Greece-based Paragon Shipping Inc., the international shipping transportation company specialising in drybulk cargoes, has entered into new two year time charter contracts for the CALM SEAS and the CORAL SEAS.
Both vessels have been forward fixed on period time charters for 23 to 26 months at a gross daily rate of $15,775 per vessel with Intermare Transport GmbH.
Commenting on the announcement, Michael Bodouroglou, chairman and CEO of Paragon Shipping, said, "We are pleased to announce the new chartering agreements for the Calm Seas and Coral Seas, two panamax bulkcarriers, on terms that we believe are competitive in the current environment and provide us with significant cash flow visibility going forward.
"These contracts are scheduled to commence between December 2009 and April 2010, allowing us to forward fix our revenue stream. Furthermore, the addition of Intermare Transport GMBH, an established international charterer, will further diversify our list of prominent charterers."
"These new charter arrangements will increase our fixed revenue days in 2010 and 2011 from 72% and 49% to 84% and 66%, respectively, providing us with significant stability in a potentially uncertain time in our markets," Bodouroglou said.
"Furthermore, we shall increase our gross contracted fleet revenue from our existing charters by approximately $25M to $325M."
Paragon Shipping's current fleet consists of twelve vessels with a total carrying capacity of 765,137 dwt.
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