Paragon Shipping Inc. announced it has entered into agreements with unaffiliated third parties to acquire two, 2006-built Panamax drybulk carriers.
The first vessel, to be named "Coral Seas", has a capacity of 74,477 dwt and will be purchased with the benefit of a timecharter attached at $54,000 per day for a period of 23 to 25 months. The second vessel, to be named "Golden Seas", has a capacity of 74,475 dwt and a timecharter attached at $64,000 per day for a period of 11 to 13 months. Both vessels will be delivered between November and December 2007 and immediately delivered into their respective timecharters. The aggregate purchase price of the vessels is $178 million. With the addition of these two vessels, the Company's fleet will consist of seven Panamax drybulk carriers, three Handymax drybulk carriers and one Supramax drybulk carrier, with an aggregate capacity of approximately 706,358 dwt.
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