Paragon Shipping Inc. (PRGN) recently reported its financial results for the second quarter of 2013. Given the soft charter rates prevailing during the quarter, the results were not spectacular. Paragon Shipping squeaked through the quarter in the black, reporting a miniscule profit of US$17,032 on net revenues of US$13,878,268. EBIDTA however stood at a fairly robust US$6,196,088.
These results, however modest, should be taken in context. The drybulk shipping industry is now far removed from the heights of the 2007-2008 boom, during which the industry witnessed extreme stock price valuations and profitability. At its peak in May 2008, the Baltic Dry Index (BDI) reached 11,793 points. Paragon Shipping's stock likewise peaked (at split-adjusted levels) at US$270 per share...
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