Abdalla Al-ayrot
Long only, deep value, special situations

Danaos Corporation: Asymmetric Risk/Reward With Potential 200% Return

Danaos Corporation's (NYSE:DAC) earnings has been distorted since 2008, due to interest rate swaps ("IRS") that the company entered into between 2006 and 2008, with a majority of them having effective dates in late 2008-2010. The 3M USD LIBOR has decreased by more than 500 bps since 2006 (See Exhibit 1...

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