Paragon plans stock offering
Drybulk specialist Paragon Shipping filed plans with the U.S. Securities and Exchange Commission to raise up to $201 million in an initial public stock offering.
In the midst of a red-hot market for shipping shares, Paragon said it has plans to grow and diversify its fleet which currently comprises three Panamax and three handymax ships.
Incorporated in the Marshall Islands, Paragon is headed by Athens-based shipowner Michael Bodouroglou, chief executive officer. He has been involved in the shipping industry in various capacities for more than 25 years.
Since 1993, Bodouroglou has co-owned and managed 30 vessels, including the six vessels in the Paragon fleet. Bodouroglou served as co-managing director of Eurocarriers S.A., or Eurocarriers, and Allseas, two ship management companies he co-founded in 1994 and 2000. In 2006 he disposed of his interest in Eurocarriers. Allseas manages the Paragon fleet.