Paragon Shipping Charters Out Two Bulk Carriers

Greece-based Paragon Shipping fix Panamax, Supramax, bulk carriers on time charter

Paragon Shipping Inc. has signed fixed rate time charter agreements for two of its vessels,  M/V Diamond Seas and the M/V Sapphire Seas

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.

The M/V Sapphire Seas, a 2005 built 53,702 dwt Supramax bulkcarrier, has been fixed to EFE DENIZCILIK SANAYI TICARET LIMITED SIRKETI for a period of 4 to 6 months at a gross daily rate of $14,500

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