Paragon Reports 2Q and 6-Month Financial Results

Tuesday, August 09, 2011

Paragon Shipping Inc., a shipping transportation company specializing in drybulk cargoes and containers, announced its results for the second quarter and six months ended June 30, 2011.

Commenting on the results, Michael Bodouroglou, Chairman and Chief Executive Officer of Paragon Shipping, stated, “For the second quarter of 2011, Paragon reported Adjusted EBITDA of $15.4 million, and Adjusted Net Income of $5.2 million, or $0.09 per share, which excludes a non-cash non-recurring loss of $19.8 million, or $0.34 per share, relating to the share consideration received from Box Ships for the vessels sold to it, which was a result of the consideration received by Paragon being partly based on Box Ship’s share price on the delivery date of those vessels, and the write off of a portion of the book value of our oldest vessel, the M/V Crystal Seas, for which we are reviewing several options now that her time charter has expired, and certain other non-cash items.”

Bodouroglou continued, “Since the beginning of the year, the drybulk charter market has continued to decline and the orderbook is still at a high level. Subsequent to the second quarter, we have taken certain steps that we believe will position us well to take advantage of the opportunities that we expect to arise during these weak markets. Specifically, we no longer have exposure in the Kamsarmax segment of the market, we have agreed to extend one of our credit facilities that was maturing in 2012 by five years, we have agreed to amend the repayment profile of another credit facility to increase our cash flow. We have also fixed three vessels on time-charters, which improved our fixed rate time charter coverage to 95% of our fleet capacity in 2011, 57% in 2012 and 35% in 2013.”

He concluded, “We remain cautiously optimistic on the medium-term prospects of the drybulk market, and have the resources to take advantage of opportunities that may increase long term shareholder value.”

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

People & Company News

Mitsubishi to Build Diesel Oil Import Terminal in Australia

Japanese trading house Mitsubishi Corp said it is entering Australia's diesel market by building a $103 million gas oil import terminal to tap growing demand and

Volvo Penta Offer D4, D6 Series Engine Keel Cooling Option

Volvo Penta of the Americas has announced the availability of a keel cooling option with D4 and D6 marine diesel engines to meet customer demands in the North American marine commercial market.

Boscalis to Get IJsseldelta 'Room for the River' Contract

Royal Boskalis Westminster N.V. (Boskalis) say that the Dutch Department of Public Works and the province of Overijssel intends to award the contract for the IJsseldelta polder to them.

Finance

Germany as a Maritime Location Endangered: VDR

Germany, which currently is home to the world’s biggest container vessel fleet, will in future have fewer small shipping firms as European banks avoid the industry

Shipbuilders Vard Report Financial Fair Sailing

Designers and shipbuilders of offshore and specialised vessels, Vard Holdings, has announced its financial results for the second quarter of financial year 2014 (“2Q2014”),

Wärtsilä's JV with CSSC to Expands Engines Range

Wärtsilä and China State Shipbuilding Corporation (CSSC) have signed an agreement to establish a joint venture for manufacturing medium and large bore medium speed diesel and dual-fuel engines.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Navigation Offshore Oil Port Authority Ship Electronics Ship Simulators Sonar Winch
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: 0.1255 sec (8 req/sec)