Paragon Shipping Announces New Employment for a Panamax Bulkcarrier

Paragon Shipping Inc. PRGN announced today that it has entered into a fixed rate time charter agreement for its Vessel, M/V Calm Seas, with Intermare Transport GMBH. The M/V Calm Seas, a 1999 build, 74,047 dwt Panamax bulkcarrier, has been fixed to Intermare for a period of 19 to 24 months at a gross daily rate of $11,800. As a result, the Company's fixed revenue days have now increased to 94% from 89% in 2012, to 73% from 66% in 2013 and to 38% from 37% in 2014 based on latest redelivery dates. The new time charter contract is anticipated to contribute approximately $6.8 million of gross revenues to the Company.