Paragon Shipping Inc., a global shipping transportation company specializing in drybulk cargoes, announced yesterday its results for the second quarter and six months ended June 30, 2009. Commenting on the results, Michael Bodouroglou,

Chairman and Chief
Executive Officer of Paragon Shipping, stated,

“We are pleased to
announce another profitable quarter for Paragon with our strongest
quarterly operating performance to date. This has been achieved through
our significant charter coverage and disciplined approach to cost
controls. On an adjusted basis, Paragon’s financial performance during
the second quarter of 2009 beat our 2008 second quarter results. Our
fleet average timecharter income was higher, our daily expenses were
lower and, as a consequence, our EBITDA was higher. As we previously
announced, during the quarter we took advantage of the strengthening
charter market by fixing the ‘Calm Seas’ and ‘Coral Seas’ on new
two-year time charters. These new charter arrangements will increase
our contractually fixed revenue days in 2010 and 2011 to 84% and 66%,
respectively, providing us with significant stability in a potentially
uncertain time in our markets. Gross contracted fleet revenue from our
existing charters is approximately $323 million.”

Mr. Bodouroglou concluded, “In addition, in August, we contracted to
sell one of our oldest vessels, the 1995 built handymax bulkcarrier
‘Blue Seas,’ which is scheduled to be delivered to the buyers between
September and December 2009. The vessel will be redelivered from the
current charter in the fourth quarter of this year and therefore, we
have taken the decision to sell the vessel at what we believe to be an
opportune time of relative strength in asset values. Finally, I am
pleased to announce that we will again pay a quarterly dividend to
shareholders of $0.05 per share.”

Second Quarter 2009 Financial Results:

Time charter revenue for the second quarter of 2009 was $42.3 million,
compared to $40.6 million for the second quarter of 2008. The Company
reported net income of $15.8 million, or $0.48 per basic and diluted
share, for the second quarter of 2009, calculated on 32,816,789
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 second quarter of 2008, the Company reported net income of
$24.6 million, or $0.91 per basic and diluted share, calculated on
26,927,648 weighted average number of basic shares and on 27,155,816
weighted average number of diluted shares.

Excluding all non-cash items described below, adjusted net income for
the second quarter of 2009 was $16.6 million, or $0.50 and $0.51 per
basic and diluted share, respectively. This compares to adjusted net
income of $13.4 million, or $0.49 per basic and diluted share, for the
second 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 $27.2 million for the second quarter of 2009, compared to
$35.6 million for the second quarter of 2008. This was calculated by
adding to net income of $15.8 million for the second quarter of 2009,
net interest expense and depreciation that in the aggregate amounted to
$11.4 million for the second quarter of 2009. Adjusted EBITDA,
excluding all non-cash items described below, was $27.3 million for the
second quarter of 2009, compared to $23.7 million for the second
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 second quarter of 2009,
earning an average time charter equivalent rate, or TCE rate, of
$36,833 per day, compared to an average of 11 vessels during the second
quarter of 2008, earning an average time charter equivalent rate of
$39,027 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 second quarter of 2009 were
$6.6 million, or approximately $6,005 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 second quarter of
2008, total adjusted operating expenses were $7.8 million, or
approximately $7,764 per day, including vessel operating expenses,
management fees and general and administrative expenses and drydocking
costs, but excluding $0.1 million of share-based compensation.

Dividend Declared

The Company’s Board of Directors declared a quarterly dividend of $0.05
per share with respect to the second quarter of 2009, payable on
September 7, 2009 to shareholders of record as of the close of business
on August 25, 2009.

Time Charter Coverage Update

Pursuant to its time chartering strategy, Paragon Shipping Inc. mainly
employs vessels under fixed rate charters for periods ranging from one
to five years. The Company has secured under such contracts 98%, 84%
and 66% of its fleet capacity in the remainder of 2009, in 2010 and in
2011, respectively.

Cash Flows

For the six months ended June 30, 2009, the Company generated net cash
from operating activities of $43.5 million, compared to $39.4 million
for the six months ended June 30, 2008. For the six months ended June
30, 2009, net cash used in investing activities was $40.0 million and
net cash from financing activities was $33.3 million. For the six
months ended June 30, 2008, net cash used in investing activities was
$5.4 million and cash from financing activities was $16.5 million.

Six months ended June 30, 2009 Financial Results:

Time charter revenue for the six months ended June 30, 2009 was $83.9
million, compared to $81.1 million for the six months ended June 30,
2008. The Company reported net income of $35.0 million, or $1.17 per
basic and diluted share for the six months ended June 30, 2009,
calculated on 29,962,927 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 six months ended June 30, 2008,
the Company reported net income of $40.4 million, or $1.51 and $1.50
per basic and diluted share, respectively, calculated on 26,601,327
weighted average number of basic shares and on 26,961,407 weighted
average number of diluted shares.

Excluding all non-cash items described below, adjusted net income for
the six months ended June 30, 2009 was $31.3 million, or $1.04 per
basic and diluted share. This compares to adjusted net income of $27.6
million, or $1.03 and $1.02 per basic and diluted share, respectively,
for the six months ended June 30, 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 $59.0 million for the six months ended June 30, 2009,
compared to $62.8 million for the six months ended June 30, 2008. This
was calculated by adding to net income of $35.0 million for the six
months ended June 30, 2009, net interest expense and depreciation that
in the aggregate amounted to $24.0 million for the six months ended
June 30, 2009. Adjusted EBITDA, excluding all non-cash items described
below, was $54.0 million for the six months ended June 30, 2009,
compared to $48.6 million for the second 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 six months ended June 30,
2009, earning an average time charter equivalent rate, or TCE rate, of
$37,004 per day, compared to an average of 11 vessels during the six
months ended June 30, 2008, earning an average time charter equivalent
rate of $39,063 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 six months ended June 30,
2009 were $13.6 million, or approximately $6,284 per day, including
vessel operating expenses, management fees, general and administrative
expenses and dry-docking costs, but excluding $0.3 million of
share-based compensation for the period. For the six months ended June
30, 2008, total adjusted operating expenses were $13.9 million, or
approximately $6,938 per day, including vessel operating expenses,
management fees and general and administrative expenses and drydocking
costs, but excluding $0.3 million of share-based compensation.

Source: Paragon Shipping Inc.

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