Paragon Shipping Inc. (Nasdaq: PRGN), a shipping transportation company specializing in drybulk cargoes, announced its results for three and nine months ended September 30, 2008.
Commenting on the results, Michael Bodouroglou, Chairman and Chief Executive Officer of Paragon Shipping, stated, “Once again we are pleased to announce a profitable quarter of solid financial and operational performance.  The growth in revenues and earnings that we achieved over the same quarter last year demonstrates our successful execution against our operating strategy. The main drivers behind our success have been the growth of our fleet and balanced chartering strategy, combined with a focus on tight cost controls across the board.”  
Mr. Bodouroglou continued, “The global credit crisis has clearly had a profound effect on the drybulk market in recent weeks and trade finance, which underpins 90% of international trade, has slowed significantly.  That said, we believe that infrastructure projects underway in China and other developing markets will continue to support strong underlying demand fundamentals for drybulk commodities. As a result, we believe the current situation will not continue for a long term.”