Paragon Shipping Inc. Reports First Quarter 2009 Results

ATHENS, May 19 /PRNewswire-FirstCall/ -- Paragon Shipping Inc. (Nasdaq:
PRGN), a global shipping transportation company specializing in drybulk
cargoes, announced today its results for the three months ended March 31,
2009.
Commenting on the results, Michael Bodouroglou, Chairman and Chief
Executive Officer of Paragon Shipping, stated, "Paragon Shipping has produced
its most profitable quarterly results since its establishment. Net Income
adjusted for non-cash items, was $14.7 million. These results were delivered
despite continued challenging conditions in the first quarter of 2009. Our
performance was largely driven by the benefits of our balanced chartering
strategy and strong cost management performance. The first quarter also saw
Paragon continue to generate strong cash flow and strengthen its balance
sheet and liquidity position."
Mr. Bodouroglou concluded, "Going forward, Paragon Shipping will continue
to benefit from our established time chartering strategy that provides solid
revenue visibility and stability in an uncertain economic environment.
Consistent with the strategy, Paragon has 98% of its revenue days covered for
2009, 64% for 2010 and 39% for 2011 with some of the world's leading
charterers. Overall, we believe we are well positioned, both operationally
and financially, to operate in the current marketplace and create further
shareholder value."
First Quarter 2009 Financial Results:
Time charter revenue for the first quarter of 2009 was $41.6 million,
compared to $40.5 million for the first quarter of 2008. The Company reported
net income of $19.2 million, or $0.71 per basic and diluted share for the
first quarter of 2009, calculated on 27,077,348 weighted average number of
basic and diluted shares outstanding for the period and reflecting the impact
of the non-cash items discussed below. For the first quarter of 2008, the
Company reported net income of $15.8 million, or $0.60 and $0.59 per basic
and diluted share, respectively, calculated on 26,272,702 weighted average
number of basic shares and on 26,735,470 weighted average number of diluted
shares.
Excluding all non-cash items described below, adjusted net income for the
first quarter of 2009 was $14.7 million, or $0.54 per basic and diluted
share. This compares to adjusted net income of $14.2 million, or $0.54 and
$0.53 per basic and diluted share, respectively, for the first quarter of
2008. Please refer to the table at the back of this press release for
reconciliations of GAAP net income to non-GAAP adjusted net income and GAAP
earnings per share to non-GAAP adjusted earnings per share.
EBITDA was $31.8 million for the first quarter of 2009, compared to $27.1
million for the first quarter of 2008. This was calculated by adding to net
income of $19.2 million for the first quarter of 2009, net interest expense
and depreciation that in the aggregate amounted to $12.6 million for the
first quarter of 2009. Adjusted EBITDA, excluding all non-cash items
described below, was $26.7 million for the first quarter of 2009, compared to
$24.9 million for the first quarter of 2008. Please see the table at the back
of this release for a reconciliation of EBITDA and Adjusted EBITDA to net
income.
The Company operated 12 vessels during the first quarter of 2009, earning
an average time charter equivalent rate or TCE rate, of $37,179 per day,
compared to an average of 11 vessels during the first quarter of 2008,
earning an average time charter equivalent rate of $39,098 per day. Please
see the table at the back of this release for a reconciliation of TCE rates
to time charter revenue.
Total adjusted operating expenses for the first quarter of 2009 were $7.1
million, or approximately $6,567 per day, including vessel operating
expenses, management fees, general and administrative expenses and
dry-docking costs, but excluding $0.2 million of share-based compensation for
the period. For the first quarter of 2008, total adjusted operating expenses
were $6.1 million, or approximately $6,112 per day, including vessel
operating expenses, management fees and general and administrative expenses
and dry-docking costs, but excluding $0.1 million of share-based compensation.
First Quarter 2009 Non-cash Items

The Company's results for the three months ended March 31, 2009 included
the following non-cash items:

- Non-cash revenue of $4.6 million and depreciation expense of $0.7
million associated with below market time charters attached to vessels
acquired, which increases net revenue (amortized over the remaining
period of the time charter) and increases depreciation expense
(amortized over the remaining useful life of the vessel). These
non-cash items contributed an aggregate of $3.9 million to net income,
or $0.14 to basic and diluted earnings per share, for the three months
ended March 31, 2009.

