13 March 2009

PRGN: No Announcement Yet of 2008-4Q Earnings

One of the companies we currently follow has still not announced its results for the fourth quarter of 2008. We are beginning to wonder if this delay signals a problem.

We have not found a formal indication of when Paragon Shipping, Inc., intends to make these results public.

Paragon Shipping (NASDAQ: PRGN) is a dry bulk cargo transporter officially registered in the Marshall Islands but with headquarters in Voula, Greece.

The plunge in the Baltic Dry Index of shipping rates indicates the extent to which the downturn in global trade has reduced shipping activity and put pressure on ship owners. Paragon generally leases its vessels on the basis of long-term charters. When the charters expire, Paragon will not get the same monthly rates it did when the economy was booming.

On 20 February 2008, Paragon announced its results for the three months and year ended 31 December 2007. On this basis, we expected to see an earnings report in late February 2009 for 2008's fourth quarter.

UPDATE: Paragon Shipping announced today that it will release financial results for the fourth quarter and full year ended 31 December 2008 after the close of U.S. financial markets on Wednesday, 18 March 2009.

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