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Paragon Shipping Inc News

12 Jul 2016

Paragon Shipping to Counter Downturn

Paragon Shipping Inc is at cyclical lows, as the entire drybulk shipping sector has suffered and, along with the container and LNG sectors. Michael Bodouroglou, Founder, Chairman and Chief Executive Officer of Paragon Shipping Inc. has sent a letter to all its share holders about the measures that company has taken to counter cyclical downturn. "I have seen these times before. I have been in marine shipping, as a shipping company founder, executive and technical superintendent supervising vessels for other shipping companies, for more than 35 years. These highs and lows are a part of life and we understand the classically cyclical nature of the business. Times like these are not only financially difficult, they are humbling as well," Michael  said.

13 Jan 2016

Paragon Shipping Sells Panamax Bulker to Repay Loan

Paragon Shipping Inc. announced that it has entered into an agreement to sell M/V Kind Seas for a cash consideration of $3.5 million to an unaffiliated third party and the delivery of the vessel was concluded on January 8, 2016. The Company has also agreed with Bank of Ireland to apply the total net proceeds from the sale of M/V Kind Seas towards an immediate prepayment of the loan facility. The remaining principal amount of $4.4 million shall be treated as follows: a) $2.2 million shall be written-off subject to certain conditions and b) $2.2 million, plus any accrued interest, was converted into an unsecured paid-in-kind note (“PIK Note”). The PIK Note will be non-amortizing and will have a maturity date of December 31, 2020, at which time it will be repaid at par.

07 Jan 2014

Paragon Takes New Vessel Delivery, Finances Two Other Builds

Paragon Shipping Inc. a global shipping transportation company specializing in drybulk cargoes, announced today that it has taken delivery of M/V Proud Seas, a 37,227 dwt Handysize vessel, from Zhejiang Ouhua Shipbuilding Co. in China. In addition, the company announced today that it has entered into an agreement with HSH Nordbank AG, subject to final documentation, to partially finance its first two Ultramax drybulk newbuildings, which are expected to be delivered to the company in the second and third quarters of 2014. For each of the two Ultramax vessels, HSH Nordbank AG has agreed to finance the lower of $17.2 million or 65% of the vessels' market value upon their delivery.

07 Aug 2013

Paragon Shipping Easing From Red to Black in Q2 2013

Greece's drybuld cargo shipping specialistsm Paragon Shipping Inc. ,announce its results for the second quarter and six months ended June 30, 2013. Gross charter revenue for the second quarter of 2013 was $14.7 million, compared to $12.7 million for the second quarter of 2012. Excluding all non-cash items described below, the adjusted net loss for the second quarter of 2013 was $0.1 million, or $0.01 per basic and diluted share, compared to adjusted net income of $0.5 million, or $0.08 per basic and diluted share, for the second quarter of 2012. Commenting on the results, Michael Bodouroglou, Chairman and Chief Executive Officer of Paragon Shipping, stated, "We are pleased to announce our results for the quarter and six months ended June 30, 2013.

30 Jul 2013

Chairman-Controlled Firm Buys $5-million of Box Ships Share Offering

Box Ships Inc. has closed its public offering of 558,333 shares of its newly designated 9.00% Series C Cumulative Redeemable Perpetual Preferred Stock at $24.00 per share. The gross proceeds from the offering before the underwriting discount and other offering expenses payable by the Company amounted to approximately $13.4 million. Neige International Inc., a company controlled by Mr. Michael Bodouroglou, the Company's Chairman, President and Chief Executive Officer, purchased $5.0 million of the Series C Preferred Shares, or 208,333 shares, sold in the offering at the public offering price. The Company has granted the underwriters a 45-day option to purchase up to an additional 52,500 Series C Preferred Shares on the same terms and conditions to cover over-allotments, if any.

21 May 2013

China Development Bank Grants Paragon Credit Facility

Greece's Paragon Shipping Inc. obtains a $69-million credit facility with China Development Bank  to partially finance its two 4,800 TEU containerships currently under construction. The two container ships on order are expected to be delivered in the second quarter of 2014, and the company has granted an option to its subsidiary, Box Ships Inc., until its initial public offering in 2011, to acquire the vessels at any time prior to their delivery to Paragon Shipping. The CDB Credit Facility, which is available for drawdown upon the delivery of the vessels subject to certain contingencies and conditions, will be used to finance the lower of 60% of the construction cost of the vessels, or 80% of the vessels' market value at delivery. The facility matures ten years after the drawdown date.