- An unrealized gain from interest rate swaps of $0.7 million, or $0.03
per basic and diluted share, respectively, for the three months ended
March 31, 2009.

- Non-cash expenses of $0.2 million, or $0.01 per basic and diluted
share, relating to the amortization for the three months ended March
31, 2009, of the compensation cost recognized for restricted common
shares issued to executive officers, directors and employees.

In the aggregate, these non-cash items contributed $4.5 million to net
income, or $0.17 to earnings per basic and diluted share, for the three
months ended March 31, 2009.
Dividend Declared
The Company's Board of Directors declared a quarterly dividend of $0.05
per share with respect to the first quarter of 2009, payable on June 9, 2009
to shareholders of record as of May 29, 2009.
Time Charter Coverage Update
Pursuant to its time chartering strategy, Paragon Shipping Inc. employs
vessels under fixed rate charters for periods ranging from one to five years.
The Company has secured under such contracts 98%, 64% and 39% of its fleet
capacity under contract in the remainder of 2009, in 2010 and in 2011,
respectively.
Cash Flows
For the three months ended March 31, 2009, the Company generated net cash
from operating activities of $23.3 million, compared to $17.0 million for the
three months ended March 31, 2008. For the three months ended March 31, 2009,
net cash used in investing activities was $43.0 million and net cash used in
financing activities was $11.7 million. For the three months ended March 31,
2008, net cash from investing activities was $3.0 million and cash used in
financing activities was $1.9 million.
Conference Call and Webcast:
The Company's management will host a conference call to discuss its first
quarter 2009 results on May 20, 2009 at 9:00 a.m. Eastern Time.
Conference Call details:
Participants should dial into the call 10 minutes before the scheduled
time using the following numbers: +1-866-288-9315 (from the US),
+44-800-3769-250 (from the UK), or +30-211-180-2000 (all other callers). The
access code for the call is "909".
A telephonic replay of the conference call will be available for 90 days
by dialing +1-866-288-9317 (from the US), +44-800-901-2906 (from the UK), or
+30-210-94-60-929 (all other callers). The access code for the replay is
"099#".
Slides and audio webcast:
There will also be a live webcast of the conference call and accompanying
slide presentation on the Paragon Shipping Inc. website
(http://www.paragonship.com). Please allow 15 minutes prior to the call to
visit the site and download and install any necessary audio software. The
webcast will be archived on this site for one year.
About Paragon Shipping Inc.
Paragon Shipping Inc. is an Athens, Greece-based international shipping
company specializing in the transportation of drybulk cargoes. The Company's
current fleet consists of twelve vessels with a total carrying capacity of
765,137 dwt.
Cautionary Statement Regarding Forward-Looking Statement
Matters discussed in this press release may constitute forward-looking
statements. The Private Securities Litigation Reform Act of 1995 provides
safe harbor protections for forward-looking statements in order to encourage
companies to provide prospective information about their business.
Forward-looking statements include statements concerning plans, objectives,
goals, strategies, future events or performance, and underlying assumptions
and other statements, which are other than statements of historical facts.
The Company desires to take advantage of the safe harbour provisions of
the Private Securities Litigation Reform Act of 1995 and is including this
cautionary statement in connection with this safe harbor legislation. The
words "believe," "anticipate," "intends," "estimate," "forecast," "project,"
"plan," "potential," "may," "should," "expect," "pending" and similar
expressions identify forward-looking statements.
The forward-looking statements in this press release are based upon
various assumptions, many of which are based, in turn, upon further
assumptions, including without limitation, our management's examination of
historical operating trends, data contained in our records and other data
available from third parties. Although we believe that these assumptions were
reasonable when made, because these assumptions are inherently subject to
significant uncertainties and contingencies which are difficult or impossible
to predict and are beyond our control, we cannot assure you that we will
achieve or accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in
our view, could cause actual results to differ materially from those
discussed in the forward-looking statements include the strength of world
economies and currencies, general market conditions, including fluctuations
in charter rates and vessel values, changes in demand for drybulk shipping
capacity, changes in our operating expenses, including bunker prices,
dry-docking and insurance costs, the market for our vessels, availability of
financing and refinancing, changes in governmental rules and regulations or
actions taken by regulatory authorities, potential liability from pending or
future litigation, general domestic and international political conditions,
potential disruption of shipping routes due to accidents or political events,
vessels breakdowns and instances of off-hires and other factors. Please see
our filings with the Securities and Exchange Commission for a more complete
discussion of these and other risks and uncertainties.
Updated Fleet List

The following table represents our fleet as of May 19, 2009.

