Greek containership owner Danaos Shipping has acquired six 5,466 teu vessels built at Hanjin Subic Bay shipyard in the Philippines for $260m.

The New York-listed firm said the vessels, which have an average age of 6.8 years, are on time charter contracts to one of the leading liners with a weighted average charter duration of two years. The vessels are expected to be gradually delivered by the end of the third quarter of 2021.

The shipowner estimates the acquisition will increase its contracted revenue by $71m. The boxships will be funded by cash in hand, but Danaos is also evaluating debt financing alternatives to finance part of the purchase price.

“The purchase price and contracted revenue associated with the vessels significantly reduce the residual risk of this transaction. Also, the targeted vessel segment has very favorable supply dynamics, and the vessels’ staggered charters with durations between one and three years provide re-chartering upside,” said CEO, Dr John Coustas.

Danaos’s fleet currently stands at 65 containerships ranging from 2,200 teu to 13,100 teu.