Posted on Wednesday, July 21 2010
ATHENS, Greece, July 21, 2010 - Paragon Shipping Inc. (NYSE: PRGN), a global shipping transportation company specializing in dry cargoes, agreed to sell one of its 1995 built dry bulk handymax vessels (the CLEAN SEAS). The Company also announced that it has entered into a two year time charter contract for each of the two, newly acquired, container vessels which will be named BOX TRADER and BOX VOYAGER. The container vessels have been contracted on a fixed rate period time charter term of 24 months (plus / minus 45 days) with CSAV Valparaiso Chile, with delivery dates starting from the middle of August and through the first week of September 2010.