Paragon Shipping Inc said it entered into new charter agreements for two of its panamax vessels, which will boost revenue and result in higher 2010 and 2011 fixed-revenue days.
The company's gross contracted fleet revenue from existing charters would be increased by about $25 million to $325 million, Chief Executive Michael Bodouroglou said in a statement.
The shipping transportation company said its Calm Seas and Coral Seas panamax bulk carriers had been chartered for 23 to 26 months at a gross daily rate of $15,775 per vessel with Intermare Transport GMBH.
The new charters are expected to increase Paragon's fixed-revenue days in 2010 and 2011 to 84 percent and 66 percent, from 72 percent and 49 percent, respectively.
Paragon said the contracts are scheduled to commence between Dec. 2009 and April 2010.Shares of the Athens-based company were up 2 percent at $3.74 in after-market trade. They closed at $3.67 Wednesday on Nasdaq.
The company's gross contracted fleet revenue from existing charters would be increased by about $25 million to $325 million, Chief Executive Michael Bodouroglou said in a statement.
The shipping transportation company said its Calm Seas and Coral Seas panamax bulk carriers had been chartered for 23 to 26 months at a gross daily rate of $15,775 per vessel with Intermare Transport GMBH.
The new charters are expected to increase Paragon's fixed-revenue days in 2010 and 2011 to 84 percent and 66 percent, from 72 percent and 49 percent, respectively.
Paragon said the contracts are scheduled to commence between Dec. 2009 and April 2010.Shares of the Athens-based company were up 2 percent at $3.74 in after-market trade. They closed at $3.67 Wednesday on Nasdaq.