ATHENS, Greece, May 4, 2012 /PRNewswire/ -- Paragon Shipping Inc. (NYSE: PRGN) ("Paragon Shipping" or the "Company"), announced today that it has taken delivery of the M/V Prosperous Seas, a 37,293 dwt Handysize vessel, from the Zhejiang Ouhua Shipbuilding Co in China.

The vessel has been chartered out to Cargill International S.A. (the "Charterers") 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. As a result, the Company's contracted revenue days now stand at 92% in 2012, at 68% in 2013 and at 35% in 2014 based on the latest redelivery dates. The new time charter contract is anticipated to contribute a minimum of about $8.5 million of gross revenues to the Company.

Michael Bodouroglou, Chairman and CEO of Paragon Shipping, commented, "We are happy to take delivery of Prosperous Seas, the first vessel of our newbuilding program, which marks a new chapter for our Company. In line with our chartering strategy, we have already chartered out the vessel to a first class charterer and, therefore, she is expected to start contributing to the Company's revenues upon her sailing from the Shipyard."