Paragon Shipping Inc. Announces the Sale of a Handymax Vessel and Charter Agreements for Two Container Vessels
News Release
Paragon Shipping Inc.
July 23, 2010
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN">
<HTML><HEAD><TITLE></TITLE>
<META content="text/html; charset=unicode" http-equiv=Content-Type>
<META name=GENERATOR content="MSHTML 8.00.6001.18928"></HEAD>
<BODY>
<DIV><FONT size=3 face=TimesNewRomanPSMT><FONT size=3 face=TimesNewRomanPSMT>
<P align=left>ATHENS, Greece, July 21, 2010 - Paragon Shipping Inc. (NYSE:
PRGN), a global shipping transportation</P>
<P align=left>company specializing in dry cargoes, made today the following
announcements: The Company agreed to sell one of</P>
<P align=left>its 1995 built dry bulk handymax vessels (the CLEAN SEAS) which
will be delivered to her new owners in</P>
<P align=left>September 2010. The Company also announced that it has entered
into a two year time charter contract for each of</P>
<P align=left>the two, newly acquired, container vessels which will be named BOX
TRADER and BOX VOYAGER. The</P>
<P align=left>container vessels have been contracted on a fixed rate period time
charter term of 24 months (plus / minus 45 days)</P>
<P align=left>with CSAV Valparaiso Chile, with delivery dates starting from the
middle of August and through the first week of</P>
<P align=left>September 2010.</P>
<P align=left>Commenting on the sale Michael Bodouroglou, Chairman and Chief
Executive Officer of Paragon Shipping, stated,</P>
<P align=left>“The sale of this 1995 built vessel is in line with our strategy
of offering first-in- class services to our clients by</P>
<P align=left>operating a high quality, modern, fleet while exploiting
opportunities to renew our fleet selling older vessels at very</P>
<P align=left>attractive levels that further strengthen our balance sheet. ”</P>
<P align=left>As for the time charters Mr. Bodouroglou said : “We have
successfully chartered, both of our container vessels on</P>
<P align=left>time charters with favourable terms, that will secure substantial
revenues enhancing our liquidity and earnings</P>
<P align=left>visibility. With the present charter arrangements our fleet’s
fixed revenue days in 2010 and 2011 are 100% and</P>
<P align=left>92%, respectively. This is consistent with our target of
delivering strong financial results by implementing our</P>
<P>Company’s time charter strategy.”</P></FONT></FONT></DIV></BODY></HTML>
<HTML><HEAD><TITLE></TITLE>
<META content="text/html; charset=unicode" http-equiv=Content-Type>
<META name=GENERATOR content="MSHTML 8.00.6001.18928"></HEAD>
<BODY>
<DIV><FONT size=3 face=TimesNewRomanPSMT><FONT size=3 face=TimesNewRomanPSMT>
<P align=left>ATHENS, Greece, July 21, 2010 - Paragon Shipping Inc. (NYSE:
PRGN), a global shipping transportation</P>
<P align=left>company specializing in dry cargoes, made today the following
announcements: The Company agreed to sell one of</P>
<P align=left>its 1995 built dry bulk handymax vessels (the CLEAN SEAS) which
will be delivered to her new owners in</P>
<P align=left>September 2010. The Company also announced that it has entered
into a two year time charter contract for each of</P>
<P align=left>the two, newly acquired, container vessels which will be named BOX
TRADER and BOX VOYAGER. The</P>
<P align=left>container vessels have been contracted on a fixed rate period time
charter term of 24 months (plus / minus 45 days)</P>
<P align=left>with CSAV Valparaiso Chile, with delivery dates starting from the
middle of August and through the first week of</P>
<P align=left>September 2010.</P>
<P align=left>Commenting on the sale Michael Bodouroglou, Chairman and Chief
Executive Officer of Paragon Shipping, stated,</P>
<P align=left>“The sale of this 1995 built vessel is in line with our strategy
of offering first-in- class services to our clients by</P>
<P align=left>operating a high quality, modern, fleet while exploiting
opportunities to renew our fleet selling older vessels at very</P>
<P align=left>attractive levels that further strengthen our balance sheet. ”</P>
<P align=left>As for the time charters Mr. Bodouroglou said : “We have
successfully chartered, both of our container vessels on</P>
<P align=left>time charters with favourable terms, that will secure substantial
revenues enhancing our liquidity and earnings</P>
<P align=left>visibility. With the present charter arrangements our fleet’s
fixed revenue days in 2010 and 2011 are 100% and</P>
<P align=left>92%, respectively. This is consistent with our target of
delivering strong financial results by implementing our</P>
<P>Company’s time charter strategy.”</P></FONT></FONT></DIV></BODY></HTML>