Greece: Paragon Shipping Takes Delivery of MV Precious Seas

June 20, 2012

Paragon Shipping Inc. announced yesterday that it has taken delivery of the M/V Precious Seas, a 37,205 dwt Handysize vessel, from the Zhejiang Ouhua Shipbuilding Co. in China.

The vessel has been chartered out to Cargill International S.A. for a period of 23 to 26 months at a gross daily rate of $12,125. In addition, the Charterers have the option to extend the charter period for an additional 11 to 14 months at a gross daily rate of $15,500. The new time charter contract is anticipated to contribute a minimum of about $8.5 million of gross revenues to the Company. Based on the latest redelivery dates, the Company’s contracted revenue days currently stand at 94% in 2012, at 68% in 2013 and at 35% in 2014.

BUILT by: ZHEJIANG OUHUA SHIPBUILDING CO. LTD.

LBP: 182.96 m

BREADTH: 28.3 m

SUMMER DRAFT: 10.50 m

CARGO CAPACITY: 48,902 m3 Grain

No HOLD / HATCHES: 5/5

GEAR: 4 x 30mt

[mappress]

Source: paragonship, June 20, 2012; Image: ouhuashipbuilding