Paragon Shipping Soars Again (Update)

Updated from 6:02 p.m. EDT

Shares of Paragon Shipping(PRGN Quote) shot higher for a second straight day Wednesday following better-than-expected earnings and an upgrade from a dry bulk shipping analyst.

The company's shares tacked on another $1.05, or 20%, after surging some 21% on Tuesday. They were changing hands Wednesday afternoon at $5.76 on nearly ten times the daily average volume. Despite the recent surge, Paragon stock is still down year-to-date, along with the dry-bulk sector in general, and well below its 52-week high of $22.61.

The Greek company attributed its better-than-expected performance in the first quarter to a "balanced chartering strategy," in which it essentially rents out its boats for a set period, locking in rates and avoiding the pricing vagaries of the marketplace. Paragon said in its earnings release after the bell Tuesday that 98% of its revenue days for the rest of 2009 are booked with charters. ...