Unrealized and realized losses on cash flow interest rate swaps	$	(55.4	)	$	(57.3	)
	b.  Fair Value Interest Rate Swap Hedges
	These interest rate swaps are designed to economically hedge the fair value of the fixed rate loan facilities against fluctuations in the market interest rates by converting the Company’s fixed rate loan facilities to floating rate debt. Pursuant to the adoption of the Company’s Risk Management Accounting Policy, and after putting in place the formal documentation required by hedge accounting in order to designate these swaps as hedging instruments, as of June 15, 2006, these interest rate swaps qualified for hedge accounting, and, accordingly, from that time until June 30, 2012, hedge ineffectiveness amounts arising from the differences in the change in fair value of the hedging instrument and the hedged item were recognized in the Company’s earnings. The Company considered its strategic use of interest rate swaps to be a prudent method of managing interest rate sensitivity, as it prevented earnings from being exposed to undue risk posed by changes in interest rates. Assessment and measurement of prospective and retrospective effectiveness for these interest rate swaps was performed on a quarterly basis, on the financial statement and earnings reporting dates.
	On July 1, 2012, the Company elected to prospectively de-designate fair value interest rate swaps for which it was applying hedge accounting treatment due to the compliance burden associated with this accounting policy. All changes in the fair value of the Company’s fair value interest rate swap agreements continue to be recorded in earnings under “Unrealized and Realized Losses on Derivatives” from the de-designation date forward.
	The Company evaluated whether it is probable that the previously hedged forecasted interest payments will not occur in the originally specified time period. The Company has concluded that the previously hedged forecasted interest payments continue to be probable of occurring. Therefore, the fair value of the hedged item associated with the previously designated fair value interest rate swaps will be frozen and recognized in earnings when the interest payments are recognized. If such interest payments were to be identified as being probable of not occurring, the fair value of hedged debt balance pertaining to these amounts would be reversed through earnings immediately.
	The interest rate swap agreements converting fixed interest rate exposure into floating were as follows (in thousands):
	Counter party	Contract		Effective		Termination		Notional		Fixed Rate		Floating Rate	Fair Value			Fair Value
		trade Date		Date		Date		Amount		(Danaos		(Danaos pays)	June 30,			December 31,
								on		receives)			2014			2013
						Effective
						Date
RBS	11/15/04		12/15/04		8/27/16		$	60,528	5.0125	% p.a.	USD LIBOR 3M BBA + 0.835% p.a.	$	511		$	747
RBS	11/15/04		11/17/04		11/2/16		$	62,342	5.0125	% p.a.	USD LIBOR 3M BBA + 0.855% p.a.	587			839
Total fair value												$	1,098		$	1,586
The total fair value change of the interest rate swaps for the period from January 1, 2014 until June 30, 2014, amounted to $0.5 million loss, and is included in the condensed consolidated statements of operations in “Unrealized and realized loss on derivatives”. The related asset of $1.1 million is shown under “Other non-current assets” in the condensed consolidated balance sheet. The Company reclassified from “Long-term debt, net of current portion”, where its fair value of hedged item was recorded, to its earnings unrealized gains of $0.3 million for the six months ended June 30, 2014 (following the hedge accounting discontinuance as of July 1, 2012).
	Three months			Three months
	ended			ended
	June 30,			June 30,
	2014			2013
	(in millions)
Unrealized losses on swap asset	$	(0.2	)	$	(0.4	)
Amortization of fair value of hedged debt	0.1			0.1
Realized gains	0.2			0.4
Unrealized and realized gains on fair value interest rate swaps	$	0.1		$	0.1
	Six months			Six months
	ended			ended
	June 30,			June 30,
	2014			2013
	(in millions)
Unrealized losses on swap asset	$	(0.5	)	$	(0.8	)
Amortization of fair value of hedged debt	0.3			0.3
Realized gains	0.5			0.7
Unrealized and realized gains on fair value interest rate swaps	$	0.3		$	0.2
c.  Fair Value of Financial Instruments
The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value.
Level I:  Inputs are unadjusted, quoted prices for identical assets or liabilities in active markets that we have the ability to access. Valuation of these items does not entail a significant amount of judgment.
Level II: Inputs other than quoted prices included in Level I that are observable for the asset or liability through corroboration with market data at the measurement date.
Level III: Inputs that are unobservable. The Company did not use any Level 3 inputs as of June 30, 2014.
The following tables present the Company’s assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy.
	Fair Value Measurements as of June 30, 2014
	Total			Quoted Prices			Significant		Significant
				in Active			Other		Unobservable
				Markets for			Observable		Inputs
				Identical Assets			Inputs		(Level 3)
				(Level 1)			(Level 2)
	(in thousands of $)
Assets
Interest rate swap contracts	$	1,098		$	—		$	1,098	$	—
Liabilities
Interest rate swap contracts	$	109,004		$	—		$	109,004	$	—
	Fair Value Measurements as of December 31, 2013
	Total			Quoted Prices			Significant		Significant
				in Active			Other		Unobservable
				Markets for			Observable		Inputs
				Identical Assets			Inputs		(Level 3)
				(Level 1)			(Level 2)
	(in thousands of $)
Assets
Interest rate swap contracts	$	2,472		$	—		$	2,472	$	—
Liabilities
Interest rate swap contracts	$	168,508		$	—		$	168,508	$	—
Interest rate swap contracts are measured at fair value on a recurring basis. Fair value is determined based on inputs that are readily available in public markets or can be derived from information available in publicly quoted markets. Such instruments are typically classified within Level 2 of the fair value hierarchy. The fair values of the interest rate swap contracts have been calculated by discounting the projected future cash flows of both the fixed rate and variable rate interest payments. Projected interest payments are calculated using the appropriate prevailing market forward rates and are discounted using the zero-coupon curve derived from the swap yield curve. Refer to Note 10(a)-(b) above for further information on the Company’s interest rate swap contracts.
The Company is exposed to credit-related losses in the event of nonperformance of its counterparties in relation to these financial instruments. As of June 30, 2014, these financial instruments are in the counterparties’ favor. The Company has considered its risk of non-performance and of its counterparties in accordance with the relevant guidance of fair value accounting. The Company performs evaluations of its counterparties for credit risk through ongoing monitoring of their financial health and risk profiles to identify risk or changes in their credit ratings.
The estimated fair values of the Company’s financial instruments are as follows:
	As of June 30, 2014						As of December 31, 2013
	Book Value			Fair Value			Book Value		Fair Value
	(in thousands of $)
Cash and cash equivalents	$	51,506		$	51,506		$	68,153	$	68,153
Restricted cash	$	58,401		$	58,401		$	14,717	$	14,717
Accounts receivable, net	$	8,743		$	8,743		$	8,038	$	8,038
Due from related parties	$	13,464		$	13,464		$	14,459	$	14,459
Receivable from ZIM	$	25,765		$	25,765		$	25,765	$	25,765
Accounts payable	$	13,720		$	13,720		$	13,124	$	13,124
Accrued liabilities	$	29,203		$	29,203		$	30,911	$	30,911
Long-term debt, including current portion	$	3,036,068		$	3,038,280		$	3,112,103	$	3,114,101
Vendor financing, including current portion	$	93,061		$	93,438		$	121,755	$	121,552
The estimated fair value of the financial instruments that are not measured at fair value on a recurring basis, categorized based upon the fair value hierarchy, are as follows (in thousands):
	Fair Value Measurements as of June 30, 2014
	Total			(Level I)			(Level II)		(Level III)
	(in thousands of $)
Receivable from ZIM(1)	$	25,765		$	—		$	25,765	$	—
Long-term debt, including current portion(2)	$	3,038,280		$	—		$	3,038,280	$	—
Vendor financing, including current portion(3)	$	93,438		$	—		$	93,438	$	—
Accrued liabilities(4)	$	29,203		$	—		$	29,203	$	—
	Fair Value Measurements as of December 31, 2013
	Total			(Level I)			(Level II)		(Level III)
	(in thousands of $)
Receivable from ZIM(1)	$	25,765		$	—		$	25,765	$	—
Long-term debt, including current portion(2)	$	3,114,101		$	—		$	3,114,101	$	—
Vendor financing, including current portion(3)	$	121,552		$	—		$	121,552	$	—
Accrued liabilities(4)	$	30,911		$	—		$	30,911	$	—
(1)     The fair value is estimated based on currently available information on the Company’s counterparty, other contracts with similar terms, remaining maturities and interest rates. Furthermore, Israel Corporation Ltd., the parent company of ZIM Integrated Shipping Services Ltd. (“ZIM”), has announced that ZIM has reached an agreement in principle with its creditors, including the Company, for a restructuring of its obligations. Based on these anticipated terms, the Company written down the value of its long-term receivable from ZIM as of December 31, 2013 (refer to Note 6, Other Current and Non-current Assets). In July 2014, ZIM and its creditors entered into definitive documentation effecting ZIM’s restructuring (refer to Note 16, Subsequent Events).
(2)     The fair value of the Company’s debt is estimated based on currently available debt with similar contract terms, interest rate and remaining maturities, as well as taking into account its creditworthiness.
(3)     The fair value of the Company’s Vendor financing is estimated based on currently available financing with similar contract terms, interest rate and remaining maturities, as well as taking into account its creditworthiness.
(4)     The fair value of the Company’s accrued liabilities, which mainly consists of accrued interest on its credit facilities and accrued realized losses on its cash flow interest rate swaps, is estimated based on currently available debt and swap agreements with similar contract terms, interest rates and remaining maturities, as well as taking into account its creditworthiness.

Commitments_and_Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2014
Commitments and Contingencies	'
Commitments and Contingencies	'
	11                       Commitments and Contingencies
	There are no material legal proceedings to which the Company is a party or to which any of its properties are the subject, or other contingencies that the Company is aware of, other than routine litigation incidental to the Company’s business. Furthermore, the Company does not have any commitments outstanding.

Stockholders_Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2014
Stockholders' Equity	'
Stockholders' Equity	'
	12                       Stockholders’ Equity
	As of April 18, 2008, the Board of Directors and the Compensation Committee approved incentive compensation of Manager’s employees with its shares from time to time, after specific for each such time, decision by the compensation committee and the Board of Directors in order to provide a means of compensation in the form of free shares to certain employees of the Manager of the Company’s common stock. The plan was effective as of December 31, 2008. Pursuant to the terms of the plan, employees of the Manager may receive (from time to time) shares of the Company’s common stock as additional compensation for their services offered during the preceding period. The stock will have no vesting period and the employee will own the stock immediately after grant. The total amount of stock to be granted to employees of the Manager will be at the Company’s Board of Directors’ discretion only and there will be no contractual obligation for any stock to be granted as part of the employees’ compensation package in future periods. During the six months ended June 30, 2014, the Company had not granted any shares under the plan. During the six months ended June 30, 2014, the Company issued 16,066 new shares of common stock, which were distributed to the employees of the Manager in settlement of 2013 grant.
	The Company has also established the Directors Share Payment Plan under its 2006 equity compensation plan. The purpose of the plan is to provide a means of payment of all or a portion of compensation payable to directors of the Company in the form of Company’s Common Stock. The plan was effective as of April 18, 2008. Each member of the Board of Directors of the Company may participate in the plan. Pursuant to the terms of the plan, directors may elect to receive in Common Stock all or a portion of their compensation. Following December 31 of each year, the Company delivers to each Director the number of shares represented by the rights credited to their Share Payment Account during the preceding calendar year. During the six months ended June 30, 2014, none of the directors elected to receive in Company shares their compensation.

