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Paragon Shipping Announces New Employment for a Panamax Bulkcarrier

Wednesday, 18 January 2012 | 00:00
Paragon Shipping Inc., a global shipping transportation company specializing in drybulk cargoes, announced yesterday that it has entered into a fixed rate time charter agreement for its Vessel, M/V Calm Seas, with Intermare Transport GMBH.The M/V Calm Seas, a 1999 build, 74,047 dwt Panamax bulkcarrier, has been fixed to Intermare for a period of 19 to 24 months at a gross daily rate of $11,800. As a result, the Company's fixed revenue days have now increased to 94% from 89% in 2012, to 73% from 66% in 2013 and to 38% from 37% in 2014 based on latest redelivery dates. The new time charter contract is anticipated to contribute approximately $6.8 million of gross revenues to the Company.
Commenting on these developments Michael Bodouroglou, Chairman and Chief Executive Officer of Paragon Shipping, stated, "We are pleased to announce this new chartering agreement with a respected charterer in the industry. The new agreement was concluded at a competitive rate and increases our charter coverage at these challenging times."
Paragon Shipping Announces Receipt of Request to Renegotiate Charter
Paragon Shipping Inc., announced yesterday that it has been notified by Deiulemar Compagnina di Navigazione SpA, the charterer of the M/V Friendly Seas, a 2008 built 58,779 dwt Supramax bulkcarrier, (the "Charterer") that it will seek to modify the terms of the existing charter, which has a remaining duration of about 27 months (assuming earliest redelivery) at a gross daily rate of $ 33,750. The Company has asked more information from the Charterer in order to evaluate its request. The vessel currently continues to operate under the time charter.
Paragon Shipping is a Marshall Islands-based international shipping company with executive offices in Athens, Greece specializing in the transportation of drybulk cargoes. The Company's current fleet consists of ten drybulk vessels with a total carrying capacity of 704,772 dwt. In addition, Paragon Shipping entered into contracts for the construction of four Handysize drybulk carriers that are scheduled to be delivered in 2012 and two 4,800 TEU Containerships that are scheduled to be delivered in 2013 and, as a result, will increase the fleet size to fourteen drybulk vessels with a total carrying capacity of 853,572 dwt and two Containerships with a total carrying capacity of 9,600 TEU.
Source: Paragon Shipping
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