Zhejiang Ouhua Shipbuilding Precious Seas

Zhejiang Ouhua Shipbuilding Delivers New Bulker to Paragon

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June 19, 2012

Precious Seas, image: Zhejiang Ouhua Shipbuilding

Greek shipowner, Paragon Shipping Inc. (NYSE: PRGN), announced today that it has taken delivery of the M/V Precious Seas, a 37,205 dwt Handysize vessel, from Chinese shipbuilder, Zhejiang Ouhua Shipbuilding Co.

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, Cargill has 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 Paragon.

Based on the latest redelivery dates, the Paragon’s contracted revenue days currently stand at 94% in 2012, at 68% in 2013 and at 35% in 2014.

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