Paragon Shipping Announces Delivery Of Handysize Newbuilding Vessel
Paragon Shipping Inc. (NYSE: PRGN), announced today that it has taken delivery of the M/V Prosperous Seas, a 37,293 dwt Handysize vessel, from the Zhejiang Ouhua Shipbuilding Co in China.
The vessel has been chartered out to Cargill International S.A. for a period of 23 to 26 months at a gross daily rate of $12,125. In addition, the Charterers have the option to extend the charter period for an additional 11 to 14 months at a gross daily rate of $15,500. As a result, the Company's contracted revenue days now stand at 92% in 2012, at 68% in 2013 and at 35% in 2014 based on the latest redelivery dates. The new time charter contract is anticipated to contribute a minimum of about $8.5 million of gross revenues to the Company.
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