Paragon Shipping has managed to cut its losses in the third quarter despite 23% decline in net revenues. Michael Bodouroglou-led shipowner lost just over $6m in the quarter against.
Paragon Shipping’s fleet achieved a time charter equivalent (TCE) rate of $6,570 per ship, per day.
Michael Bodouroglou said
“During the third quarter, the Baltic Dry Index continued to be weaker year-over-year. More specifically, panamax charter rates averaged $5,865 per day during the quarter, compared to an average of $8,926 for the same period in 2013. Despite the ongoing weakness, we continue to outperform the market with an average TCE rate of $6,570 for the third quarter, which was 12% above the market, but 29.2% below the $9,274 we reported for the same period in 2013.”
Paragon Shipping take delivery of two ultramaxes, which increased the fleet to 16 ships.
Michael Bodouroglou said
“These modern eco-design vessels are a part of our fleet renewal program and will significantly improve our market position with our charterers,”
Dry Bulk Shipping News - Shipbroker Notes