Golden Seas: Tor Viking II tows to Dutch Harbor
PANAMAX bulker Golden Seas successfully anchored in Broad Bay in Dutch Harbor at 12:52 p.m. after the tug Tor Viking II towed it more than 500 miles along the Aleutian Islands through seas of more than 20 feet at times. The Paragon Shipping Golden Seas is carrying more than 60 metric tons of rapeseed used to make canola oil,
The company, which transports mostly dry-bulk cargoes and containers, has seen declining results in recent quarters on weak demand and lower rates as a number of ships--ordered when commodity prices were booming--were launched. But shippers recently said demand from China and India, where most of the dry-bulk ships head, remains strong.
Paragon has commissioned seven more ships, which are expected to be completed in 2011 and 2012.
Michael Bodouroglou, the Chairman and CEO of Paragon Shipping Inc. (NYSE:PRGN ), earlier