Name Type Dwt Year Built
Panamax
Deep Seas Panamax 72,891 1999
Calm Seas Panamax 74,047 1999
Kind Seas Panamax 72,493 1999
Pearl Seas Panamax 74,483 2006
Diamond Seas Panamax 74,274 2001
Coral Seas Panamax 74,477 2006
Golden Seas Panamax 74,475 2006
Total Panamax 7 517,140
Handymax
Blue Seas Handymax 45,654 1995
Clean Seas Handymax 46,640 1995
Crystal Seas Handymax 43,222 1995
Total Handymax 3 135,516
Supramax
Sapphire Seas Supramax 53,702 2005
Friendly Seas Supramax 58,779 2008
Total Supramax 2 112,481
Grand Total 12 765,137

Summary Fleet Data

Quarter Ended Quarter Ended
March 31, 2008 March 31, 2009

FLEET DATA
Average number of vessels (1) 11 12
Available days for fleet (2) 989 1,057

Calendar days for fleet (3) 1,001 1,080
Fleet utilization (4) 99% 98%

AVERAGE DAILY RESULTS
Time charter equivalent (5) 39,098 37,179
Time charter equivalent
Adjusted (5) 31,481 32,846
Vessel operating expenses (6) 4,092 4,913
Dry-docking expenses (7) 112 37
Management fees (8) 764 829
General and administrative
expenses (9) Adjusted 1,144 788
Total vessel operating expenses
(10) Adjusted 6,112 6,567

(1) Average number of vessels is the number of vessels that constituted
our fleet for the relevant period, as measured by the sum of the number of
calendar days each vessel was a part of our fleet during the period divided
by the number of calendar days in the period.
(2) Available days for the fleet are the total calendar days the vessels
were in our possession for the relevant period after subtracting for off hire
days with major repairs, dry-docks or special or intermediate surveys.
(3) Calendar days are the total days we possessed the vessels in our
fleet for the relevant period including off hire days associated with major
repairs, dry-dockings or special or intermediate surveys.
(4) Fleet utilization is the percentage of time that our vessels were
available for revenue generating available days and is determined by dividing
available days by fleet calendar days for the relevant period.
(5) Time charter equivalent or TCE, is a measure of the average daily
revenue performance of a vessel on a per voyage basis. Our method of
calculating TCE is consistent with industry standards and is determined by
dividing revenue generated from charters net of voyage expenses by available
days for the relevant time period. Voyage expenses primarily consist of port,
canal and fuel costs that are unique to a particular voyage. TCE is a
standard shipping industry performance measure used primarily to compare
period-to-period changes in a shipping company's performance despite changes
in the mix of charter types (i.e., spot voyage charters, time charters and
bareboat charters) under which the vessels may be employed between the
periods.
For the time charter equivalent adjusted, other non-cash items relating
to the below market time charters attached to vessels acquired which are
amortized over the remaining period of the time charter as an increase to net
revenue have been excluded. The Company excluded amortization of below market
acquired time charters because the Company believes that these non-cash items
do not reflect fairly the fleet operational results.
(6) Daily vessel operating expenses, which includes crew costs,
provisions, deck and engine stores, lubricating oil, insurance, maintenance
and repairs, is calculated by dividing vessel operating expenses by fleet
calendar days for the relevant time period.
(7) Daily dry-docking expenses is calculated by dividing dry-docking
expenses by fleet calendar days for the relevant time period.
(8) Daily management fees are calculated by dividing management fees by
fleet calendar days for the relevant time period.
(9) Daily general and administrative expenses are calculated by dividing
general and administrative expense by fleet calendar days for the relevant
time period. Non-cash expenses relating to the amortization of the share
based compensation cost for restricted shares have been excluded.
(10) Total vessel operating expenses, or TVOE, is a measurement of our
total expenses associated with operating our vessels. TVOE is the sum of
vessel operating expenses, dry-docking expenses, management fees and general
and administrative expenses. Daily TVOE is calculated by dividing TVOE by
fleet calendar days for the relevant time period. Non-cash expenses relating
to the amortization of the share based compensation cost for restricted
shares have been excluded.
Time Charter Equivalents Reconciliation
(Expressed in United States Dollars)