Earnings_per_Share

Earnings per Share	6 Months Ended
	Jun. 30, 2014
Earnings per Share	'
Earnings per Share	'
	13                       Earnings per Share
	The following table sets forth the computation of basic and diluted earnings per share:
		Three months ended
		June 30, 2014		June 30, 2013
		(in thousands)
	Numerator:
	Net income	$	16,643	$	19,539
	Denominator (number of shares):
	Basic and diluted weighted average common shares outstanding	109,669		109,653
		Six months ended
		June 30, 2014		June 30, 2013
		(in thousands)
	Numerator:
	Net income	$	25,050	$	32,971
	Denominator (number of shares):	109,669		109,653
	Basic and diluted weighted average common shares outstanding
	The Warrants issued and outstanding as of June 30, 2014 and 2013, were excluded from the diluted Earnings per Share, because they were antidilutive.

Impairment_Loss

Impairment Loss	6 Months Ended
	Jun. 30, 2014
Impairment Loss	'
Impairment Loss	'
	14                       Impairment Loss
	No impairment loss was recorded in 2014.
	Israel Corporation Ltd., the parent company of ZIM Integrated Shipping Services Ltd. (“ZIM”), has announced that ZIM has reached an agreement in principle with its creditors, including the Company, for a restructuring of its obligations. This agreement includes a significant reduction in the charter rates payable by ZIM for the remaining life of its time charters, expiring in 2020 or 2021, for six of the Company’s vessels and the Company’s receipt of unsecured, interest bearing ZIM notes maturing in nine years and ZIM shares in exchange for such reductions and cancellation of ZIM’s other obligations to the Company. Based on these anticipated terms, the Company has written down the value of its long-term receivables from ZIM as of December 31, 2013 and recognized a $19.0 million impairment charge with respect thereto, resulting in an outstanding long-term receivable of $25.8 million as of December 31, 2013. In July 2014, ZIM and its creditors entered into definitive documentation effecting ZIM’s restructuring (refer to Note 16, Subsequent Events).

Sale_of_Vessels

Sale of Vessels	6 Months Ended
	Jun. 30, 2014
Sale of Vessels	'
Sale of Vessels	'
	15                       Sale of Vessels
	On February 26, 2014, the Company sold and delivered the Marathonas. The gross sale consideration was $11.5 million. The Company realized a net gain on this sale of $0.5 million and net sale proceeds of $9.8 million. The Marathonas was 23 years old.
	On April 25, 2014, the Company sold and delivered the Commodore. The gross sale consideration was $11.1 million. The Company realized a net gain on this sale of $1.0 million and net sale proceeds of $9.7 million. The Commodore was 22 years old.
	On May 15, 2014, the Company sold and delivered the Duka. The gross sale consideration was $11.0 million. The Company realized a net gain on this sale of $0.1 million and net sale proceeds of $9.3 million. The Duka was 22 years old.
	On May 15, 2014, the Company sold and delivered the Mytilini. The gross sale consideration was $12.0 million. The Company realized a net gain on this sale of $2.0 million and net sale proceeds of $10.9 million. The Mytilini was 23 years old.
	On May 20, 2014, the Company sold and delivered the Messologi. The gross sale consideration was $12.1 million. The Company realized a net gain on this sale of $2.1 million and net sale proceeds of $10.9 million. The Messologi was 23 years old.
	On February 13, 2013, the Company sold and delivered the Independence. The gross sale consideration was $7.0 million. The Company realized a net gain on this sale of $518 thousand and net sale proceeds of $6.0 million. The Independence was 26 years old.
	On February 28, 2013, the Company sold and delivered the Henry. The gross sale consideration was $6.1 million. The Company realized a net gain on this sale of $138 thousand and net sale proceeds of $5.37 million. The Henry was 27 years old.
	On March 25, 2013, the Company sold and delivered the Pride. The gross sale consideration was $6.5 million. The Company realized a net loss on this sale of $671 thousand and net sale proceeds of $5.48 million. The Pride was 25 years old.
	On May 14, 2013, the Company sold and delivered the Honour. The gross sale consideration was $9.1 million. The Company realized a net gain on this sale of $112 thousand and net sale proceeds of $8.0 million. The Honour was 24 years old.
	On June 13, 2013, the Company sold and delivered the Elbe. The gross sale consideration was $5.6 million. The Company realized a net gain on this sale of $59 thousand and net sale proceeds of $5.02 million. The Elbe was 22 years old.

Subsequent_Events

Subsequent Events	6 Months Ended
	Jun. 30, 2014
Subsequent Events	'
Subsequent Events	'
	16                       Subsequent Events
	In July 2014, ZIM and its creditors entered into definitive documentation effecting ZIM’s restructuring with its creditors on substantially the same terms as the agreement in principle previously announced by ZIM in January 2014. The terms of the restructuring include a reduction in the charter rates payable by ZIM under its time charters, expiring in 2020 or 2021, for six of our vessels, which had already been implemented beginning in January 2014. The terms also include our receipt of approximately $49.9 million aggregate principal amount of unsecured, interest bearing ZIM notes maturing in 2023 (consisting of $8.8 million of 3% Series 1 Notes due 2023 amortizing subject to available cash flow in accordance with a corporate cash sweep mechanism, and $41.1 million of 5% Series 2 Notes due 2023 non-amortizing (of the 5% interest rate, 3% is payable quarterly in cash and 2% is payable in kind, accrued quarterly with deferred cash payment on maturity)) and ZIM shares representing approximately 7.4% of the outstanding ZIM shares immediately after the restructuring, in exchange for such charter rate reductions and cancellation of ZIM’s other obligations to us which relate to the outstanding long term receivable as of December 31, 2013. ZIM’s charter-owner creditors have designated two of the nine members of ZIM’s initial Board of Directors following the restructuring, including one director nominated by us, Dimitris Chatzis, the father of our Chief Financial Officer. In connection with ZIM’s previous announcement of the agreement in principle with its creditors, the Company had recognized an impairment loss of $19.0 million as of December 31, 2013.

Basis_of_Presentation_and_Gene1

Basis of Presentation and General Information (Tables)	6 Months Ended
	Jun. 30, 2014
Basis of Presentation and General Information	'
Schedule of the vessel owning companies (the Danaos Subsidiaries)	'
	Company	Date of Incorporation	Vessel Name	Year	TEU
				Built
	Megacarrier (No. 1) Corp.	September 10, 2007	Hyundai Together	2012	13,100
	Megacarrier (No. 2) Corp.	September 10, 2007	Hyundai Tenacity	2012	13,100
	Megacarrier (No. 3) Corp.	September 10, 2007	Hyundai Smart	2012	13,100
	Megacarrier (No. 4) Corp.	September 10, 2007	Hyundai Speed	2012	13,100
	Megacarrier (No. 5) Corp.	September 10, 2007	Hyundai Ambition	2012	13,100
	CellContainer (No. 6) Corp.	October 31, 2007	Hanjin Germany	2011	10,100
	CellContainer (No. 7) Corp.	October 31, 2007	Hanjin Italy	2011	10,100
	CellContainer (No. 8) Corp.	October 31, 2007	Hanjin Greece	2011	10,100
	Karlita Shipping Co. Ltd.	February 27, 2003	CSCL Pusan	2006	9,580
	Ramona Marine Co. Ltd.	February 27, 2003	CSCL Le Havre	2006	9,580
	Teucarrier (No. 5) Corp.	September 17, 2007	CMA CGM Melisande	2012	8,530
	Teucarrier (No. 1) Corp.	January 31, 2007	CMA CGM Attila	2011	8,530
	Teucarrier (No. 2) Corp.	January 31, 2007	CMA CGM Tancredi	2011	8,530
	Teucarrier (No. 3) Corp.	January 31, 2007	CMA CGM Bianca	2011	8,530
	Teucarrier (No. 4) Corp.	January 31, 2007	CMA CGM Samson	2011	8,530
	Oceanew Shipping Ltd.	January 14, 2002	CSCL Europe	2004	8,468
	Oceanprize Navigation Ltd.	January 21, 2003	CSCL America	2004	8,468
	Boxcarrier (No. 2) Corp.	June 27, 2006	CMA CGM Musset(1)	2010	6,500
	Boxcarrier (No. 3) Corp.	June 27, 2006	CMA CGM Nerval(1)	2010	6,500
	Boxcarrier (No. 4) Corp.	June 27, 2006	CMA CGM Rabelais(1)	2010	6,500
	Boxcarrier (No. 5) Corp.	June 27, 2006	CMA CGM Racine(1)	2010	6,500
	Boxcarrier (No. 1) Corp.	June 27, 2006	CMA CGM Moliere(1)	2009	6,500
	Expresscarrier (No. 1) Corp.	March 5, 2007	YM Mandate	2010	6,500
	Expresscarrier (No. 2) Corp.	March 5, 2007	YM Maturity	2010	6,500
	Federal Marine Inc.	February 14, 2006	Federal	1994	4,651
	Auckland Marine Inc.	January 27, 2005	SNL Colombo	2004	4,300
	Wellington Marine Inc.	January 27, 2005	YM Singapore	2004	4,300
	Continent Marine Inc.	March 22, 2006	Zim Monaco	2009	4,253
	Medsea Marine Inc.	May 8, 2006	OOCL Novorossiysk	2009	4,253
	Blacksea Marine Inc.	May 8, 2006	Zim Luanda	2009	4,253
	Bayview Shipping Inc.	March 22, 2006	Zim Rio Grande	2008	4,253
	Channelview Marine Inc.	March 22, 2006	Zim Sao Paolo	2008	4,253
	Balticsea Marine Inc.	March 22, 2006	OOCL Istanbul	2008	4,253
	Seacarriers Services Inc.	June 28, 2005	YM Seattle	2007	4,253
	Seacarriers Lines Inc.	June 28, 2005	YM Vancouver	2007	4,253
	Containers Services Inc.	May 30, 2002	Deva	2004	4,253
	Containers Lines Inc.	May 30, 2002	Derby D	2004	4,253
	Boulevard Shiptrade S.A.	September 12, 2013	Dimitris C	2001	3,430
	CellContainer (No. 4) Corp.	March 23, 2007	Hanjin Algeciras	2011	3,400
	CellContainer (No. 5) Corp.	March 23, 2007	Hanjin Constantza	2011	3,400
	CellContainer (No. 1) Corp.	March 23, 2007	Hanjin Buenos Aires	2010	3,400
	CellContainer (No. 2) Corp.	March 23, 2007	Hanjin Santos	2010	3,400
	CellContainer (No. 3) Corp.	March 23, 2007	Hanjin Versailles	2010	3,400
	Vilos Navigation Company Ltd.	May 30, 2013	Niledutch Zebra	2001	2,602
	Trindade Maritime Company	April 10, 2013	Amalia C	1998	2,452
	Sarond Shipping Inc.	January 18, 2013	Niledutch Palanca	2001	2,524
	Speedcarrier (No. 7) Corp.	December 6, 2007	Hyundai Highway	1998	2,200
	Speedcarrier (No. 6) Corp.	December 6, 2007	Hyundai Progress	1998	2,200
	Speedcarrier (No. 8) Corp.	December 6, 2007	Hyundai Bridge	1998	2,200
	Speedcarrier (No. 1) Corp.	June 28, 2007	Hyundai Vladivostok	1997	2,200
	Speedcarrier (No. 2) Corp.	June 28, 2007	Hyundai Advance	1997	2,200
	Speedcarrier (No. 3) Corp.	June 28, 2007	Hyundai Stride	1997	2,200
	Speedcarrier (No. 5) Corp.	June 28, 2007	Hyundai Future	1997	2,200
	Speedcarrier (No. 4) Corp.	June 28, 2007	Hyundai Sprinter	1997	2,200
	Vessels sold during the six months ended June 30, 2014
	Boxcarrier (No. 6) Corp.	June 27, 2006	Marathonas	1991	4,814
	Boxcarrier (No. 7) Corp.	June 27, 2006	Messologi	1991	4,814
	Boxcarrier (No. 8) Corp.	November 16, 2006	Mytilini	1991	4,814
	Duke Marine Inc.	April 14, 2003	Duka	1992	4,651
	Commodore Marine Inc.	April 14, 2003	Commodore	1992	4,651
	(1)     Vessel subject to charterer’s option to purchase vessel after first eight years of time charter term for $78.0 million.

