Paragon Shipping Inc. reported unaudited consolidated earnings and operating results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported charter revenue of $14.112 million compared to $12.803 million a year ago. Net revenue was $13.354 million compared to $12.045 million a year ago. Operating loss was $0.767 million compared to $4.969 million a year ago. Net loss available to common shareholders was $7.317 million or $0.65 per basic and diluted class A common share compared to $5.954 million or $0.25 per basic and diluted class A common share a year ago. Adjusted net loss was $0.410 million against $6.108 million a year ago. Adjusted net loss available to common shareholders was $0.400 million or $0.04 per basic and diluted share against $6.024 million or $0.25 per basic and diluted share a year ago. LBITDA was $1.431 million compared to EBITDA of $0.744 million a year ago. Adjusted EBITDA was $5.658 million compared to $0.673 million a year ago.

For the nine months, the company reported charter revenue of $43.021 million compared to $41.706 million a year ago. Net revenue was $40.685 million compared to $39.298 million a year ago. Operating loss was $1.559 million compared to $29.033 million a year ago. Net loss available to common shareholders was $10.764 million or $0.97 per basic and diluted class A common share compared to $40.921 million or $1.78 per basic and diluted class A common share a year ago. Adjusted net loss was $3.349 million against $17.709 million a year ago. Adjusted net loss available to common shareholders was $3.280 million or $0.30 per basic and diluted share against $17.431 million or $0.76 per basic and diluted share a year ago. EBITDA was $7.317 million compared to LBITDA of $20.466 million a year ago. Adjusted EBITDA was $14.960 million compared to $1.888 million a year ago. Cash generated from operating activities was $2.132 million compared to cash used in operating activities of $3.729 million a year ago.

For the quarter, the company operated an average of 14.0 vessels, earning an average TCE rate of $6,570 per day, compared to an average of 13.0 vessels a year ago, earning an average TCE rate of $9,274 per day.

For the nine months, the company operated an average of 14.0 vessels, earning an average TCE rate of $7,645 per day, compared to an average of 12.9 vessels a year ago, earning an average TCE rate of $10,360 per day.