01 May 2013

Marine Money Istanbul Ship Finance Forum

Photo: Marine Money

Registration is open for the 10th Annual Marine Money Istanbul Ship Forum on May 22, 2013 at the Swissotel - The Bosphorus. Meet with shipping professionals to hear about how to position your business in these challenging times. The latest issues in Turkish shipping and ship finance will be discussed by industry experts in Istanbul. Confirmed to-date speakers and sponsors include, among others, AlixPartners UK LLP, AKT Law Firm, Besiktas Shipyard, Geden Line, Desan Shipyard-Kaptanoglu Holding…

25 Dec 2012

Paragon Shipping Raises Working Capital

Paragon Shipping Inc. raises US$ 10-million working capital in sale of newly-issued shares to an entity affiliated to its own chairman. The Paragon Board agreed to sell 4,901,961 newly-issued shares of the Company's common stock to an entity affiliated with Mr. Michael Bodouroglou , the Company's Chairman and Chief Executive Officer, for total consideration of $10 million. The proceeds will be used by the Company for working capital purposes. In addition, the Company will have the right, but not the obligation, to repurchase these newly-issued shares, at the same price per share at which they were sold in this private placement. Commenting on the private placement…

11 Jul 2012

Paragon Shipping Charters Out Two Bulk Carriers

Paragon Shipping Inc. The M/V Diamond Seas, a 2001 built 74,274 dwt Panamax bulkcarrier, has been fixed to HYundai Glovis Co. Ltd for a period of 3 to 6 months at a gross daily rate of $9,150. As a result, the Company's fixed revenue days now stand at 97% in 2012, at 69% in 2013 and at 35% in 2014 based on latest redelivery dates. The new time charter contracts are anticipated to contribute a minimum of about $2.6 million of gross revenues to the Company. 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 twelve drybulk vessels with a total carrying capacity of 779,270 dwt.

20 Jun 2012

Chinese Shipyard Delivers Bulker to Paragon Shipping

Paragon Shipping Inc. announce that it has taken delivery of the M/V Precious Seas, a 37,205 dwt Handysize vessel, from the Zhejiang Ouhua Shipbuilding Co. in China. The vessel has been chartered out to Cargill International S.A. 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. The new time charter contract is anticipated to contribute a minimum of about $8.5 million of gross revenues to the Company. Based on the latest redelivery dates, the Company's contracted revenue days currently stand at 94% in 2012, at 68% in 2013 and at 35% in 2014.

01 Feb 2012

Paragon Announces Early Charter Termination

Paragon Shipping Inc. announced that Deiulemar Compagnia di Navigazione SpA, the charterer of the M/V Friendly Seas (the "Vessel"), a 2008-built 58,779 dwt Supramax bulkcarrier (the "Charterer"), has continued to fail to provide payment due since January 5 and has failed to provide the Vessel with voyage instructions. Accordingly, Paragon Shipping has provided written notice to the Charterer of the termination of the charter, but has received no response. Paragon Shipping is currently seeking alternative employment for the Vessel and will seek damages for the Charterer's breach. There can be no assurance that Paragon Shipping will be…

22 Dec 2011

Bulk Carrier Charter Agreement With Morgan Stanley Capital Group

Paragon Shipping Inc. (NYSE: PRGN) entered into a fixed rate time charter agreement for its Panamax Vessel, M/V Coral Seas, with Morgan Stanley Capital Group Inc.  The M/V Coral Seas, a 2006 build, 74,477 dwt Panamax bulkcarrier, has been fixed to Morgan Stanley Capital Group Inc. for a period of 23 to 25 months at a gross daily rate of $12,000. In addition, the Charterers have an option to extend the charter period for an additional 11 to 13 months at a gross daily rate of $14,500. As a result, the Company’s fixed revenue days have now increased to 89% from 84% in 2012, to 66% from 59% in 2013 and to 37% from 30% in 2014 based on latest redelivery dates.

09 Aug 2011

Paragon Reports 2Q and 6-Month Financial Results

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. 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…

18 Jul 2011

Paragon Shipping Enters New Time Charters

Paragon Shipping Inc., a shipping transportation company specializing in drybulk cargoes, announced that it has entered into fixed rate time charter agreements for two of its 37,200 dwt, Handysize newbuildings with Cargill International S.A. Both vessels have been fixed for a period of two years at a gross daily rate of $12,125 commencing upon their delivery to the company, which is expected to take place in the first quarter of 2012. In addition, the charterers have an option to extend the charter period for an additional year at a gross daily rate of $15,500. Paragon also announced that it has entered into a three year time charter agreement for the M/V Deep Seas, a 1999 build, 72,891 dwt Panamax bulkcarrier, with Morgan Stanley Capital Group Inc.