Restricted_Cash_Tables

Restricted Cash (Tables)	6 Months Ended
	Jun. 30, 2014
Restricted Cash	'
Schedule of restricted cash	'
	Restricted cash is comprised of the following (in thousands):
		As of		As of
		June 30, 2014		December 31, 2013
	Retention account	$	2,820	$	2,841
	Restricted deposits	55,581		11,876
	Total	$	58,401	$	14,717

Fixed_assets_net_Tables

Fixed assets, net (Tables)	6 Months Ended
	Jun. 30, 2014
Fixed assets, net	'
Schedule of vessels' cost, accumulated depreciation and changes thereto	'
	Fixed assets consist of vessels. Vessels’ cost, accumulated depreciation and changes thereto were as follows (in thousands):
		Vessel			Accumulated			Net Book
		Cost			Depreciation			Value
	As of January 1, 2013	$	4,576,106		$	(589,968	)	$	3,986,138
	Additions	46,839			(137,414		)	(90,575		)
	Disposals	(172,226		)	119,280			(52,946		)
	As of December 31, 2013	$	4,450,719		$	(608,102	)	$	3,842,617
	Additions	563			(68,075		)	(67,512		)
	Disposals	(120,376		)	75,769			(44,607		)
	As of June 30, 2014	$	4,330,906		$	(600,408	)	$	3,730,498

Deferred_Charges_net_Tables

Deferred Charges, net (Tables)	6 Months Ended
	Jun. 30, 2014
Deferred Charges, net	'
Schedule of deferred charges, net	'
	Deferred charges, net consisted of the following (in thousands):
		Drydocking and			Finance			Total
		Special Survey			and Other			Deferred
		Costs			Costs			Charges
	As of January 1, 2013	$	9,669		$	79,152		$	88,821
	Additions	283			187			470
	Written off amounts	(429		)	—			(429		)
	Amortization	(5,482		)	(15,431		)	(20,913		)
	As of December 31, 2013	$	4,041		$	63,908		$	67,949
	Additions	3,789			44			3,833
	Written off amounts	(286		)	—			(286		)
	Amortization	(2,157		)	(7,564		)	(9,721		)
	As of June 30, 2014	$	5,387		$	56,388		$	61,775

Other_Current_and_Noncurrent_A1

Other Current and Non-current Assets (Tables)	6 Months Ended
	Jun. 30, 2014
Other Current and Non-current Assets	'
Schedule of other current assets	'
	Other current assets consisted of the following (in thousands):
		As of		As of
		June 30, 2014		December 31, 2013
	Claims receivable	$	9,849	$	2,815
	Other assets	4,822		3,369
	Total	$	14,671	$	6,184
Schedule of other non-current assets	'
	Other non-current assets consisted of the following (in thousands):
		As of		As of
		June 30, 2014		December 31, 2013
	Fair value of swaps	$	1,098	$	2,472
	Receivable from ZIM	25,765		25,765
	Other assets	737		883
	Total	$	27,600	$	29,120

Accrued_Liabilities_Tables

Accrued Liabilities (Tables)	6 Months Ended
	Jun. 30, 2014
Accrued Liabilities	'
Schedule of accrued liabilities	'
	Accrued liabilities consisted of the following (in thousands):
		As of		As of
		June 30, 2014		December 31, 2013
	Accrued payroll	$	1,244	$	1,140
	Accrued interest	10,485		11,614
	Accrued expenses	17,474		18,157
	Total	$	29,203	$	30,911

Other_Current_and_Longterm_Lia1

Other Current and Long-term Liabilities (Tables)	6 Months Ended
	Jun. 30, 2014
Other Current and Long-term Liabilities	'
Schedule of other current liabilities	'
	Other current liabilities consisted of the following (in thousands):
		As of		As of
		June 30, 2014		December 31, 2013
	Fair value of swaps	$	85,214	$	109,431
	Other current liabilities	5,683		5,267
	Total	$	90,897	$	114,698
Schedule of other long-term liabilities	'
	Other long-term liabilities consisted of the following (in thousands):
		As of		As of
		June 30, 2014		December 31, 2013
	Fair value of swaps	$	23,790	$	59,077
	Other long-term liabilities	10,346		9,103
	Total	$	34,136	$	68,180

LongTerm_Debt_Tables

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2014
Long-Term Debt	'
Schedule of long-term debt	'
	Long-term debt consisted of the following (in thousands):
	Lender	As of			Current		Long-term			As of		Current		Long-term
		June 30,			portion		portion			December 31,		portion		portion
		2014								2013
	The Royal Bank of Scotland	$	681,677		$	7,069	$	674,608		$	683,614	$	4,628	$	678,986
	HSH Nordbank AG-Aegean Baltic Bank-Piraeus Bank	646,713			—		646,713			658,160		11,447		646,713
	HSH Nordbank	30,166			4,614		25,552			31,163		2,545		28,618
	The Export-Import Bank of Korea (“KEXIM”)	23,757			10,369		13,388			28,942		10,369		18,573
	The Export-Import Bank of Korea & ABN Amro	62,484			11,250		51,234			68,109		11,250		56,859
	Deutsche Bank	176,905			4,487		172,418			177,968		3,251		174,717
	Credit Agricole	147,922			7,188		140,734			151,239		6,770		144,469
	Credit Suisse	211,715			7,472		204,243			215,613		7,026		208,587
	ABN Amro-Lloyds TSB-National Bank of Greece	243,037			7,921		235,116			247,001		7,537		239,464
	Commerzbank-Credit Suisse-[Credit Agricole]	281,408			14,108		267,300			288,474		13,489		274,985
	The Royal Bank of Scotland (January 2011 Credit Facility)	89,912			10,210		79,702			94,245		9,226		85,019
	HSH Nordbank AG-Aegean Baltic Bank-Piraeus Bank (January 2011 Credit Facility)	102,994			20,834		82,160			110,396		15,503		94,893
	ABN Amro-Lloyds TSB-National Bank of Greece (January 2011 Credit Facility)	29,306			5,536		23,770			31,953		5,415		26,538
	Sinosure CEXIM-Citi-ABN Amro Credit Facility	152,550			20,340		132,210			162,720		20,340		142,380
	Club Facility (January 2011 Credit Facility)	71,887			13,440		58,447			78,001		12,618		65,383
	Citi—Eurobank Credit Facility (January 2011 Credit Facility)	72,348			5,224		67,124			74,808		5,048		69,760
	Comprehensive Financing Plan exit fee accrued	9,991			—		9,991			8,117		—		8,117
	Fair value hedged debt	1,296			—		1,296			1,580		—		1,580
	Total long-term debt	$	3,036,068		$	150,062	$	2,886,006		$	3,112,103	$	146,462	$	2,965,641
	Hyundai Samho Vendor Financing	$	93,061		$	57,388	$	35,673		$	121,755	$	57,388	$	64,367
Schedule of Maturities of long-term debt for the years subsequent	'
	Maturities of long-term debt for the next five years and thereafter subsequent to June 30, 2014, are as follows (in thousands):
	Payment due by period ended	Fixed			Variable		Final Payment			Total
		principal			principal		due on			principal
		repayments			payments		December 31, 2018*			payments
							[and other
							payments
							thereafter]
	June 30, 2015	$	142,861		$	7,201	$	—		$	150,062
	June 30, 2016	168,810			58,236		—			227,046
	June 30, 2017	192,367			94,126		—			286,493
	June 30, 2018	170,538			99,532		—			270,070
	June 30, 2019 and thereafter	178,406			17,402		1,895,302			2,091,110
	Total long-term debt	$	852,982		$	276,497	$	1,895,302		$	3,024,781
	* The last payment due on December 31, 2018, includes the unamortized remaining principal debt balances under the Bank Agreement, as such amount will be determinable following the fixed and variable amortization.
Schedule of quarterly principal payments in fixed amounts in relation to total debt commitments from the lenders under the Bank Agreement and New Credit Facilities	'
		February 15,		May 15,		August 15,	November 15,		December 31,		Total
	2014	22,722,970		21,942,530		22,490,232	24,654,040		—		91,809,772
	2015	26,736,647		27,021,750		25,541,180	34,059,102		—		113,358,679
	2016	30,972,971		36,278,082		32,275,598	43,852,513		—		143,379,164
	2017	44,938,592		36,690,791		35,338,304	31,872,109		—		148,839,796
	2018	34,152,011		37,585,306		44,398,658	45,333,618		65,969,274		227,438,867
	*           The Company may elect to make the scheduled payments shown in the above table three months earlier.
Hyundai Samho vendor financing	'
Long-Term Debt	'
Schedule of Maturities of long-term debt for the years subsequent	'
	Maturities of Hyundai Samho vendor financing for the next periods subsequent to June 30, 2014, are as follows (in thousands):
	Payment due by period ended
	June 30, 2015	$	57,388
	June 30, 2016	35,673
	Total vendor financing	$	93,061
Credit Facilities	'
Long-Term Debt	'
Schedule of long-term debt	'
	Credit Facilities Summary Table
	Lender	Outstanding			Collateral Vessels
		Principal
		Amount
		(in millions)(1)
	The Royal Bank of Scotland(2)	$	681.7		The Hyundai Progress, the Hyundai Highway, the Hyundai Bridge, the Federal (ex Hyundai Federal), the Zim Monaco, the Hanjin Buenos Aires, the Hanjin Versailles, the Hanjin Algeciras, the CMA CGM Racine and the CMA CGM Melisande
	Aegean Baltic Bank—HSH Nordbank—Piraeus Bank(3)	$	646.7		The Hyundai Vladivostok, the Hyundai Advance, the Hyundai Stride, the Hyundai Future, the Hyundai Sprinter, the Amalia C, the Niledutch Zebra, the Niledutch Palanca, the Dimitris C,
	Credit Agricole	$	147.9		The CMA CGM Moliere and the CMA CGM Musset
	Deutsche Bank	$	176.9		The Zim Rio Grande, the Zim Sao Paolo and the OOCL Istanbul (ex Zim Kingston)
	Credit Suisse	$	211.7		The Zim Luanda, the CMA CGM Nerval and the YM Mandate
	ABN Amro—Lloyds TSB—National Bank of Greece	$	243		The SNL Colombo, the YM Seattle, the YM Vancouver and the YM Singapore
	Commerzbank—Credit Suisse—Credit Agricole	$	281.4		The OOCL Novorossiysk (ex ZIM Dalian), the Hanjin Santos, the YM Maturity, the Hanjin Constantza and the CMA CGM Attila
	HSH Nordbank	$	30.2		The Deva and the Derby D
	KEXIM	$	23.8		The CSCL Europe and the CSCL America
	KEXIM-ABN Amro	$	62.5		The CSCL Pusan and the CSCL Le Havre
	January 2011 Credit Facilities
	Aegean Baltic—HSH Nordbank—Piraeus Bank(3)	$	103		The Hyundai Speed, the Hanjin Italy and the CMA CGM Rabelais
	RBS(2)	$	89.9		The Hyundai Smart and the Hanjin Germany
	ABN Amro Club Facility	$	29.3		The Hanjin Greece
	Club Facility	$	71.9		The Hyundai Together and the Hyundai Tenacity
	Citi-Eurobank	$	72.3		The Hyundai Ambition
	Sinosure-CEXIM-Citi-ABN Amro	$	152.6		The CMA CGM Tancredi, the CMA CGM Bianca and the CMA CGM Samson
	Vendor Financing
	Hyundai Samho	$	93.1		Second priority liens on the Hyundai Smart, the Hyundai Speed, the Hyundai Ambition, the Hyundai Together, the Hyundai Tenacity, the Hanjin Greece, the Hanjin Italy and the Hanjin Germany
	(1)                     As of June 30, 2014.
	(2)                     Pursuant to the Bank Agreement, this credit facility is also secured by a second priority lien on the Derby D, the CSCL America and the CSCL Le Havre.
	(3)                     Pursuant to the Bank Agreement, this credit facility is also secured by a second priority lien on the Deva, the CSCL Europe and the CSCL Pusan.

