Paragon Shipping Inc. Fixes Kind Seas, Golden Seas and Crystal Seas
On Three Year Time Charters
ATHENS, Greece, May 13, 2008 (PRIME NEWSWIRE) -- Paragon Shipping
Inc. (Nasdaq:PRGN), a global shipping transportation company
specializing in dry bulk cargoes, announced today that it has
recently concluded the following time charter fixtures:
* The Kind Seas (1999-built Panamax, 72,493 dwt) has been chartered
to Deiulemar at $45,500 per day for a period of 34 to 37 months.
This vessel is expected to be delivered to its new charterer
between January 1, 2009 and April 30, 2009.
* The Golden Seas (2006-built Panamax, 74,475 dwt) has been
chartered to Transfield Shipping Inc. at $48,000 per day for a
period of 34 to 37 months. This vessel is expected to be
delivered to its new charterer between October 26, 2008 and
February 20, 2009.
* The Crystal Seas (1995-built Handymax, 43,222 dwt) has been
chartered to Cosco Bulk at $33,000 per day for a period of 35 to
37 months. This vessel is expected to be delivered to its new
charterer between July 10, 2008 and September 31, 2008.
Michael Bodouroglou, Chairman and Chief Executive Officer of Paragon,
commented, "We are pleased to announce the fixing of the Kind Seas,
Golden Seas and Crystal Seas on three year time charters in keeping
with our balanced chartering strategy. Since the beginning of 2008 we
have successfully fixed four of the six vessels coming off charter
this year at an aggregate average rate increase of 25%. We have now
locked in 100% of our voyage revenue days for 2008 and are focused on
the successful fixing of the remaining two vessels over the course of
the year."
The Company will announce its first quarter 2008 earnings and
dividend declaration tomorrow, May 14, 2008.
About Paragon Shipping Inc.
Paragon Shipping Inc. is an Athens, Greece-based international
shipping company specializing in the transportation of drybulk
cargoes. The Company's current fleet consists of eleven vessels with
a total carrying capacity of 706,358 dwt. For further information,
please visit the Company's website at http://www.paragonship.com.
Cautionary Statement Regarding Forward-Looking Statement
Matters discussed in this press release may constitute
forward-looking statements. The Private Securities Litigation Reform
Act of 1995 provides safe harbor protections for forward-looking
statements in order to encourage companies to provide prospective
information about their business. Forward-looking statements include
statements concerning plans, objectives, goals, strategies, future
events or performance, and underlying assumptions and other
statements, which are other than statements of historical facts.
The Company desires to take advantage of the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995 and is
including this cautionary statement in connection with this safe
harbor legislation. The words "believe," "anticipate," "intends,"
"estimate," "forecast," "project," "plan," "potential," "will,"
"may," "should," "expect," "pending" and similar expressions identify
forward-looking statements.
The forward-looking statements in this press release are based upon
various assumptions, many of which are based, in turn, upon further
assumptions, including without limitation, our management's
examination of historical operating trends, data contained in our
records and other data available from third parties. Although we
believe that these assumptions were reasonable when made, because
these assumptions are inherently subject to significant uncertainties
and contingencies which are difficult or impossible to predict and
are beyond our control, we cannot assure you that we will achieve or
accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that,
in our view, could cause actual results to differ materially from
those discussed in the forward-looking statements include the
strength of world economies and currencies, general market
conditions, including fluctuations in charter rates and vessel
values, changes in demand for dry bulk shipping capacity, changes in
our operating expenses, including bunker prices, drydocking and
insurance costs, the market for our vessels, availability of
financing and refinancing, changes in governmental rules and
regulations or actions taken by regulatory authorities, potential
liability from pending or future litigation, general domestic and
international political conditions, potential disruption of shipping
routes due to accidents or political events, vessels breakdowns and
instances of off-hires and other factors. Please see our filings with
the Securities and Exchange Commission for a more complete discussion
of these and other risks and uncertainties.
CONTACT: Paragon Shipping Inc.
Christopher Thomas, Chief Financial Officer
+30 (210) 8914 600
15 Karamanli Ave.
GR 166 73
Voula, Greece
FD
Eric Boyriven
+1(212) 850-5600
