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Sapphire Seas News

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 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.