Paragon Shipping Inc. announced that it has taken delivery of the M/V Precious Seas, a 37,205 dwt Handysize vessel, from the Zhejiang Ouhua Shipbuilding Co. in China. The vessel has been chartered out to Cargill International S.A. for a period of 23 to 26 months at a gross daily rate of $12,125. In addition, the Charterers have the option to extend the charter period for an additional 11 to 14 months at a gross daily rate of $15,500. The new time charter contract is anticipated to contribute a minimum of about $8.5 million of gross revenues to the company. Based on the latest redelivery dates, the company's contracted revenue days currently stand at 94% in 2012, at 68% in 2013 and at 35% in 2014.