Greece: Paragon Shipping Sells Drybulk Handymax Vessel

Paragon Shipping Inc., a global shipping transportation company specializing in dry cargoes, agreed to sell to an unaffiliated third party its 1995-built drybulk handymax vessel, of 43,222 dwt, M/V CRYSTAL SEAS, for a gross price of $14 million. The vessel is scheduled to be delivered to her new owners by no later than the end of November 2011.

Commenting on the sale, Michael Bodouroglou, Chairman and Chief Executive Officer of Paragon Shipping, stated “The sale of the 1995-built M/V Crystal Seas is in line with our strategy of renewing our fleet aimed at providing our customers with modern vessels. With the conclusion of this sale, the average age of our fleet will be reduced from 8.3 years to 7.6 years, and this number will continue to decline further over the next year as we take delivery of our four handysize newbuildings in 2012. In addition, we are in discussions with charterers to enter into new period employment for our vessels that have charters expiring during the fourth quarter, as freight markets continue to improve.”

About Paragon Shipping Inc.

Paragon Shipping Inc. is an Athens, Greece-based international shipping company. The Company’s current fleet consists of eleven drybulk vessels with a total carrying capacity of 747,994 dwt.

[mappress]

Source: Paragon Shipping, October 19, 2011