Danaos has switched its charter negotiations to Hanjin Shipping after striking a deal with compatriot Hyundai Merchant Marine.
John Coustas-backed Danaos has taken a 20% cut on the 13 ships it has on charter to HMM over a three and a half year period in exchange for $39m in notes and 4.6 million shares in the company.
Coustas says the pact preserves the value of the charters.