Quarter Ended Quarter Ended
March 31, 2008 March 31, 2009

Time Charter Revenues 40,454,094 41,598,840
Less Voyage Expenses (51,897) (56,295)
Less Commission (1,733,853) (2,243,951)
Total Revenue, net of voyage expenses 38,668,344 39,298,594

Total available days 989 1,057
Time Charter Equivalent 39,098 37,179
Time Charter Equivalent Adjusted
Reconciliation
Time Charter Revenues 40,454,094 41,598,840
Less Voyage Expenses (51,897) (56,295)
Less Commission (1,733,853) (2,243,951)
Total Revenue, net of voyage expenses 38,668,344 39,298,594
Less Amortization of Below
Market Acquired Time Charters (7,533,493) (4,580,635)
Total Revenue, net of voyage expenses
Adjusted 31,134,851 34,717,959
Total available days 989 1,057
Time Charter Equivalent Adjusted 31,481 32,846

Paragon Shipping Inc.

Condensed Cash Flow Information
(Expressed in United States Dollars)
Quarter Ended Quarter Ended
March 31, 2008 March 31, 2009

Cash and Cash Equivalents,
beginning of year 31,328,637 68,441,752

Provided by (used in):
Operating Activities 17,033,876 23,305,166
Investing Activities 3,000,000 (43,000,000)
Financing Activities (1,949,593) (11,735,020)
Net (decrease) / increase in Cash and
Cash Equivalents 18,084,283 (31,429,854)
Cash and Cash Equivalents, end of period 49,412,920 37,011,898

EBITDA Reconciliation (1)
(Expressed in United States Dollars)

Quarter Ended Quarter Ended
March 31, 2008 March 31, 2009

Net Income 15,764,840 19,184,777
Plus Net Interest expense 3,528,592 4,088,165
Plus Depreciation 7,848,566 8,552,309
EBITDA 27,141,998 31,825,251
Adjusted EBITDA Reconciliation
Net Income 15,764,840 19,184,777
Non-cash revenue and depreciation due to
below market acquired time charters (6,845,232) (3,900,722)
Unrealized loss/(gain) from interest
rate swaps 5,182,783 (726,321)
Non-cash expenses from the amortization of
share based compensation cost recognized 134,416 150,493
Adjusted Net Income 14,236,807 14,708,227
Plus Net Interest expense 3,528,592 4,088,165
Plus Depreciation (2) 7,160,305 7,872,395
Adjusted EBITDA 24,925,704 26,668,787

(1) Paragon Shipping Inc. considers EBITDA to represent net income plus
net interest expense and depreciation and amortization. The Company's
management uses EBITDA as a performance measure. The Company believes that
EBITDA is useful to investors, because the shipping industry is capital
intensive and may involve significant financing costs. EBITDA is not an item
recognized by GAAP and should not be considered as an alternative to net
income, operating income or any other indicator of a Company's operating
performance required by GAAP. The Company's definition of EBITDA may not be
the same as that used by other companies in the shipping or other industries.
The Company excluded non-cash items to derive the adjusted net income and the
adjusted EBITDA because the Company believes that the non-cash items do not
reflect fairly the fleet operational results.
(2) Excludes a portion of depreciation charged on purchase price
adjustment allocated to vessel cost for vessel acquired with below market
charters.
Reconciliation of GAAP Financial Information to Non-GAAP Financial
Information
(Expressed in United States Dollars)

GAAP Financial Information Quarter Ended Quarter Ended
March 31, 2008 March 31, 2009

Net Income 15,764,840 19,184,777
Weighted average number of Class A
common shares basic 26,272,702 27,077,348
Weighted average number of Class A
common shares diluted 26,735,470 27,077,348
Earnings per Class A common shares basic 0.60 0.71
Earnings per Class A common shares diluted 0.59 0.71

Reconciliation of Net Income to
Adjusted Net Income
Net Income 15,764,840 19,184,777
Non-cash revenue and depreciation due
to below market acquired time charters (6,845,232) (3,900,722)
Unrealized loss/(gain) from interest
rate swaps 5,182,783 (726,321)

Non-cash expenses from the amortization of
compensation cost recognized 134,416 150,493

