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BULK - Paragon Shipping (PRGN) Q1/09 rapport

11636 fcras 20/5 2009 12:10

Posted on Wednesday, May 20 2009

ATHENS, Greece, May 19, 2009 - Paragon Shipping Inc. (Nasdaq: PRGN), a global shipping transportation company specializing in drybulk cargoes, announced today its results for the three months ended March 31, 2009.

Commenting on the results, Michael Bodouroglou, Chairman and Chief Executive Officer of Paragon Shipping, stated, “Paragon Shipping has produced its most profitable quarterly results since its establishment.

Net Income adjusted for non-cash items, was $14.7 million.

These results were delivered despite continued challenging conditions in the first quarter of 2009.

Our performance was largely driven by the benefits of our balanced chartering strategy and strong cost management performance.

The first quarter also saw Paragon continue to generate strong cash flow and strengthen its balance sheet and liquidity position.”

Mr. Bodouroglou concluded, “Going forward, we believe Paragon Shipping will continue to benefit from our established time chartering strategy that provides solid revenue visibility and stability in an uncertain economic environment.

Consistent with the strategy, Paragon has 98% of its revenue days covered for 2009, 64% for 2010 and 39% for 2011 with some of the world’s leading charterers.

Overall, we believe we are well positioned, both operationally and financially, to operate in the current marketplace and create further shareholder value.”

Hele rapporten:


PRGN website >

20/5 2009 12:12 akademikeren 011637

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