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Paragon Shipping Inc. Announces New Two Year Charter Agreements for Calm Seas and Coral Seas |
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Thursday, 02 July 2009 |
 Paragon Shipping Inc., a global shipping transportation company specializing in drybulk cargoes, announced that it has entered into new two year time charter contracts for the Calm Seas and the Coral Seas. Both vessels have been forward fixed on period time charters for 23 to 26 months at a gross daily rate of $15,775 per vessel with Intermare Transport GMBH.Commenting on these developments Michael Bodouroglou
Chairman and
Chief Executive Officer of Paragon Shipping, stated, "We are pleased to
announce the new chartering agreements for the Calm Seas and Coral
Seas, two panamax bulkcarriers, on terms that we believe are
competitive in the current environment and provide us with significant
cash flow visibility going forward. These contracts are scheduled to
commence between December 2009 and April 2010, allowing us to forward
fix our revenue stream. Furthermore, the addition of Intermare
Transport GMBH, an established international charterer, will further
diversify our list of prominent charterers."
Mr. Bodouroglou concluded, "These new charter arrangements will
increase our fixed revenue days in 2010 and 2011 from 72% and 49% to
84% and 66%, respectively, providing us with significant stability in a
potentially uncertain time in our markets. Furthermore, we shall
increase our gross contracted fleet revenue from our existing charters
by approximately $25 million to $325 million."
Source: Paragon Shipping Inc.
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