Exhibit 4.20  Private & Confidential  Dated 13 August 2009DANAOS CORPORATION
  
  (1)as BorrowerFORTIS BANK (NEDERLAND) N.V.
  
  (2)as Lead ArrangerLLOYDS
  TSB BANK PLCandNATIONAL BANK OF GREECE S.A.
  
  (3)as Co-ArrangersFORTIS BANK (NEDERLAND) N.V., LLOYDS TSB
  BANK PLCand NATIONAL BANK OF GREECE S.A.
  
  (4)as LendersFORTIS BANK (NEDERLAND) N.V.
  
  (5)as AgentFORTIS BANK (NEDERLAND) N.V.
  
  (6)as Security TrusteeFORTIS BANK (NEDERLAND) N.V., LLOYDS TSB
  BANK PLCand NATIONAL BANK OF GREECE S.A.
  
  (7)as Swap BanksSEACARRIERS
  SERVICES INC., SEACARRIERS
  LINES INC., AUCKLAND MARINE INCandWELLINGTON MARINE INC.
  
  (8)as Guarantors  
  SUPPLEMENT
AGREEMENT
relating to a LOAN AGREEMENT
dated 29 July 2008 for a $253,200,000
Loan relating to the m.v.s. YM Seattle,
YM Vancouver, YM Colombo and
YM Singapore


Contents  Clause
  
  
  
  Page1
  
  Definitions
  
  22
  
  Effective Date
  
  23
  
  Fee
  
  24
  
  Waiver
  
  35
  
  Amendments to the Loan Agreement
  
  36
  
  References to the Loan Agreement
  
  37
  
  Acknowledgment
  
  48
  
  Covenants
  
  49
  
  Representations
  
  410
  
  Costs
  
  511
  
  Miscellaneous
  
  6


THIS
SUPPLEMENTAL AGREEMENTis dated 13 August 2009 and made BETWEEN:  (1)DANAOS CORPORATIONas Borrower;  (2)FORTIS BANK (NEDERLAND) N.V.as Lead Arranger;  (3)LLOYDS TSB BANK PLCand NATIONAL BANK OF GREECE S.A.as
Co-Arrangers;  (4)FORTIS BANK (NEDERLAND) N.V., LLOYDS TSB BANK PLCand NATIONAL BANK OF GREECES.A.as
Lenders;  (5)FORTIS BANK(NEDERLAND) N.V.as Agent;  (6)FORTIS BANK (NEDERLAND) N.V.as Security Trustee;  (7)FORTIS BANK (NEDERLAND) N.V., LLOYDS TSB BANK PLCand NATIONAL BANK OF GREECE S.A.as Swap Banks;
and  (8)SEACARRIERS SERVICES INC.,as Guarantor;  (9)SEACARRIERS LINES INC.,as Guarantor;  (10)AUCKLAND MARINE INC.,as Guarantor; and  (11)WELLINGTON MARINE INC.,as Guarantor (parties (8) to
(11) together, the Guarantors).  WHEREAS:  (A)Pursuant to a
loan agreement dated 29 July 2008 between the parties hereto other than the
Guarantors, the Lenders made available to the Borrower a loan up to an
aggregate amount of $253,200,000 for the purpose of refinancing the m.v. YM
Seattle, m.v. YM Vancouver, m.v. YM Colombo and m.v. YM Singapore (the Loan Agreement).  (B)Pursuant to a
letter from the Borrower to the Agent dated 17 June 2009, the Borrower informed
the Agent that it expected as at 30 June 2009 to be unable to satisfy certain
financial covenant terms of the Loan Agreement and requested a waiver of
relevant provisions of the Loan Agreement.  (C)Pursuant to a
letter from the Agent to the Borrower dated 2 July 2009, the Agent informed the
Borrower that it was, in conjunction with the Lenders, considering the letter
and waiver request referred to in Recital (B).  (D)The Borrower
and the Lenders have agreed to waive and amend certain provisions of the Loan
Agreement as set out in this Supplemental Agreement.  IT IS AGREEDas follows:  1


