Paragon Shipping Enters New Time Charters

Paragon Shipping Inc., a shipping transportation company specializing in drybulk cargoes, announced that it has entered into fixed rate time charter agreements for two of its 37,200 dwt, Handysize newbuildings with Cargill International S.A. Both vessels have been fixed for a period of two years at a gross daily rate of $12,125 commencing upon their delivery to the company, which is expected to take place in the first quarter of 2012. In addition, the charterers have an option to extend the charter period for an additional year at a gross daily rate of $15,500.

Paragon also announced that it has entered into a three year time charter agreement for the M/V Deep Seas, a 1999 build, 72,891 dwt Panamax bulkcarrier, with Morgan Stanley Capital Group Inc. at a gross daily rate of $11,000, plus 50% profit sharing based on the BPI Index commencing when its current time charter agreement expires in September, 2011. Furthermore, the charterers have an option to extend the charter period for an additional year at a gross daily rate of $14,000.