ATHENS: Paragon Shipping Inc., a global shipping transportation company specializing in drybulk cargoes, announced its results for the second quarter and six months ended June 30, 2015.
Second Quarter 2015 Highlights & Recent Developments
- Net revenue, net of voyage expenses, of $7.9 million in the second quarter of 2015.
- Reduced average daily adjusted total vessel operating expenses by 11.1% year-over-year.
- Adjusted EBITDA of negative $0.6 million in the second quarter of 2015.
- Adjusted net loss of $8.1 million, or $0.32 per common share, in the second quarter of 2015.
- Sale of four vessels of the operating fleet to support the Company’s liquidity and ensure its sustainability through 2016.
Management Commentary
Commenting on the results, Michael Bodouroglou, Chairman, Chief Executive Officer and Interim Chief Financial Officer of Paragon Shipping, stated: “Although the market has recently started to show signs of a mild recovery, during the second quarter of 2015, charter rates continued to fluctuate close to historically low levels. For the quarter, this translated into an adjusted net loss of $8.1 million, or $0.32 per share. In 2015 year to date, our focus remained on maintaining our efficiency in our operating and cost control performance. As a result, for the six months ended June 30, 2015, we reported a fleet utilization of 99.1% and an average daily adjusted total vessel operating expenses of $5,746, or 11.1% lower year-over-year.”