1Definitions  1.1Definitions  In this Supplemental Agreement, words and
expressions shall have the means given to them in the Loan Agreement and in
addition:  Effective Datemeans the date
specified in the Effective Date Notice served pursuant to clause 2;  Effective Date Noticeshall mean the
notice in the form of Schedule 2 issued by the Agent pursuant to clause 2;  Orderbookshall mean the
description of the orders placed by the Borrower to purchase new vessels
contained in Schedule 3; and  Waiver Periodshall mean the
period from and including 30 June 2009 to and including 1 October 2010.  1.2Interpretation  The provisions of clauses 1.3 (Headings)and 1.7 (Third Parties)of the Loan Agreement shall apply
to this Supplemental Agreement as if set out herein in full, mutatis mutandis.  2Effective Date  2.1The Effective
Date shall occur when the Agent has received the documents and evidence described
in Schedule 1. After the Effective Date has occurred, the Agent shall execute
the Effective Date Notice which shall confirm the Effective Date and shall
deliver one original of the Effective Date Notice to each other party to this
Supplemental Agreement.  2.2Notwithstanding
any provisions of this Supplemental Agreement to the contrary, in the event of any
misrepresentation in relation to the representation and warranty in clause
9.1.2 (Representations; Waivers)the Effective Date shall be deemed not to have occurred and
the waiver contained in clause 4 (Waiver)of this Supplemental Agreement shall cease to have, and be
deemed never to have had any effect whatsoever.  3Fee  On the date hereof, the Borrower shall pay
$1,012,800 (such amount being equal to zero point four per cent (0.4%) of
$253,200,000 being the amount of the loan originally made available to the
Borrower pursuant to the Loan Agreement) to the following account of the Agent
for onward payment to the Lenders pro-rata to their respective Commitments:  Account No.:
  25.59.56.916IBAN:
  NL30 FTSB 0255 9569 16BIC:
  FTSBNL2RBank:
  Fortis Bank (Nederland) N.V.  2


4Waiver  4.1Provided that
the Effective Date has occurred, the Agent and the Lenders agree that they
shall waive their respective rights under the following clauses of the Loan
Agreement for the duration of the Waiver Period:  4.1.1clause 8.2.1 (Security
Value Maintenance);  4.1.2clause 8.3.1(a) (Financial
Undertakings);and  4.1.3clause 10.1.2 (Breach
of Insurance and certain otherobligations) to the extent
that the relevant breach occurs under clause 8.2.1 (Security Value Maintenance)or clause 8.3.1(a) (Financial
Undertakings).  4.2Provided that
the Effective Date has occurred, the Agent and the Lenders also agree that they
shall waive their respective rights under clause 10.1.3 (Breach of other obligation(1)) in relation to the breach of clause 8.1.15 (No
amendment to the Transaction Documents)of the Loan Agreement in consequence of the
Borrowers agreeing to the amendments to the Loan Agreement described in this
Supplemental Agreement.  5Amendments to the Loan Agreement  Clause 1.2 of the Loan
Agreement shall be amended on the Effective Date as follows:  5.1the definition
of Margin shall be deleted and replaced with the following:  Marginmeans, for each
Interest Period commencing prior to the date of the Supplemental Agreement, zero
point seven five per cent (0.75%) per annum and for each Interest Period
commencing thereafter, two per cent (2.00%) per annum.  5.2the following
definition shall be inserted:  Supplemental Agreementmeans the
supplemental agreement to this Agreement dated [to insert date of this Supplemental
Agreement]2009
made between the parties to this Agreement and the Owners.  5.3in the
definition of Security Documents, the words and Deed of Covenants shall be
replaced with the words and punctuation , the Deed of Covenants and the
Supplemental Agreement.  6References to the Loan Agreement  As from the Effective Date, all references in the
Security Documents to the Loan Agreement shall be construed as references to
the Loan Agreement as amended by the terms of this Supplemental Agreement.  3


