Danaos Corporation is a holding company and an international owner of containerships, chartering its vessels to a range of liner companies. The Company's principal business is the acquisition and operation of vessels. The Company 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 Company's containership fleet consists of 54 containerships deployed on time charters and two containerships deployed on bareboat charter. The average age (weighted by TEU) of the 56 vessels in its containership fleet was approximately 6.6 years as of February 27, 2015. The Company's containerships are deployed under multi-year, fixed-rate time charters having initial terms that range from less than one to 18 years. The Company's manager is Danaos Shipping Company Limited.