Posted on Wednesday, June 24 2009
ATHENS, Greece, June 23, 2009 - Paragon Shipping Inc. (Nasdaq: PRGN), a global shipping transportation company specializing in drybulk cargoes, announced today amendments to several of its long term time charters.
The Company has entered into a new two year time charter contract for the Deep Seas and has renegotiated the terms to the time charter contract for the Crystal Seas.
The Company has also extended the charter period on the existing charter for the Clean Seas, and has obtained an option, at the Company’s election, to extend the charter for the Pearl Seas.
Details of all of the Company’s current time charters, including current gross daily charter hire rates and charter terms, are set forth in the table below.
Commenting on these recent developments, Michael Bodouroglou, Chairman and Chief Executive Officer of Paragon Shipping, stated, “We are extremely pleased that we have been able to continue our relationship with Morgan Stanley who has agreed to take the Deep Seas on charter for an additional two years after the expiry of the existing two year charter.
The renewal of the charter underlines the quality of service we are providing to our charters and the confidence they have in our operations.
We are also pleased with our negotiations for the extension of the charters on the Pearl Seas and Clean Seas and the renegotiated terms on the Crystal Seas charter.
We believe that the extensions and renegotiations will further strengthen our business relationship with two of the world’s leading charters.”
Related downloads
NEW CHARTER AND EXTENSIONS TO EXISTING CHARTERS:
http://www.paragonship.com/assets/press%20releases/Paragon%20-%20Charter%20Renewal%20Release.pdf
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PRGN website:
http://www.paragonship.com
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