Financial_Instruments_Tables

Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2014
Financial Instruments	'
Schedule of assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy	'
		Fair Value Measurements as of June 30, 2014
		Total			Quoted Prices			Significant		Significant
					in Active			Other		Unobservable
					Markets for			Observable		Inputs
					Identical Assets			Inputs		(Level 3)
					(Level 1)			(Level 2)
		(in thousands of $)
	Assets
	Interest rate swap contracts	$	1,098		$	—		$	1,098	$	—
	Liabilities
	Interest rate swap contracts	$	109,004		$	—		$	109,004	$	—
		Fair Value Measurements as of December 31, 2013
		Total			Quoted Prices			Significant		Significant
					in Active			Other		Unobservable
					Markets for			Observable		Inputs
					Identical Assets			Inputs		(Level 3)
					(Level 1)			(Level 2)
		(in thousands of $)
	Assets
	Interest rate swap contracts	$	2,472		$	—		$	2,472	$	—
	Liabilities
	Interest rate swap contracts	$	168,508		$	—		$	168,508	$	—
Schedule of estimated fair values of the financial instruments	'
		As of June 30, 2014						As of December 31, 2013
		Book Value			Fair Value			Book Value		Fair Value
		(in thousands of $)
	Cash and cash equivalents	$	51,506		$	51,506		$	68,153	$	68,153
	Restricted cash	$	58,401		$	58,401		$	14,717	$	14,717
	Accounts receivable, net	$	8,743		$	8,743		$	8,038	$	8,038
	Due from related parties	$	13,464		$	13,464		$	14,459	$	14,459
	Receivable from ZIM	$	25,765		$	25,765		$	25,765	$	25,765
	Accounts payable	$	13,720		$	13,720		$	13,124	$	13,124
	Accrued liabilities	$	29,203		$	29,203		$	30,911	$	30,911
	Long-term debt, including current portion	$	3,036,068		$	3,038,280		$	3,112,103	$	3,114,101
	Vendor financing, including current portion	$	93,061		$	93,438		$	121,755	$	121,552
Schedule of estimated fair value of the financial instruments that are not measured at fair value on a recurring basis, categorized based upon the fair value hierarchy	'
	The estimated fair value of the financial instruments that are not measured at fair value on a recurring basis, categorized based upon the fair value hierarchy, are as follows (in thousands):
		Fair Value Measurements as of June 30, 2014
		Total			(Level I)			(Level II)		(Level III)
		(in thousands of $)
	Receivable from ZIM(1)	$	25,765		$	—		$	25,765	$	—
	Long-term debt, including current portion(2)	$	3,038,280		$	—		$	3,038,280	$	—
	Vendor financing, including current portion(3)	$	93,438		$	—		$	93,438	$	—
	Accrued liabilities(4)	$	29,203		$	—		$	29,203	$	—
		Fair Value Measurements as of December 31, 2013
		Total			(Level I)			(Level II)		(Level III)
		(in thousands of $)
	Receivable from ZIM(1)	$	25,765		$	—		$	25,765	$	—
	Long-term debt, including current portion(2)	$	3,114,101		$	—		$	3,114,101	$	—
	Vendor financing, including current portion(3)	$	121,552		$	—		$	121,552	$	—
	Accrued liabilities(4)	$	30,911		$	—		$	30,911	$	—
	(1)     The fair value is estimated based on currently available information on the Company’s counterparty, other contracts with similar terms, remaining maturities and interest rates. Furthermore, Israel Corporation Ltd., the parent company of ZIM Integrated Shipping Services Ltd. (“ZIM”), has announced that ZIM has reached an agreement in principle with its creditors, including the Company, for a restructuring of its obligations. Based on these anticipated terms, the Company written down the value of its long-term receivable from ZIM as of December 31, 2013 (refer to Note 6, Other Current and Non-current Assets). In July 2014, ZIM and its creditors entered into definitive documentation effecting ZIM’s restructuring (refer to Note 16, Subsequent Events).
	(2)     The fair value of the Company’s debt is estimated based on currently available debt with similar contract terms, interest rate and remaining maturities, as well as taking into account its creditworthiness.
	(3)     The fair value of the Company’s Vendor financing is estimated based on currently available financing with similar contract terms, interest rate and remaining maturities, as well as taking into account its creditworthiness.
	(4)     The fair value of the Company’s accrued liabilities, which mainly consists of accrued interest on its credit facilities and accrued realized losses on its cash flow interest rate swaps, is estimated based on currently available debt and swap agreements with similar contract terms, interest rates and remaining maturities, as well as taking into account its creditworthiness.
Cash Flow Hedges	'
Financial Instruments	'
Schedule of interest rate swap agreements converting fixed interest rate exposure into floating for fair value interest rate swap hedges and interest rate swap agreements converting floating interest rate exposure into fixed for cash flow interest rate swap hedges	'
	The interest rate swap agreements converting floating interest rate exposure into fixed were as follows (in thousands):
	Counter-party	Contract		Effective		Termination		Notional		Fixed Rate		Floating Rate	Fair Value			Fair Value
		Trade		Date		Date		Amount		(Danaos pays)		(Danaos receives)	June 30,			December 31,
		Date						on					2014			2013
								Effective
								Date
	RBS	3/9/07		3/15/10		3/15/15		$	200,000	5.07	% p.a.	USD LIBOR 3M BBA	$	(6,934	)	$	(11,586	)
	RBS	3/16/07		3/20/09		3/20/14		$	200,000	4.922	% p.a.	USD LIBOR 3M BBA	—			(2,052		)
	RBS	9/13/07		9/15/09		9/15/14		$	200,000	4.9775	% p.a.	USD LIBOR 3M BBA	(2,030		)	(6,732		)
	RBS	11/15/07		11/19/10		11/19/15		$	100,000	5.12	% p.a.	USD LIBOR 3M BBA	(6,685		)	(8,919		)
	RBS	11/16/07		11/22/10		11/22/15		$	100,000	5.07	% p.a.	USD LIBOR 3M BBA	(6,661		)	(8,869		)
	HSH Nordbank	12/6/06		12/8/09		12/8/14		$	400,000	4.855	% p.a.	USD LIBOR 3M BBA	(8,259		)	(17,298		)
	CITI	4/17/07		4/17/08		4/17/15		$	200,000	5.124	% p.a.	USD LIBOR 3M BBA	(7,859		)	(12,520		)
	CITI	4/20/07		4/20/10		4/20/15		$	200,000	5.1775	% p.a.	USD LIBOR 3M BBA	(8,027		)	(12,738		)
	CITI	10/23/07		10/25/09		10/27/14		$	250,000	4.9975	% p.a.	USD LIBOR 3M BBA	(3,936		)	(9,797		)
	CITI	11/2/07		11/6/10		11/6/15		$	250,000	5.1	% p.a.	USD LIBOR 3M BBA	(16,228		)	(21,774		)
	CITI	11/26/07		11/29/10		11/30/15		$	100,000	4.98	% p.a.	USD LIBOR 3M BBA	(6,607		)	(8,754		)
	CITI	2/7/08		2/11/11		2/11/16		$	200,000	4.695	% p.a.	USD LIBOR 3M BBA	(13,940		)	(17,870		)
	Eurobank	12/6/07		12/10/10		12/10/15		$	200,000	4.8125	% p.a.	USD LIBOR 3M BBA	(12,942		)	(17,067		)
	Eurobank	2/11/08		5/31/11		5/31/15		$	200,000	4.755	% p.a.	USD LIBOR 3M BBA	(8,275		)	(12,532		)
													$	(108,383	)	$	(168,508	)
	ABN Amro	6/6/13		1/4/16		12/31/16		$	325,000	1.4975	% p.a.	USD LIBOR 3M BBA	$	(470	)	$	382
	ABN Amro	5/31/13		1/4/16		12/31/16		$	250,000	1.4125	% p.a.	USD LIBOR 3M BBA	(151		)	504
	Total fair value of swap liabilities												$	(109,004	)	$	(167,622	)
Schedule of unrealized and realized gains (losses) on interest rate swaps	'
		Three months			Three months
		ended			ended
		June 30,			June 30,
		2014			2013
		(in millions)
	Total realized losses	$	(31.0	)	$	(36.6	)
	Amortization of deferred realized losses	(1.0		)	(1.0		)
	Unrealized gains	4.6			12.6
	Unrealized and realized losses on cash flow interest rate swaps	$	(27.4	)	$	(25.0	)
		Six months			Six months
		ended			ended
		June 30,			June 30,
		2014			2013
		(in millions)
	Total realized losses	$	(63.8	)	$	(72.5	)
	Amortization of deferred realized losses	(2.0		)	(2.0		)
	Unrealized gains	10.4			17.2
	Unrealized and realized losses on cash flow interest rate swaps	$	(55.4	)	$	(57.3	)
Fair Value Hedges	'
Financial Instruments	'
Schedule of interest rate swap agreements converting fixed interest rate exposure into floating for fair value interest rate swap hedges and interest rate swap agreements converting floating interest rate exposure into fixed for cash flow interest rate swap hedges	'
	The interest rate swap agreements converting fixed interest rate exposure into floating were as follows (in thousands):
	Counter party	Contract		Effective		Termination		Notional		Fixed Rate		Floating Rate	Fair Value			Fair Value
		trade Date		Date		Date		Amount		(Danaos		(Danaos pays)	June 30,			December 31,
								on		receives)			2014			2013
								Effective
								Date
	RBS	11/15/04		12/15/04		8/27/16		$	60,528	5.0125	% p.a.	USD LIBOR 3M BBA + 0.835% p.a.	$	511		$	747
	RBS	11/15/04		11/17/04		11/2/16		$	62,342	5.0125	% p.a.	USD LIBOR 3M BBA + 0.855% p.a.	587			839
	Total fair value												$	1,098		$	1,586
Schedule of unrealized and realized gains (losses) on interest rate swaps	'
		Three months			Three months
		ended			ended
		June 30,			June 30,
		2014			2013
		(in millions)
	Unrealized losses on swap asset	$	(0.2	)	$	(0.4	)
	Amortization of fair value of hedged debt	0.1			0.1
	Realized gains	0.2			0.4
	Unrealized and realized gains on fair value interest rate swaps	$	0.1		$	0.1
		Six months			Six months
		ended			ended
		June 30,			June 30,
		2014			2013
		(in millions)
	Unrealized losses on swap asset	$	(0.5	)	$	(0.8	)
	Amortization of fair value of hedged debt	0.3			0.3
	Realized gains	0.5			0.7
	Unrealized and realized gains on fair value interest rate swaps	$	0.3		$	0.2

