Chinese Shipyard Delivers Handysize Bulk Carrier to Greek Owners

Press Release
Sunday, May 06, 2012

Paragon Shipping has taken delivery of 37,293 dwt handysize bulker 'MV Prosperous Seas' from Zhejiang Ouhua Shipbuilding Co. China.

The newly constructed vessel has been chartered out to Cargill International S.A. (the "Charterers") for a period of 23 to 26 months at a gross daily rate of $12,125. In addition, the Charterers have the option to extend the charter period for an additional 11 to 14 months at a gross daily rate of $15,500.

As a result, the Company's contracted revenue days now stand at 92% in 2012, at 68% in 2013 and at 35% in 2014 based on the latest redelivery dates. The new time charter contract is anticipated to contribute a minimum of about $8.5 million of gross revenues to the Company.

Michael Bodouroglou, Chairman and CEO of Paragon Shipping, commented, "We are happy to take delivery of Prosperous Seas, the first vessel of our newbuilding program, which marks a new chapter for our Company. In line with our chartering strategy, we have already chartered out the vessel to a first class charterer and, therefore, she is expected to start contributing to the Company's revenues upon her sailing from the Shipyard."  

Paragon Shipping is a Marshall Islands-based international shipping company with executive offices in Athens, Greece, specializing in the transportation of drybulk cargoes. The Company's current fleet consists of eleven drybulk vessels with a total carrying capacity of 742,065 dwt.

In addition, the Company's current newbuilding program consists of three Handysize drybulk carriers that are scheduled to be delivered in the current year 2012, and two 4,800 TEU Containerships that are scheduled to be delivered in 2013.


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