PRGN News .56 Paragon Shipping Announces Delivery Of Its Second Handysize Newbuilding Vessel

2012-06-19 08:43 ET - News Release

ATHENS, Greece, June 19, 2012 /PRNewswire/ -- Paragon Shipping Inc. (NYSE: PRGN) ("Paragon Shipping" or the "Company"), announced today 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. (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. 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.