Earnings_per_Share_Tables

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2014
Earnings per Share	'
Schedule of computation of basic and diluted earnings per share	'
		Three months ended
		June 30, 2014		June 30, 2013
		(in thousands)
	Numerator:
	Net income	$	16,643	$	19,539
	Denominator (number of shares):
	Basic and diluted weighted average common shares outstanding	109,669		109,653
		Six months ended
		June 30, 2014		June 30, 2013
		(in thousands)
	Numerator:
	Net income	$	25,050	$	32,971
	Denominator (number of shares):	109,669		109,653
	Basic and diluted weighted average common shares outstanding

Basis_of_Presentation_and_Gene2

Basis of Presentation and General Information (Details) (USD $)

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

In Millions, except Share data, unless otherwise specified

Hyundai Together

Hyundai Tenacity

Hyundai Smart

Hyundai Speed

Hyundai Ambition

Hanjin Germany

Hanjin Italy

Hanjin Greece

CSCL Pusan

CSCL Le Havre

CMA CGM Melisande

CMA CGM Attila

CMA CGM Tancredi

CMA CGM Bianca

CMA CGM Samson

CSCL Europe

CSCL America

CMA CGM Moliere, Musset, Nerval, Rabelais and Racine

CMA CGM Musset

CMA CGM Nerval

CMA CGM Rabelais

CMA CGM Racine

CMA CGM Moliere

YM Mandate

YM Maturity

Federal

SNL Colombo

YM Singapore

Zim Monaco

OOCL Novorossiysk

Zim Luanda

Zim Rio Grande

Zim Sao Paolo

OOCL Istanbul

YM Seattle

YM Vancouver

Deva

Derby D

Dimitris C

Dimitris C

Hanjin Algeciras

Hanjin Constantza

Hanjin Buenos Aires

Hanjin Santos

Hanjin Versailles

Niledutch Zebra

Niledutch Zebra

Amalia C

Amalia C

Niledutch Palanca

Niledutch Palanca

Hyundai Highway

Hyundai Progress

Hyundai Bridge

Hyundai Vladivostok

Hyundai Advance

Hyundai Stride

Hyundai Future

Hyundai Sprinter

Marathonas

Messologi

Mytilini

Duka

Commodore

item

item

item

item

item

item

item

item

item

item

item

item

item

item

item

item

item

item

item

item

item

item

item

item

item

item

item

item

item

item

item

item

item

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item

item

item

item

item

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Basis of Presentation and General Information

'

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'

Common stock, authorized capital stock (in shares)

750,000,000

750,000,000

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'

Common stock, par value (in dollars per share)

$0.01

$0.01

'

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Preferred stock, authorized capital stock (in shares)

100,000,000

100,000,000

'

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Preferred stock, par value (in dollars per share)

$0.01

$0.01

'

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Basis of Presentation and General Information

'

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TEU

'

'

13,100

13,100

13,100

13,100

13,100

10,100

10,100

10,100

9,580

9,580

8,530

8,530

8,530

8,530

8,530

8,468

8,468

'

6,500

6,500

6,500

6,500

6,500

6,500

6,500

4,651

4,300

4,300

4,253

4,253

4,253

4,253

4,253

4,253

4,253

4,253

4,253

4,253

3,430

3,430

3,400

3,400

3,400

3,400

3,400

2,602

2,602

2,452

2,452

2,524

2,524

2,200

2,200

2,200

2,200

2,200

2,200

2,200

2,200

4,814

4,814

4,814

4,651

4,651

Period of charter term after which option to purchase vessel is available to charterer

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'8 years

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Consideration for which vessel can be purchased by charterer

'

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$78

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Restricted_Cash_Details

Restricted Cash (Details) (USD $)

Jun. 30, 2014

Dec. 31, 2013

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

In Thousands, unless otherwise specified

Amalia C

Amalia C

Niledutch Zebra

Niledutch Zebra

Niledutch Palanca

Niledutch Palanca

Dimitris C

Dimitris C

HSH Nordbank AG-Aegean Baltic Bank-Piraeus Bank

Maximum

Maximum

Retention account

Retention account

Restricted deposits

Restricted deposits

item

item

item

item

item

item

item

item

HSH Nordbank AG-Aegean Baltic Bank-Piraeus Bank

HSH Nordbank AG-Aegean Baltic Bank-Piraeus Bank

item

Restricted cash

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Total restricted cash

$58,401

$14,717

'

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$2,820

$2,841

$55,581

$11,876

Current restricted cash

3,250

14,717

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11,400

'

'

400

400

Number of vessels that the company can sell under the option provided by the agreement

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9

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TEU

'

'

2,452

2,452

2,602

2,602

2,524

2,524

3,430

3,430

'

'

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'

'

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Property, plant and equipment acquired

'

'

6,600

'

10,100

'

11,900

'

14,900

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Non-current restricted cash

$55,151

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$55,200

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'

Fixed_assets_net_Details

Fixed assets, net (Details) (USD $)	6 Months Ended			12 Months Ended	0 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Dec. 31, 2013	Feb. 26, 2014	Apr. 25, 2014	15-May-14	15-May-14	20-May-14
			Vessel	Vessel	Marathonas	Commodore	Duka	Mytilini	Messologi
Vessel Cost	'	'	'	'	'	'	'	'	'
Balance at the beginning of the period	'	'	$4,450,719,000	$4,576,106,000	'	'	'	'	'
Additions	'	'	563,000	46,839,000	'	'	'	'	'
Disposals	'	'	-120,376,000	-172,226,000	'	'	'	'	'
Balance at the end of the period	'	'	4,330,906,000	4,450,719,000	'	'	'	'	'
Accumulated Depreciation	'	'	'	'	'	'	'	'	'
Balance at the beginning of the period	'	'	-608,102,000	-589,968,000	'	'	'	'	'
Additions	'	'	-68,075,000	-137,414,000	'	'	'	'	'
Disposals	'	'	75,769,000	119,280,000	'	'	'	'	'
Balance at the end of the period	'	'	-600,408,000	-608,102,000	'	'	'	'	'
Net Book Value	'	'	'	'	'	'	'	'	'
Balance at the beginning of the period	3,842,617,000	'	3,842,617,000	3,986,138,000	'	'	'	'	'
Additions	'	'	-67,512,000	-90,575,000	'	'	'	'	'
Disposals	'	'	-44,607,000	-52,946,000	'	'	'	'	'
Balance at the end of the period	3,730,498,000	'	3,730,498,000	3,842,617,000	'	'	'	'	'
Other disclosures	'	'	'	'	'	'	'	'	'
Gross sale consideration	50,602,000	29,875,000	'	'	11,500,000	11,100,000	11,000,000	12,000,000	12,100,000
Life of disposed asset	'	'	'	'	'23 years	'22 years	'22 years	'23 years	'23 years
Residual value of the fleet	'	'	$370,000,000	$404,600,000	'	'	'	'	'
Average life of scrap considered to calculate residual value of vessel, one	'	'	'10 years	'5 years	'	'	'	'	'
Scrap value per ton (in dollars per ton)	'	'	300	'	'	'	'	'	'

Deferred_Charges_net_Details

Deferred Charges, net (Details) (USD $)	6 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Changes in deferred charges, net	'	'
Balance at the beginning of the period	$67,949	$88,821
Additions	3,833	470
Written off amounts	-286	-429
Amortization	-9,721	-20,913
Balance at the end of the period	61,775	67,949
Drydocking and Special Survey Costs	'	'
Changes in deferred charges, net	'	'
Balance at the beginning of the period	4,041	9,669
Additions	3,789	283
Written off amounts	-286	-429
Amortization	-2,157	-5,482
Balance at the end of the period	5,387	4,041
Period of amortization for deferred costs	'2 years 6 months	'
Finance and other Costs	'	'
Changes in deferred charges, net	'	'
Balance at the beginning of the period	63,908	79,152
Additions	44	187
Amortization	-7,564	-15,431
Balance at the end of the period	$56,388	$63,908

Other_Current_and_Noncurrent_A2

Other Current and Non-current Assets (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Other current assets	'	'
Claims receivable	$9,849	$2,815
Other assets	4,822	3,369
Total	14,671	6,184
Hanjin Italy	'	'
Other current assets	'	'
Claims receivable	$8,100	'

Other_Current_and_Noncurrent_A3

Other Current and Non-current Assets (Details 2) (USD $)	6 Months Ended	12 Months Ended
	Jun. 30, 2014	Dec. 31, 2013
	item
Other Non-current Assets	'	'
Fair value of swaps	$1,098,000	$2,472,000
Other assets	737,000	883,000
Total	27,600,000	29,120,000
Impairment charge	0	'
ZIM	'	'
Other Non-current Assets	'	'
Receivable	25,765,000	25,765,000
Number of vessels whose charterparties were revised	6	'
Unsecured notes maturity term	'9 years	'
Impairment charge	'	$19,000,000

Accrued_Liabilities_Details

Accrued Liabilities (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Accrued Liabilities	'	'
Accrued payroll	$1,244,000	$1,140,000
Accrued interest	10,485,000	11,614,000
Accrued expenses	17,474,000	18,157,000
Total	29,203,000	30,911,000
Accrued realized losses on cash flow interest rate swaps	13,800,000	14,300,000
Other accruals	$3,700,000	$3,900,000

Other_Current_and_Longterm_Lia2

Other Current and Long-term Liabilities (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Other current liabilities	'	'
Fair value of swaps	$85,214,000	$109,431,000
Other current liabilities	5,683,000	5,267,000
Total	90,897,000	114,698,000
Deferred fees accrued pursuant to the Bank Agreement included in other current liabilities	4,900,000	4,900,000
Other long-term liabilities	'	'
Fair value of swaps	23,790,000	59,077,000
Other long-term liabilities	10,346,000	9,103,000
Total	$34,136,000	$68,180,000

LongTerm_Debt_Details

Long-Term Debt (Details) (USD $)

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2014

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jan. 24, 2011

Fixed principal repayments

variable principal payments

Final Payment due on December 31, 2018*[and other payments thereafter]

Bank agreement

January 2011 Credit Facility

Hyundai Samho vendor financing

Hyundai Samho vendor financing

The Royal Bank of Scotland

The Royal Bank of Scotland

The Royal Bank of Scotland

The Royal Bank of Scotland

HSH Nordbank

HSH Nordbank

The Export-Import Bank of Korea (KEXIM)

The Export-Import Bank of Korea (KEXIM)

