Paragon Shipping has posted a fourth quarter loss of $10.2m pushing it to a full year loss of $51.8m figures. The latest results for the Michael Bodouroglou-led shipowner compare with the year ago figures of $5.9m and $16.9m respectively. Revenue for the quarter fell 16.4% to $11.6m as the time charter equivalent (TCE) rate of Paragon’s fleet shrank over 30% to $8,187 per day. However, the TCE rate was 25% higher than the average daily TCE rate of $6,570 reported for the third quarter. On the plus side Paragon said it was able to lower its full year average adjusted total vessel operating expenses by 8.2% to $7,244 per vessel per day. Paragon said it has currently secured debt financing of up to $78m, in the aggregate, for four of its five newbuildings.