7Acknowledgment  Each Guarantor acknowledges the amendments to be
made to the Loan Agreement pursuant to the terms of this Supplemental Agreement
and agrees that, with effect from the Effective Date, references in the
Guarantee to which it is a party to the term Loan Agreement shall be construed
as references to the Loan Agreement as amended pursuant to this Supplemental
Agreement.  8Covenants  8.1With effect
from the Effective Date, the Borrower undertakes that during the Waiver Period:  8.1.1it shall not
declare or issue a cash dividend in relation to its respective ordinary shares
or common stock; and  8.1.2it shall apply
all moneys received pursuant to the issue of shares or other instruments in its
capital whether by one or more transactions towards the financing of the
purchase of the vessels described in the Orderbook.  8.2The Borrower
undertakes to use best efforts (taking account of the prevailing conditions in
the equity markets including those relevant to shipping companies) to raise
additional capital until the end of 31 March 2010.  9Representations  9.1The Borrower
represents and warrants on the Effective Date to the other parties to this Supplemental
Agreement (save for the Guarantors) as follows:  9.1.1The Orderbook:the Orderbook contains a true, complete and
up-to-date list of the vessels which the Borrower has ordered and which are
expected to be delivered in respect of the period from July 2009 to June 2012.  9.1.2Waivers:each member of the Borrowers Group has obtained
from each of its financiers a written waiver of any and all breaches of the
terms of agreements to which the relevant financier and the relevant member(s) of
the Borrowers Group are party, such waiver being in respect of a period
starting no later than the first day of the Waiver Period and ending no earlier
than the last day of the Waiver Period.  9.2The Borrower
and each Guarantor represent and warrant on the date hereof and on the Effective
Date to the other parties to this Supplemental Agreement as follows:  9.2.1Status:it is a corporation domesticated in and validly
existing and in good standing under the laws of the Republic of the Marshall
Islands (in the case of the Borrower) or Liberia (in the case of the
Guarantors).  4


9.2.2Corporate power:it has the corporate
capacity, and has taken all corporate action and obtained all consents
necessary for it to execute, enter into, and perform its obligations under this
Supplemental Agreement.  9.2.3Consents in force:all the consents referred to
in clause 8.1.8 of the Loan Agreement remain in force and nothing has occurred
which makes any of them liable to revocation.  9.2.4Legal validity; effective security interests:this
Supplemental Agreement constitutes its legal, valid and binding obligations enforceable
against it in accordance with their respective terms.  9.2.5No conflicts:its execution of this
Supplemental Agreement and its compliance herewith will not involve or lead to
a contravention of:  (a)any law or regulation; or  (b)its constitutional
documents; or  (c)any contractual or other
obligation or restriction which is binding on it or any of its assets.  9.2.6Information:all information which has
been provided in writing by or on behalf of the Borrower and the Guarantors to
the other parties hereto in connection herewith satisfied the requirements of
clause 8.1.3 of the Loan Agreement.  9.2.7Nolitigation:no legal or administrative
action involving it has been commenced or taken or, to its knowledge, is likely
to be commenced or taken which, in either case, would be likely to have a
material adverse effect on its ability to satisfy and discharge in a timely
manner any of its liabilities or obligations under this Supplemental Agreement.  9.2.8Taxes paid:it has paid all taxes
applicable to, or imposed on or in relation to it and its business.  9.2.9No money laundering:it is acting in relation to
this Supplemental Agreement for its own account and that entry into the
Supplemental Agreement will not involve or lead to contravention of any law, official
requirement or other regulatory measure or procedure implemented to combat money
laundering (as defined in Article 1 of the Directive (91/308/EEC) of the
Council of the European Communities).  10Costs  Any and all reasonably out-of-pocket costs, charges
and expenses incurred by the parties to this Supplemental Agreement and the
arrangements contemplated hereby shall be for the account of and shall be
reimbursed by the Borrower. The Borrower shall pay or reimburse any such costs,
charges and expenses submitted to it for payment or reimbursement within 30
days after receipt of demand therefor.  5


11Miscellaneous  The provisions of clause 16 (Notices and other matters)and 17 (Governing law and jurisdiction)shall apply to this Supplemental
Agreement as if set out herein in full, mutatis mutandis.  6