The Export-Import Bank of Korea & ABN Amro

The Export-Import Bank of Korea & ABN Amro

Deutsche Bank

Deutsche Bank

Credit Agricole

Credit Agricole

HSH Nordbank AG-Aegean Baltic Bank-Piraeus Bank

HSH Nordbank AG-Aegean Baltic Bank-Piraeus Bank

HSH Nordbank AG-Aegean Baltic Bank-Piraeus Bank

HSH Nordbank AG-Aegean Baltic Bank-Piraeus Bank

Credit Suisse

Credit Suisse

ABN Amro-Lloyds TSB-National Bank of Greece

ABN Amro-Lloyds TSB-National Bank of Greece

ABN Amro-Lloyds TSB-National Bank of Greece

ABN Amro-Lloyds TSB-National Bank of Greece

Commerzbank-Credit Suisse- Credit Agricole

Commerzbank-Credit Suisse- Credit Agricole

Sinosure CEXIM-Citi-ABN Amro Credit Facility

Sinosure CEXIM-Citi-ABN Amro Credit Facility

Sinosure CEXIM-Citi-ABN Amro Credit Facility

Club Facility

Club Facility

Citi-Eurobank

Citi-Eurobank

Previously Existing Credit Facilities Except for KEXIM and KEXIM-ABN Amro

Previously Existing Credit Facilities

Previously Existing Credit Facilities

January 2011 Credit Facility

January 2011 Credit Facility

Previously Existing Credit Facilities

Previously Existing Credit Facilities

Previously Existing Credit Facilities

Previously Existing Credit Facilities

Previously Existing Credit Facilities

Previously Existing Credit Facilities

Previously Existing Credit Facilities

Previously Existing Credit Facilities

Previously Existing Credit Facilities

Previously Existing Credit Facilities

Previously Existing Credit Facilities

Previously Existing Credit Facilities

January 2011 Credit Facility

January 2011 Credit Facility

Previously Existing Credit Facilities

Previously Existing Credit Facilities

Previously Existing Credit Facilities

Previously Existing Credit Facilities

January 2011 Credit Facility

January 2011 Credit Facility

Previously Existing Credit Facilities

Previously Existing Credit Facilities

Previously Existing Credit Facilities

Previously Existing Credit Facilities

January 2011 Credit Facility

January 2011 Credit Facility

January 2011 Credit Facility

January 2011 Credit Facility

Long-Term Debt

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Long-term debt

'

'

'

'

'

'

'

'

'

$681,677,000

$683,614,000

$89,912,000

$94,245,000

$30,166,000

$31,163,000

$23,757,000

$28,942,000

$62,484,000

$68,109,000

$176,905,000

$177,968,000

$147,922,000

$151,239,000

$646,713,000

$658,160,000

$102,994,000

$110,396,000

$211,715,000

$215,613,000

$243,037,000

$247,001,000

$29,306,000

$31,953,000

$281,408,000

$288,474,000

'

$152,550,000

$162,720,000

$71,887,000

$78,001,000

$72,348,000

$74,808,000

'

Long-term debt, including Comprehensive Financing Plan exit fee accrual and fair value of hedged debt

3,036,068,000

3,112,103,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Current portion

150,062,000

146,462,000

'

'

'

'

'

'

'

7,069,000

4,628,000

10,210,000

9,226,000

4,614,000

2,545,000

10,369,000

10,369,000

11,250,000

11,250,000

4,487,000

3,251,000

7,188,000

6,770,000

'

11,447,000

20,834,000

15,503,000

7,472,000

7,026,000

7,921,000

7,537,000

5,536,000

5,415,000

14,108,000

13,489,000

'

20,340,000

20,340,000

13,440,000

12,618,000

5,224,000

5,048,000

'

Long-term portion

2,886,006,000

2,965,641,000

'

'

'

'

'

'

'

674,608,000

678,986,000

79,702,000

85,019,000

25,552,000

28,618,000

13,388,000

18,573,000

51,234,000

56,859,000

172,418,000

174,717,000

140,734,000

144,469,000

646,713,000

646,713,000

82,160,000

94,893,000

204,243,000

208,587,000

235,116,000

239,464,000

23,770,000

26,538,000

267,300,000

274,985,000

'

132,210,000

142,380,000

58,447,000

65,383,000

67,124,000

69,760,000

'

Comprehensive Financing Plan exit fee accrued

9,991,000

8,117,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fair value hedged debt

1,296,000

1,580,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Hyundai Samho Vendor Financing

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Balance at the end of the period

'

'

'

'

'

'

'

93,061,000

121,755,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Current portion

57,388,000

57,388,000

'

'

'

'

'

57,388,000

57,388,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Long-term portion

35,673,000

64,367,000

'

'

'

'

'

35,673,000

64,367,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Payment due by period ended

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

30-Jun-15

150,062,000

'

142,861,000

7,201,000

'

'

'

57,388,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

30-Jun-16

227,046,000

'

168,810,000

58,236,000

'

'

'

35,673,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

30-Jun-17

286,493,000

'

192,367,000

94,126,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

30-Jun-18

270,070,000

'

170,538,000

99,532,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

June 30, 2019 and thereafter

2,091,110,000

'

178,406,000

17,402,000

1,895,302,000

'

'

'

'

'

'

'

'

'

'

'

'

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'

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'

'

'

'

'

'

'

'

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'

'

'

'

'

'

'

'

'

'

'

'

Total long-term debt

3,024,781,000

'

852,982,000

276,497,000

1,895,302,000

'

'

93,061,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

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'

'

'

Increase in interest rate margin (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.50%

'

'

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'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

'

'

New debt financing subject to bank agreement

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

'

'

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'

'

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'

'

'

425,000,000

Variable rate basis

'

'

'

'

'

'

'LIBOR

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'LIBOR

'

'

'

'

'

'

'

Interest rate added to variable rate basis (as a percent)

'

'

'

'

'

'

1.85%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2.85%

'

'

'

'

'

'

'

Amendment fee accrued under other long-term liabilities

'

'

'

'

'

$5,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

'

'

'

'

'

'

'

'

LongTerm_Debt_Details_2

Long-Term Debt (Details 2) (USD $)	6 Months Ended
	Jun. 30, 2014
Long-Term Debt	'
Period of early payment of fixed principal installments of which option is available	'3 months
Accumulated unrestricted cash and cash equivalents used in determining amount of additional variable payment	$50,000,000
Percentage of consolidated debt used in determining amount of additional variable payment	2.00%
Percentage of relevant budget up to which operating expenses and allocated general and administrative expenses per vessel cannot exceed	20.00%
Percentage of the first specified value of net equity proceeds equal to which additional prepayments are required	50.00%
Net equity proceeds used for determining additional prepayments	300,000,000
Percentage of additional net equity proceeds equal to which additional prepayments are required to be made	25.00%
Minimum period considered for determining use of retained equity proceeds for prepayment	'12 months
Voting interest owned in outstanding capital stock by Dr. Coustas and his family members, qualified for change of control (as a Percent)	0.33
Voting interest owned by any person or group in outstanding capital stock, qualified for change of control (as a percent)	20.00%
Percentage of actual free cash flow equal to variable payment and fixed principal payment until the earlier of May 15, 2015 and the maximum consolidated net leverage ratio	92.50%
Maximum consolidated net leverage ratio	6
Percentage of actual free cash flow equal to variable payment and fixed principal payment after May 15, 2015, until maturity	89.50%
Bank agreement | January 2011 Credit Facility	'
Long-Term Debt	'
2014	91,809,772
2015	113,358,679
2016	143,379,164
2017	148,839,796
2018	227,438,867
Bank agreement | January 2011 Credit Facility | February 15	'
Long-Term Debt	'
2014	22,722,970
2015	26,736,647
2016	30,972,971
2017	44,938,592
2018	34,152,011
Bank agreement | January 2011 Credit Facility | May 15	'
Long-Term Debt	'
2014	21,942,530
2015	27,021,750
2016	36,278,082
2017	36,690,791
2018	37,585,306
Bank agreement | January 2011 Credit Facility | August 15	'
Long-Term Debt	'
2014	22,490,232
2015	25,541,180
2016	32,275,598
2017	35,338,304
2018	44,398,658
Bank agreement | January 2011 Credit Facility | November 15	'
Long-Term Debt	'
2014	24,654,040
2015	34,059,102
2016	43,852,513
2017	31,872,109
2018	45,333,618
Bank agreement | January 2011 Credit Facility | December 31	'
Long-Term Debt	'
2018	$65,969,274

LongTerm_Debt_Details_3

Long-Term Debt (Details 3) (USD $)	6 Months Ended
In Millions, unless otherwise specified	Jun. 30, 2014
KEXIM	'
Long-Term Debt	'
Collateral coverage covenant (as a percent)	130.00%
Bank agreement	'
Long-Term Debt	'
Number of vessels collateralizing new credit facilities	9
Period for which a ratio of consolidated indebtedness to consolidated EBITDA is required to be maintained under financial covenants	'12 months
Period for which a ratio of consolidated EBITDA to net interest expense is required to be maintained under financial covenants	'12 months
Period for which consolidated net leverage ratio is required to be maintained under financial covenants to pay cash dividends or repurchase shares	'1 year
Period for which a ratio of aggregate market value of vessels to outstanding indebtedness is required to be maintained under financial covenants to pay cash dividends or repurchase shares	'1 year
Bank agreement | Minimum	'
Long-Term Debt	'
Ratio of market value of vessels, on a charter-inclusive basis, plus net realizable value of additional collateral to consolidated total debt through 2011 (as a percent)	90.00%
Ratio of market value of vessels, on a charter-inclusive basis, plus net realizable value of additional collateral to consolidated total debt from September 2017 through September 2018 (as a percent)	130.00%
Free consolidated unrestricted cash and cash equivalents after 2012	30
Ratio of market value of vessels collateralizing the credit facilities, plus net realizable value of additional collateral, to aggregate debt outstanding (as a percent)	100.00%
Ratio of consolidated EBITDA to net interest expense	1.5
Ratio of consolidated EBITDA to net interest expense after gradual increase	2.8
Consolidated market value of adjusted net worth	400
Required duration of vessel's charter at the time of valuation	'12 months
Bank agreement | Maximum	'
Long-Term Debt	'
Percentage of non-recurring items excluded from calculation of EBITDA, based on EBITDA calculated in the manner as prescribed	5.00%
Ratio of consolidated total debt less unrestricted cash and cash equivalents to consolidated EBITDA	12
Ratio of consolidated total debt less unrestricted cash and cash equivalents to consolidated EBITDA gradual decrease	4.75
Consolidated net leverage ratio to pay cash dividends or repurchase shares	6
Ratio of aggregate market value of vessels to outstanding indebtedness required to pay cash dividends or repurchase shares (as a percent)	125.00%

LongTerm_Debt_Details_4

Long-Term Debt (Details 4) (USD $)

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jan. 24, 2011

Jun. 30, 2014

Jan. 24, 2011

Jan. 24, 2011

Jun. 30, 2014

Jan. 24, 2011

Jun. 30, 2014

Jan. 24, 2011

Jun. 30, 2014

Feb. 21, 2011

Feb. 21, 2011

Jun. 30, 2014

In Millions, unless otherwise specified

January 2011 Credit Facility

Hyundai Samho vendor financing

Aegean Baltic Bank HSH Nordbank Piraeus Bank

Aegean Baltic Bank HSH Nordbank Piraeus Bank

RBS

RBS

ABN Amro and lenders

Club Facility

Club Facility

Citibank and Eurobank

Citibank and Eurobank

Sinosure CEXIM

Sinosure CEXIM

Sinosure CEXIM

Sinosure CEXIM

item

January 2011 Credit Facility

January 2011 Credit Facility

January 2011 Credit Facility

January 2011 Credit Facility

January 2011 Credit Facility

January 2011 Credit Facility

January 2011 Credit Facility

January 2011 Credit Facility

January 2011 Credit Facility

item

Maximum

January 2011 Credit Facility

Long-Term Debt

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Maximum borrowing capacity under credit facility

'

'

$190

'

$123.80

'

$100

$37.10

'

$83.90

'

$80

'

$203.40

'

'

Amount outstanding as of the balance sheet date

'

366.4

93.1

103

23.75

89.9

'

'

71.9

'

72.3

'

'

'

'

152.6

Variable rate basis

'

'LIBOR

'

'

'

'

'

'

'

'

'

'

'LIBOR

'

'

'

Interest rate margin (as a percent)

'

1.85%

'

'

'

'

