Paragon Shipping Inc (PRGNF)

[war_eagle]

Paragon Shipping Inc. Announces New Three Year Charter Agreement for Diamond Seas With Bunge S.A.

Press Release
Source: Paragon Shipping Inc
On 4:05 pm EDT, Wednesday October 21, 2009

ATHENS, Greece, October 21 /PRNewswire-FirstCall/ -- Paragon Shipping Inc. (Nasdaq: PRGN - News), a global shipping transportation company specializing in drybulk cargoes, announced today that it has entered into a new three year time charter contract for the Diamond Seas. The vessel has been forward fixed on period time charter for 23 to 25 months at a gross daily rate of $16,250 with Bunge S.A., who also has the option to charter the vessel for a further 11 to 13 months at a gross daily rate of $18,500 during the option period.

Commenting on these developments Michael Bodouroglou, Chairman and Chief Executive Officer of Paragon Shipping, stated, "We are pleased to announce this new chartering agreement with Bunge. Not only have we secured a lucrative time charter during these challenging times, but we have done so with one of the world's leading chartering companies. This contract is scheduled to commence between April and July 2010 immediately after the expiration of the present charter, thus allowing us to forward fix our revenue stream."

Mr. Bodouroglou concluded, "This new charter arrangement will increase our fixed revenue days in 2010 and 2011 from 92% and 72% to 96% and 81%, respectively. This is fully in line with our strategic objective of providing our shareholders with solid and visible earnings. We only have one vessel scheduled to come off charter during 2010, the supramax bulkcarrier Sapphire Seas, which we are actively marketing for charter now."

http://finance.yahoo.com/news/Paragon-Shipping-Inc-prnews-120940160.html?x=0&.v=57