Greece: Paragon Shipping Appoints Allen & Caron for Investor Relations

Paragon Shipping Inc., a global shipping transportation company specializing in drybulk cargoes, announced that it has appointed Allen & Caron Inc., headquartered in New York City with offices in Irvine, California and London, as its agency for investor relations.

Paragon Shipping’s fleet of drybulk vessels carries a wide range of cargoes and operates worldwide over a variety of trade routes. The Company’s strategy is focused on acquiring and operating drybulk vessels as well as building and maintaining enduring relationships with established and reputable charterers. The Company’s fleet is currently employed through period time charter contracts, noted Paragon Shipping’s Chairman and Chief Executive Officer, Michael Bodouroglou.

“We are actively involved in maintaining what we believe is an attractive fleet profile while expanding our chartering agreements to generate positive cash flow and top-line growth,” Bodouroglou said. “While our focus continues to be on a conservative approach to fleet growth and reasonable cost control remains our top priority, we feel we are well-positioned to seek new strategic partnerships and opportunities whenever they arise. With this in mind, we look forward to a broader visibility in the investment community and with the financial media and therefore selected Allen & Caron, an agency with a solid reputation in those influential circles and a history of success.”

The Chairman and Chief Executive Officer of Allen & Caron, Joe Allen, commented: “Paragon Shipping’s position in the global shipping industry and respected management team, as well as its strategy to generate growth and sustainable profitability, offer an interesting and compelling investment opportunity that will be the focus of our efforts going forward.”

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World Maritime News Staff, January 10, 2012;