Paragon Shipping Inc., a global shipping transportation company specializing in drybulk cargoes, 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.
Commenting on these developments Michael Bodouroglou, Chairman and Chief Executive Officer of Paragon Shipping , stated, “We are 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.”
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World Maritime News Staff, January 17, 2012