Matters discussed in this release may constitute forward-looking statements within the meaning of the safeharbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although Danaos Corporation believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, Danaos Corporation cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, shipyard performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydocking, changes in Danaos Corporation's operating expenses, including bunker prices, dry-docking and insurance costs, ability to obtain financing and comply with covenants in our financing arrangements, actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents and political events or acts by terrorists.
Risks and uncertainties are further described in reports filed by Danaos Corporation with the U.S. Securities and Exchange Commission.
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Danaos had 508 unscheduled off-hire days in the fourth quarter of 2012 (including 501 days related to the Marathonas, the Independence, the Henry, the Pride, the Duka, the Messologi and the Honour, which have been off-charter and laid up). The following table summarizes vessel utilization and the impact of the off-hire days on the Company's revenue relating to the last four quarters.
First Second Third FourthVessel Utilization Quarter Quarter Quarter Quarter(No. of Days) 2012 2012 2012 2012 Total -------- -------- -------- -------- --------Ownership Days 5,471 5,663 5,888 5,888 22,910Less Off-hire Days: Scheduled Off-hire Days (49) (45) (58) (57) (209) Other Off-hire Days (254) (266) (376) (508) (1,404) -------- -------- -------- -------- --------Operating Days 5,168 5,352 5,454 5,323 21,297 ======== ======== ======== ======== ========Vessel Utilization 94.5% 94.5% 92.6% 90.4% 93.0%Operating Revenues(in '000s of US Dollars) $134,237 $146,657 $156,289 $151,826 $589,009Average Gross Daily Charter Rate $ 25,975 $ 27,402 $ 28,656 $ 28,523 $ 27,657