Paragon Takes Delivery of Two Vessels

Monday, August 20, 2007
Paragon Shipping Inc. it has completed the acquisition of two of the three drybulk carriers that it contracted to acquire using the net proceeds of its recent public offering together with bank borrowings. The third vessel remains scheduled for delivery before September 15, 2007. With the addition of these two vessels, the Company's fleet consists of four Panamax drybulk carriers, three Handymax drybulk carriers and one Supramax drybulk carrier, with an aggregate capacity of approximately 482,922 deadweight tons.

The company took delivery on August 13, 2007 of the Sapphire Seas, a 53,702 dwt 2005-built Supramax vessel. The Sapphire Seas has been chartered to Korea Line Corp. pursuant to a time charter with a remaining period of approximately 33 to 35 months at the charterer's option, at an initial rate of $30,750 per day, gross of commissions, which commenced immediately upon the delivery of the vessel to the Company. The daily charter rate for the Sapphire Seas will decrease to $26,750 on June 24, 2008 and to $22,750 on June 24, 2009.

The company also took delivery of the Pearl Seas, a 74,273 dwt 2006-built Panamax vessel, on August 16, 2007. The Pearl Seas has been chartered to D'Amato Shipping pursuant to a time charter with a remaining period of approximately 10 to 13 months at the charterer's option, at the rate of $30,500 per day, gross of commissions, which commenced immediately upon delivery of the vessel.

Maritime Reporter February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Container Ships

IACS Comments on MOL Comfort Report

The International Association of Classifications Societies (IACS) informs it will study the final report issued in Japan by the Committee on Large Container Ship Safety (CLCSS),

Are Megaships Game Changers?

Bragging rights for the world’s largest container ship have changed hands four times in as many months and keep on shifting again, says a report in the Bloomberg.

Port of San Pedro Seeks to Fund Upgrades with European Roadshow

Ivory Coast's second largest port of San Pedro will hold a roadshow in France and Britain next month as it seeks to raise 180 billion CFA francs ($300 million) to fund upgrades,

 
 
Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Salvage Ship Electronics Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1206 sec (8 req/sec)