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Twelve months Twelve months ended ended December 31, December 31, ------------- ------------- 2012 2011 ------------- ------------- (in millions)Total realized losses of swaps $ (161.4) $ (161.6)Realized losses of swaps deferred in OCL 7.0 31.3 ------------- ------------- Realized losses of swaps expensed in P&L (154.4) (130.3)Realized losses attributable to overhedging 19.0 38.9 ------------- ------------- Adjusted realized losses attributable to hedged debt $ (135.4) $ (91.4) ============= =============
Adjusted EBITDA
Adjusted EBITDA increased 35.5%, or $113.1 million, to $431.7 million in the twelve months ended December 31, 2012, from $318.6 million in the twelve months ended December 31, 2011. Adjusted EBITDA for the twelve months ended December 31, 2012, is adjusted for an impairment loss of $129.6 million, unrealized loss on derivatives of $0.7 million, realized losses on derivatives of $150.9 million and a gain on sale of vessel of $0.8 million. Tables reconciling Adjusted EBITDA to Net Income can be found at the end of this earnings release.
Recent news
On January 17, 2013, we entered into an agreement to sell the Independence for a gross sale consideration of $7.0 million. We expect the vessel to be delivered to its buyers in the second half of February 2013. The Independence is 26 years old and has been on cold lay-up since November 13, 2011.
Conference Call and Webcast
On Tuesday, February 12, 2013, at 9:00 A.M. EST, the Company's management will host a conference call to discuss the results.
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 866 819 7111 (US Toll Free Dial In), 0800 953 0329 (UK Toll Free Dial In) or +44 (0)1452 542 301 (Standard International Dial In). Please quote "Danaos" to the operator.
A telephonic replay of the conference call will be available until February 19, 2013 by dialing 1 866 247 4222 (US Toll Free Dial In), 0800 953 1533 (UK Toll Free Dial In) or +44 (0)1452 550 000 (Standard International Dial In). Access Code: 1186615#
There will also be a live and then archived webcast of the conference call through the Danaos website (www.danaos.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
About Danaos Corporation
Danaos Corporation is an international owner of containerships, chartering its vessels to many of the world's largest liner companies. Our current fleet of 64 containerships aggregating 363,049 TEUs ranks Danaos among the largest containership charter owners in the world based on total TEU capacity. Danaos is one of the largest US listed containership companies based on fleet size. The Company's shares trade on the New York Stock Exchange under the symbol "DAC".
