Paragon pays $41m for Irika panamax
Athens-based dry bulk owner Paragon Shipping has clinched a deal to acquire its 12th bulk carrier, a 2009-built panamax, for $41m.
The one-year-old vessel, built by Chinese yard Hudong Zhonghua, is understood to be the 75,151 dwt Iorana, currently operating in the fleet of compatriot Greek company, John Frangos-headed Irika Shipping.
The vessel was acquired charter-free but will become the third of Paragon"s panamaxes to be chartered by Hamburg-based Intermare Transport, part of Toepfer International.
Intermare joined the ranks of the company"s charterers last year with two?year deals for both the the 1999-built Calm Seas and the 2006-built Coral Seas.
The German charterer will take the latest acquisition, to be renamed Dream Seas when Paragon takes delivery in June-July this year, for 35-37 months at a daily rate of $20,000 per day.
Paragon said the three-year deal was expected to contribute gross revenues of $21m.
Chairman and chief executive Michael Bodouroglou said the acquisition offered ?significant benefits? to the New York-listed company, while the charter enabled it to ?realise a significant portion of [its] investment in a short period of time?.
Paragon had sufficient liquidity to double its fleet size and would ?continue to explore the market for other high quality second hand and newbuilding vessels?, Mr Bodouroglou said.
Addition of the Dream Seas will increase forward fixing of the fleet to 100% for 2010, 91% for 2011, 49% for 2012 and 27% for 2013, the company said.