Adjusted Net Income 14,236,807 14,708,227
Weighted average number of common
shares basic 26,272,702 27,077,348
Weighted average number of common
shares diluted 26,735,470 27,077,348
Adjusted earnings per share basic (1) 0.54 0.54
Adjusted earnings per share diluted (1) 0.53 0.54

(1) Adjusted earnings per share is not an item recognized by GAAP and
should not be considered as an alternative to Earnings per share or any other
indicator of a Company's operating performance required by GAAP. The Company
excluded non-cash items to derive at the adjusted net income and the adjusted
earnings per share basic and diluted because the Company believes that these
non-cash items do not reflect fairly the fleet operational results.
Paragon Shipping Inc.
Unaudited Condensed Consolidated Balance Sheets

As of December 31, 2008 and March 31, 2009
(Expressed in United States Dollars)
December 31, 2008 March 31, 2009

Assets
Current assets
Cash and cash equivalents 68,441,752 37,011,898
Restricted cash - 22,450,000
Trade receivables 372,965 919,905
Other receivables 1,209,230 1,186,552
Prepaid expenses 379,140 321,163
Due from management company 985,960 1,502,265
Inventories 885,665 921,776
Total current assets 72,274,712 64,313,559
Fixed assets
Vessels at cost 713,373,186 713,373,186
Less: accumulated depreciation (51,142,696) (59,695,005)
Total fixed assets 662,230,490 653,678,181
Other assets 1,787,988 1,476,705
Restricted cash 6,010,000 26,560,000
Above market acquired time charters 43,304 22,350
Other long-term receivables 74,760 -
Total Assets 742,421,254 746,050,795
Liabilities and Shareholders' Equity
Current liabilities
Trade accounts payable (including balance due
to a related party of $500 and $449,063 as of
December 31, 2008 and March 31, 2009
respectively) 2,538,796 2,477,278
Accrued expenses and dividends payable 4,098,929 6,816,389
Interest rate swaps 6,407,751 6,672,472
Deferred income 3,024,423 3,262,490
Current portion of long-term debt 53,150,000 52,350,000
Total current liabilities 69,219,899 71,578,629
Long-Term Liabilities
Long-term debt 334,335,000 323,560,000
Deferred income 703,863 365,840
Interest rate swaps 5,247,391 4,256,349
Below market acquired time charters 24,483,822 19,882,234
Total long-term liabilities 364,770,076 348,064,423
Total Liabilities 433,989,975 419,643,052
Commitments and Contingencies
Shareholders' equity
Preferred shares, $0.001 par value;
25,000,000 authorized, none issued, none
outstanding at December 31, 2008 and
March 31, 2009 - -
Class A common shares, $0.001 par value;
120,000,000 authorized 27,138,515 issued and
outstanding at December 31, 2008 and 27,179,115
issued and outstanding at March 31, 2009 27,139 27,180
Class B common shares, $0.001 par value;
5,000,000 authorized, none issued and outstanding
at December 31, 2008 and March 31, 2009 - -
Additional paid-in capital 318,515,490 318,665,942
Accumulated (deficit)/earnings (10,111,350) 7,714,621
Total shareholders' equity 308,431,279 326,407,743
Total Liabilities and Shareholders' Equity 742,421,254 746,050,795

Paragon Shipping Inc.
Unaudited Condensed Consolidated Statement of Income
For the three months ended March 31, 2008 and 2009
(Expressed in United States Dollars)
Three Months Ended Three Months Ended
March 31, 2008 March 31, 2009
Revenue
Time charter revenue (including
amortization of below and above market
acquired time charters of $7,533,493
and $4,580,635 for the three months
ended March 31, 2008 and 2009,
respectively) 40,454,094 41,598,840
Less: commissions 1,733,853 2,243,951
Net Revenue 38,720,241 39,354,889
Expenses
Voyage expenses 51,897 56,295
Vessels operating expenses
(including expenses charged by a related
party of $18,240 and $48,200 for
the three months ended March 31, 2008
and 2009, respectively) 4,095,654 5,305,995
Dry-docking expenses 112,522 39,664
Management fees charged by a related party 764,764 895,640
Depreciation 7,848,566 8,552,309
General and administrative expenses
(including share based compensation of
$134,416 and $150,493 for the three
months ended March 31, 2008 and 2009,
respectively) 1,279,271 1,001,440
Operating Income 24,567,567 23,503,546

