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

People & Company News

Henderson, Hanes & Associates Opens Doors in Miami

Ocean Engineering/ Naval Architecture Firm Brings Innovation to the Mega Yacht Community The Miami-based ocean engineering and naval architecture firm of Henderson & Associates, Inc.

DOF Installer Sells Offshore Vessel

DOF Subsea AS subsidiary, DOF Installer ASA, reported the sale of one of its three sister ships, an anchor handling tug supply (AHTS) vessel, to an international buyer.

Scanjet Secures 30-ship Tank Management Order

Scanjet Group has followed up its Tank Management order from Stolt-Nielsen with a series of contracts for its ITAMA Intelligent Tank Management concept including Tankcleaning,

Finance

DryShips: Public Offering of Its Senior Secured Notes

DryShips Inc. announced today that it intends to offer senior secured notes due 2017 (the “Notes”) pursuant to its effective shelf registration statement. The Company

DOF Installer Sells Offshore Vessel

DOF Subsea AS subsidiary, DOF Installer ASA, reported the sale of one of its three sister ships, an anchor handling tug supply (AHTS) vessel, to an international buyer.

Port City Plans for New Cargo Taxes Angers Kenya Govt, Shippers

Proposals by a local authority to impose new taxes on cargo at Kenya's main port has drawn opposition from the government and shippers, saying it will hike import

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Port Authority Shipbuilding / Vessel Construction 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: 0.1430 sec (7 req/sec)