Schedule 1  Conditions
Precedent  1Constitutional documents  In respect of the Borrower and each Guarantor:  (i)either (a) copies,
certified by its duly authorised signatory as true, complete and up to date
copies of all documents which contain or establish or relate to its
constitution or (b) confirmation from its duly authorised signatory that
the copies of such documents attached to the certificates signed by Evangelos
Chatzis dated 29 July 2008 (in the case of the Borrower), by Efstathios Sfyris
dated 28 July 2009 (in respect of Seacarriers Services Inc, Seacarriers Lines
Inc and Wellington Marine Inc) and by Konstantinos Sfyris dated 28 July 2009
(in respect of Auckland Marine Inc) (together, the Certificates) remain
up-to-date and in full force and effect; and  (ii)evidence it is
in good standing under the laws of its incorporation.  2Corporate authorisations  In respect of the Borrower and each Guarantor, confirmation
from an authorised signatory that the copies of its resolutions attached to the
Certificates remain up-to-date and in full force and effect and have not been
revoked or, if required by Marshall Islands or Liberian counsel for the Agent
and the Lenders for the purposes of producing the legal opinions referred to in
paragraph 5 below, copies of resolutions of the directors of it approving this
Supplemental Agreement, and each authorising the signature, delivery and
performance of its obligations thereunder, certified by a duly authorised
signatory of it as:  (i)being true and
correct;  (ii)being duly
passed at meeting of its directors duly convened and held;  (iii)not having been
amended, modified or revoked; and  (iv)being in full
force and effect,  together with originals or
certified copies of any powers of attorney issued by it pursuant to such
resolutions.  3Incumbency certificate  An original certificate signed by a duly authorised
signatory of the Borrower and each Guarantor no earlier than five (5) Banking
Days prior to the date of this Supplemental Agreement certifying the names of
the officers and directors of it and attaching copies of the signatures of the
persons who have been authorised on behalf of it to sign this Supplemental
Agreement.  7


4Documents  A signed original of this Supplemental Agreement.  5Legal opinions  (i)a legal opinion
of Watson, Farley & Williams LLP, New York with respect to matters of
Marshall Islands law; and  (ii)a legal opinion
of Watson, Farley & Williams LLP with respect to matters of Liberian
law;  6Fees  Evidence that the fees and expenses due under this
Supplemental Agreement have been paid in full.  7Waivers regarding breachesof other financings  A letter signed by a duly authorised signatory of
the Borrower confirming that each member of the Borrowers Group has obtained
from each of its financiers a written waiver of any and all breaches of the
terms of agreements to which the relevant financier and the relevant member(s) of
the Borrowers Group are party, such waiver being in respect of a period
starting no later than the first day of the Waiver Period and ending no earlier
than the last day of the Waiver Period.  8


Schedule 2  Form of
Effective Date Notice  Date: [·] 2009  Pursuant to and for the purposes of clause 2 of a supplemental
agreement dated [·] between
Danaos Corporation as borrower, Fortis Bank (Nederland) N.V. as lead arranger, lender,
agent, security trustee and swap bank, National Bank of Greece S.A. as
co-arranger, lender and swap bank and Lloyds TSB Bank plc as co-arranger, lender
and swap bank and Seacarriers Services Inc., Seacarriers Lines Inc., Auckland
Marine, Inc. and Wellington Marine, Inc. as guarantors, we hereby
confirm that the Effective Date occurred at or about
                               a.m./p/m/
on
                                   
2009.  Yours faithfully   For and on behalf of:FORTIS BANK (NEDERLAND) N.V.asAgentDated:                             2009  9


Schedule 3  Orderbook  [to
insert]  10


Hull Number
  
  TEU
  
  Yard
  
  Delivery DateHN S4001
  
  6,500
  
  Sungdong Shipbuilding & Marine Engineering Co. Ltd.
  
  Sep. 2009HN S4002
  
  6,500
  
  Sungdong Shipbuilding & Marine Engineering Co. Ltd.
  
  Dec. 2009HN N-219
  
  3,400
  
  Hanjin Heavy Industries & Construction Co. Ltd.
  
  Dec. 2009HN S4003
  
  6,500
  
  Sungdong Shipbuilding & Marine Engineering Co. Ltd.
  
  Dec. 2009HN S4004
  
  6,500
  
  Sungdong Shipbuilding & Marine Engineering Co. Ltd.
  
  Jan. 2010HN N-214
  
  6,500
  
  Hanjin Heavy Industries & Construction Co. Ltd.
  
  Jan. 2010HN S4005
  
  6,500
  
  Sungdong Shipbuilding & Marine Engineering Co. Ltd.
  
  Feb. 2010HN N-215
  
  6,500
  
  Hanjin Heavy Industries & Construction Co. Ltd.
  