Other Income/(Expenses)
Interest and finance costs (4,088,598) (4,308,367)
Loss on interest rate swaps (5,182,783) (292,930)
Interest income 560,006 220,202
Foreign currency (loss)/gain (91,352) 62,326
Total Other Expenses, net (8,802,727) (4,318,769)
Net Income 15,764,840 19,184,777

Earnings per Class A common share, basic $ 0.60 $ 0.71
Earnings per Class A common share, diluted $ 0.59 $ 0.71
Weighted average number of Class A common
shares, basic 26,272,702 27,077,348
Weighted average number of Class A common
shares, diluted 26,735,470 27,077,348

Paragon Shipping Inc.
Unaudited Condensed Consolidated Statement of Shareholders' Equity
For the three months ended March 31, 2009
(Expressed in United States Dollars, except for number of shares)

Class A Shares
Additional Accumulated Total
Number of Par Paid-in (Deficit)/
Shares Value Capital Earnings
Balance
January 1, 2009 27,138,515 27,139 318,515,490 (10,111,350) 308,431,279
Issuance of Class A
common shares and
share based
compensation 40,600 41 150,452 150,493
Dividends declared
(0.05 per share) (1,358,806) (1,358,806)
Net Income 19,184,777 19,184,777
Balance
March 31, 2009 27,179,115 27,180 318,665,942 7,714,621 326,407,743

Paragon Shipping Inc.
Unaudited Condensed Consolidated Statement of Cash Flows
For the three months ended March 31, 2008 and 2009
(Expressed in United States Dollars)

Three Months Ended Three Months Ended
March 31, 2008 March 31, 2009

Cash flows from operating activities
Net Income 15,764,840 19,184,777
Adjustments to reconcile net income
to net cash provided by operating
activities
Depreciation 7,848,566 8,552,309
Amortization of below and above
market acquired time charters (7,533,493) (4,580,635)
Amortization of financing costs 117,474 501,201
Share based compensation 134,416 150,493
Unrealized loss/(gain) on interest
rate swaps 5,182,783 (726,321)
Changes in assets and liabilities
Decrease/(Increase) in trade receivables 138,965 (546,940)
(Increase)/Decrease in other receivables (246,738) 22,678
Decrease in prepaid expenses 653,741 57,977
Decrease/(Increase) in inventories 18,405 (36,111)
Increase in due from management company (681,826) (516,305)
(Increase)/Decrease in other long term
receivables (457,103) 74,760
Increase/(Decrease) in trade accounts
payable 122,411 (61,518)
(Decrease)/Increase in accrued expenses (2,962,723) 1,328,757
Decrease in due to management company (1,642,805) -
Increase/(Decrease) in deferred income 576,963 (99,956)
Net cash from operating activities 17,033,876 23,305,166
Cash flow from Investing Activities
Repayment of restricted cash 3,000,000 -
Increase in restricted cash - (43,000,000)
Net cash from (used in) investing
activities 3,000,000 (43,000,000)
Cash flows from financing activities
Proceeds from long-term debt - 30,000,000
Repayment of long-term debt (2,250,000) (41,575,000)
Payment of financing costs (47,923) (160,020)
Proceeds from the issuance of Class A
common shares from the exercise of
warrants and options 11,921,290 -
Dividends paid (11,572,960) -
Net cash used in financing activities (1,949,593) (11,735,020)
Net Increase/(Decrease) in cash and cash
equivalents 18,084,283 (31,429,854)
Cash and cash equivalents at the beginning
of the period 31,328,637 68,441,752
Cash and cash equivalents at the end of
the period 49,412,920 37,011,898
Supplemental disclosure of cash flow
information
Cash paid during the period for interest 4,259,341 1,991,608

Contacts:

Christopher Thomas
Chief Financial Officer
Paragon Shipping Inc.
15 Karamanli Ave.
GR 166 73
Voula, Greece
Tel: +30-210-8914 600

Eric Boyriven, Alexandra Tramont
FD
Tel: +1-212-850-5600

SOURCE Paragon Shipping Inc

Contacts: Christopher Thomas, Chief Financial Officer, Paragon Shipping Inc.
15 Karamanli Ave., GR 166 73, Voula, Greece, Tel: +30-210-8914-600. Eric
Boyriven, Alexandra Tramont, FD, Tel: +1-212-850-5600