Wednesday, November 11, 2009

Paragon Shipping 3Q Figures Better Than Expected

Company Results Compare To Last Year
Shipping News Feature

GREECE - Paragon Shipping Inc., a Greek-based global shipping concern that specialises in drybulk cargoes, announced today in its results for the third quarter ending in September that the company had performed surprisingly well considering the economic hardships besetting the sector.

Commenting on the results, Michael Bodouroglou, Chairman and Chief Executive Officer of Paragon Shipping, stated: “Once again, Paragon has delivered a strong set of financial results against a backdrop of global economic uncertainty.

“For the three months ended September 30, 2009, we generated financial results similar to those achieved a year ago during a period of strong market conditions and for the nine months ended September 30, 2009, our adjusted net income increased by 10% while adjusted EBITDA improved by over $4.5 million compared to the corresponding period during 2008.

“Our performance is a testament to our strategy and execution during a very challenging time in the market place.”

The company achieved these results through a combination of cost-cuts and increased fleet utilisation, the latter of which went up from 96% in the 3Q, 2008 to 99% this quarter. Mr. Bodouroglou added that: “We believe that we remain well positioned for current conditions in the market. While we expect 2010 to be another challenging year for drybulk shipping, by fixing 100% of our revenue days in 2010, 90% in 2011 and 45% in 2012, our chartering strategy provides us with substantial visibility into both our revenue and cash flow going forward.

“This gives us the confidence to strategically invest in the growth of our business as the right opportunities present themselves.”