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Paragon Shipping Owes $24 Million on Dry-Bulk Commodity Vessel

Paragon Shipping Inc. (PRGN), a Marshall Islands-incorporated owner of 16 vessels that haul dry-bulk commodities, owes $24 million on one of its carriers, the Friendly Seas.

The amount owed, which is as of Sept. 30, is less than the $36.6 million listed in a company filing with the U.S. Securities and Exchange Commission on Dec. 31, 2010, Robert J. Perri, the company’s Athens-based financial officer, said by e- mail yesterday. Paragon said Jan. 17 the vessel’s charterer asked to change the hire terms of a $33,750-a-day contract scheduled to expire in 27 months.

To contact the reporter on this story: Michelle Wiese Bockmann in London at mwiesebockma@bloomberg.net

To contact the editor responsible for this story: Alaric Nightingale at anightingal1@bloomberg.net

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