Paragon moving to NYSE

Michael Bodouroglou’s Paragon Shipping has announced plans to shift its listing from the Nasdaq to the New York Stock Exchange.

The Greek bulker owner will complete the switch from Time Square to Wall Street next week, a statement says.

Bodouroglou, CEO of Paragon, said: “The New York Stock Exchange is home to many international shipping companies and we believe that by joining them we will increase Paragon’s visibility within the investment community.”

Shares in the shipowner were unmoved this morning in the US at $4.80 each.

Paragon has a fleet of 11 bulkers, primarily in the panamax sector.

It listed on the Nasdaq in the summer of 2007 when sub-prime mortgages were already playing havoc with the market, raising $165m from its IPO. It already had $100m in the bag from a private placement in November 2006.

TradeWinds reported in January Paragon had filed to sell $500m worth of stock to give it ammunition to expand.

It banked a profit of $12.7m in the final three months of 2009, up by more than one quarter from a year earlier.

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