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 March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Container Ships

CMA CGM Strengthens Madagascar Presence

Since the creation of CMA CGM Madagascar in 2003, container shipping company CMA CGM Group has continued to develop on the island to move closer to its valued customers

Shippers Turn to Equity Markets as Sector Eyes Recovery

Shipping companies are turning to equity markets to fill a growing funding gap, betting that investors hungry for decent returns will provide capital to a sector

Latest Shipbuilding Contracts Include VLCC Order for Philippine Yard

In the latest Clarkson Hellas S&P Weekly Bulletin newbuilding orders are reported in Far East shipyards for a range of vessels as follows: Bulk carriers Clarkson

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Offshore Oil Pipelines Port Authority Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | 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: 0.1506 sec (7 req/sec)