  Mar. 2010HN N-220
  
  3,400
  
  Hanjin Heavy Industries & Construction Co. Ltd.
  
  Apr. 2010HN N-216
  
  6,500
  
  Hanjin Heavy Industries & Construction Co. Ltd.
  
  May. 2010HN N-221
  
  3,400
  
  Hanjin Heavy Industries & Construction Co. Ltd.
  
  Jul. 2010HN N-217
  
  6,500
  
  Hanjin Heavy Industries & Construction Co. Ltd.
  
  Jul. 2010HN N-222
  
  3,400
  
  Hanjin Heavy Industries & Construction Co. Ltd.
  
  Oct. 2010HN N-218
  
  6,500
  
  Hanjin Heavy Industries & Construction Co. Ltd.
  
  Oct. 2010HN N-223
  
  3,400
  
  Hanjin Heavy Industries & Construction Co. Ltd.
  
  Dec. 2010HN S461
  
  10,100
  
  Hyundai Samho Heavy Industries Co. Ltd.
  
  Dec. 2010HN S462
  
  10,100
  
  Hyundai Samho Heavy Industries Co. Ltd.
  
  Jan. 2011HN S463
  
  10,100
  
  Hyundai Samho Heavy Industries Co. Ltd.
  
  Mar. 2011HN Z 00001
  
  8,530
  
  Jiangnan Changxing Shanghai Heavy Industry Co. Ltd.
  
  Mar. 2011HN Z 00002
  
  8,530
  
  Jiangnan Changxing Shanghai Heavy Industry Co. Ltd.
  
  May. 2011HN Z 00004
  
  8,530
  
  Jiangnan Changxing Shanghai Heavy Industry Co. Ltd.
  
  Jun. 2011HN Z 00003
  
  8,530
  
  Jiangnan Changxing Shanghai Heavy Industry Co. Ltd.
  
  Jun. 2011HN H1022A
  
  8,530
  
  Jiangnan Changxing Shanghai Heavy Industry Co. Ltd.
  
  Sep. 2011HN S456
  
  12,600
  
  Hyundai Samho Heavy Industries Co. Ltd.
  
  Feb. 2012HN S457
  
  12,600
  
  Hyundai Samho Heavy Industries Co. Ltd.
  
  Feb. 2012HN S458
  
  12,600
  
  Hyundai Samho Heavy Industries Co. Ltd.
  
  May. 2012HN S459
  
  12,600
  
  Hyundai Samho Heavy Industries Co. Ltd.
  
  Jun. 2012HN S460
  
  12,600
  
  Hyundai Samho Heavy Industries Co. Ltd.
  
  Jun. 2012


Execution
Page  Borrower  EXECUTEDand DELIVERED
  )
  /s/ Iraklis Prokopakisby its duly authorised attorney-in-fact
  )
  Iraklis Prokopakisfor and on behalf of
  )
  Senior Vice-President/COO/DirectorDANAOS CORPORATION
  )/s/ Dimltri J. AndritsoyiannisDimltri J. Andritsoyiannisin the presence of:
  
  
  Vice-President/CFO/Director/s/ Joanna G. KoukouliWitnessName:
  JOANNA G. KOUKOULIAddress:Occupation:Lead ArrangerSIGNEDby
  )for and on behalf of
  )FORTIS BANK (NEDERLAND) N.V.
  )
  /s/ Authorized Signatoryas Lead Arranger
  )Co-ArrangersSIGNEDby
  )for and on behalf of
  )LLOYDS TSB BANK PLC
  )
  /s/ Authorized Signatoryas Co-Arranger
  )  11


Execution
Page  Borrower  EXECUTEDand DELIVERED
  )by its duly authorised attorney-in-fact
  )for and on behalf of
  )DANAOS CORPORATION
  )
  /s/ Authorized Signatoryin the presence of:
  
  
  Attorney-in-Fact/s/ Authorized SignatoryWitnessName:Address:Occupation:Lead ArrangerSIGNEDby
  )for and on behalf of
  )FORTIS BANK (NEDERLAND) N.V.
  )
  /s/ A.C.A.J. Biesbroeck
  
