JANUARY 7, 2014 — Dry bulk owner Paragon Shipping Inc. (NASDAQ: PRGN) reports that it has taken delivery of M/V Proud Seas, a 37,227 dwt Handysize vessel, from Zhejiang Ouhua Shipbuilding Co. in China and has entered into an agreement with HSH Nordbank AG to partially finance its first two Ultramax drybulk newbuildings, which are expected to be delivered in the second and third quarters of 2014. For each of the two Ultramax vessels, HSH Nordbank AG has agreed to finance the lower of $17.2 million or 65% of the vessels' market value upon their delivery.
Chairman and CEO, Michael Bodouroglou, stated "We are very pleased to announce the delivery of M/V Proud Seas, which increases our operating fleet size to 14 dry bulk vessels for the first time in the company's history. Including our latest acquisition, the average age of our fleet has improved from 7.9 to 7.3 years. In addition, having secured financing for our first two Ultramax dry bulk newbuildings, we have successfully secured our further fleet expansion to 16 dry bulk vessels by the third quarter of this year."