Paragon Shipping Inc. Takes Delivery of Its Ninth Vessel.ATHENS, Greece -- Paragon Shipping Inc. (Nasdaq: PRGN) announced today that it has taken delivery of the third of the three drybulk carriers that it had contracted to acquire using the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of its recent public offering together with bank borrowings. With the addition of this vessel, the Company's fleet consists of five Panamax drybulk carriers, three Handymax drybulk carriers and one Supramax drybulk carrier, with an aggregate capacity of approximately 557,196 deadweight tons. The Company took delivery on September 17, 2007 of the Diamond Seas, a 74,274 dwt Panamax drybulk carrier built in 2001. The Diamond Seas has been chartered to Vespucci Marine C.V. pursuant to a time charter with a remaining period of approximately 32 to 34 months at the charterer's option, at an initial rate of $27,500 per day, gross of commissions. The charter commenced immediately upon the delivery of the vessel to the Company. Michael Bodouroglou, Chairman and Chief Executive Officer of Paragon, commented, "We are pleased to add our ninth drybulk carrier to the fleet. With this acquisition, we have successfully acquired the three vessels targeted in our recent public offering and have locked in an additional cash flow stream that will support our business growth and dividend payment strategy in the coming years. The outlook for drybulk shipping remains strong and we will continue to seek to leverage these conditions by executing on our strategy to develop a diversified diversified (di·verˑ·s drybulk fleet with a balanced charter profile." About Paragon Shipping Inc. Paragon Shipping Inc. is an Athens, Greece-based international shipping company specializing in the transportation of drybulk cargoes. The Company's current fleet consists of nine vessels with a total carrying capacity carrying capacity the number of animal units that a farm or area will carry on a year round basis, including that needed for conservation of winter feed. Usually stated as dry cows or dry sheep equivalents per hectare. of 557,196 deadweight tons. For further information, please visit the Company's website at www.paragonship.com. Cautionary Statement Regarding Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 provides safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "will," "may," "should," "expect," "pending" and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for dry bulk shipping capacity, changes in our operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. , including bunker bunk, bunker large storage bin. bunk forage forage, usually ensilage stored in a large storage bunk and made available to cattle or other livestock along a face of the storage. prices, drydocking and insurance costs, the market for our vessels, availability of financing and refinancing Refinancing An extension and/or increase in amount of existing debt. , changes in governmental rules and regulations or actions taken by regulatory authorities Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities , potential liability from pending or future litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , general domestic and international political conditions, potential disruption disruption /dis·rup·tion/ (dis-rup´shun) a morphologic defect resulting from the extrinsic breakdown of, or interference with, a developmental process. of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. |
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