Paragon Shipping Inc. Announces the Sale of a Handymax Vessel
(firmenpresse) - ATHENS, GREECE -- (Marketwire) -- 10/17/11 -- Paragon Shipping Inc. (NYSE: PRGN), a global shipping transportation company specializing in dry cargoes, agreed to sell to an unaffiliated third party its 1995-built drybulk handymax vessel, of 43,222 dwt, M/V CRYSTAL SEAS, for a gross price of $14 million. The vessel is scheduled to be delivered to her new owners by no later than the end of November 2011.
Commenting on the sale, Michael Bodouroglou, Chairman and Chief Executive Officer of Paragon Shipping, stated, "The sale of the 1995-built M/V Crystal Seas is in line with our strategy of renewing our fleet aimed at providing our customers with modern vessels. With the conclusion of this sale, the average age of our fleet will be reduced from 8.3 years to 7.6 years, and this number will continue to decline further over the next year as we take delivery of our four handysize newbuildings in 2012. In addition, we are in discussions with charterers to enter into new period employment for our vessels that have charters expiring during the fourth quarter, as freight markets continue to improve."
Paragon Shipping Inc. is an Athens, Greece-based international shipping company. The Company's current fleet consists of eleven drybulk vessels with a total carrying capacity of 747,994 dwt.
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor 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," "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 drybulk shipping capacity, changes in our operating expenses, including bunker prices, drydocking and insurance costs, the market for our vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption 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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Datum: 17.10.2011 - 14:05 Uhr
Sprache: Deutsch
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