On August 9th, shares of Paragon Shipping Inc were priced at $16 a share in their initial public offering. At the time, the market was suffering a 10% dip and pullback lead by the sub-prime bubble bursting. During that time, shares of PRGN dipped with the market to a low of $13.75 on August 16th. Since then the company’s share price as been rising to close today at $15.80, showing a strong recovery from the recent market pullback.
Paragon Shipping Inc. is an Athens, Greece-based international shipping company specializing in the transportation of drybulk cargoes. The Company’s current fleet consists of eight vessels; four Panamax drybulk carriers, three Handymax drybulk carriers and one Supramax drybulk carrier, with an aggregate capacity of approximately 482,922 deadweight tons.
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