  /s/ P.R.G. Zamanas Lead Arranger
  )
  A.C.A.J. Biesbroeck
  
  P.R.G. ZamanCo-ArrangersSIGNEDby
  )for and on behalf of
  )LLOYDS TSB BANK PLC
  )
  /s/ Authorized Signatoryas Co-Arranger
  )SIGNEDby
  )for and on behalf of
  )  11


Execution
Page  Borrower  EXECUTEDand DELIVERED
  )by its duly authorised attorney-in-fact
  )for and on behalf of
  )DANAOS CORPORATION
  )
  /s/ Authorized Signatoryin the presence of:
  
  
  Attorney-in-Fact/s/ Authorized SignatoryWitnessName:Address:Occupation:Lead ArrangerSIGNEDby
  )for and on behalf of
  )FORTIS BANK (NEDERLAND) N.V.
  )
  /s/ Authorized Signatoryas Lead Arranger
  )Co-ArrangersSIGNEDby PAUL THOM
  )for and on behalf of
  )LLOYDS TSB BANK PLC
  )
  /s/ Paul Thomas Co-Arranger
  )SIGNEDby
  )for and on behalf of
  )  11


NATIONAL BANK OF GREECE S.A.
  )
  /s/ Florakis Panagiotis
  
  /s/ M. Maniatakouas Co-Arranger
  )
  FLORAKIS PANAGIOTIS
  
  M. ManiatakouThe LendersSIGNEDby
  )for and on behalf of
  )FORTIS BANK (NEDERLAND) N.V.
  )
  /s/ A.C.A.J. Biesbroeck
  
  /s/ P.R.G. Zamanas a Lender
  )
  A.C.A.J. Biesbroeck
  
  P.R.G. ZamanSIGNEDby PAUL THOM
  )for and on behalf of
  )LLOYDS TSB BANK PLC
  )
  /s/ Paul Thomas Lender
  )SIGNEDby
  )for and on behalf of
  )NATIONAL BANK OF GREECE S.A.
  )
  /s/ Florakis Panagiotis
  
  /s/ M. Maniatakouas Lender
  )
  FLORAKIS PANAGIOTIS
  
  M. Maniatakou  12


Agent  SIGNEDby
  )for and on behalf of
  )FORTIS BANK (NEDERLAND) N.V.
  )
  /s/L.J.M. van der Knaapas Agent
  )
  L.J.M. van der Knaap/s/ M.G. MeijerM.G. MeijerSecurity TrusteeSIGNEDby
  )for and on behalf of
  )FORTIS BANK (NEDERLAND) N.V.
  )
  /s/L.J.M. van der Knaapas Security Trustee
  )
  L.J.M. van der Knaap/s/ M.G. MeijerM.G. Meijer  13


Swap BanksSIGNEDby
  )for and on behalf of
  )FORTIS BANK (NEDERLAND) N.V.
  )
  /s/A.C.A.J.
  Biesbroeck
  
  /s/ P.R.G. Zamanas Swap Bank
  )
  A.C.A.J. Biesbroeck
  
  P.R.G. ZamanSIGNEDby PAUL THOM
  )for and on behalf of
  )LLOYDS TSB BANK PLC
  )
  /s/ Paul Thomas Swap Bank
  )SIGNEDby
  )for and on behalf of
  )NATIONAL BANK OF GREECE S.A.
  )
  /s/ Florakis Panagiotis
  
  /s/ M. Maniatakouas Swap Bank
  )
  FLORAKIS PANAGIOTIS
  
  M. Maniatakou[ILLEGIBLE]  14


GuarantorsSIGNEDby
  )for and on behalf of
  )SEACARRIERS SERVICES INC.
  )
  /s/ Joanna Koukoulias Guarantor
  )
  Joanna KoukouliAttorney-in-FactSIGNEDby
  )for and on behalf of
  )SEACARRIERS LINES INC.
  )
  /s/ Joanna Koukoulias Guarantor
  )
  Joanna KoukouliAttorney-in-FactSIGNEDby
  )for and on behalf of
  )AUCKLAND MARINE INC.
  )
  /s/ Joanna Koukoulias Guarantor
  )
  Joanna KoukouliAttorney-in-FactSIGNEDby
  )for and on behalf of
  )WELLINGTON MARINE INC.
  )
  /s/ Joanna Koukoulias Guarantor
  )
  Joanna KoukouliAttorney-in-Fact  15