23 May 2011

Paragon Shipping Announces Date For Q1

Paragon Shipping Inc. (NYSE: PRGN), a global shipping transportation company specializing in drybulk cargoes, announced today that it will release its results for the first quarter ended March 31, 2011, after the market closes in New York on Thursday, May 26, 2011. Paragon’s management team will host a conference call to discuss the Company's financial results on Friday, May 27, 2011, at 10:00am EDT. Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1(866) 819-7111 (from the USA)…

29 Apr 2011

Box Ships Recieves First Two Containerships

Box Ships Inc., (NYSE: TEU), a global shipping  company specializing in the transportation of containers, announced that it has taken delivery from Paragon Shipping Inc., of the Box Trader and the Box Voyager, two 3,426 TEU high specification vessels built in 2010. Both vessels have a remaining fixed rate period time charter term of 16 months  (with charter option of  plus / minus 45 days) with CSAV Valparaiso Chile at a gross daily charter rate of $20,000. The Box Voyager and Box Trader are the first two of the  six vessels comprising the Company’s initial fleet to be delivered. The remaining four vessels include two 5,095 TEU 2007 built containerships…

29 Apr 2011

Paragon Shipping Sale Two Containerships To Box Ships

ATHENS, Greece, April 29, 2011 - Paragon Shipping Inc. (NYSE: PRGN), or the Company, a global shipping transportation company specializing in drybulk cargoes, announced today that it has completed the sale and delivery to Box Ships Inc., of both the Box Trader and Box Voyager, two 3,426 TEU high specification containership vessels built in 2010 in exchange for 2,266,600 shares of Box Ships common stock and approximately $69.2 million in cash. Box Ships Inc., was formed by Paragon Shipping and is trading on the NYSE under the symbol “TEU.”   Source: Paragon Shipping

11 Aug 2010

Paragon Shipping Q2 & Six Month Report

Paragon Shipping Inc. (NYSE: PRGN), a global shipping transportation company specializing in drybulk cargoes and containers, announced its results for the second quarter and six months ended June 30, 2010. Commenting on the results, Michael Bodouroglou, Chairman and Chief Executive Officer of Paragon Shipping, stated, “We are pleased to announce another set of profitable quarterly results. consistently implemented our business strategy for growth, fleet renewal and diversification. Specifically we entered into contracts to build four Handysize and three Kamsarmax drybulk carriers and acquired a 2009 built Panamax drybulk carrier. We also initiated our fleet diversification into the containership sector with the negotiations for the acquisition of two high specification 2010 built 3…

02 Jul 2010

Paragon Moves on Containerships

Paragon Shipping Inc. has sold one of its newbuilding Kamsarmax contracts and has also entered into agreements to acquire two 3,400 TEU newly built containerships from their builder Howardtwerke-Deutsche Werft, GmbH, Germany at a price of $49m. The container vessels are scheduled to be delivered to Paragon between July and August, 2010. “We have taken advantage of favorable conditions in the sale and purchase markets to sell one of our Kamsarmax newbuilding contracts and also to acquire two 3,400 TEU newbuild container vessels with prompt delivery within July and August 2010,” said Michael Bodouroglou, Chairman and Chief Executive Officer of Paragon Shipping.

28 Apr 2010

Paragon Shipping Contracts for Drybulk Vessels

Paragon Shipping Inc. (NYSE: PRGN), a global shipping transportation company specializing in drybulk cargoes, announced that it has entered into shipbuilding contracts with a Chinese shipyard for the construction of two Handysize drybulk vessels, each approximately 37,200 deadweight tons, or dwt, and two Kamsarmax drybulk vessels, each approximately 82,000 dwt, for an aggregate purchase price of approximately $111.5m. The company expects to take delivery of the Handysize drybulk vessels in the fourth quarter of 2011 and the Kamsarmax drybulk vessels in the second and third quarters of 2012. Following the delivery of these four vessels, the Company's fleet will expand to 16 vessels with an aggregate carrying capacity of approximately 1,000,000 dwt.

06 Jul 2009

Paragon Shipping Signs Two-Year Contracts

Paragon Shipping Inc. has entered into new two-year time charter contracts for the Calm Seas and the Coral Seas.  Both vessels have been forward fixed on period time charters for 23 to 26 months at a gross daily rate of $15,775 per vessel with Intermare Transport GMBH. Michael Bodouroglou, Chairman and Chief Executive Officer of Paragon Shipping, commented that the contracts are scheduled to commence between December 2009 and April 2010.

18 Sep 2007

Paragon Takes Delivery of Ninth Vessel

Paragon Shipping Inc. has taken delivery of the third of the three drybulk carriers that it had contracted to acquire using the net proceeds of its recent public offering together with bank borrowings. The company took delivery on September 17, 2007 of the Diamond Seas, a 74,274 dwt Panamax drybulk carrier built in 2001. The Diamond Seas has been chartered to Vespucci Marine C.V. pursuant to a time charter with a remaining period of approximately 32 to 34 months at the charterer's option, at an initial rate of $27,500 per day, gross of commissions. The charter commenced immediately upon the delivery of the vessel to the company. With the addition of this vessel…

20 Aug 2007

Paragon Takes Delivery of Two Vessels

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.