CEOs of Paragon Shipping, Safe Bulkers, Seanergy Maritime Holdings Corp., and Star Bulk Carriers to Participate in Dry Bulk Shipping Webinar Tuesday, June 7, 2011 at 11:00 AM EDT NEW YORK, NY -- (Marketwire) -- 06/02/11 -- (June 02, 2011) - Chief Executive Officers from leading publicly listed shipping companies will participate in a panel discussion on dry bulk sector trends and emerging BRIC economies, Brazil, Russia, India and China and their impact on dry bulk shipping. The panel participants are: -- Paragon Shipping (NYSE: PRGN), Mr. Michael Bodouroglou, Chairman of the Board of Directors and Chief Executive Officer. -- Safe Bulkers (NYSE: SB), Mr. Polys Hajioannou, Chairman of the Board of Directors and Chief Executive Officer -- Seanergy Maritime Holdings Corp. (NASDAQ: SHIP), Mr. Dale Ploughman, Chairman of the Board of Directors and Chief Executive Officer -- Star Bulk Carriers (NASDAQ: SBLK), Mr. Spyros Capralos, Chief Executive Officer, President and Director -- The discussion will be moderated by Mr. Ben Nolan, Director and Head of Shipping Research, Knight Capital Group, Inc. (NYSE: KCG) The live webinar is scheduled for Tuesday, June 7, 2011 at 11:00 am EDT (4:00 pm London, 5:00 pm Paris, 6:00 pm Athens). The Dry Bulk Shipping CEO Discussion Webinar is organized by Capital Link, a New York-based Investor Relations and Financial Communications firm with strategic focus on shipping. ACCESS TO THE DISCUSSION The panel discussion can be accessed through a live audio webcast at www.CapitalLinkWebinars.com or through Capital Link's Shipping Website www.CapitalLinkShipping.com. Participants to the live webcast should register on the website approximately ten minutes prior to the start of the webcast. To register and access the event, visit http://webinars.capitallink.com/2011/drybulk_june/index.html. After the event, the panel discussion will remain archived and accessible through the webpage, www.CapitalLinkWebinars.com. PANEL STRUCTURE The focus of the discussion (and the Q&A) will be only on sector trends and fundamentals, and not on company specifics or company recommendations. The discussion will cover several topics including, demand, supply, freight rates and asset values, valuations, focus on current trends and the sector's outlook. QUESTIONS FROM PARTICIPANTS Participants can submit questions to the panelists prior to or during the event through the special feature on the event page, or they can email them to Capital Link at questions@CapitalLinkWebinars.com. TRANSCRIPT A transcript of the panel discussion will be publicly available at no cost within approximately 48 hours after the event and those interested can request it when they register for the event or afterwards through the event page at websites indicated. Webinar Overview With well over half of the world's total seaborne dry bulk trade either originating from or destined for the Brazil, Russia, India, or China, the fate of the dry bulk shipping sector is inexorably linked to these developing nations. Furthermore, not only do the BRIC countries make up the majority of existing demand, but ship owners have staked the future of their businesses on continued robust demand growth from China and India as well as dry bulk supply growth from Brazil and to a lesser extent Russia. Despite dry bulk demand growth of 12% in 2010 and industry expectations for 2011 demand growth of over 5%, the Baltic Dry Index was down 46% in 2010 and is down another 25% since the start of 2011. Clearly a lack of demand is not to blame for the currently challenging state of the dry bulk shipping market, although flooding in Australia and the earthquake in Japan have compounded the problem. However, the real silver bullet has been the tremendous growth of new vessels entering the market with net fleet growth of 16% in 2010 and already another 5% thus far in 2011. Through the course of this webinar the panel participants will explore the potential for trade, specifically focused on that from BRIC countries, to absorb the existing oversupply of dry bulk vessels. Additionally, the panel will examine the future of vessel supply looking for a light at the end of the currently dark tunnel. As part of the discussion, several of the specific items to be targeted include: -- What is impact of restrictive monetary policy from China and India on dry bulk demand? -- Is infrastructure in BRIC nations keeping up with demand growth for the commodities? -- How will Very Large Ore Carriers influence future trading dynamics? -- How significant is recovery in Australia and Japan on balancing ship supply? -- What strategies by ship owners can be used reduce supply and gain pricing power? About Dry Bulk Shipping International shipping plays a vital role in global trade given that 2/3 of the world's goods are transported by sea. The shipping industry provides a cost effective and practical means of transportation internationally of large volumes of cargoes. The dry bulk carrier market refers to the transportation of homogeneous commodities in bulk. Dry bulk commodities are divided into two distinct categories, major bulks and minor bulks. Major bulks include iron ore, coal and grain, which are usually shipped on the larger size Capesize, Kamsarmax and Panamax vessels and comprise about 67% of dry bulk trade. Minor