Net loss for the New York-listed company was recorded at $16.95m in 2013 compared to a loss of $17.56m in 2012.
Revenue improved 20.3% year-on-year to $56.26m, boosted by a significant improvement in the time charter market in the final quarter of the year.
Michael Bodouroglou, chairman and ceo of Paragon Shipping, said: “Our mission is to continue to position the company for growth in order to take advantage of what we expect to be a stronger dry bulk market in the coming years, which in turn should create additional value for our shareholders.”
He added that the company has continued to be rather active with respect to its fleet growth.
In January, Paragon Shipping took delivery of its fourth handysize vessel. In February, it signed shipbuilding contracts for eco-design kamsarmax newbuildings that increased its current newbuilding program to eight vessels with scheduled deliveries between the second quarter of 2014 and the fourth quarter of 2015.
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