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Paragon's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Further, we would like to remind everyone of the Safe Harbor statement under the Private Securities Litigation Reform Act of 1995. Some of the statements made during this call may contain forward-looking statements. The company’s actual results may differ materially from such statements.

We advise you to read the cautionary note regarding forward-looking statements in Paragon’s recent earnings release and in the Risk Factors section of the company’s most recent filings with the Securities and Exchange Commission, all of which are available at

I would now like to turn the call over to Anastassis Gabrielides. Good day, Anastassis.

Anastassis Gabrielides

Good day, Rudy, and good day to you ladies and gentlemen. And welcome to Paragon’s earnings conference call for the second quarter and six months ended June 30, 2012. We shall start our presentation with our financial highlights. We will then update you on the latest company developments since our last conference call, as well as on our views on the drybulk industry.

We will then proceed with a quick analysis of our financial results and will conclude with a brief summary. After the presentation, Michael Bodouroglou, the Chairman and CEO of our company and myself will be available to answer any questions.

Please turn to slide four. This slide presents Paragon’s financials highlight for the second quarter and first half of 2012. During the second quarter of 2012, we operated an average of 10.8 vessels, compared to 11.8 vessels during the year ago period.

This decrease in the number of vessels relates to the sale of the Box Voyager, the Box Trader and the CMA CGM Kingfish to Box Ships, as well as the sale of the Crystal Seas to a non-related third-party in 2011. This decrease is offset by the delivery of our first newbuilding vessels, the Prosperous Seas and the Precious Seas in the second quarter of 2012.

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