'

'

'

'

'

'

2.85%

'

'

'

Interest rate margin if aggregate outstanding indebtedness exceeds $276 million (as a percent)

'

2.50%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Minimum aggregate outstanding indebtedness under credit facility for interest rate margin to be 2.50%

'

276

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest rate margin if aggregate outstanding indebtedness exceeds $326 million (as a percent)

'

3.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Minimum aggregate outstanding indebtedness under credit facility for interest rate margin to be 3.00%

'

326

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest rate margin if aggregate outstanding indebtedness exceeds $376 million (as a percent)

'

3.50%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Minimum aggregate outstanding indebtedness under credit facility for interest rate margin to be 3.50%

'

376

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of tranches which comprise the credit facility

'

'

'

'

'

'

'

'

'

'

'

'

'

3

'

'

Amount of each tranche, which comprises the credit facility, option one

'

'

'

'

'

'

'

'

'

'

'

'

'

'

67.8

'

Amount of each tranche equal to a percentage of contract price for newbuilding vessels securing such tranche

'

'

'

'

'

'

'

'

'

'

'

'

'

60.00%

'

'

Period of repayment of principal in semi-annual installments

'

'

'

'

'

'

'

'

'

'

'

'

'10 years

'

'

'

Undrawn funds available

$0

'

'

'

'

'

'

'

'

'

'

'

$0

'

'

'

Ratio of market value of vessels collateralizing the credit facilities, to aggregate debt outstanding (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

125.00%

'

'

'

Consolidated net leverage ratio to pay cash dividends or repurchase shares

'

'

'

'

'

'

'

'

'

'

'

'

6

'

'

'

Number of newbuilding containerships financed

'

'

8

'

'

'

'

'

'

'

'

'

'

'

'

'

Fixed interest rate (as a percent)

'

'

8.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of consecutive semi-annual installments in case of three newbuilding vessels

'

'

6

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of newbuilding vessels for which principal is to be repaid in six consecutive semi-annual installments

'

'

3

'

'

'

'

'

'

'

'

'

'

'

'

'

Period of commencement of repayment of principal, in case of three newbuilding vessels

'

'

'1 year 6 months

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of consecutive semi-annual installments in case of five newbuilding vessels

'

'

7

'

'

'

'

'

'

'

'

'

'

'

'

'

Period of commencement of repayment of principal, in case of five newbuilding vessels

'

'

'1 year

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of newbuilding vessels for which principal is to be repaid in seven consecutive semi-annual installments

'

'

5

'

'

'

'

'

'

'

'

'

'

'

'

'

LongTerm_Debt_Details_5

Long-Term Debt (Details 5) (USD $)

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jan. 24, 2011

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

January 2011 Credit Facility

The Royal Bank of Scotland

The Royal Bank of Scotland

Aegean Baltic Bank HSH Nordbank Piraeus Bank

Aegean Baltic Bank HSH Nordbank Piraeus Bank

Aegean Baltic Bank HSH Nordbank Piraeus Bank

Credit Agricole

Deutsche Bank

Credit Suisse

ABN Amro-Lloyds TSB-National Bank of Greece

Commerzbank-Credit Suisse- Credit Agricole

HSH Nordbank

KEXIM

KEXIM ABN Amro

Club Facility

Citi-Eurobank

Sinosure CEXIM-Citi-ABN Amro Credit Facility

Hyundai Samho Vendor

ABN Amro Club Facility

January 2011 Credit Facility

Previously Existing Credit Facilities

January 2011 Credit Facility

January 2011 Credit Facility

Previously Existing Credit Facilities

Previously Existing Credit Facilities

Previously Existing Credit Facilities

Previously Existing Credit Facilities

Previously Existing Credit Facilities

Previously Existing Credit Facilities

Previously Existing Credit Facilities

Previously Existing Credit Facilities

Previously Existing Credit Facilities

January 2011 Credit Facility

January 2011 Credit Facility

January 2011 Credit Facility

January 2011 Credit Facility

Long-Term Debt

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Exit fee recognized in long-term debt, net of current portion

$9,991,000

$8,117,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Credit Facilities Summary Table

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Aggregate exit fee payable on the common maturity date

'

'

15,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Additional exit fee payable if minimum specified amount is not repaid with equity proceeds

'

'

10,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Minimum amount to be repaid in the aggregate with equity proceeds by specified date

'

'

150,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Outstanding Principal Amount

'

'

$366,400,000

$89,900,000

$681,700,000

$103,000,000

$23,750,000

$646,700,000

$147,900,000

$176,900,000

$211,700,000

$243,000,000

$281,400,000

$30,200,000

$23,800,000

$62,500,000

$71,900,000

$72,300,000

$152,600,000

$93,100,000

$29,300,000

Financial_Instruments_Details

Financial Instruments (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Effect of interest rate swap hedges on results	'	'	'	'	'
Unrealized gains	'	'	$10,207,000	$16,770,000	'
Unrealized and realized gains (losses) on fair value interest rate swaps	-27,323,000	-24,855,000	-55,115,000	-57,066,000	'
Interest rate swap contracts	'	'	'	'	'
Financial Instruments	'	'	'	'	'
Unrealized gains related to fair value changes	'	'	58,600,000	76,000,000	'
Interest rate swap contracts | Cash Flow Hedges	'	'	'	'	'
Financial Instruments	'	'	'	'	'
Fair Value of swap liabilities	-108,383,000	'	-108,383,000	'	-168,508,000
Total fair value of swap liabilities	-109,004,000	'	-109,004,000	'	-167,622,000
Unrealized losses reclassified from accumulated OCI into earnings	'	'	48,200,000	58,800,000	'
Unrealized losses expected to be reclassified from accumulated other comprehensive loss to earnings within the next twelve months	62,200,000	'	62,200,000	'	'
Effect of interest rate swap hedges on results	'	'	'	'	'
Total realized losses	-31,000,000	-36,600,000	-63,800,000	-72,500,000	'
Amortization of deferred realized losses	-1,000,000	-1,000,000	-2,000,000	-2,000,000	'
Unrealized gains	4,600,000	12,600,000	10,400,000	17,200,000	'
Unrealized and realized gains (losses) on fair value interest rate swaps	-27,400,000	-25,000,000	-55,400,000	-57,300,000	'
RBS | Interest rate swap contracts | 5.07% p.a.	'	'	'	'	'
Financial Instruments	'	'	'	'	'
Notional Amount on Effective Date	200,000,000	'	200,000,000	'	'
Fixed Rate (Danaos pays) (as a percent)	5.07%	'	5.07%	'	'
Floating Rate (Danaos receives) (as a percent)	'	'	'USD LIBOR 3M BBA	'	'
Fair Value of swap liabilities	-6,934,000	'	-6,934,000	'	-11,586,000
RBS | Interest rate swap contracts | 4.922% p.a.	'	'	'	'	'
Financial Instruments	'	'	'	'	'
Notional Amount on Effective Date	200,000,000	'	200,000,000	'	'
Fixed Rate (Danaos pays) (as a percent)	4.92%	'	4.92%	'	'
Floating Rate (Danaos receives) (as a percent)	'	'	'USD LIBOR 3M BBA	'	'
Fair Value of swap liabilities	'	'	'	'	-2,052,000
RBS | Interest rate swap contracts | 4.9775% p.a.	'	'	'	'	'
Financial Instruments	'	'	'	'	'
Notional Amount on Effective Date	200,000,000	'	200,000,000	'	'
Fixed Rate (Danaos pays) (as a percent)	4.98%	'	4.98%	'	'
Floating Rate (Danaos receives) (as a percent)	'	'	'USD LIBOR 3M BBA	'	'
Fair Value of swap liabilities	-2,030,000	'	-2,030,000	'	-6,732,000
RBS | Interest rate swap contracts | 5.12% p.a.	'	'	'	'	'
Financial Instruments	'	'	'	'	'
Notional Amount on Effective Date	100,000,000	'	100,000,000	'	'
Fixed Rate (Danaos pays) (as a percent)	5.12%	'	5.12%	'	'
Floating Rate (Danaos receives) (as a percent)	'	'	'USD LIBOR 3M BBA	'	'
Fair Value of swap liabilities	-6,685,000	'	-6,685,000	'	-8,919,000
RBS | Interest rate swap contracts | 5.07% p.a.	'	'	'	'	'
Financial Instruments	'	'	'	'	'
Notional Amount on Effective Date	100,000,000	'	100,000,000	'	'
Fixed Rate (Danaos pays) (as a percent)	5.07%	'	5.07%	'	'
Floating Rate (Danaos receives) (as a percent)	'	'	'USD LIBOR 3M BBA	'	'
Fair Value of swap liabilities	-6,661,000	'	-6,661,000	'	-8,869,000
HSH Nordbank | Interest rate swap contracts | 4.855% p.a.	'	'	'	'	'
Financial Instruments	'	'	'	'	'
Notional Amount on Effective Date	400,000,000	'	400,000,000	'	'
Fixed Rate (Danaos pays) (as a percent)	4.86%	'	4.86%	'	'
Floating Rate (Danaos receives) (as a percent)	'	'	'USD LIBOR 3M BBA	'	'
Fair Value of swap liabilities	-8,259,000	'	-8,259,000	'	-17,298,000
CITI | Interest rate swap contracts | 5.124% p.a.	'	'	'	'	'
Financial Instruments	'	'	'	'	'
Notional Amount on Effective Date	200,000,000	'	200,000,000	'	'
Fixed Rate (Danaos pays) (as a percent)	5.12%	'	5.12%	'	'
Floating Rate (Danaos receives) (as a percent)	'	'	'USD LIBOR 3M BBA	'	'
Fair Value of swap liabilities	-7,859,000	'	-7,859,000	'	-12,520,000
CITI | Interest rate swap contracts | 5.1775% p.a.	'	'	'	'	'
Financial Instruments	'	'	'	'	'
Notional Amount on Effective Date	200,000,000	'	200,000,000	'	'
Fixed Rate (Danaos pays) (as a percent)	5.18%	'	5.18%	'	'
Floating Rate (Danaos receives) (as a percent)	'	'	'USD LIBOR 3M BBA	'	'
Fair Value of swap liabilities	-8,027,000	'	-8,027,000	'	-12,738,000
CITI | Interest rate swap contracts | 4.9975% p.a.	'	'	'	'	'
Financial Instruments	'	'	'	'	'
Notional Amount on Effective Date	250,000,000	'	250,000,000	'	'
Fixed Rate (Danaos pays) (as a percent)	5.00%	'	5.00%	'	'
Floating Rate (Danaos receives) (as a percent)	'	'	'USD LIBOR 3M BBA	'	'
Fair Value of swap liabilities	-3,936,000	'	-3,936,000	'	-9,797,000
CITI | Interest rate swap contracts | 5.1% p.a.	'	'	'	'	'
Financial Instruments	'	'	'	'	'
Notional Amount on Effective Date	250,000,000	'	250,000,000	'	'
Fixed Rate (Danaos pays) (as a percent)	5.10%	'	5.10%	'	'
Floating Rate (Danaos receives) (as a percent)	'	'	'USD LIBOR 3M BBA	'	'
Fair Value of swap liabilities	-16,228,000	'	-16,228,000	'	-21,774,000
CITI | Interest rate swap contracts | 4.98% p.a.	'	'	'	'	'
Financial Instruments	'	'	'	'	'
Notional Amount on Effective Date	100,000,000	'	100,000,000	'	'
Fixed Rate (Danaos pays) (as a percent)	4.98%	'	4.98%	'	'
Floating Rate (Danaos receives) (as a percent)	'	'	'USD LIBOR 3M BBA	'	'
Fair Value of swap liabilities	-6,607,000	'	-6,607,000	'	-8,754,000
CITI | Interest rate swap contracts | 4.695% p.a.	'	'	'	'	'
Financial Instruments	'	'	'	'	'
Notional Amount on Effective Date	200,000,000	'	200,000,000	'	'
Fixed Rate (Danaos pays) (as a percent)	4.70%	'	4.70%	'	'
Floating Rate (Danaos receives) (as a percent)	'	'	'USD LIBOR 3M BBA	'	'
Fair Value of swap liabilities	-13,940,000	'	-13,940,000	'	-17,870,000
Eurobank | Interest rate swap contracts | 4.8125% p.a.	'	'	'	'	'
Financial Instruments	'	'	'	'	'
Notional Amount on Effective Date	200,000,000	'	200,000,000	'	'
Fixed Rate (Danaos pays) (as a percent)	4.81%	'	4.81%	'	'
Floating Rate (Danaos receives) (as a percent)	'	'	'USD LIBOR 3M BBA	'	'
Fair Value of swap liabilities	-12,942,000	'	-12,942,000	'	-17,067,000
Eurobank | Interest rate swap contracts | 4.755% p.a.	'	'	'	'	'
Financial Instruments	'	'	'	'	'
Notional Amount on Effective Date	200,000,000	'	200,000,000	'	'
Fixed Rate (Danaos pays) (as a percent)	4.76%	'	4.76%	'	'
Floating Rate (Danaos receives) (as a percent)	'	'	'USD LIBOR 3M BBA	'	'
Fair Value of swap liabilities	-8,275,000	'	-8,275,000	'	-12,532,000
ABN Amro | Interest rate swap contracts | 1.4975% p.a.	'	'	'	'	'
Financial Instruments	'	'	'	'	'
Notional Amount on Effective Date	325,000,000	'	325,000,000	'	'
Fixed Rate (Danaos pays) (as a percent)	1.50%	'	1.50%	'	'
Floating Rate (Danaos receives) (as a percent)	'	'	'USD LIBOR 3M BBA	'	'
Fair value of swap liabilities	-470,000	'	-470,000	'	382,000
ABN Amro | Interest rate swap contracts | 1.4125% p.a.	'	'	'	'	'
Financial Instruments	'	'	'	'	'
Notional Amount on Effective Date	250,000,000	'	250,000,000	'	'
Fixed Rate (Danaos pays) (as a percent)	1.41%	'	1.41%	'	'
Floating Rate (Danaos receives) (as a percent)	'	'	'USD LIBOR 3M BBA	'	'
Fair value of swap liabilities	($151,000)	'	($151,000)	'	$504,000