bulks are fertilizers, steels, sugars, cement etc., which are shipped in smaller more versatile vessels such as Supramax, Handymax and Handysize, and comprise about 33% of the dry bulk commodities trade. Dry bulk carrier ownership is fragmented with many owners and operators of shipping tonnage, including independent operators, state-controlled shipping companies and proprietary owners. Vessels utilized for transport of dry bulk cargoes are usually classified into four categories based on their carrying capacity in deadweight tons (DWT) (i) handysize (10,000-39,999 DWT) (ii) handymax/supramax (40,000-59,999 DWT) (iii) panamax (60,000-99,999 DWT) and (iv) capesize (higher th an 100,000 DWT). The shipping industry is highly cyclical, experiencing volatility in profitability, vessel values and charter rates resulting from changes in the supply of and demand for shipping capacity. Fluctuations result from the interaction of various factors between demand and supply. The demand for vessels is influenced by global and regional economic conditions, international trade developments, port congestion, trading routes and weather pattern changes, crop yields, armed conflicts, political developments, embargoes and strikes, demand for consumer goods, dry bulk commodities, and crude oil and oil products. Supply of shipping capacity is mainly a function of the delivery of new vessels and the number of older vessels scrapped and is also affected among other factors by port congestion and regulation of maritime transportation practices by governmental and international authorities. About Paragon Shipping Inc. (NYSE: PRGN) Paragon Shipping Inc. is an Athens, Greece-based international shipping company specializing in the transportation of drybulk cargoes and containers. The Company's current fleet consists of eleven drybulk vessels with a total carrying capacity of 747,994 dwt. For further information please visit the Company's website at www.paragonship.com. About Safe Bulkers, Inc. (NYSE: SB) The Company is an international provider of marine drybulk transportation services, transporting bulk cargoes, particularly coal, grain and iron ore, along worldwide shipping routes for some of the world's largest users of marine drybulk transportation services. The Company's common stock is listed on the NYSE, where it trades under the symbol "SB." The Company's current fleet consists of 16 drybulk vessels, all built post-2003, and the Company has contracted to acquire 11 additional drybulk newbuild vessels to be delivered at various times through 2014. For further information please visit the Company's website at www.safebulkers.com. About Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) Seanergy Maritime Holdings Corp. is a Marshall Islands corporation with its executive offices in Athens, Greece. The Company is engaged in the transportation of dry bulk cargoes through the ownership and operation of dry bulk carriers. The Company's current fleet consists of 20 drybulk carriers (four Capesize, three Panamax, two Supramax, one Handymax and ten Handysize vessels) with a total carrying capacity of approximately 1,293,693 dwt and an average fleet age of 13.5 years. The Company's common stock and warrants trade on the NASDAQ Global Market under the symbols "SHIP" and "SHIP.W," respectively. For further information please visit the Company's website at www.seanergymaritime.com. About Star Bulk Carriers (NASDAQ: SBLK) Star Bulk is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Star Bulk's vessels transport major bulks, which include iron ore, coal and grain and minor bulks such as bauxite, fertilizers and steel products. Star Bulk was incorporated in the Marshall Islands on December 13, 2006 and maintains executive offices in Athens, Greece. Its common stock trades on the Nasdaq Global Market under the symbol "SBLK." Currently, Star Bulk has an operating fleet of eleven dry bulk carriers, definitive agreements to build two Capesize vessels and definitive agreements to acquire two Capesize vessels. The total fleet consists of fifteen vessels, seven Capesize, and eight Supramax dry bulk vessels with a combined cargo carrying capacity of 1,626,721 deadweight tons. The average age of their current operating fleet is approximately 11 years. For further information please visit the Company's website at www.starbulk.com. About Capital Link Capital Link is a New York-based advisory, investor relations and financial communications firm. Capital Link has made a strategic commitment to the shipping industry, becoming the largest provider of investor relations and financial communications services to international shipping companies listed on both the US and European Exchanges. Capital Link's headquarters are in New York, with a presence in London and Athens. Capital Link is a member of the Baltic Exchange. www.capitallink.com Contact for Capital Link Shipping: Nicolas Bornozis President Capital Link, Inc. 230 Park Avenue, Suite 1536 New York, N.Y. 10169 Tel. (212) 661-7566 Fax (212) 661-7526 E-mail: email@example.com Event Website: http://www.capitallinkwebinars.com Shipping Portal: http://www.capitallinkshipping.com Corporate Website: http://www.capitallink.com
CEOs of Paragon Shipping, Safe Bulkers, Seanergy Maritime
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