Paragon enters into time charter agreements for panamax vessel
Paragon Shipping (PRGN) has entered into fixed rate time charter agreement with Intermare Transport for its panamax vessel, m/v Calm Seas.
The 1999 build 74,047 dwt panamax vessel, has been fixed for a period of 19 to 24 months at a gross daily rate of $11,800.
As a result of the charterer, 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 company said that the new time charter contract is expected to contribute $6.8 million of gross revenues.
Paragon Shipping chairman and CEO Michael Bodouroglou said the company is pleased to announce this new chartering agreement with a respected charterer in the industry.
"The new agreement was concluded at a competitive rate and increases our charter coverage at these challenging times," Bodouroglou said.
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