Paragon Shipping Inc., yesterday announced that it has entered into a fixed rate time charter agreement for its vessel, the M/V Friendly Seas, with Western Bulk Carriers AS.
The M/V Friendly Seas, a 2008 built 58,779 dwt Supramax bulkcarrier, has been fixed to Western Bulk Carriers for a period of 18 to 24 months at a gross daily rate of $10,700. As a result, the Company’s fixed revenue days now stand at 94% in 2012, at 73% in 2013 and at 35% in 2014 based on latest redelivery dates. The new time charter contract is anticipated to contribute a minimum of about $5.7 million of gross revenues to the Company.
