Paragon Shipping Announces Delivery Of Its Second Handysize Newbuilding Vessel

Loading...
Loading...
Paragon Shipping Inc.
PRGN
announced today that it has taken delivery of the M/V Precious Seas, a 37,205 dwt Handysize vessel, from the Zhejiang Ouhua Shipbuilding Co. in China. The vessel has been chartered out to Cargill International S.A. (the "Charterers") 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. The new time charter contract is anticipated to contribute a minimum of about $8.5 million of gross revenues to the Company. Based on the latest redelivery dates, the Company's contracted revenue days currently stand at 94% in 2012, at 68% in 2013 and at 35% in 2014.
Posted In: NewsContracts
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...