Paragon Shipping Easing From Red to Black in Q2 2013

Greece's drybuld cargo shipping specialistsm Paragon Shipping Inc. ,announce its results for the second quarter and six months ended June 30, 2013.

Gross charter revenue for the second quarter of 2013 was $14.7 million, compared to $12.7 million for the second quarter of 2012. Excluding all non-cash items described below, the adjusted net loss for the second quarter of 2013 was $0.1 million, or $0.01 per basic and diluted share, compared to adjusted net income of $0.5 million, or $0.08 per basic and diluted share, for the second quarter of 2012.

Management Commentary
Commenting on the results, Michael Bodouroglou, Chairman and Chief Executive Officer of Paragon Shipping, stated, "We are pleased to announce our results for the quarter and six months ended June 30, 2013. For the second quarter of 2013, the Company's net results were once again positive, compared to the net loss of $3.5 million that we reported in the first quarter of 2013. Our EBITDA for the quarter was $6.2 million, while on average we operated 13.0 vessels with a utilization rate, after excluding scheduled dry-dockings, of 100%."

Mr. Bodouroglou continued, "As per our financing update, we successfully secured the financing of our outstanding newbuilding program by signing, subject to certain contingencies and conditions, a new credit facility of up to $69.0 million with China Development Bank to partially finance our two 4,800 TEU containerships currently under construction, and by amending our syndicated secured loan facility led by Nordea in order to remove any restrictions from drawing down the loan."

Mr. Bodouroglou concluded, "Although the drybulk shipping market continues to be challenging, sentiment has already started to improve. We believe we have positioned the Company to take advantage of any upside opportunities that may arise in the forthcoming future."