Financial_Instruments_Details_

Financial Instruments (Details 2) (USD $)

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

6 Months Ended

6 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Interest rate swap contracts

Interest rate swap contracts

Fair Value Hedges

Fair Value Hedges

Fair Value Hedges

Fair Value Hedges

Fair Value Hedges

Fair Value Hedges

Fair Value Hedges

Fair Value Hedges

Fair Value Hedges

Fair Value Hedges

Fair Value Hedges

Interest rate swap contracts

Interest rate swap contracts

Interest rate swap contracts

Interest rate swap contracts

Interest rate swap contracts

RBS

RBS

RBS

RBS

RBS

RBS

Other non-current assets

Interest rate swap contracts

Interest rate swap contracts

Interest rate swap contracts

Interest rate swap contracts

Interest rate swap contracts

Interest rate swap contracts

Effective Date 12/15/2004

Effective Date 12/15/2004

Effective Date 11/17/2004

Effective Date 11/17/2004

Financial Instruments

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Notional Amount on Effective Date

'

'

'

'

'

'

'

'

'

'

'

'

'

$60,528,000

'

$62,342,000

'

Fixed Rate (Danaos receives) (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

5.01%

'

5.01%

'

Floating rate (Danaos pays)

'

'

'

'

'

'

'

'

'

'

'

'

'

'USD LIBOR 3M BBA

'

'USD LIBOR 3M BBA

'

Margin spread on variable rate (Danaos pays) (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

0.84%

'

0.86%

'

Fair Value

'

'

'

'

'

'

'

'

'

'

'

1,098,000

1,586,000

511,000

747,000

587,000

839,000

Fair value change of interest rate swaps

'

'

'

'

'

'

'

'

500,000

'

'

'

'

'

'

'

'

Effect of interest rate swap hedges on results

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Unrealized losses on swap asset

'

'

'

'

58,600,000

76,000,000

-200,000

-400,000

-500,000

-800,000

'

'

'

'

'

'

'

Amortization of fair value of hedged debt

'

'

'

'

'

'

100,000

100,000

300,000

300,000

'

'

'

'

'

'

'

Realized gains

'

'

'

'

'

'

200,000

400,000

500,000

700,000

'

'

'

'

'

'

'

Unrealized and realized gains (losses) on fair value interest rate swaps

-27,323,000

-24,855,000

-55,115,000

-57,066,000

'

'

100,000

100,000

300,000

200,000

'

'

'

'

'

'

'

Reclassification of fair value of hedged debt to Statement of Operations

'

'

'

'

'

'

'

'

300,000

'

'

'

'

'

'

'

'

Related asset of fair value hedged debt

'

'

'

'

'

'

'

'

'

'

$1,100,000

'

'

'

'

'

'

Financial_Instruments_Details_1

Financial Instruments (Details 3) (Recurring basis, Interest rate swap contracts, USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Total	'	'
Assets	'	'
Fair value of assets	$1,098	$2,472
Liabilities	'	'
Fair value of liabilities	109,004	168,508
Significant Other Observable Inputs (Level 2)	'	'
Assets	'	'
Fair value of assets	1,098	2,472
Liabilities	'	'
Fair value of liabilities	$109,004	$168,508

Financial_Instruments_Details_2

Financial Instruments (Details 4) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Financial Instruments	'	'
Restricted cash	$3,250	$14,717
Due from related parties	13,464	14,459
Book Value	'	'
Financial Instruments	'	'
Cash and cash equivalents	51,506	68,153
Restricted cash	58,401	14,717
Accounts receivable, net	8,743	8,038
Due from related parties	13,464	14,459
Receivable from ZIM	25,765	25,765
Accounts payable	13,720	13,124
Accrued liabilities	29,203	30,911
Long-term debt, including current portion	3,036,068	3,112,103
Vendor financing, including current portion	93,061	121,755
Fair Value	'	'
Financial Instruments	'	'
Cash and cash equivalents	51,506	68,153
Restricted cash	58,401	14,717
Accounts receivable, net	8,743	8,038
Due from related parties	13,464	14,459
Receivable from ZIM	25,765	25,765
Accounts payable	13,720	13,124
Accrued liabilities	29,203	30,911
Long-term debt, including current portion	3,038,280	3,114,101
Vendor financing, including current portion	$93,438	$121,552

Financial_Instruments_Details_3

Financial Instruments (Details 5) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Financial instruments not measured at fair value on a recurring basis	'	'
Accrued liabilities	$29,203	$30,911
Non-recurring basis | Total	'	'
Financial instruments not measured at fair value on a recurring basis	'	'
Receivable from ZIM	25,765	25,765
Long-term debt, including current portion	3,038,280	3,114,101
Vendor financing, including current portion	93,438	121,552
Accrued liabilities	29,203	30,911
Non-recurring basis | (Level II)	'	'
Financial instruments not measured at fair value on a recurring basis	'	'
Receivable from ZIM	25,765	25,765
Long-term debt, including current portion	3,038,280	3,114,101
Vendor financing, including current portion	93,438	121,552
Accrued liabilities	$29,203	$30,911

Stockholders_Equity_Details

Stockholders' Equity (Details)	6 Months Ended
	Jun. 30, 2014
	item
Directors	'
Stockholders' equity	'
Number of directors who elected to receive their compensation in shares	0
Manager's employees	'
Stockholders' equity	'
Newly issued shares	16,066

Earnings_per_Share_Details

Earnings per Share (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Numerator:	'	'	'	'
Net income	$16,643	$19,539	$25,050	$32,971
Denominator (number of shares):	'	'	'	'
Basic and diluted weighted average common shares outstanding	109,669	109,653	109,669	109,653

Impairment_Loss_Details

Impairment Loss (Details) (USD $)	6 Months Ended	12 Months Ended
	Jun. 30, 2014	Dec. 31, 2013
	item
Impairment Loss	'	'
Impairment loss	$0	'
ZIM	'	'
Impairment Loss	'	'
Impairment loss	'	19,000,000
Number of vessels whose charterparties were revised	6	'
Unsecured notes maturity term	'9 years	'
Receivable	$25,765,000	$25,765,000

Sale_of_Vessels_Details

Sale of Vessels (Details) (USD $)

6 Months Ended

0 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Feb. 26, 2014

Apr. 25, 2014

15-May-14

20-May-14

15-May-14

Feb. 13, 2013

Feb. 28, 2013

Mar. 25, 2013

14-May-14

14-May-14

Marathonas

Commodore

Duka

Messologi

Mytilini

Independence

Henry

Pride

Honour

Elbe

Sale of Vessel

'

'

'

'

'

'

'

'

'

'

'

'

Gross sale consideration

$50,602,000

$29,875,000

$11,500,000

$11,100,000

$11,000,000

$12,100,000

$12,000,000

$7,000,000

$6,100,000

$6,500,000

$9,100,000

$5,600,000

Net loss (gain) on sale

'

'

-500,000

-1,000,000

-100,000

-2,100,000

-2,000,000

-518,000

-138,000

671,000

112,000

59,000

Net sale proceeds

'

'

$9,800,000

$9,700,000

$9,300,000

$10,900,000

$10,900,000

$6,000,000

$5,370,000

$5,480,000

$8,000,000

$5,020,000

Life of disposed asset

'

'

'23 years

'22 years

'22 years

'23 years

'23 years

'26 years

'27 years

'25 years

'24 years

'22 years

Subsequent_Events_Details

Subsequent Events (Details) (USD $)	6 Months Ended		12 Months Ended	1 Months Ended
In Millions, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2014	Dec. 31, 2013	Jul. 31, 2014	Jul. 31, 2014	Jul. 31, 2014	Jul. 31, 2014	Jul. 31, 2014
		ZIM	ZIM	Subsequent event	Board of Directors	Unsecured interest bearing notes maturing in 2023	Unsecured 3% Series 1 Notes due 2023	Unsecured 5% Series 2 Notes due 2023
		item		ZIM	Subsequent event	Subsequent event	Subsequent event	Subsequent event
				item	ZIM	ZIM	ZIM	ZIM
					item	item
Subsequent events	'	'	'	'	'	'	'	'
Number of vessels whose charterparties were revised	'	6	'	6	'	'	'	'
Principal amount of unsecured notes received	'	'	'	'	'	$49.90	$8.80	$41.10
Interest rate (as a percent)	'	'	'	'	'	'	3.00%	5.00%
Interest payable quarterly in cash (as a percent)	'	'	'	'	'	'	'	3.00%
Interest payable in kind (as a percent)	'	'	'	'	'	'	'	2.00%
Percent of outstanding shares after the restructuring, in exchange for charter rate reductions and cancellation	'	'	7.40%	'	'	'	'	'
Number of members designated by charter-owner creditors	'	'	'	'	'	2	'	'
Number of directors nominated by the Company	'	'	'	'	'	1	'	'
Number of members on board of directors	'	'	'	'	9	'	'	'
Impairment loss	$0	'	$19	'	'	'	'	'