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As for the time charters Mr. Bodouroglou said : “We have successfully chartered, both of our container vessels on time charters with favourable terms, that will secure substantial revenues enhancing our liquidity and earnings visibility. With the present charter arrangements our fleet’s fixed revenue days in 2010 and 2011 are 100% and 92%, respectively. This is consistent with our target of delivering strong financial results by implementing our Company’s time charter strategy.” About Paragon Shipping Inc. Paragon Shipping Inc. is an Athens, Greece-based international shipping company specializing in the transportation of dry cargoes. The Company’s current fleet consists of twelve drybulk vessels with a total carrying capacity of 794,634 dwt. The Company has agreed to acquire three Kamsarmax newbuildings with expected delivery in 2012, four handysize newbuildings to be delivered in 2011 and 2012 and two 3,400 TEU containerships with delivery expected in July and August, 2010, respectively. Paragon Shipping Press Release |
Paragon Shipping Inc. (NYSE: PRGN), a global shipping transportation
company specializing in dry cargoes, made today the following announcements: The Company agreed to sell one of
its 1995 built dry bulk handymax vessels (the CLEAN SEAS) which will be delivered to her new owners in
September 2010. The Company also announced that it has entered into a two year time charter contract for each of
the two, newly acquired, container vessels which will be named BOX TRADER and BOX VOYAGER. The
container vessels have been contracted on a fixed rate period time charter term of 24 months (plus / minus 45 days)
with CSAV Valparaiso Chile, with delivery dates starting from the middle of August and through the first week of
September 2010.