UPDATE: Cantor Fitzgerald Downgrades Paragon Shipping to Sell
Cantor Fitzgerald downgrades Paragon Shipping (NYSE: PRGN) to Sell from Buy and lowers its price target to $0.30 from $1 as the company loses major charter from counterparty failure.
Cantor Fitzgerald says, "Yesterday, after market close, Paragon announced that it has sought to end the charter for the "Friendly Seas," a 2008-built Supramax vessel, as the charterer has failed to make a payment since January 5th and has also failed to provide voyage instructions. The charter was at $33,750 per vessel/day for another 27 months, well above the current market, so this is a major negative development for the company."
PRGN closed at $0.64 a share on Monday.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.