New York-quoted Greek bulker operator Paragon Shipping reported a net loss of $9.6m for the three months to 30 June.
Excluding asset sales, interest rate swaps and other one-off items the result amounted to a deficit of $5.6m or $0.23 in lost earnings per share, which is three cents lower than the Wall Street consensus estimate. Greek bulker operator Paragon Shipping CEO Michael Bodouroglou blamed the red ink on freight rates that were weaker than the operator had anticipated.
Greek bulker operator Paragon Shipping CEO Bodouroglou pointed out that panamaxes trading in certain corners of the spot market earned $6,304 per day during the period.
The overall decline in the shipping market rates had a direct impact on Greek bulker operator Paragon Shipping second quarter results. Greek bulker operator Paragon Shipping
will take advantage of what he described as “investment opportunities” while preserving a “modest leverage profile”.
CEO argued that this strategy should set the stage for the reinstitution of a dividend at some point down the road provided the dry-bulk market rebound in the months ahead.