Paragon Shipping Inc. is an international shipping company specializing in the transportation of drybulk cargoes. Our vessels are able to trade worldwide in a multitude of trade routes carrying a wide range of cargoes covering a number of industries. Our fleet carrying capacity totals 816,472 deadweight tons. Following the delivery of the drybulk and containership newbuildings, our drybulk and container fleet carrying capacity will increase to approximately 853,672 deadweight tons and 9,600 TEU respectively. We are focused on maximizing shareholder value by maximizing returns on our investments while at the same time ensuring our vessels adhere to the highest safety and environmental standards.
We are a Marshall Islands registered company that was formed in April 2006.Our business strategy is focused on building and maintaining enduring relationships with charterers and providing reliable seaborne transportation services at competitive cost. We seek to create shareholder value by acquiring and operating drybulk vessels and employing them in a combination of "spot charter", and "period time charter" contracts. Mr. Michael Bodouroglou, our Chief Executive Officer, has been active in shipping since 1976 and formed the Company's related technical and commercial ship-management company, Allseas Marine S.A. in 2000. Allseas has established a reputation in the international shipping industry for operating and maintaining a fleet with high standards of performance, reliability and safety. (Please visit the website for Allseas Marine S.A. at www.allseas.gr). Paragon Shipping Inc. is fully committed to promoting openness, ethical conduct and integrity in all its dealings and has developed a 'code of business ethics and conduct' establishing rules and standards regarding behavior and performance.
Our executive offices are located in Voula, Athens, Greece. The company is listed on the NASDAQ Global Market and trades under the symbol "PRGN".
We operate a fleet of modern and cost efficient drybulk vessels servicing ports and customers around the globe. Our remaining newbuilding program consists of one Handysize drybulk carrier with expected delivery within 2013, and two 4,800-TEU containerships with expected deliveries within 2014. Our goal is to continue to grow our fleet size over time, to take advantage of the opportunities in our markets and meet our customers’ needs.
Our long term fleet deployment strategy is designed to balance the stability of medium to long-term charter contracts with the opportunities presented to the Company in the spot market. We believe that this strategy offers better opportunities and greater transparency of earnings. From time to time our management may adjust our fleet deployment strategy according to the prevailing and expected drybulk shipping charter market conditions.
Our vessels trade worldwide in a multitude of trade routes carrying a wide range of cargoes for a number of industries. Our Panamax drybulk carriers carry predominantly coal and iron ore for energy and steel production as well as agricultural products for food and feedstocks. Our Supramax drybulk carriers carry predominantly iron ore, steel products, fertilizers, minerals, forest products, agricultural products, bauxite, alumina, cement and other construction materials. These raw materials and products are used as production inputs in a number of industries. We transport these various cargoes on several geographical routes.
"To provide a world class shipping service, meeting the individual requirements of our Clients, while adding value and sustaining growth on behalf of the shareholders and operating safely and efficiently with regard to employees and the environment."