Paragon Shipping Inc.'s (Paragon) NASDAQ common stock price increased significantly on 20 May 2009 reflecting the strong results reported by the company on 19 May 2009, which exceeded our and market forecasts. Moreover, we believe that the company's continued dividend policy boosted investor confidence. We believe that the company remains fundamentally strong, with a significant number of revenue days booked for FY 2009…

As outlined above, the declining demand for iron ore and coke will have a negative impact on freight rates in the near term. Furthermore, the company’s recent renewal of time charter contracts at lower rates is an example of an industry wide trend, which we believe will have a significant negative impact on freight rates. Going forward, we believe that there will be more visibility in freight rate movement once an agreement between Biosteel and Australian iron…

Paragon Shipping Inc.’s (Paragon) NASDAQ common stock price increased significantly in a single trading session on 04 March 2009, reflecting a 10.5% rise in the Baltic Panamax Index on the same day. Moreover, as a majority of the company’s vessels continue to operate on long term contracts, we do not expect a significant change in our estimates despite a decline in freight rates since our last update report. Therefore, as…