Greece: Paragon Shipping Enters Charter Agreement for MV Calm Seas

January 17, 2012

Paragon Shipping Inc., a global shipping transportation company specializing in drybulk cargoes, announced today that it has entered into a fixed rate time charter agreement for its Vessel, M/V Calm Seas, with Intermare Transport GMBH.

The M/V Calm Seas, a 1999 build, 74,047 dwt Panamax bulkcarrier, has been fixed to Intermare for a period of 19 to 24 months at a gross daily rate of $11,800. As a result, the Company’s fixed revenue days have now increased to 94% from 89% in 2012, to 73% from 66% in 2013 and to 38% from 37% in 2014 based on latest redelivery dates. The new time charter contract is anticipated to contribute approximately $6.8 million of gross revenues to the Company.

Commenting on these developments Michael Bodouroglou, Chairman and Chief Executive Officer of Paragon Shipping, stated, “We are pleased to announce this new chartering agreement with a respected charterer in the industry. The new agreement was concluded at a competitive rate and increases our charter coverage at these challenging times.”

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World Maritime News Staff, January 17, 2012