Paragon Shipping Inc. buys vessels

The ‘Coral Seas’ has a capacity of 74,477 deadweight tonnage (dwt) and can be hired for $54,000 per day for a period of 23 to 25 months. The ‘Golden Seas’ has a capacity of 74,475 dwt and can be hired for $64,000 per day for a period of 11 to 13 months. The two vessels, which cost a total of $178 million, will be delivered between November and December 2007.